DAVIS SELECTED ADVISERS Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
FB	Sell	Meta Platforms, Inc., Class A	$1,467,700,197	-10.5%	4,888,906	-14.5%	9.20%	-7.9%
WFC	Sell	Wells Fargo & Co.	$1,238,600,102	-5.6%	30,313,265	-1.4%	7.77%	-2.8%
COF	Sell	Capital One Financial Corp.	$1,076,202,105	-12.6%	11,089,149	-1.6%	6.75%	-10.1%
BRKA	Sell	Berkshire Hathaway Inc., Class A	$1,050,198,552	+0.7%	1,976	-1.9%	6.58%	+3.6%
AMZN	Sell	Amazon.com, Inc.	$944,646,046	-11.9%	7,431,131	-9.7%	5.92%	-9.4%
AMAT	Sell	Applied Materials, Inc.	$942,820,366	-6.1%	6,809,823	-1.9%	5.91%	-3.3%
VTRS	Buy	Viatris, Inc.	$631,668,929	+0.5%	64,063,785	+1.8%	3.96%	+3.5%
JPM	Sell	JPMorgan Chase & Co.	$599,974,917	-1.9%	4,137,185	-1.6%	3.76%	+0.9%
TECK	Sell	Teck Resources Ltd., Class B	$554,790,283	+2.1%	12,875,150	-0.2%	3.48%	+5.1%
BK	Sell	Bank of New York Mellon Corp.	$554,299,527	-5.2%	12,996,471	-1.0%	3.48%	-2.4%
USB	Sell	U.S. Bancorp	$507,161,108	-0.5%	15,340,624	-0.5%	3.18%	+2.4%
OC	Sell	Owens Corning	$502,621,305	-7.8%	3,684,624	-11.8%	3.15%	-5.0%
CI	Sell	The Cigna Group	$486,454,400	+0.7%	1,700,471	-1.3%	3.05%	+3.6%
GOOGL	Sell	Alphabet Inc., Class A	$466,984,621	+8.2%	3,568,210	-1.1%	2.93%	+11.3%
TXN	Sell	Texas Instruments, Inc.	$432,891,706	-14.0%	2,722,415	-2.6%	2.71%	-11.5%
BRKB	Sell	Berkshire Hathaway Inc., Class B	$390,735,120	+1.1%	1,115,427	-1.6%	2.45%	+4.1%
MKL	Sell	Markel Corp.	$385,954,613	+5.2%	262,103	-1.2%	2.42%	+8.3%
MGM	New	MGM Resorts International	$361,915,148	–	9,845,345	–	2.27%	–
INTC	Sell	Intel Corp.	$333,651,998	-11.6%	9,385,423	-16.9%	2.09%	-9.0%
CB	Sell	Chubb Ltd.	$302,600,636	+6.2%	1,453,549	-1.7%	1.90%	+9.3%
DGX	Buy	Quest Diagnostics, Inc.	$203,226,072	-4.5%	1,667,698	+10.2%	1.27%	-1.7%
DAR	Sell	Darling Ingredients, Inc.	$162,297,772	-20.2%	3,109,149	-2.5%	1.02%	-17.8%
IAC	Buy	IAC Inc.	$149,200,826	-6.2%	2,960,918	+16.9%	0.94%	-3.4%
AXP	Sell	American Express Co.	$139,090,543	-16.0%	932,300	-1.9%	0.87%	-13.5%
JD	Sell	JD.com, Inc., Class A, ADRadr	$138,934,880	-15.8%	4,769,477	-1.4%	0.87%	-13.3%
CPNG	Sell	Coupang, Inc., Class A	$109,058,364	-3.8%	6,415,197	-1.5%	0.68%	-0.9%
HOLI	Sell	Hollysys Automation Technologies, Ltd.	$106,503,390	+11.5%	5,368,114	-1.1%	0.67%	+14.8%
MSFT	Sell	Microsoft Corp.	$106,230,497	-9.7%	336,436	-2.6%	0.67%	-7.1%
L	Sell	Loews Corp.	$95,939,282	+4.3%	1,515,387	-2.2%	0.60%	+7.3%
GOOG	Sell	Alphabet Inc., Class C	$93,900,537	+6.5%	712,177	-2.3%	0.59%	+9.7%
NTB	Sell	Bank of N.T. Butterfield & Son Ltd.	$86,782,866	-1.6%	3,204,685	-0.5%	0.54%	+1.3%
BAC	Sell	Bank of America Corp.	$75,760,214	-6.6%	2,766,991	-2.1%	0.48%	-3.8%
FITB	Buy	Fifth Third Bancorp	$63,258,407	-2.2%	2,497,371	+1.2%	0.40%	+0.8%
UNH	Sell	UnitedHealth Group, Inc.	$57,318,827	+4.8%	113,684	-0.1%	0.36%	+7.8%
BEKE	New	KE Holdings, Incadr	$54,362,938	–	3,502,766	–	0.34%	–
PNC	Sell	PNC Financial Services Group, Inc.	$52,492,032	-2.8%	427,564	-0.3%	0.33%	0.0%
FERG	Sell	Ferguson PLC	$39,153,986	+4.1%	237,800	-0.5%	0.25%	+7.4%
ETN	Sell	Eaton Corp. PLC	$31,210,720	-8.7%	146,334	-13.9%	0.20%	-5.8%
FWONA	Sell	Liberty Formula One, Series A	$29,111,174	-17.1%	514,877	-0.8%	0.18%	-14.5%
CARR	Sell	Carrier Global Corp.	$28,340,804	-8.7%	513,418	-17.8%	0.18%	-5.8%
RKT	Sell	Rocket Companies, Inc., Class A	$27,898,716	-10.9%	3,410,601	-2.4%	0.18%	-8.4%
	Buy	Masterbrand, Inc.	$27,609,373	+4.6%	2,272,376	+0.1%	0.17%	+7.5%
JCI	Sell	Johnson Controls International PLC	$27,109,322	-22.4%	509,477	-0.7%	0.17%	-20.2%
HUM	Sell	Humana Inc.	$21,194,839	+8.7%	43,564	-0.1%	0.13%	+11.8%
ORCL	Sell	Oracle Corp.	$19,801,272	-14.9%	186,945	-4.4%	0.12%	-12.7%
WCC	Buy	Wesco International, Inc.	$19,201,421	-19.5%	133,510	+0.2%	0.12%	-17.2%
SAP	Buy	SAP SE, ADRadr	$18,222,772	-5.5%	140,912	+0.0%	0.11%	-2.6%
SCHW	Sell	Charles Schwab Corp.	$17,693,117	-5.4%	322,279	-2.3%	0.11%	-2.6%
FWONK	Sell	Liberty Formula One, Series C	$16,523,829	-18.0%	265,230	-1.0%	0.10%	-15.4%
RE	Sell	Everest Re Group, Ltd.	$16,225,254	+5.8%	43,655	-2.7%	0.10%	+9.7%
BABA	Sell	Alibaba Group Holding Ltdadr	$15,927,546	+3.5%	183,624	-0.6%	0.10%	+6.4%
PSA	Sell	Public Storage, Inc.	$15,231,456	-14.5%	57,800	-5.3%	0.10%	-11.9%
BRX	Buy	Brixmor Property Group, Inc.	$14,739,046	-3.0%	709,290	+2.7%	0.09%	-1.1%
CVS	Sell	CVS Health Corp.	$14,287,443	-0.5%	204,632	-1.5%	0.09%	+2.3%
AVB	Sell	AvalonBay Communities, Inc.	$13,917,810	-22.6%	81,040	-14.7%	0.09%	-20.9%
SPG	Sell	Simon Property Group, Inc.	$13,841,884	-11.1%	128,130	-4.9%	0.09%	-8.4%
YOU	Sell	Clear Secure, Inc.	$12,642,303	-19.0%	663,985	-1.4%	0.08%	-16.8%
WELL	Sell	Welltower Inc.	$12,508,365	-14.8%	152,690	-15.9%	0.08%	-12.4%
ESS	Sell	Essex Property Trust, Inc.	$12,129,639	-24.1%	57,191	-16.2%	0.08%	-21.6%
ARE	Buy	Alexandria Real Estate Equities, Inc.	$11,952,641	-9.4%	119,407	+2.7%	0.08%	-6.2%
TRNO	Buy	Terreno Realty Corp.	$11,326,886	-3.3%	199,417	+2.3%	0.07%	0.0%
VTR	Buy	Ventas, Inc.	$10,590,218	-10.5%	251,370	+0.4%	0.07%	-8.3%
NOAH	Sell	Noah Holdings Ltd., Class A, ADSadr	$9,806,277	-12.0%	786,389	-0.7%	0.06%	-10.3%
BXP	Buy	Boston Properties, Inc.	$9,331,817	+28.6%	156,890	+24.5%	0.06%	+34.1%
UDR	Buy	UDR, Inc.	$8,927,844	-15.0%	250,290	+2.3%	0.06%	-12.5%
