portfolio at a glance - pipeline safety...

PIPELINE SAFETY TRUST300 N. COMMERCIAL, SUITE BBELLINGHAM WA 98225- 4002

B0056806CSF30025

Account Number: 03X-011930Statement Period: 10/01/2015 - 10/31/2015

Your Financial Consultant:KAREN SLOSS(360) 734-2041

of 16

Portfolio at a Glance This Period Year-to-DateBeginning Account Value $3,958,158.53 $4,404,272.40

Withdrawals (Cash & Securities) 0.00 -213,000.00Dividends, Interest and Other Income 5,494.30 80,892.63Fees -4,986.74 -21,849.83Net Other Activity -131.25 -1,570.95Net Change in Portfolio 188,595.97 -101,613.44

Ending Account Value $4,147,130.81 $4,147,130.81Estimated Annual Income $86,098.35

Asset Allocation This Period % Allocation

Please review your allocationperiodically with your FinancialConsultant.

Cash, Money Funds, and Bank Deposits 96,351.98 2%Equities 2,940,713.39 71%Mutual Funds 1,110,065.44 27%Account Total (Pie Chart) $4,147,130.81 100%

PIPELINE SAFETY TRUSTB0056806CSF30025

Account Number: 03X-011930 of 16

Summary of Gains and Losses RealizedThis Period Year-to-Date Unrealized

Short-Term Gain/Loss 0.00 -18,481.37 3,929.57Long-Term Gain/Loss 24,466.52 172,542.35 747,495.85Net Gain/Loss 24,466.52 154,060.98 751,425.42This summary excludes transactions where cost basis information is not available.

For Your InformationPlease note that the Valuation at a Glance section on page one of your account statement will be updated and renamed Portfolio at a Glance beginning with the October 2015 statement. This change does not apply to accounts which display only opening and closing balances on page one.

Client Service InformationYour Financial Consultant: WA4 Contact InformationKAREN SLOSS103 E. HOLLY STE 412BELLINGHAM WA 98225-4728

Telephone Number: (360) 734-2041Fax Number: (360) 734-1145

Your Account InformationTax Lot Default Disposition MethodDefault Method for Mutual Funds: FIRST IN FIRST OUTDefault Method for Stocks in a Dividend Reinvestment Plan: FIRST IN FIRST OUTDefault Method for all Other Securities: FIRST IN FIRST OUTBond Amortization Elections:Amortize premium on taxable bonds based on Constant Yield Method: YesAccrual market discount method for all other bond types: Constant Yield MethodInclude market discount in income annually: No Electronic DeliveryYou are currently enrolled to receive the following account communications via electronic delivery:Trade ConfirmationsNotificationsProxy/Shareholder Communications*Please log in to your account to make any changes to your electronic delivery preferences.

E-mail notifications are delivered to the following e-mail address(es):b###########@dospalu.orgc###@pstrust.org*c###@pstrust.org is on file for these documentsThe above e-mail address is partially masked for your security. Please loginto your account to review the full e-mail address.


Statement Period: 10/01/2015 - 10/31/2015


Portfolio Holdings

Opening Date QuantityAccountNumber

ActivityEnding

OpeningBalance

ClosingBalance

AccruedIncome

IncomeThis Year

30-DayYield

CurrentYield

Cash, Money Funds, and Bank Deposits 2.00% of PortfolioCash Balance 600.00 0.00

Money MarketFEDERATED CAPITAL RESERVES 10/01/15 96,351.980 0001750546 10/30/15 3,863.35 96,351.98 0.00 0.06 0.00% 0.00%Total Money Market $3,863.35 $96,351.98 $0.00 $0.06Total Cash, Money Funds, and Bank Deposits $4,463.35 $96,351.98 $0.00 $0.06

Date Acquired Quantity Unit Cost Cost Basis Market Price Market ValueUnrealizedGain/ Loss

EstimatedAnnual Income

EstimatedYield

Equities 71.00% of PortfolioCommon Stocks AVG TECHNOLOGIES N V SHSISIN# NL0010060661 Dividend Option: Cash

Security Identifier: AVGCUSIP: N07831105

08/06/15 3,000.000 25.9000 77,700.00 23.7000 71,100.00 -6,600.00ABB LTD SPONSORED ADR Dividend Option: Cash

Security Identifier: ABBCUSIP: 000375204

12/03/13 3,000.000 25.0000 75,000.00 18.8800 56,640.00 -18,360.00 1,712.47 3.02%AGRIUM INC COMISIN#CA0089161081 Dividend Option: Cash

Security Identifier: AGUCUSIP: 008916108

03/24/10 * 700.000 70.4300 49,301.00 93.0700 65,149.00 15,848.00 2,450.00 3.76%06/29/10 * 300.000 49.0000 14,700.00 93.0700 27,921.00 13,221.00 1,050.00 3.76%Total Noncovered 1,000.000 64,001.00 93,070.00 29,069.00 3,500.00Total 1,000.000 $64,001.00 $93,070.00 $29,069.00 $3,500.00ALLIANZ SE SPONS ADR REPSTG 1/10 SHS Dividend Option: Cash

Security Identifier: AZSEYCUSIP: 018805101

07/29/15 4,000.000 16.5600 66,240.00 17.6030 70,412.00 4,172.00 2,267.07 3.21%APPLE INC COM Dividend Option: Cash

