Pinnacle Advisory Group, Inc.

Q1 2016 13F Holdings Report, Restatement, Stock Holdings

Signature - Title: Karima Escalona - CLIENT RELATIONSHIP SPEC
Location: Columbia, MD
Holdings as of: 31 Mar 2016
Value $: $1,050,854,000
Num holdings: 113
Filing time: 18 Apr 2016, 14:41:38 UTC
Form type: 13F-HR/A-1 - Restatement
Description: All US holdings of this investor are reported in this report. Top holdings included TLT, XLP, IYW, XLF, and XLU.
Previous filing: Q4 2015 - 08 Feb 2016
Next filing: Q2 2016 - 04 Aug 2016
SEC: View on sec.gov

Sym	Weight	Trade Impact	Company	Class	Share Change	Activity	Value Change $	Value $	* Price $	Shares	Principal

Filing 2016 Q1 - Restatement compared to 2015 Q4 by default. Changes are calculated vs the previous SEC filing.

Compare Q1 2016 to

* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
An asterisk sign (*) next to the price indicates that the price is likely invalid.

Person Signing this Report on Behalf of Reporting Manager:

Name	Title	City, State	Date
KARIMA ESCALONA	CLIENT RELATIONSHIP SPEC	Columbia, Maryland	18 Apr 2016

Amending filing to correct shares & value stated for 3M co (cusip 88579y101). Also to include Intel Corp which was previously excluded from original file (cusip 458140100)