SHO	Buy	Sunstone Hotel Investors, Inc.	$7,885,229	-6.8%	843,340	+0.9%	0.05%	-5.8%
ROIC	Buy	Retail Opportunity Investments Corp.	$7,430,414	-5.2%	600,195	+3.5%	0.05%	-2.1%
AMT	Sell	American Tower Corp Class A	$7,364,071	-40.1%	44,780	-29.4%	0.05%	-38.7%
REG	Buy	Regency Centers Corp.	$7,304,582	+30.2%	122,890	+35.3%	0.05%	+35.3%
REXR	Buy	Rexford Industrial Realty, Inc.	$7,110,842	-3.7%	144,090	+1.9%	0.04%	0.0%
PEAK	Buy	Healthpeak Properties, Inc.	$6,986,274	+73.1%	380,516	+89.5%	0.04%	+76.0%
DEI	Buy	Douglas Emmett, Inc.	$6,545,625	+4.9%	512,980	+3.3%	0.04%	+7.9%
BIDU	Sell	Baidu, Inc., Class A, ADRadr	$6,195,147	-7.5%	46,112	-5.7%	0.04%	-4.9%
MTB	Buy	M&T Bank Corp.	$6,158,747	+6.1%	48,705	+3.9%	0.04%	+11.4%
EXR	New	Extra Space Storage, Inc.	$6,003,013	–	49,375	–	0.04%	–
SUI	Buy	Sun Communities, Inc.	$5,843,629	+32.4%	49,380	+45.9%	0.04%	+37.0%
	Buy	Federal Realty Investment Trust	$4,912,146	-3.3%	54,200	+3.2%	0.03%	0.0%
CHCT	Buy	Community Healthcare Trust, Inc.	$4,852,980	+40.2%	163,400	+55.9%	0.03%	+42.9%
HPP	Buy	Hudson Pacific Properties, Inc.	$4,612,726	+61.0%	693,643	+2.2%	0.03%	+70.6%
VICI	Buy	VICI Properties, Inc.	$4,429,020	-6.4%	152,200	+1.1%	0.03%	-3.4%
TFC	Buy	Truist Financial Corp.	$4,201,836	+109.7%	146,866	+122.5%	0.03%	+116.7%
STT	Sell	State Street Corp.	$3,744,336	-10.1%	55,919	-1.7%	0.02%	-8.0%
CUBE	Sell	CubeSmart	$3,712,718	-30.0%	97,370	-18.0%	0.02%	-28.1%
HIW	Buy	Highwoods Properties, Inc.	$3,348,919	-10.8%	162,490	+3.5%	0.02%	-8.7%
	New	SL Green Realty Corp.	$3,184,674	–	85,380	–	0.02%	–
CCI	Sell	Crown Castle International Corp.	$3,121,658	-63.4%	33,920	-54.7%	0.02%	-61.5%
IVE	Buy	iShares S&P 500 Value Index Fundetf	$2,640,202	+516.5%	17,162	+545.9%	0.02%	+466.7%
NTST	Buy	NetSTREIT Corp.	$2,504,952	-11.9%	160,780	+1.0%	0.02%	-5.9%
IQ	Sell	iQIYI, Inc., Class A, ADRadr	$1,205,079	-84.3%	254,236	-82.3%	0.01%	-83.0%
LTRPA	Sell	Liberty TripAdvisor Hldgs Inc. - A	$121,831	-26.1%	249,144	-1.7%	0.00%	0.0%
VMEO	Exit	Vimeo, Inc.	$0	–	-982,661	–	-0.02%	–
LSI	Exit	Life Storage, Inc.	$0	–	-54,630	–	-0.04%	–

Q2 2023

			Value		Shares		↓ Weighting
FB	New	Meta Platforms, Inc., Class A	$1,640,181,923	–	5,715,317	–	9.99%	–
WFC	New	Wells Fargo & Co.	$1,311,971,275	–	30,739,720	–	7.99%	–
COF	New	Capital One Financial Corp.	$1,231,955,594	–	11,264,109	–	7.50%	–
AMZN	New	Amazon.com, Inc.	$1,072,810,834	–	8,229,601	–	6.54%	–
BRKA	New	Berkshire Hathaway Inc., Class A	$1,043,387,150	–	2,015	–	6.36%	–
AMAT	New	Applied Materials, Inc.	$1,003,834,167	–	6,945,026	–	6.12%	–
VTRS	New	Viatris, Inc.	$628,222,593	–	62,948,155	–	3.83%	–
JPM	New	JPMorgan Chase & Co.	$611,733,393	–	4,206,087	–	3.73%	–
BK	New	Bank of New York Mellon Corp.	$584,511,761	–	13,129,195	–	3.56%	–
OC	New	Owens Corning	$544,874,060	–	4,175,279	–	3.32%	–
TECK	New	Teck Resources Ltd., Class B	$543,253,754	–	12,903,889	–	3.31%	–
USB	New	U.S. Bancorp	$509,553,884	–	15,422,333	–	3.10%	–
TXN	New	Texas Instruments, Inc.	$503,245,194	–	2,795,495	–	3.07%	–
CI	New	The Cigna Group	$483,234,414	–	1,722,146	–	2.94%	–
GOOGL	New	Alphabet Inc., Class A	$431,774,321	–	3,606,619	–	2.63%	–
BRKB	New	Berkshire Hathaway Inc., Class B	$386,471,155	–	1,133,346	–	2.35%	–
INTC	New	Intel Corp.	$377,576,365	–	11,291,159	–	2.30%	–
MKL	New	Markel Corp.	$366,869,812	–	265,233	–	2.24%	–
CB	New	Chubb Ltd.	$284,814,717	–	1,479,094	–	1.74%	–
DGX	New	Quest Diagnostics, Inc.	$212,792,107	–	1,513,888	–	1.30%	–
DAR	New	Darling Ingredients, Inc.	$203,433,677	–	3,189,114	–	1.24%	–
AXP	New	American Express Co.	$165,502,268	–	950,068	–	1.01%	–
JD	New	JD.com, Inc., Class A, ADRadr	$165,038,268	–	4,835,578	–	1.00%	–
IAC	New	IAC Inc.	$159,063,282	–	2,532,853	–	0.97%	–
MSFT	New	Microsoft Corp.	$117,619,519	–	345,390	–	0.72%	–
CPNG	New	Coupang, Inc., Class A	$113,336,280	–	6,513,579	–	0.69%	–
DUSA	New	Davis Select U.S. Equity ETFetf	$106,777,707	–	3,332,430	–	0.65%	–
HOLI	New	Hollysys Automation Technologies, Ltd.	$95,481,217	–	5,428,153	–	0.58%	–
L	New	Loews Corp.	$92,025,219	–	1,549,767	–	0.56%	–
GOOG	New	Alphabet Inc., Class C	$88,140,919	–	728,618	–	0.54%	–
NTB	New	Bank of N.T. Butterfield & Son Ltd.	$88,155,381	–	3,222,053	–	0.54%	–
BAC	New	Bank of America Corp.	$81,109,757	–	2,827,109	–	0.49%	–
DINT	New	Davis Select International ETFetf	$73,386,806	–	3,893,199	–	0.45%	–
FITB	New	Fifth Third Bancorp	$64,671,183	–	2,467,424	–	0.39%	–
DFNL	New	Davis Select Financial ETFetf	$57,277,567	–	2,112,316	–	0.35%	–
DWLD	New	Davis Select Worldwide ETFetf	$55,907,346	–	1,941,227	–	0.34%	–
UNH	New	UnitedHealth Group, Inc.	$54,694,048	–	113,794	–	0.33%	–
PNC	New	PNC Financial Services Group, Inc.	$53,996,402	–	428,713	–	0.33%	–
FERG	New	Ferguson PLC	$37,600,279	–	238,906	–	0.23%	–
FWONA	New	Liberty Formula One, Series A	$35,101,741	–	519,103	–	0.21%	–
JCI	New	Johnson Controls International PLC	$34,953,044	–	512,959	–	0.21%	–
ETN	New	Eaton Corp. PLC	$34,193,812	–	170,033	–	0.21%	–
RKT	New	Rocket Companies, Inc., Class A	$31,303,310	–	3,493,673	–	0.19%	–
CARR	New	Carrier Global Corp.	$31,045,277	–	624,528	–	0.19%	–
	New	Masterbrand, Inc.	$26,399,240	–	2,269,926	–	0.16%	–
PLD	New	Prologis, Inc.	$25,776,335	–	210,196	–	0.16%	–
WCC	New	Wesco International, Inc.	$23,861,900	–	133,262	–	0.14%	–