Security Identifier: AAPLCUSIP: 037833100

PIPELINE SAFETY TRUST B0056806CSF30025


Portfolio Holdings (continued)



EstimatedYield

Equities (continued)Common Stocks (continued)APPLE INC COM (continued)06/20/11 * 1,000.000 44.7140 44,714.28 119.5000 119,500.00 74,785.72 2,080.00 1.74%CHURCH & DWIGHT CO INC Dividend Option: Cash

Security Identifier: CHDCUSIP: 171340102

09/27/11 * 400.000 45.0000 18,000.00 86.0900 34,436.00 16,436.00 536.00 1.55%Total Noncovered 400.000 18,000.00 34,436.00 16,436.00 536.0006/26/12 500.000 53.8500 26,925.00 86.0900 43,045.00 16,120.00 670.00 1.55%Total Covered 500.000 26,925.00 43,045.00 16,120.00 670.00Total 900.000 $44,925.00 $77,481.00 $32,556.00 $1,206.00COMCAST CORP NEW CL A SPL Dividend Option: Cash

Security Identifier: CMCSKCUSIP: 20030N200

12/26/12 2,000.000 35.8500 71,700.00 62.7100 125,420.00 53,720.00 2,000.00 1.59%CORNING INC COM Dividend Option: Cash

Security Identifier: GLWCUSIP: 219350105

05/01/09 * 100.000 14.4400 1,444.00 18.6000 1,860.00 416.00 48.00 2.58%05/01/09 * 100.000 14.4400 1,444.00 18.6000 1,860.00 416.00 48.00 2.58%05/01/09 * 100.000 14.4400 1,444.00 18.6000 1,860.00 416.00 48.00 2.58%05/01/09 * 100.000 14.4400 1,444.00 18.6000 1,860.00 416.00 48.00 2.58%05/01/09 * 100.000 14.4400 1,444.00 18.6000 1,860.00 416.00 48.00 2.58%05/01/09 * 100.000 14.4400 1,444.00 18.6000 1,860.00 416.00 48.00 2.58%05/01/09 * 100.000 14.4400 1,444.00 18.6000 1,860.00 416.00 48.00 2.58%05/01/09 * 100.000 14.4400 1,444.00 18.6000 1,860.00 416.00 48.00 2.58%05/01/09 * 100.000 14.4400 1,444.00 18.6000 1,860.00 416.00 48.00 2.58%05/01/09 * 100.000 14.4400 1,444.00 18.6000 1,860.00 416.00 48.00 2.58%05/01/09 * 100.000 14.4400 1,444.00 18.6000 1,860.00 416.00 48.00 2.58%05/01/09 * 100.000 14.4400 1,444.00 18.6000 1,860.00 416.00 48.00 2.58%05/01/09 * 100.000 14.4400 1,444.00 18.6000 1,860.00 416.00 48.00 2.58%05/01/09 * 100.000 14.4300 1,443.00 18.6000 1,860.00 417.00 48.00 2.58%05/01/09 * 100.000 14.4300 1,443.00 18.6000 1,860.00 417.00 48.00 2.58%05/01/09 * 2,500.000 14.5000 36,250.00 18.6000 46,500.00 10,250.00 1,200.00 2.58%Total Noncovered 4,000.000 57,908.00 74,400.00 16,492.00 1,920.0006/29/15 1,000.000 20.0000 20,000.00 18.6000 18,600.00 -1,400.00 480.00 2.58%Total Covered 1,000.000 20,000.00 18,600.00 -1,400.00 480.00Total 5,000.000 $77,908.00 $93,000.00 $15,092.00 $2,400.00EXPRESS SCRIPTS HLDG CO COM Dividend Option: Cash

Security Identifier: ESRXCUSIP: 30219G108

11/06/12 600.000 55.7900 33,474.00 86.3800 51,828.00 18,354.0011/27/12 100.000 52.0800 5,208.00 86.3800 8,638.00 3,430.0011/27/12 100.000 52.0800 5,208.00 86.3800 8,638.00 3,430.00







EstimatedYield

Equities (continued)Common Stocks (continued)EXPRESS SCRIPTS HLDG CO COM (continued)11/27/12 100.000 52.0800 5,208.00 86.3800 8,638.00 3,430.0011/27/12 100.000 52.0800 5,208.00 86.3800 8,638.00 3,430.0011/27/12 100.000 52.0800 5,208.00 86.3800 8,638.00 3,430.0011/27/12 38.000 52.0800 1,979.04 86.3800 3,282.44 1,303.4011/27/12 62.000 52.0800 3,228.96 86.3800 5,355.56 2,126.60Total Covered 1,200.000 64,722.00 103,656.00 38,934.00Total 1,200.000 $64,722.00 $103,656.00 $38,934.00 $0.00FIRST SOLAR INC COM Dividend Option: Cash

Security Identifier: FSLRCUSIP: 336433107

08/07/13 1,500.000 41.6200 62,430.00 57.0700 85,605.00 23,175.0010/08/14 300.000 59.9840 17,995.20 57.0700 17,121.00 -874.2007/28/15 500.000 42.9000 21,450.00 57.0700 28,535.00 7,085.00Total Covered 2,300.000 101,875.20 131,261.00 29,385.80Total 2,300.000 $101,875.20 $131,261.00 $29,385.80 $0.00HENNES & MAURITZ AB ADRISIN#US4258831050 Dividend Option: Cash

