James G Welsh

Laytonsville Nursury Corp. (see part VIII, note Vii. 1) — None

P. Stadler & Sonns, Co. (see part VIII, note viz — None

Livia Properties II, LC (see part VIII note vViLY) — Rent

City Nat'l {formerly Community Bank) — Interest

Fidelity {core cash acct) — Interest

AXP Amuity — Interest

Lutheran Brotherhood whole life policy — Int/Div

Lutheran Brotherhood whole life policy — Int/Div

STOCK FUNDS

Fidelity Advisors Int'l Discovery C1 {FIADX) — Int/Div

Fidelity Diversified. Int'l (FDIVX) — Int/Div

Fidelity Energing Mkts (FEMKX — Int/Div — Buy

Fidelity RE Invest (FRESX) — Int/Div

Fidelity Growth Co (FDGRX — Int/Div

Fidelity Value (FDVLX) — Int/Div

Aberdeen Emerg. Mkts FD Inst cl (AEMSX) — Int/Div — Buy

same) — Sold

Acadian Emerg. Markets (AEMGX) — Int/Div

Artisan Small Cap Fund (ARTSX) — Int/Div

Wm Blair Int'l Growth (WBIGX) — Int/Div

Causeway Intl Value Investor (CIVVX — Int/Div

Credit Suisse (CRSOX) — Sold (part)

same) — Sold

Parametric (EAEMX) — Int/Div

Harbor Int'l Admin (HRIX) — Int/Div

Oakmark (OAKMX) — Int/Div

MFS Int] Value (MGIAX) — Int/Div

MFS Research Intl (MRSAX) — Int/Div

Morgan Stunley Glob. RE (MRLBX) — Int/Div

Northern Small Cap Value (NOSGX) — Int/Div

Oppenhemmer Intl Growth Class A (OIGAX) — Int/Div

Pru Jennison Mid Cap (PEEAX) — Int/Div — Sold (part)

RS Small Cap Growth (RSEGX) — Int/Div — Sold (part)

T.Rowe Price Emerg Mkts (PRMSZ) — Int/Div — Buy

same — Sold

T Rowe Price Small cap Value (PASVX) — Int/Div — Buy

CRM Mid Cap (CRMMX) — Int/Div

BOND FUNDS

Fidelith Municipal Income (FHIGX) — Int/Div — Buy (add'l)

same) — Buy (add'l)

DWS Managed Muni Bond (SCMBX) — Interest — Buy (add'l)

same) — Sold (part)

same) — Buy (add'l)

same) — Buy (add'l)

MFS Va Mut Bond (MSUAX) — Int/Div — Buy (add'l)

same) — Buy (add'l)

Nuveen Va Muni Bond (FVATX) — Interest — Buy (add'l)

same) — Sold (part)

Oppenheimer Intl Bond Fund (OIBYX) — Buy (add'l)

same) — Sold (part)

same) — Sold

T Rowe Price Tax Free Short Intl (PRFSX) — Interest

Tenpleton Global Bond (TPINX) — Int/Div — Buy (add'l)

same) — Buy (add'l)

same) — Sold (part)

same) — Sold (part)

sameD — Buy (add'l)

same) — Sold (part)

STOCKS

STOCKS — Int/Div — Sold

MO — Int/Div

ishares TR Russell midcap index (IWR) — Int/Div

ishares TR Russell 1000 Value (IWD) — Int/Div

ishares russell 1000 Growth Index (IWF) — Int/Div

ishares TR Russell 1000 Index (IWB) — Int/Div

ishares US Fmancials (1YF) — Int/Div — Buy

PM — Int/Div

SPDR S&P S00 ETF Trust (SPY) — Int/Div

Vanguard Index FDS/ formerly Vguard Index (VUG) — Int/Div

Vanguard Index FDS/ formerly Vguard Index (VUG) — Int/Div — Sold

YUM — Int/Div

SHORT-TERM FUNDS

Fidelity Money Market (FTEXX) — Int/Div

Fimm MMkt Port (FNSXX) — Int/Div — Buy (add'l)

same) — Sold (part)

same) — Sold (part)

same) — Buy (add'l)