ORCL	New	Oracle Corp.	$23,277,298	–	195,460	–	0.14%	–
FWONK	New	Liberty Formula One, Series C	$20,160,586	–	267,808	–	0.12%	–
HUM	New	Humana Inc.	$19,490,032	–	43,589	–	0.12%	–
SAP	New	SAP SE, ADRadr	$19,276,342	–	140,899	–	0.12%	–
SCHW	New	Charles Schwab Corp.	$18,704,287	–	329,998	–	0.11%	–
AVB	New	AvalonBay Communities, Inc.	$17,990,114	–	95,050	–	0.11%	–
PSA	New	Public Storage, Inc.	$17,813,436	–	61,030	–	0.11%	–
ESS	New	Essex Property Trust, Inc.	$15,984,180	–	68,221	–	0.10%	–
CUZ	New	Cousins Properties, Inc.	$15,788,886	–	692,495	–	0.10%	–
YOU	New	Clear Secure, Inc.	$15,606,907	–	673,582	–	0.10%	–
SPG	New	Simon Property Group, Inc.	$15,563,240	–	134,770	–	0.10%	–
BABA	New	Alibaba Group Holding Ltdadr	$15,395,912	–	184,714	–	0.09%	–
RE	New	Everest Re Group, Ltd.	$15,335,156	–	44,858	–	0.09%	–
BRX	New	Brixmor Property Group, Inc.	$15,200,020	–	690,910	–	0.09%	–
EQIX	New	Equinix, Inc.	$14,830,577	–	18,918	–	0.09%	–
WELL	New	Welltower Inc.	$14,685,580	–	181,550	–	0.09%	–
CVS	New	CVS Health Corp.	$14,365,849	–	207,809	–	0.09%	–
ARE	New	Alexandria Real Estate Equities, Inc.	$13,192,872	–	116,247	–	0.08%	–
AMT	New	American Tower Corp Class A	$12,301,614	–	63,430	–	0.08%	–
DLR	New	Digital Realty Trust, Inc.	$11,773,589	–	103,395	–	0.07%	–
VTR	New	Ventas, Inc.	$11,829,790	–	250,260	–	0.07%	–
TRNO	New	Terreno Realty Corp.	$11,711,507	–	194,867	–	0.07%	–
NOAH	New	Noah Holdings Ltd., Class A, ADSadr	$11,147,479	–	791,724	–	0.07%	–
UDR	New	UDR, Inc.	$10,508,446	–	244,610	–	0.06%	–
EQR	New	Equity Residential	$9,536,293	–	144,555	–	0.06%	–
AMH	New	American Homes 4 Rent, Class A	$9,403,467	–	265,260	–	0.06%	–
CCI	New	Crown Castle International Corp.	$8,527,270	–	74,840	–	0.05%	–
SHO	New	Sunstone Hotel Investors, Inc.	$8,462,344	–	836,200	–	0.05%	–
ROIC	New	Retail Opportunity Investments Corp.	$7,836,678	–	580,065	–	0.05%	–
IQ	New	iQIYI, Inc., Class A, ADRadr	$7,675,423	–	1,437,345	–	0.05%	–
REXR	New	Rexford Industrial Realty, Inc.	$7,383,386	–	141,390	–	0.04%	–
BXP	New	Boston Properties, Inc.	$7,256,916	–	126,010	–	0.04%	–
LSI	New	Life Storage, Inc.	$7,263,605	–	54,630	–	0.04%	–
BIDU	New	Baidu, Inc., Class A, ADRadr	$6,695,857	–	48,907	–	0.04%	–
CPT	New	Camden Property Trust	$6,353,653	–	58,360	–	0.04%	–
DEI	New	Douglas Emmett, Inc.	$6,239,371	–	496,370	–	0.04%	–
MTB	New	M&T Bank Corp.	$5,803,725	–	46,895	–	0.04%	–
REG	New	Regency Centers Corp.	$5,608,716	–	90,800	–	0.03%	–
CUBE	New	CubeSmart	$5,306,055	–	118,810	–	0.03%	–
	New	Federal Realty Investment Trust	$5,080,425	–	52,500	–	0.03%	–
VICI	New	VICI Properties, Inc.	$4,730,529	–	150,510	–	0.03%	–
SUI	New	Sun Communities, Inc.	$4,414,766	–	33,840	–	0.03%	–
VMEO	New	Vimeo, Inc.	$4,048,562	–	982,661	–	0.02%	–
STT	New	State Street Corp.	$4,163,064	–	56,888	–	0.02%	–
PEAK	New	Healthpeak Properties, Inc.	$4,035,598	–	200,776	–	0.02%	–
HIW	New	Highwoods Properties, Inc.	$3,754,348	–	157,020	–	0.02%	–
CHCT	New	Community Healthcare Trust, Inc.	$3,461,487	–	104,830	–	0.02%	–
NTST	New	NetSTREIT Corp.	$2,843,296	–	159,110	–	0.02%	–
HPP	New	Hudson Pacific Properties, Inc.	$2,864,760	–	678,853	–	0.02%	–
TFC	New	Truist Financial Corp.	$2,003,525	–	66,014	–	0.01%	–
LRCX	New	Lam Research Corp.	$789,432	–	1,228	–	0.01%	–
SKX	New	Skechers U.S.A, Inc. Class A	$652,984	–	12,400	–	0.00%	–
RH	New	RH	$738,282	–	2,240	–	0.00%	–
IVE	New	iShares S&P 500 Value Index Fundetf	$428,282	–	2,657	–	0.00%	–
LTRPA	New	Liberty TripAdvisor Hldgs Inc. - A	$164,797	–	253,534	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
RH	Exit	RH	$0	–	-1,150	–	-0.00%	–
LTRPA	Exit	Liberty TripAdvisor Hldgs Inc. - A	$0	–	-269,654	–	-0.00%	–
SKX	Exit	Skechers U.S.A, Inc. Class A	$0	–	-12,400	–	-0.00%	–
LRCX	Exit	Lam Research Corp.	$0	–	-1,228	–	-0.00%	–
TFC	Exit	Truist Financial Corp.	$0	–	-28,518	–	-0.01%	–
DXC	Exit	DXC Technology Co.	$0	–	-56,665	–	-0.01%	–
DRE	Exit	Duke Realty Corp.	$0	–	-46,160	–	-0.02%	–
NVS	Exit	Novartis AG - ADRadr	$0	–	-28,943	–	-0.02%	–
RADI	Exit	Radius Global Infrastructure, Inc.	$0	–	-245,640	–	-0.02%	–
COLD	Exit	Americold Realty Trust	$0	–	-88,850	–	-0.02%	–
CUBE	Exit	CubeSmart	$0	–	-62,880	–	-0.02%	–
AKR	Exit	Acadia Realty Trust	$0	–	-209,147	–	-0.02%	–
IIPR	Exit	Innovative Industrial Properties, Inc.	$0	–	-35,410	–	-0.02%	–
CIH	Exit	China Index Holdings Ltd., ADRadr	$0	–	-4,120,370	–	-0.03%	–
LSI	Exit	Life Storage, Inc.	$0	–	-35,830	–	-0.03%	–
IVE	Exit	iShares S&P 500 Value Index Fundetf	$0	–	-31,833	–	-0.03%	–
VICI	Exit	VICI Properties, Inc.	$0	–	-150,510	–	-0.03%	–
CUZ	Exit	Cousins Properties, Inc.	$0	–	-192,945	–	-0.03%	–
SUI	Exit	Sun Communities, Inc.	$0	–	-33,010	–	-0.03%	–
NTST	Exit	NetSTREIT Corp.	$0	–	-260,350	–	-0.03%	–
STT	Exit	State Street Corp.	$0	–	-77,846	–	-0.03%	–
WCC	Exit	Wesco International, Inc.	$0	–	-42,621	–	-0.04%	–
HIW	Exit	Highwoods Properties, Inc.	$0	–	-186,760	–	-0.04%	–
HPP	Exit	Hudson Pacific Properties, Inc.	$0	–	-458,673	–	-0.04%	–
	Exit	Healthcare Realty Trust, Inc.	$0	–	-250,480	–	-0.04%	–
STOR	Exit	STORE Capital Corp.	$0	–	-167,310	–	-0.04%	–
BIDU	Exit	Baidu, Inc., Class A, ADRadr	$0	–	-48,867	–	-0.04%	–
	Exit	Federal Realty Investment Trust	$0	–	-70,040	–	-0.04%	–