Security Identifier: HNNMYCUSIP: 425883105

01/19/11 * 6,000.000 6.8000 40,800.00 7.8270 46,962.00 6,162.00 948.91 2.02%08/18/11 * 3,000.000 6.0000 18,000.00 7.8270 23,481.00 5,481.00 474.46 2.02%Total Noncovered 9,000.000 58,800.00 70,443.00 11,643.00 1,423.37Total 9,000.000 $58,800.00 $70,443.00 $11,643.00 $1,423.37HONDA MTR LTD ADR REPRESENTING 2 ORDSHS Dividend Option: Cash

Security Identifier: HMCCUSIP: 438128308

05/28/13 2,000.000 40.0900 80,180.00 33.1300 66,260.00 -13,920.00 1,268.05 1.91%05/28/14 1,000.000 34.6200 34,620.00 33.1300 33,130.00 -1,490.00 634.03 1.91%Total Covered 3,000.000 114,800.00 99,390.00 -15,410.00 1,902.08Total 3,000.000 $114,800.00 $99,390.00 -$15,410.00 $1,902.08






EstimatedYield

Equities (continued)Common Stocks (continued)KEURIG GREEN MTN INC COM Dividend Option: Cash

Security Identifier: GMCRCUSIP: 49271M100

05/17/10 * 700.000 22.9920 16,094.17 50.7500 35,525.00 19,430.83 805.00 2.26%11/11/11 * 200.000 42.9700 8,594.00 50.7500 10,150.00 1,556.00 230.00 2.26%Total Noncovered 900.000 24,688.17 45,675.00 20,986.83 1,035.0009/23/15 300.000 55.0000 16,500.00 50.7500 15,225.00 -1,275.00 345.00 2.26%Total Covered 300.000 16,500.00 15,225.00 -1,275.00 345.00Total 1,200.000 $41,188.17 $60,900.00 $19,711.83 $1,380.00KONINKLIJKE PHILIPS N VISIN#US5004723038 Dividend Option: Cash

Security Identifier: PHGCUSIP: 500472303

07/03/13 3,000.000 27.0000 81,000.00 26.9400 80,820.00 -180.00 2,277.04 2.81%06/04/14 103.000 31.5980 3,254.63 26.9400 2,774.82 -479.81 78.18 2.81%06/10/15 101.000 27.2850 2,755.83 26.9400 2,720.94 -34.89 76.66 2.81%Total Covered 3,204.000 87,010.46 86,315.76 -694.70 2,431.88Total 3,204.000 $87,010.46 $86,315.76 -$694.70 $2,431.88LOWES COS INC COM Dividend Option: Cash

Security Identifier: LOWCUSIP: 548661107

02/12/10 * 1,600.000 21.8500 34,960.00 73.8300 118,128.00 83,168.00 1,792.00 1.51%MCKESSON CORP COM Dividend Option: Cash

Security Identifier: MCKCUSIP: 58155Q103

12/28/09 * 500.000 63.3000 31,650.00 178.8000 89,400.00 57,750.00 560.00 0.62%NOVO NORDISK A.S. ADR FORMERLY NOVOINDUSTRIE A.S. ADR SAME CUSIP Dividend Option: Cash

Security Identifier: NVOCUSIP: 670100205

11/26/13 2,000.000 34.4940 68,987.20 53.1800 106,360.00 37,372.80 1,065.77 1.00%THERMO FISHER SCIENTIFIC INC COM Dividend Option: Cash

Security Identifier: TMOCUSIP: 883556102

05/06/04 *,3 1,000.000 29.2000 29,200.00 130.7800 130,780.00 101,580.00 600.00 0.45%UNILEVER NV NEW YORK SHS NEW Dividend Option: Cash

Security Identifier: UNCUSIP: 904784709

04/27/15 2,000.000 44.9500 89,900.00 44.9800 89,960.00 60.00 2,341.51 2.60%UNITED NAT FOODS INC COM Dividend Option: Cash

Security Identifier: UNFICUSIP: 911163103

03/26/08 * 1,500.000 18.0000 27,000.00 50.4500 75,675.00 48,675.00Total Noncovered 1,500.000 27,000.00 75,675.00 48,675.0007/25/14 300.000 60.0000 18,000.00 50.4500 15,135.00 -2,865.00







EstimatedYield

Equities (continued)Common Stocks (continued)UNITED NAT FOODS INC COM (continued)Total Covered 300.000 18,000.00 15,135.00 -2,865.00Total 1,800.000 $45,000.00 $90,810.00 $45,810.00 $0.00UNITED PARCEL SVC INC CL B Dividend Option: Cash

Security Identifier: UPSCUSIP: 911312106

05/30/14 900.000 103.9000 93,510.00 103.0200 92,718.00 -792.00 2,628.00 2.83%10/10/14 300.000 96.0000 28,800.00 103.0200 30,906.00 2,106.00 876.00 2.83%Total Covered 1,200.000 122,310.00 123,624.00 1,314.00 3,504.00Total 1,200.000 $122,310.00 $123,624.00 $1,314.00 $3,504.00UNITEDHEALTH GROUP INC COM Dividend Option: Cash