STOCK FUNDS

Strategic Adevisors Core (FCSAX) — Int/Div — Sold (part)

same) — Sold (part)

same) — Sold (part)

same) — Sold (part)

Strategic Advisors Growth Fund (FSGFX) — Int/Div — Sold (part)

same) — Sold (part)

sane) — Sold (part)

Struegic Advisors Value (FVSAX — Int/Div — Sold (part)

same) — Sold (part)

same) — Sold (part)

Strategic Advisors Emerg Mkts (FSAMX) — Int/Div — Sold (part)

same) — Sold (part)

Strategic Advisors US Opportunity (FUSOX) — Int/Div — Sold (part)

same) — Sold (part)

Strategic Advisors Sml-Mid Cap (FSCFX) — Int/Div — Buy (add'l)

same) — Buy (add'l)

same) — Buy (add'l)

same) — Sold (part)

Strategic Advisors Int'l (FILFX) — Int/Div — Buy (add'l)

same) — Buy (add'l)

same) — Buy (add'l)

same) — Buy (add'l)

Same) — Buy (add'l)

same) — Sold (part)

Merger Fund (MERFX) — Int/Div — Buy (add'l)

same) — Sold (part)

BOND FUNDS

Fidelity Select Gold (FAGX) — Sold (part)

same) — Sold (part)

same) — Sold

Fidelity Short Term Bond (FSHBX) — Int/Div — Sold (part)

same) — Sold (part)

same) — Sold (part)

Fidelity GMNA (FGMNX) — Int/Div — Buy (add'l)

same) — Sold (part)

Fidelity Total Bond (F1BFX) — Int/Div — Sold (part)

same) — Sold (part)

Strategic Advisors Short Duration (FAUDX) — Int/Div — Buy (add'l)

same) — Buy (add'l)

same) — Buy (add'l)

same) — Sold (part)

same) — Sold (part)

Strategic Advisors Incom Opportunites (FPIOX) — Interest — Sold (part)

same) — Sold (part)

Strategic Advisors Core Income (FPCIX) — Interest — Buy (add'l)

same) — Buy (add'l)

same) — Buy (add'l)

same) — Buy (add'l)

sme) — Buy (add'l)

same) — Buy (add'l)

same) — Buy (add'l)

same) — Buy (add'l)

same) — Sold (part)

same) — Sold (part)

Pimco Total Return (PTRAX) — Int/Div — Sold (part)

Pimco Short Term Admin (PSFAX) — Int/Div — Sold (part)

OTHER

Arden Alt Strategies (ARDNX) — Int/Div — Sold (part)

same) — Sold (part)

Blackstone Alternity (BXMMX) — Int/Div — Buy

same) — Sold (part)

Fidelity Cash Reserves (FDRXX) — Int/Div

Scorctary, sharcholder, Virgiia Registered Agent (see part VIL note 1.1), P. Stadler & Sons Company

Custodial accout gu (see part VIII, note 1.3), Strong-Wells Fargo Fund

Agreement — 2004 — Livia Properties 11, LC operating agreement (see part VIII, note 11.1)

Liability — Home Town Bank — rental property loan

Liability — Community Bank / now City Nat'l Bank — rental property -related loans

Liability — Community Bank / now City Nat'l Bank — personal loan (credit hing)

11 A closely held business operated in DC metro area. Pursuant to long-standing agreement, the holders of voting shares (of which the undersigned is one), the

redemption value of each voting share has been conclusively established at a set dollar amount,

1.2 This is a closely held warchluse and industrial facility located in the Staunton, Virginia arca. The undersigned is not involved in the management or operation

of the site and owns a passive minority interest.

1.3 This is a small custodial account maintained 100000

11.1 See note 1.2

VIL1 Laytonsville Nursery Corp. 1s a closely held private company. Its sole asset is a parcel of real estate situate in Montgomery County, MD and leased m

part to P. Stadler & Sons Co. Without any discount either for the undersigned’s minority interest or the limitations on transferability, the undersigned's minority

interest has been valued based on the current assessed value of the real estate.

VI1.2 See note L1

VIL3 See note 1.2. Valuation is based on the 2010 assessed value of the real estate and improvements.