HST	Exit	Host Hotels & Resorts, Inc.	$0	–	-408,130	–	-0.05%	–
UDR	Exit	UDR, Inc.	$0	–	-163,690	–	-0.05%	–
GLRE	Exit	Greenlight Capital Re, Ltd., Class A	$0	–	-962,248	–	-0.05%	–
VMW	Exit	VMware, Inc., Class A	$0	–	-68,184	–	-0.05%	–
PEAK	Exit	Healthpeak Properties, Inc.	$0	–	-326,536	–	-0.05%	–
BXP	Exit	Boston Properties, Inc.	$0	–	-101,310	–	-0.05%	–
ROIC	Exit	Retail Opportunity Investments Corp.	$0	–	-565,145	–	-0.06%	–
SHO	Exit	Sunstone Hotel Investors, Inc.	$0	–	-816,580	–	-0.06%	–
CPT	Exit	Camden Property Trust	$0	–	-65,210	–	-0.06%	–
DEI	Exit	Douglas Emmett, Inc.	$0	–	-437,780	–	-0.06%	–
MTB	Exit	M&T Bank Corp.	$0	–	-47,915	–	-0.06%	–
AMH	Exit	American Homes 4 Rent, Class A	$0	–	-257,380	–	-0.06%	–
EXR	Exit	Extra Space Storage Inc.	$0	–	-50,320	–	-0.06%	–
VTR	Exit	Ventas, Inc.	$0	–	-220,300	–	-0.06%	–
SAP	Exit	SAP SE, ADRadr	$0	–	-112,108	–	-0.06%	–
NOAH	Exit	Noah Holdings Ltd., Class A, ADSadr	$0	–	-806,789	–	-0.08%	–
DLR	Exit	Digital Realty Trust, Inc.	$0	–	-109,565	–	-0.08%	–
IQ	Exit	iQIYI, Inc., Class A, ADRadr	$0	–	-4,177,319	–	-0.08%	–
TRNO	Exit	Terreno Realty Corp.	$0	–	-218,247	–	-0.08%	–
SPG	Exit	Simon Property Group, Inc.	$0	–	-130,280	–	-0.08%	–
CCI	Exit	Crown Castle International Corp.	$0	–	-85,990	–	-0.09%	–
ESS	Exit	Essex Property Trust, Inc.	$0	–	-51,291	–	-0.09%	–
REXR	Exit	Rexford Industrial Realty, Inc.	$0	–	-244,030	–	-0.09%	–
RTX	Exit	Raytheon Technologies Corp.	$0	–	-161,550	–	-0.09%	–
ORCL	Exit	Oracle Corp.	$0	–	-217,532	–	-0.09%	–
EQR	Exit	Equity Residential	$0	–	-202,605	–	-0.10%	–
WELL	Exit	Welltower Inc.	$0	–	-215,090	–	-0.10%	–
FERG	Exit	Ferguson PLC	$0	–	-135,026	–	-0.10%	–
ARE	Exit	Alexandria Real Estate Equities, Inc.	$0	–	-99,547	–	-0.10%	–
RE	Exit	Everest Re Group, Ltd.	$0	–	-53,505	–	-0.10%	–
BRX	Exit	Brixmor Property Group, Inc.	$0	–	-767,440	–	-0.10%	–
VMEO	Exit	Vimeo, Inc.	$0	–	-3,733,256	–	-0.11%	–
AVB	Exit	AvalonBay Communities, Inc.	$0	–	-80,590	–	-0.11%	–
EQIX	Exit	Equinix, Inc.	$0	–	-26,458	–	-0.11%	–
YOU	Exit	Clear Secure, Inc.	$0	–	-714,779	–	-0.12%	–
FWONK	Exit	Liberty Media Corp., Series C	$0	–	-291,302	–	-0.12%	–
AMT	Exit	American Tower Corp Class A	$0	–	-79,430	–	-0.12%	–
PSA	Exit	Public Storage, Inc.	$0	–	-58,510	–	-0.12%	–
CVS	Exit	CVS Health Corp.	$0	–	-207,368	–	-0.14%	–
HUM	Exit	Humana Inc.	$0	–	-43,501	–	-0.15%	–
PLD	Exit	Prologis, Inc.	$0	–	-217,522	–	-0.16%	–
JCI	Exit	Johnson Controls International PLC	$0	–	-510,463	–	-0.18%	–
RKT	Exit	Rocket Companies, Inc., Class A	$0	–	-4,014,627	–	-0.18%	–
ETN	Exit	Eaton Corp. PLC	$0	–	-195,345	–	-0.18%	–
CARR	Exit	Carrier Global Corp.	$0	–	-819,923	–	-0.21%	–
FWONA	Exit	Liberty Media Corp., Series A	$0	–	-574,666	–	-0.22%	–
FITB	Exit	Fifth Third Bancorp	$0	–	-1,039,881	–	-0.24%	–
DWLD	Exit	Davis Select Worldwide ETFetf	$0	–	-1,925,400	–	-0.30%	–
DFNL	Exit	Davis Select Financial ETFetf	$0	–	-2,043,955	–	-0.36%	–
DINT	Exit	Davis Select International ETFetf	$0	–	-3,898,825	–	-0.41%	–
SCHW	Exit	Charles Schwab Corp.	$0	–	-822,690	–	-0.42%	–
BABA	Exit	Alibaba Group Holding Ltdadr	$0	–	-762,491	–	-0.43%	–
UNH	Exit	UnitedHealth Group, Inc.	$0	–	-122,391	–	-0.44%	–
PNC	Exit	PNC Financial Services Group, Inc.	$0	–	-481,820	–	-0.51%	–
DUSA	Exit	Davis Select U.S. Equity ETFetf	$0	–	-3,308,560	–	-0.59%	–
MSFT	Exit	Microsoft Corp.	$0	–	-371,589	–	-0.62%	–
L	Exit	Loews Corp.	$0	–	-1,752,307	–	-0.62%	–
BAC	Exit	Bank of America Corp.	$0	–	-3,121,302	–	-0.67%	–
HOLI	Exit	Hollysys Automation Technologies, Ltd.	$0	–	-5,639,188	–	-0.69%	–
IAC	Exit	IAC Inc.	$0	–	-1,924,901	–	-0.76%	–
NTB	Exit	Bank of N.T. Butterfield & Son Ltd.	$0	–	-3,427,026	–	-0.79%	–
CPNG	Exit	Coupang, Inc., Class A	$0	–	-8,507,055	–	-1.01%	–
AXP	Exit	American Express Co.	$0	–	-1,078,803	–	-1.04%	–
DAR	Exit	Darling Ingredients, Inc.	$0	–	-3,183,405	–	-1.50%	–
MKL	Exit	Markel Corp.	$0	–	-208,220	–	-1.60%	–
DGX	Exit	Quest Diagnostics, Inc.	$0	–	-1,871,160	–	-1.63%	–
OC	Exit	Owens Corning	$0	–	-3,373,140	–	-1.89%	–
INTC	Exit	Intel Corp.	$0	–	-11,690,486	–	-2.14%	–
CB	Exit	Chubb Ltd.	$0	–	-1,696,101	–	-2.19%	–
BRKB	Exit	Berkshire Hathaway Inc., Class B	$0	–	-1,262,980	–	-2.40%	–
TECK	Exit	Teck Resources Ltd., Class B	$0	–	-12,754,780	–	-2.76%	–
JD	Exit	JD.com, Inc., Class A, ADRadr	$0	–	-8,305,574	–	-2.97%	–
GOOGL	Exit	Alphabet Inc., Class A	$0	–	-4,393,621	–	-2.99%	–
GOOG	Exit	Alphabet Inc., Class C	$0	–	-4,659,454	–	-3.19%	–
TXN	Exit	Texas Instruments, Inc.	$0	–	-2,940,143	–	-3.24%	–
JPM	Exit	JPMorgan Chase & Co.	$0	–	-4,442,339	–	-3.30%	–
VTRS	Exit	Viatris, Inc.	$0	–	-55,460,186	–	-3.36%	–
BK	Exit	Bank of New York Mellon Corp.	$0	–	-13,615,323	–	-3.73%	–
FB	Exit	Meta Platforms, Inc., Class A	$0	–	-4,254,315	–	-4.10%	–
AMZN	Exit	Amazon.com, Inc.	$0	–	-5,283,616	–	-4.25%	–
AMAT	Exit	Applied Materials, Inc.	$0	–	-7,357,696	–	-4.29%	–
USB	Exit	U.S. Bancorp	$0	–	-16,424,077	–	-4.71%	–
CI	Exit	Cigna Corp.	$0	–	-3,094,489	–	-6.11%	–
BRKA	Exit	Berkshire Hathaway Inc., Class A	$0	–	-2,197	–	-6.35%	–
COF	Exit	Capital One Financial Corp.	$0	–	-10,818,066	–	-7.09%	–
WFC	Exit	Wells Fargo & Co.	$0	–	-32,077,734	–	-9.17%	–

Q3 2022

			Value		Shares		↓ Weighting
WFC	Sell	Wells Fargo & Co.	$1,290,166,000	+0.9%	32,077,734	-1.7%	9.17%	+11.8%