Security Identifier: UNHCUSIP: 91324P102

05/25/11 * 1,000.000 47.9900 47,990.00 117.7800 117,780.00 69,790.00 2,000.00 1.69%VESTAS WIND SYS A/S UTD KINGDOMUNSPONSORED ADR REPSTG 1 ORD SHS Dividend Option: Cash

Security Identifier: VWDRYCUSIP: 925458101

07/31/15 3,000.000 18.2500 54,750.00 19.5180 58,554.00 3,804.00 378.06 0.64%VISA INC COM CL A Dividend Option: Cash

Security Identifier: VCUSIP: 92826C839

12/26/13 800.000 54.9800 43,984.00 77.5800 62,064.00 18,080.00 448.00 0.72%10/10/14 800.000 51.2500 41,000.00 77.5800 62,064.00 21,064.00 448.00 0.72%Total Covered 1,600.000 84,984.00 124,128.00 39,144.00 896.00Total 1,600.000 $84,984.00 $124,128.00 $39,144.00 $896.00VODAFONE GROUP PLC NEW SPONSORED ADRNO PAR Dividend Option: Cash

Security Identifier: VODCUSIP: 92857W308

03/27/12 1,636.000 51.0400 83,501.45 32.9700 53,938.92 -29,562.53 2,781.93 5.15%03/24/14 0.364 46.8500 17.03 32.9700 11.98 -5.05 0.62 5.15%

Your lot has been adjusted due to a wash sale for more than one year.03/24/14 799.637 36.9850 29,574.56 32.9700 26,364.02 -3,210.54 1,359.74 5.15%06/03/14 1,000.000 34.7000 34,700.00 32.9700 32,970.00 -1,730.00 1,700.45 5.15%






EstimatedYield

Equities (continued)Common Stocks (continued)VODAFONE GROUP PLC NEW SPONSORED ADR (continued)Total Covered 3,436.000 147,793.04 113,284.92 -34,508.12 5,842.74Total 3,436.000 $147,793.04 $113,284.92 -$34,508.12 $5,842.74XYLEM INC COM Dividend Option: Cash

Security Identifier: XYLCUSIP: 98419M100

02/24/12 1,000.000 27.2500 27,250.00 36.4100 36,410.00 9,160.00 563.20 1.54%02/24/12 100.000 27.2500 2,725.00 36.4100 3,641.00 916.00 56.32 1.54%02/24/12 100.000 27.2500 2,725.00 36.4100 3,641.00 916.00 56.32 1.54%02/24/12 300.000 27.2500 8,175.00 36.4100 10,923.00 2,748.00 168.96 1.54%02/24/12 1,500.000 27.2500 40,874.85 36.4100 54,615.00 13,740.15 844.80 1.54%Total Covered 3,000.000 81,749.85 109,230.00 27,480.15 1,689.60Total 3,000.000 $81,749.85 $109,230.00 $27,480.15 $1,689.60Total Common Stocks $1,829,858.20 $2,530,627.68 $700,769.48 $42,972.55Preferred Stocks (Listed by expiration date)SLM CORP CORP PFD SER B DIV-1.9306%FREQ QRTLY PERP MTY CALL@100 ON A QRTLYBASIS BEGINS 6/15/10 W/ A 30 DAY NOTICE Dividend Option: Cash

Security Identifier: SLMBPCUSIP: 78442P502

06/01/07 * 2,000.000 86.9900 173,980.00 47.0000 94,000.00 -79,980.00 3,971.63 4.22%Total Preferred Stocks $173,980.00 $94,000.00 -$79,980.00 $3,971.63Real Estate Investment Trusts APARTMENT INVT & MGMT CO CL A Dividend Option: Cash

Security Identifier: AIVCUSIP: 03748R101

05/21/08 * 500.000 39.0000 19,500.00 39.1900 19,595.00 95.00 600.00 3.06%06/25/08 * 1,000.000 35.5000 35,500.00 39.1900 39,190.00 3,690.00 1,200.00 3.06%09/03/08 * 256.000 35.8400 9,175.03 39.1900 10,032.64 857.61 307.20 3.06%12/02/08 * 603.000 8.4600 5,101.38 39.1900 23,631.57 18,530.19 723.60 3.06%01/30/09 * 750.000 9.5800 7,184.98 39.1900 29,392.50 22,207.52 900.00 3.06%Total Noncovered 3,109.000 76,461.39 121,841.71 45,380.32 3,730.80Total 3,109.000 $76,461.39 $121,841.71 $45,380.32 $3,730.80HCP INC COM Dividend Option: Cash

Security Identifier: HCPCUSIP: 40414L109

05/28/14 2,000.000 41.8530 83,705.26 37.2000 74,400.00 -9,305.26 4,520.00 6.07%SOVRAN SELF STORAGE INC COM Dividend Option: Cash

Security Identifier: SSSCUSIP: 84610H108







EstimatedYield

Equities (continued)Real Estate Investment Trusts (continued)SOVRAN SELF STORAGE INC COM (continued)02/27/09 * 1,200.000 20.6580 24,789.60 99.8700 119,844.00 95,054.40 4,080.00 3.40%Total Real Estate Investment Trusts $184,956.25 $316,085.71 $131,129.46 $12,330.80Total Equities $2,188,794.45 $2,940,713.39 $751,918.94 $59,274.98