COF	Sell	Capital One Financial Corp.	$997,101,000	-12.7%	10,818,066	-1.3%	7.09%	-3.2%
BRKA	Sell	Berkshire Hathaway Inc., Class A	$893,015,000	-2.4%	2,197	-1.8%	6.35%	+8.1%
CI	Sell	Cigna Corp.	$858,628,000	+3.8%	3,094,489	-1.4%	6.11%	+15.1%
USB	Sell	U.S. Bancorp	$662,219,000	-13.5%	16,424,077	-1.2%	4.71%	-4.1%
AMAT	Sell	Applied Materials, Inc.	$602,816,000	-10.6%	7,357,696	-0.8%	4.29%	-1.0%
AMZN	Buy	Amazon.com, Inc.	$597,049,000	+8.0%	5,283,616	+1.5%	4.25%	+19.7%
FB	Buy	Meta Platforms, Inc., Class A	$577,225,000	+8.3%	4,254,315	+28.7%	4.10%	+20.1%
BK	Sell	Bank of New York Mellon Corp.	$524,462,000	-9.1%	13,615,323	-1.6%	3.73%	+0.7%
VTRS	Sell	Viatris, Inc.	$472,521,000	-18.6%	55,460,186	-0.0%	3.36%	-9.8%
JPM	Sell	JPMorgan Chase & Co.	$464,224,000	-8.5%	4,442,339	-1.4%	3.30%	+1.4%
TXN	Sell	Texas Instruments, Inc.	$455,075,000	-1.0%	2,940,143	-1.7%	3.24%	+9.7%
GOOG	Buy	Alphabet Inc., Class C	$448,006,000	-20.8%	4,659,454	+1702.6%	3.19%	-12.2%
GOOGL	Buy	Alphabet Inc., Class A	$420,250,000	-19.4%	4,393,621	+1735.5%	2.99%	-10.7%
JD	Sell	JD.com, Inc., Class A, ADRadr	$417,770,000	-25.0%	8,305,574	-4.2%	2.97%	-16.8%
TECK	Buy	Teck Resources Ltd., Class B	$387,873,000	+16.3%	12,754,780	+16.9%	2.76%	+28.9%
BRKB	Sell	Berkshire Hathaway Inc., Class B	$337,241,000	-6.4%	1,262,980	-4.3%	2.40%	+3.7%
CB	Sell	Chubb Ltd.	$308,487,000	-8.4%	1,696,101	-1.0%	2.19%	+1.5%
INTC	Sell	Intel Corp.	$301,264,000	-51.4%	11,690,486	-29.5%	2.14%	-46.2%
OC	Sell	Owens Corning	$265,163,000	+5.1%	3,373,140	-0.7%	1.89%	+16.5%
DGX	Sell	Quest Diagnostics, Inc.	$229,573,000	-8.6%	1,871,160	-1.0%	1.63%	+1.2%
MKL	Sell	Markel Corp.	$225,756,000	-17.4%	208,220	-1.5%	1.60%	-8.5%
DAR	Sell	Darling Ingredients, Inc.	$210,582,000	+10.4%	3,183,405	-0.2%	1.50%	+22.3%
AXP	Sell	American Express Co.	$145,541,000	-3.6%	1,078,803	-0.9%	1.04%	+6.8%
CPNG	Sell	Coupang, Inc., Class A	$141,813,000	+29.8%	8,507,055	-0.8%	1.01%	+43.8%
NTB	Sell	Bank of N.T. Butterfield & Son Ltd.	$111,241,000	+1.1%	3,427,026	-2.9%	0.79%	+12.0%
IAC	Sell	IAC Inc.	$106,601,000	-28.6%	1,924,901	-2.0%	0.76%	-20.8%
HOLI	Sell	Hollysys Automation Technologies, Ltd.	$96,430,000	+6.0%	5,639,188	-8.3%	0.69%	+17.5%
BAC	Sell	Bank of America Corp.	$94,263,000	-4.6%	3,121,302	-1.6%	0.67%	+5.7%
L	Sell	Loews Corp.	$87,335,000	-31.6%	1,752,307	-18.7%	0.62%	-24.3%
MSFT	Sell	Microsoft Corp.	$86,543,000	-10.7%	371,589	-1.5%	0.62%	-1.0%
PNC	Sell	PNC Financial Services Group, Inc.	$71,994,000	-6.9%	481,820	-1.7%	0.51%	+3.2%
UNH	Sell	UnitedHealth Group, Inc.	$61,812,000	-2.3%	122,391	-0.6%	0.44%	+8.4%
BABA	Sell	Alibaba Group Holding Ltdadr	$60,992,000	-75.4%	762,491	-65.0%	0.43%	-72.7%
SCHW	Sell	Charles Schwab Corp.	$59,127,000	+11.9%	822,690	-1.7%	0.42%	+23.9%
FITB	Sell	Fifth Third Bancorp	$33,235,000	-6.1%	1,039,881	-1.2%	0.24%	+4.0%
FWONA	Sell	Liberty Media Corp., Series A	$30,181,000	-19.0%	574,666	-10.6%	0.22%	-10.0%
CARR	Sell	Carrier Global Corp.	$29,156,000	-0.8%	819,923	-0.5%	0.21%	+9.5%
ETN	Buy	Eaton Corp. PLC	$26,051,000	+6.4%	195,345	+0.5%	0.18%	+17.8%
RKT	Sell	Rocket Companies, Inc., Class A	$25,372,000	-16.0%	4,014,627	-2.2%	0.18%	-7.2%
JCI	Sell	Johnson Controls International PLC	$25,125,000	+2.3%	510,463	-0.4%	0.18%	+13.3%
HUM	Sell	Humana Inc.	$21,106,000	+2.9%	43,501	-0.7%	0.15%	+13.6%
CVS	Sell	CVS Health Corp.	$19,777,000	+2.5%	207,368	-0.4%	0.14%	+13.7%
FWONK	Sell	Liberty Media Corp., Series C	$17,041,000	-41.7%	291,302	-36.7%	0.12%	-35.3%
YOU	Sell	Clear Secure, Inc.	$16,340,000	+10.1%	714,779	-3.7%	0.12%	+22.1%
VMEO	Sell	Vimeo, Inc.	$14,933,000	-54.9%	3,733,256	-32.1%	0.11%	-50.0%
RE	Sell	Everest Re Group, Ltd.	$14,042,000	-8.9%	53,505	-2.7%	0.10%	+1.0%
FERG	Buy	Ferguson PLC	$13,978,000	+22.5%	135,026	+31.3%	0.10%	+35.6%
WELL	Sell	Welltower Inc.	$13,835,000	-31.2%	215,090	-12.0%	0.10%	-24.0%
RTX	Sell	Raytheon Technologies Corp.	$13,224,000	-15.2%	161,550	-0.4%	0.09%	-6.0%
ORCL	Sell	Oracle Corp.	$13,285,000	-13.3%	217,532	-0.9%	0.09%	-4.1%
IQ	Sell	iQIYI, Inc., Class A, ADRadr	$11,321,000	-38.8%	4,177,319	-5.1%	0.08%	-31.9%
NOAH	Sell	Noah Holdings Ltd., Class A, ADSadr	$10,658,000	-36.5%	806,789	-2.8%	0.08%	-29.6%
SAP	Sell	SAP SE, ADRadr	$9,109,000	-11.1%	112,108	-0.7%	0.06%	-1.5%
MTB	Sell	M&T Bank Corp.	$8,448,000	-3.0%	47,915	-12.3%	0.06%	+7.1%
DEI	Buy	Douglas Emmett, Inc.	$7,849,000	+4.9%	437,780	+31.0%	0.06%	+16.7%
SHO	Sell	Sunstone Hotel Investors, Inc.	$7,692,000	-24.1%	816,580	-20.1%	0.06%	-15.4%
BXP	Buy	Boston Properties, Inc.	$7,595,000	+12.8%	101,310	+33.9%	0.05%	+25.6%
VMW	Sell	VMware, Inc., Class A	$7,259,000	-7.3%	68,184	-0.8%	0.05%	+4.0%
GLRE	Sell	Greenlight Capital Re, Ltd., Class A	$7,159,000	-5.2%	962,248	-1.5%	0.05%	+6.2%
HST	Sell	Host Hotels & Resorts, Inc.	$6,481,000	-21.7%	408,130	-22.7%	0.05%	-13.2%
	Sell	Federal Realty Investment Trust	$6,312,000	-28.8%	70,040	-24.4%	0.04%	-21.1%
	New	Healthcare Realty Trust, Inc.	$5,223,000	–	250,480	–	0.04%	–
HPP	Buy	Hudson Pacific Properties, Inc.	$5,022,000	+57.4%	458,673	+113.3%	0.04%	+80.0%
WCC	New	Wesco International, Inc.	$5,088,000	–	42,621	–	0.04%	–
VICI	Sell	VICI Properties, Inc.	$4,493,000	-6.0%	150,510	-6.2%	0.03%	+3.2%
CUZ	Sell	Cousins Properties, Inc.	$4,505,000	-60.3%	192,945	-50.3%	0.03%	-56.2%