EstimatedYield

Mutual Funds 27.00% of PortfolioVANGUARD GNMA FUND ADMIRAL SHARES Open End FundDividend Option: Cash; Capital Gains Option: Cash

Security Identifier: VFIJXCUSIP: 922031794

07/30/13 9,997.275 10.4300 104,271.58 10.7000 106,970.84 2,699.26 2,595.13 2.42%10/23/13 9,407.338 10.6300 100,000.00 10.7000 100,658.51 658.51 2,441.99 2.42%10/30/13 4,712.535 10.6100 50,000.00 10.7000 50,424.13 424.13 1,223.30 2.42%12/30/13 3,835.091 10.4300 40,000.00 10.7000 41,035.47 1,035.47 995.53 2.42%Reinvestments toDate

80.049 10.5500 844.50 10.7000 856.53 12.03 20.78 2.42%

Total Covered 28,032.288 295,116.08 299,945.48 4,829.40 7,276.73Total 28,032.288 $295,116.08 $299,945.48 $4,829.40 $7,276.73VANGUARD INTERMEDIATE TERMCORP BOND FUND ADMIRAL SHARES Open End FundDividend Option: Cash; Capital Gains Option: Cash

Security Identifier: VFIDXCUSIP: 922031810

07/30/13 11,116.571 9.8200 109,164.73 9.7800 108,720.06 -444.67 3,417.01 3.14%11/26/14 9,859.155 9.9400 98,000.00 9.7800 96,422.53 -1,577.47 3,030.51 3.14%12/18/14 10,135.706 9.8100 99,431.28 9.7800 99,127.21 -304.07 3,115.51 3.14%Total Covered 31,111.432 306,596.01 304,269.80 -2,326.21 9,563.03Total 31,111.432 $306,596.01 $304,269.80 -$2,326.21 $9,563.03






EstimatedYield

Mutual Funds (continued)VANGUARD SHORT-TERM INVESTMENT-GRADEFUND ADMIRAL SHARES Open End FundDividend Option: Cash; Capital Gains Option: Cash

Security Identifier: VFSUXCUSIP: 922031836

07/25/13 8,019.225 10.7000 85,805.70 10.6400 85,324.55 -481.15 1,683.98 1.97%07/25/13 16,661.651 10.7000 178,279.67 10.6400 177,279.97 -999.70 3,498.83 1.97%07/30/13 13,541.768 10.6900 144,761.50 10.6400 144,084.41 -677.09 2,843.68 1.97%01/29/14 9,319.664 10.7300 100,000.00 10.6400 99,161.23 -838.77 1,957.06 1.97%Total Covered 47,542.308 508,846.87 505,850.16 -2,996.71 9,983.55Total 47,542.308 $508,846.87 $505,850.16 -$2,996.71 $9,983.55Total Mutual Funds $1,110,558.96 $1,110,065.44 -$493.52 $26,823.31

Cost Basis Market ValueUnrealizedGain/ Loss

AccruedInterest


Total Portfolio Holdings $3,395,705.39 $4,147,130.81 $751,425.42 $0.00 $86,098.35

* Noncovered under the cost basis rules as defined below.Securities acquired before 2011 or in retirement accounts are generally not subject to the new cost basis reporting rules set forth in the Internal Revenue Code of 1986, as amended ("IRC") (incorporating amendments enacted by P.L.110-343, the Emergency Economic Stabilization Act of 2008) and are, therefore, considered "noncovered," under the new cost basis reporting rules, and marked or denoted as such. All other securities in this section are securities which are "covered" under the new cost basis reporting rules. Securities which are "covered" under the new cost basis reporting rules are defined as non-retirement, US taxpayers securities which have been acquired on or after their "applicable date(s)" at which they are subject to the cost basis reporting rules and the adjusted basis will be reported to the IRS on form 1099-B for the applicable tax year in which the security is disposed.Reporting requirements generally will be phased in over a three-year period, as follows:

Stock in a corporation acquired on or after January 1, 2011Mutual funds and dividend reinvestment plan (DRP) shares acquired on or after January 1, 2012Options and any Debt Instruments that provide a simple fixed payment schedule for which a yield to maturity can be easily determined acquired on or after January 1, 2014.

3 The cost basis of this security has been provided to us by you or your introducing firm and Pershing makes no representation as to the accuracy of this information.

Portfolio Holdings Disclosures PricingThis section includes the net market value of the securities in your account on a settlement date basis, including short positions, at the close of the statement period. The market prices, unless otherwise noted, have been obtained from independent vendor services, which we believe to be reliable. Market prices do not constitute a bid or an offer, and may differ from the actual sale price. Securities for which a price is not available are marked "N/A" and are omitted from the Total.THE AS OF PRICE DATE ONLY APPEARS WHEN THE PRICE DATE DOES NOT EQUAL THE STATEMENT DATE.Estimated Annual FiguresThe estimated annual income (EAI) and estimated annual yield (EAY) figures are estimates and for informational purposes only. These figures are not considered to be a forecast or guarantee of future results. These figures are computed using information from providers believed to be reliable; however, no assurance can be made as to the accuracy. Since interest and dividend rates are subject to change at any time, and may be affected by current and future economic, political, and business conditions, they should not be relied on for making investment, trading, or tax decisions. These figures assume that the position quantities, interest and dividend rates, and prices remain constant. A capital gain or return of principal may be included in the figures for certain securities, thereby overstating them. Refer to




Portfolio Holdings Disclosures (continued)Estimated Annual Figures (continued)www.pershing.com/business_continuity.html for specific details as to formulas used to calculate the figures. Accrued interest represents interest earned but not yet received.ReinvestmentThe dollar amount of Mutual Fund distributions, Money Market Fund dividend income, Bank Deposit interest income, or dividends for other securities shown on your statement may have been reinvested. You will not receive confirmation of these reinvestments. Upon written request to your financial institution, information pertaining to these transactions, including the time of execution and the name of the person from whom your security was purchased, may be obtained. In dividend reinvestment transactions, Pershing acts as your agent and receives payment for order flow.Option DisclosureInformation with respect to commissions and other charges incurred in connection with the execution of option transactions has been included in confirmations previously furnished to you. A summary of this information is available to you promptly upon your written request directed to your introducing firm. In order to assist your introducing firm in maintaining current background and financial information concerning your option accounts, please promptly advise them in writing of any material change in your investment objectives or financial situation. Expiring options which are valuable are exercised automatically pursuant to the exercise by exception procedure of the Options Clearing Corporation. Additional information regarding this procedure is available upon written request to your introducing firm.Foreign Currency TransactionsPershing may execute foreign currency transactions as principal for your account. Pershing may automatically convert foreign currency to or from U.S. dollars for dividends and similar corporate action transactions unless you instruct your financial organization otherwise. Pershing's currency conversion rate will not exceed the highest interbank conversion rate identified from customary banking sources on the conversion date or the prior business day, increased by up to 1%, unless a particular rate is required by applicable law. Your financial organization may also increase the currency conversion rate. This conversion rate may differ from rates in effect on the date you executed a transaction, incurred a charge, or received a credit. Transactions converted by agents (such as depositories) will be billed at the rates such agents use.Proxy VoteSecurities not fully paid for in your margin account may be lent by Pershing to itself or others in accordance with the terms outlined in the Margin Agreement. The right to vote your shares held on margin may be reduced by the amount of shares on loan. The Proxy Voting Instruction Form sent to you may reflect a smaller number of shares entitled to vote than the number of shares in your margin account.

Cash Not Yet ReceivedSecurity Record Date Payable Date Quantity Held Rate Dividend Option Amount of PaymentDividendsLOWES COS INC COM 10/21/15 11/04/15 1,600.000 0.280000 Cash 448.00Total Cash Not Yet Received $448.00Assets shown here are not reflected in your account. This information has been received from sources we believe to be reliable. Pershing does not guarantee the accuracy of the information.

Open OrdersDateEntered Buy/ Sell Type of Order Security Quantity Limit Price Current Price07/28/15 Sell Limit THERMO FISHER SCIENTIFIC INC COM 200.000 141.0000 130.7800

09/08/15 Sell Limit VODAFONE GROUP PLC NEW SPONSORED ADRNO PAR

436.000 36.0000 32.9700



Open Orders (continued)DateEntered Buy/ Sell Type of Order Security Quantity Limit Price Current Price09/18/15 Sell Limit ABB LTD SPONSORED ADR 3,000.000 20.0000 18.8800

09/18/15 Buy Limit ALLIANZ SE SPONS ADR REPSTG 1/10 SHS 1,000.000 15.0000 17.6000

09/18/15 Buy Limit VESTAS WIND SYS A/S UTD KINGDOMUNSPONSORED ADR REPSTG 1 ORD SHS

1,000.000 17.0000 19.5100

Not all open orders may be reflected above. Please verify the current status of these and other open orders with your financial organization or your Financial Consultant.Good 'Til Cancel (GTC) and Good 'Til Date (GTD) equity orders are valid for a maximum of 365 calendar days. Orders may be valid for shorter time periods, based on your financial organization's policy. Pleasecontact your Financial Consultant for more information.

Activity Summary (All amounts shown are in base currency)Credits This Period Debits This Period Net This Period Credits Year-to-Date Debits Year-to-Date Net Year-to-Date

SecuritiesSecurities Bought 0.00 0.00 0.00 0.00 -349,310.85 -349,310.85Securities Sold 91,512.32 0.00 91,512.32 585,483.73 0.00 585,483.73

Total Securities $91,512.32 $0.00 $91,512.32 $585,483.73 -$349,310.85 $236,172.88

Dividends and Interest $5,494.30 $0.00 $5,494.30 $78,996.52 $0.00 $78,996.52

Distributions $0.00 $0.00 $0.00 $1,896.11 $0.00 $1,896.11

Fees $1.62 -$4,988.36 -$4,986.74 $121.14 -$21,970.97 -$21,849.83

Taxes Withheld $0.00 -$131.25 -$131.25 $182.76 -$1,753.71 -$1,570.95

CashWithdrawals 0.00 0.00 0.00 0.00 -213,000.00 -213,000.00

Total Cash $0.00 $0.00 $0.00 $0.00 -$213,000.00 -$213,000.00

Totals $97,008.24 -$5,119.61 $91,888.63 $666,680.26 -$586,035.53 $80,644.73

Transactions by Type of ActivityProcess/SettlementDate

Trade/TransactionDate Activity Type Description Quantity Price Accrued Interest Amount Currency