IVE	Sell	iShares S&P 500 Value Index Fundetf	$4,091,000	-48.9%	31,833	-45.3%	0.03%	-43.1%
CIH	Sell	China Index Holdings Ltd., ADRadr	$3,708,000	+21.7%	4,120,370	-1.3%	0.03%	+30.0%
RADI	Buy	Radius Global Infrastructure, Inc.	$2,314,000	-23.6%	245,640	+23.7%	0.02%	-15.8%
RH	New	RH	$283,000	–	1,150	–	0.00%	–
LTRPA	Sell	Liberty TripAdvisor Hldgs Inc. - A	$294,000	+42.7%	269,654	-1.1%	0.00%	+100.0%
	Exit	SL Green Realty Corp.	$0	–	-52,921	–	-0.02%	–
CTT	Exit	Catchmark Timber Trust Inc., Class A	$0	–	-619,780	–	-0.04%	–
HTA	Exit	Healthcare Trust of America, Inc.	$0	–	-250,480	–	-0.04%	–

Q2 2022

			Value		Shares		↓ Weighting
WFC	New	Wells Fargo & Co.	$1,278,490,000	–	32,639,532	–	8.20%	–
COF	New	Capital One Financial Corp.	$1,141,941,000	–	10,960,176	–	7.33%	–
BRKA	New	Berkshire Hathaway Inc., Class A	$915,230,000	–	2,238	–	5.87%	–
CI	New	Cigna Corp.	$826,961,000	–	3,138,133	–	5.31%	–
USB	New	U.S. Bancorp	$765,248,000	–	16,628,587	–	4.91%	–
AMAT	New	Applied Materials, Inc.	$674,652,000	–	7,415,384	–	4.33%	–
INTC	New	Intel Corp.	$620,231,000	–	16,579,278	–	3.98%	–
VTRS	New	Viatris, Inc.	$580,731,000	–	55,466,147	–	3.73%	–
BK	New	Bank of New York Mellon Corp.	$577,004,000	–	13,833,713	–	3.70%	–
GOOG	New	Alphabet Inc., Class C	$565,427,000	–	258,487	–	3.63%	–
JD	New	JD.com, Inc., Class A, ADRadr	$556,805,000	–	8,670,281	–	3.57%	–
AMZN	New	Amazon.com, Inc.	$552,993,000	–	5,206,603	–	3.55%	–
FB	New	Meta Platforms, Inc., Class A	$532,924,000	–	3,304,953	–	3.42%	–
GOOGL	New	Alphabet Inc., Class A	$521,647,000	–	239,369	–	3.35%	–
JPM	New	JPMorgan Chase & Co.	$507,171,000	–	4,503,786	–	3.25%	–
TXN	New	Texas Instruments, Inc.	$459,577,000	–	2,991,064	–	2.95%	–
BRKB	New	Berkshire Hathaway Inc., Class B	$360,431,000	–	1,320,164	–	2.31%	–
CB	New	Chubb Ltd.	$336,831,000	–	1,713,457	–	2.16%	–
TECK	New	Teck Resources Ltd., Class B	$333,507,000	–	10,909,614	–	2.14%	–
MKL	New	Markel Corp.	$273,467,000	–	211,457	–	1.76%	–
OC	New	Owens Corning	$252,320,000	–	3,395,504	–	1.62%	–
DGX	New	Quest Diagnostics, Inc.	$251,308,000	–	1,889,815	–	1.61%	–
BABA	New	Alibaba Group Holding Ltdadr	$247,855,000	–	2,180,288	–	1.59%	–
DAR	New	Darling Ingredients, Inc.	$190,809,000	–	3,190,790	–	1.22%	–
AXP	New	American Express Co.	$150,973,000	–	1,089,117	–	0.97%	–
IAC	New	IAC/InterActiveCorp.	$149,207,000	–	1,964,023	–	0.96%	–
L	New	Loews Corp.	$127,770,000	–	2,156,086	–	0.82%	–
NTB	New	Bank of N.T. Butterfield & Son Ltd.	$110,060,000	–	3,528,707	–	0.71%	–
CPNG	New	Coupang, Inc., Class A	$109,289,000	–	8,571,656	–	0.70%	–
BAC	New	Bank of America Corp.	$98,789,000	–	3,173,444	–	0.63%	–
MSFT	New	Microsoft Corp.	$96,863,000	–	377,148	–	0.62%	–
HOLI	New	Hollysys Automation Technologies, Ltd.	$91,001,000	–	6,148,742	–	0.58%	–
DUSA	New	Davis Select U.S. Equity ETFetf	$90,522,000	–	3,308,560	–	0.58%	–
PNC	New	PNC Financial Services Group, Inc.	$77,337,000	–	490,186	–	0.50%	–
DINT	New	Davis Select International ETFetf	$64,759,000	–	3,898,825	–	0.42%	–
UNH	New	UnitedHealth Group, Inc.	$63,247,000	–	123,138	–	0.41%	–
DFNL	New	Davis Select Financial ETFetf	$53,020,000	–	2,043,955	–	0.34%	–
SCHW	New	Charles Schwab Corp.	$52,859,000	–	836,643	–	0.34%	–
DWLD	New	Davis Select Worldwide ETFetf	$46,499,000	–	1,925,400	–	0.30%	–
FWONA	New	Liberty Media Corp., Series A	$37,249,000	–	642,552	–	0.24%	–
FITB	New	Fifth Third Bancorp	$35,382,000	–	1,053,038	–	0.23%	–
VMEO	New	Vimeo, Inc.	$33,082,000	–	5,495,287	–	0.21%	–
RKT	New	Rocket Companies, Inc., Class A	$30,201,000	–	4,103,414	–	0.19%	–
CARR	New	Carrier Global Corp.	$29,399,000	–	824,416	–	0.19%	–
FWONK	New	Liberty Media Corp., Series C	$29,214,000	–	460,278	–	0.19%	–
PLD	New	Prologis, Inc.	$25,591,000	–	217,522	–	0.16%	–
JCI	New	Johnson Controls International PLC	$24,549,000	–	512,718	–	0.16%	–
ETN	New	Eaton Corp. PLC	$24,490,000	–	194,384	–	0.16%	–
HUM	New	Humana Inc.	$20,507,000	–	43,812	–	0.13%	–
AMT	New	American Tower Corp Class A	$20,302,000	–	79,430	–	0.13%	–
WELL	New	Welltower Inc.	$20,121,000	–	244,330	–	0.13%	–
CVS	New	CVS Health Corp.	$19,298,000	–	208,272	–	0.12%	–
IQ	New	iQIYI, Inc., Class A, ADRadr	$18,492,000	–	4,402,947	–	0.12%	–
PSA	New	Public Storage, Inc.	$18,294,000	–	58,510	–	0.12%	–
EQIX	New	Equinix, Inc.	$17,383,000	–	26,458	–	0.11%	–
NOAH	New	Noah Holdings Ltd., Class A, ADSadr	$16,797,000	–	830,319	–	0.11%	–
RTX	New	Raytheon Technologies Corp.	$15,595,000	–	162,261	–	0.10%	–
BRX	New	Brixmor Property Group, Inc.	$15,510,000	–	767,440	–	0.10%	–
AVB	New	AvalonBay Communities, Inc.	$15,655,000	–	80,590	–	0.10%	–
RE	New	Everest Re Group, Ltd.	$15,413,000	–	54,992	–	0.10%	–
ORCL	New	Oracle Corp.	$15,330,000	–	219,403	–	0.10%	–
YOU	New	Clear Secure, Inc.	$14,842,000	–	742,091	–	0.10%	–
EQR	New	Equity Residential	$14,632,000	–	202,605	–	0.09%	–
CCI	New	Crown Castle International Corp.	$14,479,000	–	85,990	–	0.09%	–
ARE	New	Alexandria Real Estate Equities, Inc.	$14,437,000	–	99,547	–	0.09%	–
DLR	New	Digital Realty Trust, Inc.	$14,225,000	–	109,565	–	0.09%	–
REXR	New	Rexford Industrial Realty, Inc.	$14,054,000	–	244,030	–	0.09%	–
ESS	New	Essex Property Trust, Inc.	$13,413,000	–	51,291	–	0.09%	–