Securities Bought and Sold10/06/15 10/01/15 SOLD

SSSSOVRAN SELF STORAGE INC COM SOLICITED ORDER -100.000 95.0700 9,506.82 USD

10/13/15 10/07/15 SOLDPCL

PLUM CREEK TIMBER CO INC COM SOLICITED ORDER -2,000.000 41.0035 82,005.50 USD

Total Securities Bought and Sold $0.00 $91,512.32 USD




Transactions by Type of Activity (continued)Process/SettlementDate


Dividends and Interest10/01/15 CASH DIVIDEND RECEIVED

MCK500 SHRS MCKESSON CORP COM RD 09/01 PD 10/01/15 140.00 USD

10/01/15 CASH DIVIDEND RECEIVEDVFIJX

VANGUARD GNMA FUND ADMIRAL SHARES FOR ACCRUALPERIOD ENDING 09/30/15

622.38 USD

10/01/15 CASH DIVIDEND RECEIVEDVFIDX

VANGUARD INTERMEDIATE TERM CORP BOND FUNDADMIRAL SHARES FOR ACCRUAL PERIOD ENDING 09/30/15

939.39 USD

10/01/15 CASH DIVIDEND RECEIVEDVFSUX

VANGUARD SHORT-TERM INVESTMENT-GRADE FUNDADMIRAL SHARES FOR ACCRUAL PERIOD ENDING 09/30/15

902.53 USD

10/15/15 FOREIGN SECURITY DIVIDENDRECEIVEDAGU

1000 SHRS AGRIUM INC COM ISIN#CA0089161081 RD09/30 PD 10/15/15

875.00 USD

10/15/15 CASH DIVIDEND RECEIVEDTMO

1000 SHRS THERMO FISHER SCIENTIFIC INC COM RD 09/15PD 10/15/15

150.00 USD

10/26/15 CASH DIVIDEND RECEIVEDSSS

1200 SHRS SOVRAN SELF STORAGE INC COM RD 10/16 PD10/26/15

1,020.00 USD

10/28/15 CASH DIVIDEND RECEIVEDCMCSK

2000 SHRS COMCAST CORP NEW CL A SPL RD 10/07 PD10/28/15

500.00 USD

10/29/15 CASH DIVIDEND RECEIVEDGMCR

1200 SHRS KEURIG GREEN MTN INC COM RD 09/29 PD10/29/15

345.00 USD

Total Dividends and Interest $0.00 $5,494.30 USDFees10/22/15 ADVISORY FEES

USD999997WITHDRAWAL 0929-093015 1.62 USD

10/22/15 ADVISORY FEESUSD999997

ADVISORY FEE TAV:$3,958,158.53 -4,988.36 USD

Total Fees $0.00 -$4,986.74 USD



Transactions by Type of Activity (continued)Process/SettlementDate


Taxes Withheld10/15/15 FOREIGN TAX WITHHELD AT

THE SOURCEAGU

1000 SHRS AGRIUM INC COM ISIN#CA0089161081 RD09/30 PD 10/15/15

-131.25 USD

Total Taxes Withheld $0.00 -$131.25 USDTotal Value of Transactions $0.00 $91,888.63 USD

The price and quantity displayed may have been rounded.

Money Market Fund DetailDate Activity Type Description Amount Balance

Sweep Money Market FundFEDERATED CAPITAL RESERVESAccount Number: 0001750546 Current Yield: 0.00% Activity Ending: 10/30/1510/01/15 Opening Balance 3,863.35 3,863.3510/01/15 Deposit MONEY FUND PURCHASE 600.00 4,463.3510/02/15 Deposit MONEY FUND PURCHASE 2,604.30 7,067.6510/07/15 Deposit MONEY FUND PURCHASE 9,506.82 16,574.4710/14/15 Deposit MONEY FUND PURCHASE 82,005.50 98,579.9710/16/15 Deposit MONEY FUND PURCHASE 893.75 99,473.7210/22/15 Withdrawal MONEY FUND REDEMPTION -4,988.36 94,485.3610/23/15 Deposit MONEY FUND PURCHASE 1.62 94,486.9810/27/15 Deposit MONEY FUND PURCHASE 1,020.00 95,506.9810/29/15 Deposit MONEY FUND PURCHASE 500.00 96,006.9810/30/15 Deposit MONEY FUND PURCHASE 345.00 96,351.9810/30/15 Closing Balance $96,351.98Total All Money Market Funds $96,351.98

Income and Expense Summary Current Period Year-to-DateTaxable Non Taxable Taxable Non Taxable

Dividend IncomeEquities 2,010.00 0.00 41,950.08 0.00Money Market 0.00 0.00 0.06 0.00Other Dividends 3,484.30 0.00 37,046.38 0.00ExpensesWithholding Taxes -131.25 0.00 -1,570.95 0.00Fees(Foreign Securities) 0.00 0.00 -621.26 0.00Total Dividends, Interest, Income and Expenses $5,363.05 $0.00 $76,804.31 $0.00




Income and Expense Summary (continued) Current Period Year-to-DateTaxable Non Taxable Taxable Non Taxable

DistributionsLong - Term Capital Gain Distributions 0.00 0.00 1,116.81 0.00Short - Term Capital Gain Distributions 0.00 0.00 779.30 0.00Total Distributions $0.00 $0.00 $1,896.11 $0.00

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Please note that the Valuation at a Glance section on page one of your account statement will be updated and renamed Portfolio at a Glance beginning with the October 2015 statement. This change does not apply to accounts which display only opening and closing balances on page one.Although a money market mutual fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in a money market mutual fund. Shares of a money market mutual fund or the balance of a bank deposit product held in your brokerage account may be liquidated upon request with the proceeds credited to your brokerage account. Please see the money market mutual fund's prospectus or the bank deposit product's disclosure document or contact your advisor for additional information.IMPORTANT NOTICE REGARDING FEES: The transfer agent American Stock Transfer (AST) has implemented a $10 transfer fee when moving directly held book entry shares of a security into your brokerage accounts. Please be advised that this new fee is effective November 1, 2015.

Important Information and Disclosures The Role of Pershing

Pershing carries your account as clearing broker pursuant to a clearing agreement with your financial institution. Pershing may accept from your financial institution without inquiry or investigation (i) orders for the purchase and sale of securities and other property and (ii) any other instructions concerning your account. Pershing is not responsible or liable for any acts or omissions of your financial institution or its employees and it does not supervise them. Pershing provides no investment advice nor does it assess the suitability of any transaction or order. Pershing acts as the agent of your financial institution and you agree that you will not hold Pershing or any person controlling or under common control with it liable for any investment losses incurred by you.Pershing performs several key functions at the direction of your financial institution. It acts as custodian for funds and securities you may deposit with it directly or through your financial institution or that it receives as the result of securities transactions it processes.Your financial institution is responsible for adherence to the securities laws, regulations and rules which apply to it regarding its own operations and the supervision of your account, its sales representatives and other personnel. Your financial institution is also responsible for approving the opening of accounts and obtaining account documents; the acceptance and, in certain instances, execution of securities orders; the assessment of the suitability of those transactions, where applicable; the rendering of investment advice, if any, to you and in general, for the ongoing relationship that it has with you.Inquiries concerning the positions and balances in your account may be directed to the Pershing Customer Service Department at (201) 413-3333. All other inquiries regarding your account or activity should be directed to your financial institution. Your financial organization's contact information can be found on the first page of this statement. For a description of other functions performed by Pershing please consult the Disclosure Statement provided to you upon the opening of your account. This notice is not meant as a definitive enumeration of every possible circumstance, but as a general disclosure. If you have any questions regarding this notice or if you would like additional copies of the Disclosure Statement, please contact your financial institution. Pershing is a member of the Securities Investor Protection Corporation (SIPC®). Please note that SIPC does not protect against loss due to market fluctuation. In addition to SIPC protection, Pershing provides coverage in excess of SIPC limits. For more detailed information please visit: www.pershing.com/about/strength-and-stability.



Important Information and Disclosures (continued)The Role of Pershing (continued)

This statement will be deemed conclusive. You are advised to report any inaccuracy or discrepancy (including unauthorized trading) promptly, but no later than ten days after receipt of this statement, to your financial organization and Pershing. Please be advised that any oral communication should be re-confirmed in writing to further protect your rights, including your rights under the Securities Investor Protection Act. Your financial organization's contact information can be found on the first page of this statement. Pershing's contact information is as follows: Pershing LLC, Legal Department, One Pershing Plaza, Jersey City, New Jersey 07399; (201) 413-3330. Errors and Omissions excepted.

Important Arbitration DisclosuresAll parties to this agreement are giving up the right to sue each other in court, including the right to a trial by jury, except as provided by the rules of the arbitration forum in which a claim is filed.Arbitration awards are generally final and binding; a party's ability to have a court reverse or modify an arbitration award is very limited.The ability of the parties to obtain documents, witness statements and other discovery is generally more limited in arbitration than in court proceedings.The arbitrators do not have to explain the reason(s) for their award, unless, in an eligible case, a joint request for an explained decision has been submitted by all parties to the panel at least 20 days prior to the first scheduled hearing date.The panel of arbitrators will typically include a minority of arbitrators who were or are affiliated with the securities industry.The rules of some arbitration forums may impose time limits for bringing a claim in arbitration. In some cases, a claim that is ineligible for arbitration may be brought in court.The rules of the arbitration forum in which the claim is filed, and any amendments thereto, shall be incorporated into this agreement.

Important Arbitration AgreementAny controversy between you and Pershing LLC shall be submitted to arbitration before the Financial Industry Regulatory Authority. No person shall bring a putative or certified class action to arbitration, nor seek to enforce any predispute arbitration agreement against any person who has initiated in court a putative class action, who is a member of a putative class who has not opted out of the class with respect to any claims encompassed by the putative class action until; (I) the class certification is denied; (II) the class is decertified; or (III) the client is excluded from the class by the court. Such forbearance to enforce an agreement to arbitrate shall not constitute a waiver of any rights under this agreement except to the extent stated herein. The laws of the State of New York govern.

Pershing's contact information is as follows: Pershing LLC, Legal Department, One Pershing Plaza, Jersey City, New Jersey 07399; (201) 413-3330.

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