SPG	New	Simon Property Group, Inc.	$12,366,000	–	130,280	–	0.08%	–
TRNO	New	Terreno Realty Corp.	$12,163,000	–	218,247	–	0.08%	–
CUZ	New	Cousins Properties, Inc.	$11,342,000	–	388,025	–	0.07%	–
VTR	New	Ventas, Inc.	$11,330,000	–	220,300	–	0.07%	–
FERG	New	Ferguson PLC	$11,409,000	–	102,811	–	0.07%	–
SAP	New	SAP SE, ADRadr	$10,242,000	–	112,892	–	0.07%	–
SHO	New	Sunstone Hotel Investors, Inc.	$10,133,000	–	1,021,460	–	0.06%	–
AMH	New	American Homes 4 Rent, Class A	$9,122,000	–	257,380	–	0.06%	–
	New	Federal Realty Investment Trust	$8,870,000	–	92,650	–	0.06%	–
ROIC	New	Retail Opportunity Investments Corp.	$8,918,000	–	565,145	–	0.06%	–
MTB	New	M&T Bank Corp.	$8,705,000	–	54,615	–	0.06%	–
CPT	New	Camden Property Trust	$8,769,000	–	65,210	–	0.06%	–
EXR	New	Extra Space Storage Inc.	$8,560,000	–	50,320	–	0.06%	–
PEAK	New	Healthpeak Properties, Inc.	$8,461,000	–	326,536	–	0.05%	–
HST	New	Host Hotels & Resorts, Inc.	$8,277,000	–	527,900	–	0.05%	–
IVE	New	iShares S&P 500 Value Index Fundetf	$8,001,000	–	58,209	–	0.05%	–
VMW	New	VMware, Inc., Class A	$7,833,000	–	68,726	–	0.05%	–
UDR	New	UDR, Inc.	$7,536,000	–	163,690	–	0.05%	–
DEI	New	Douglas Emmett, Inc.	$7,481,000	–	334,290	–	0.05%	–
GLRE	New	Greenlight Capital Re, Ltd., Class A	$7,553,000	–	977,098	–	0.05%	–
BIDU	New	Baidu, Inc., Class A, ADRadr	$7,268,000	–	48,867	–	0.05%	–
HTA	New	Healthcare Trust of America, Inc.	$6,991,000	–	250,480	–	0.04%	–
BXP	New	Boston Properties, Inc.	$6,731,000	–	75,650	–	0.04%	–
HIW	New	Highwoods Properties, Inc.	$6,385,000	–	186,760	–	0.04%	–
CTT	New	Catchmark Timber Trust Inc., Class A	$6,235,000	–	619,780	–	0.04%	–
SUI	New	Sun Communities, Inc.	$5,260,000	–	33,010	–	0.03%	–
NTST	New	NetSTREIT Corp.	$4,913,000	–	260,350	–	0.03%	–
VICI	New	VICI Properties, Inc.	$4,781,000	–	160,490	–	0.03%	–
STT	New	State Street Corp.	$4,799,000	–	77,846	–	0.03%	–
STOR	New	STORE Capital Corp.	$4,363,000	–	167,310	–	0.03%	–
LSI	New	Life Storage, Inc.	$4,001,000	–	35,830	–	0.03%	–
IIPR	New	Innovative Industrial Properties, Inc.	$3,890,000	–	35,410	–	0.02%	–
AKR	New	Acadia Realty Trust	$3,267,000	–	209,147	–	0.02%	–
HPP	New	Hudson Pacific Properties, Inc.	$3,191,000	–	215,043	–	0.02%	–
CIH	New	China Index Holdings Ltd., ADRadr	$3,046,000	–	4,174,203	–	0.02%	–
RADI	New	Radius Global Infrastructure, Inc.	$3,029,000	–	198,520	–	0.02%	–
CUBE	New	CubeSmart	$2,686,000	–	62,880	–	0.02%	–
COLD	New	Americold Realty Trust	$2,669,000	–	88,850	–	0.02%	–
NVS	New	Novartis AG - ADRadr	$2,447,000	–	28,943	–	0.02%	–
	New	SL Green Realty Corp.	$2,442,000	–	52,921	–	0.02%	–
DRE	New	Duke Realty Corp.	$2,536,000	–	46,160	–	0.02%	–
DXC	New	DXC Technology Co.	$1,718,000	–	56,665	–	0.01%	–
TFC	New	Truist Financial Corp.	$1,353,000	–	28,518	–	0.01%	–
LRCX	New	Lam Research Corp.	$523,000	–	1,228	–	0.00%	–
SKX	New	Skechers U.S.A, Inc. Class A	$441,000	–	12,400	–	0.00%	–
LTRPA	New	Liberty TripAdvisor Hldgs Inc. - A	$206,000	–	272,704	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
IVE	Exit	iShares S&P 500 Value Index Fundetf	$0	–	-1,894	–	-0.00%	–
SFUN	Exit	Fang Holdings Ltd., Class A, ADRadr	$0	–	-79,407	–	-0.00%	–
KMX	Exit	CarMax, Inc.	$0	–	-3,760	–	-0.00%	–
LTRPA	Exit	Liberty TripAdvisor Hldgs Inc. - A	$0	–	-301,274	–	-0.00%	–
ULTA	Exit	Ulta Beauty, Inc.	$0	–	-3,080	–	-0.01%	–
LRCX	Exit	Lam Research Corp.	$0	–	-2,455	–	-0.01%	–
DXC	Exit	DXC Technology Co.	$0	–	-67,379	–	-0.01%	–
COLD	Exit	Americold Realty Trust	$0	–	-87,230	–	-0.01%	–
TFC	Exit	Truist Financial Corp.	$0	–	-52,316	–	-0.01%	–
RHP	Exit	Ryman Hospitality Properties, Inc.	$0	–	-37,480	–	-0.02%	–
SLG	Exit	SL Green Realty Corp.	$0	–	-52,492	–	-0.02%	–
NVS	Exit	Novartis AG - ADRadr	$0	–	-44,968	–	-0.02%	–
VNO	Exit	Vornado Realty Trust	$0	–	-102,690	–	-0.02%	–
VICI	Exit	VICI Properties, Inc.	$0	–	-152,930	–	-0.02%	–
SUI	Exit	Sun Communities, Inc.	$0	–	-31,530	–	-0.03%	–
STT	Exit	State Street Corp.	$0	–	-69,212	–	-0.03%	–
UDR	Exit	UDR, Inc.	$0	–	-115,870	–	-0.03%	–
COR	Exit	Coresite Realty Corp.	$0	–	-47,455	–	-0.03%	–
AKR	Exit	Acadia Realty Trust	$0	–	-322,587	–	-0.03%	–
CIH	Exit	China Index Holdings Ltd., ADRadr	$0	–	-4,510,863	–	-0.03%	–
LSI	Exit	Life Storage, Inc.	$0	–	-64,580	–	-0.03%	–
CCI	Exit	Crown Castle International Corp.	$0	–	-42,000	–	-0.03%	–
GLRE	Exit	Greenlight Capital Re, Ltd., Class A	$0	–	-995,164	–	-0.03%	–
BXP	Exit	Boston Properties, Inc.	$0	–	-71,860	–	-0.04%	–
HIW	Exit	Highwoods Properties, Inc.	$0	–	-176,940	–	-0.04%	–
HTA	Exit	Healthcare Trust of America, Inc.	$0	–	-271,420	–	-0.04%	–
EXR	Exit	Extra Space Storage Inc.	$0	–	-47,860	–	-0.04%	–
VTR	Exit	Ventas, Inc.	$0	–	-160,080	–	-0.04%	–
HPP	Exit	Hudson Pacific Properties, Inc.	$0	–	-346,580	–	-0.04%	–
CPT	Exit	Camden Property Trust	$0	–	-61,570	–	-0.04%	–
DEI	Exit	Douglas Emmett, Inc.	$0	–	-293,430	–	-0.04%	–
AMH	Exit	American Homes 4 Rent, Class A	$0	–	-258,620	–	-0.05%	–
ROIC	Exit	Retail Opportunity Investments Corp.	$0	–	-572,485	–	-0.05%	–
PEAK	Exit	Healthpeak Properties, Inc.	$0	–	-311,556	–	-0.05%	–
CONE	Exit	CyrusOne Inc.	$0	–	-145,235	–	-0.05%	–
FRT	Exit	Federal Realty Investment Trust	$0	–	-97,750	–	-0.05%	–
VMW	Exit	VMware, Inc., Class A	$0	–	-77,471	–	-0.05%	–
ARE	Exit	Alexandria Real Estate Equities, Inc.	$0	–	-69,097	–	-0.06%	–
TCOM	Exit	Trip.com Group Ltd., ADRadr	$0	–	-437,111	–	-0.06%	–
DLR	Exit	Digital Realty Trust, Inc.	$0	–	-92,155	–	-0.06%	–
CUZ	Exit	Cousins Properties, Inc.	$0	–	-369,135	–	-0.06%	–
RE	Exit	Everest Re Group, Ltd.	$0	–	-56,156	–	-0.06%	–
SHO	Exit	Sunstone Hotel Investors, Inc.	$0	–	-1,205,990	–	-0.07%	–
FERG	Exit	Ferguson PLC	$0	–	-108,985	–	-0.07%	–
EQR	Exit	Equity Residential	$0	–	-193,025	–	-0.07%	–
SAP	Exit	SAP SE, ADRadr	$0	–	-124,796	–	-0.08%	–
PSA	Exit	Public Storage, Inc.	$0	–	-57,320	–	-0.08%	–
BRX	Exit	Brixmor Property Group, Inc.	$0	–	-783,030	–	-0.08%	–
ESS	Exit	Essex Property Trust, Inc.	$0	–	-54,371	–	-0.08%	–
AMT	Exit	American Tower Corp Class A	$0	–	-65,750	–	-0.08%	–
AVB	Exit	AvalonBay Communities, Inc.	$0	–	-79,510	–	-0.08%	–
WELL	Exit	Welltower Inc.	$0	–	-213,800	–	-0.08%	–
HUM	Exit	Humana Inc.	$0	–	-45,311	–	-0.08%	–
TRNO	Exit	Terreno Realty Corp.	$0	–	-287,847	–	-0.08%	–
ACC	Exit	American Campus Communities, Inc.	$0	–	-386,245	–	-0.09%	–
REXR	Exit	Rexford Industrial Realty, Inc.	$0	–	-329,930	–	-0.09%	–
HST	Exit	Host Hotels & Resorts, Inc.	$0	–	-1,167,670	–	-0.09%	–
SPG	Exit	Simon Property Group, Inc.	$0	–	-148,540	–	-0.09%	–
EQIX	Exit	Equinix, Inc.	$0	–	-25,978	–	-0.10%	–
YOU	Exit	Clear Secure, Inc.	$0	–	-503,579	–	-0.10%	–
QUOT	Exit	Quotient Technology, Inc.	$0	–	-3,737,915	–	-0.10%	–
MTB	Exit	M&T Bank Corp.	$0	–	-149,429	–	-0.10%	–
ORCL	Exit	Oracle Corp.	$0	–	-267,512	–	-0.11%	–
LBTYK	Exit	Liberty Global plc, Series C	$0	–	-854,964	–	-0.12%	–
MF	Exit	Missfresh Ltd., Class B, ADSadr	$0	–	-6,211,241	–	-0.12%	–
ETN	Exit	Eaton Corp. PLC	$0	–	-200,477	–	-0.14%	–
PLD	Exit	Prologis, Inc.	$0	–	-266,652	–	-0.16%	–
FWONA	Exit	Liberty Media Corp., Series A	$0	–	-724,211	–	-0.16%	–
NOAH	Exit	Noah Holdings Ltd., Class A, ADSadr	$0	–	-937,227	–	-0.16%	–
JCI	Exit	Johnson Controls International PLC	$0	–	-520,627	–	-0.16%	–
RKT	Exit	Rocket Companies, Inc., Class A	$0	–	-2,428,674	–	-0.18%	–
FWONK	Exit	Liberty Media Corp., Series C	$0	–	-789,546	–	-0.19%	–
IQ	Exit	iQIYI, Inc., Class A, ADRadr	$0	–	-5,132,973	–	-0.19%	–
CARR	Exit	Carrier Global Corp.	$0	–	-903,815	–	-0.22%	–
Y	Exit	Alleghany Corp.	$0	–	-75,932	–	-0.22%	–
DWLD	Exit	Davis Select Worldwide ETFetf	$0	–	-1,883,939	–	-0.26%	–
OC	Exit	Owens Corning	$0	–	-675,301	–	-0.27%	–
DFNL	Exit	Davis Select Financial ETFetf	$0	–	-1,995,446	–	-0.28%	–
TECK	Exit	Teck Resources Ltd., Class B	$0	–	-2,494,773	–	-0.29%	–
SCHW	Exit	Charles Schwab Corp.	$0	–	-855,141	–	-0.29%	–
CVS	Exit	CVS Health Corp.	$0	–	-779,200	–	-0.31%	–
UNH	Exit	UnitedHealth Group, Inc.	$0	–	-187,028	–	-0.34%	–
DINT	Exit	Davis Select International ETFetf	$0	–	-3,794,802	–	-0.34%	–
PNC	Exit	PNC Financial Services Group, Inc.	$0	–	-496,587	–	-0.45%	–
VMEO	Exit	Vimeo, Inc.	$0	–	-3,458,540	–	-0.47%	–
BIDU	Exit	Baidu, Inc., Class A, ADRadr	$0	–	-665,620	–	-0.47%	–
DUSA	Exit	Davis Select U.S. Equity ETFetf	$0	–	-3,253,975	–	-0.51%	–
CPNG	Exit	Coupang, Inc., Class A	$0	–	-4,199,082	–	-0.54%	–
MSFT	Exit	Microsoft Corp.	$0	–	-449,640	–	-0.59%	–
L	Exit	Loews Corp.	$0	–	-2,543,809	–	-0.63%	–
NTB	Exit	Bank of N.T. Butterfield & Son Ltd.	$0	–	-3,967,465	–	-0.65%	–
BAC	Exit	Bank of America Corp.	$0	–	-3,349,842	–	-0.66%	–
HOLI	Exit	Hollysys Automation Technologies, Ltd.	$0	–	-6,934,478	–	-0.66%	–
VRM	Exit	Vroom, Inc.	$0	–	-7,244,261	–	-0.74%	–
RTX	Exit	Raytheon Technologies Corp.	$0	–	-2,215,873	–	-0.88%	–
BABA	Exit	Alibaba Group Holding Ltdadr	$0	–	-1,288,199	–	-0.88%	–
DAR	Exit	Darling Ingredients, Inc.	$0	–	-3,184,695	–	-1.06%	–
MKL	Exit	Markel Corp.	$0	–	-220,001	–	-1.22%	–
IAC	Exit	IAC/InterActiveCorp.	$0	–	-2,130,841	–	-1.28%	–
CB	Exit	Chubb Ltd.	$0	–	-1,837,733	–	-1.47%	–
DIDI	Exit	DiDi Global Inc., ADSadr	$0	–	-47,520,152	–	-1.64%	–
DGX	Exit	Quest Diagnostics, Inc.	$0	–	-2,742,956	–	-1.84%	–
BRKB	Exit	Berkshire Hathaway Inc., Class B	$0	–	-1,518,531	–	-1.92%	–
VTRS	Exit	Viatris, Inc.	$0	–	-43,735,795	–	-2.74%	–
TXN	Exit	Texas Instruments, Inc.	$0	–	-3,268,663	–	-2.90%	–
CI	Exit	Cigna Corp.	$0	–	-3,342,960	–	-3.09%	–
AXP	Exit	American Express Co.	$0	–	-4,099,289	–	-3.17%	–
INTC	Exit	Intel Corp.	$0	–	-13,098,323	–	-3.23%	–
GOOGL	Exit	Alphabet Inc., Class A	$0	–	-264,449	–	-3.27%	–
BK	Exit	Bank of New York Mellon Corp.	$0	–	-14,776,642	–	-3.54%	–
GOOG	Exit	Alphabet Inc., Class C	$0	–	-290,077	–	-3.57%	–
JPM	Exit	JPMorgan Chase & Co.	$0	–	-4,980,647	–	-3.77%	–
JD	Exit	JD.com, Inc., Class A, ADRadr	$0	–	-11,932,842	–	-3.98%	–
FB	Exit	Facebook, Inc, Class A	$0	–	-2,687,674	–	-4.22%	–
AMZN	Exit	Amazon.com, Inc.	$0	–	-278,993	–	-4.24%	–
BRKA	Exit	Berkshire Hathaway Inc., Class A	$0	–	-2,437	–	-4.63%	–
USB	Exit	U.S. Bancorp	$0	–	-17,893,269	–	-4.92%	–
AMAT	Exit	Applied Materials, Inc.	$0	–	-8,744,831	–	-5.20%	–
WFC	Exit	Wells Fargo & Co.	$0	–	-39,532,458	–	-8.48%	–
COF	Exit	Capital One Financial Corp.	$0	–	-11,981,529	–	-8.97%	–

Q3 2021

			Value		Shares		↓ Weighting
COF	Sell	Capital One Financial Corp.	$1,940,648,000	-14.0%	11,981,529	-17.9%	8.97%	-3.3%
WFC	Sell	Wells Fargo & Co.	$1,834,701,000	-0.9%	39,532,458	-3.3%	8.48%	+11.5%
AMAT	Sell	Applied Materials, Inc.	$1,125,722,000	-12.2%	8,744,831	-2.9%	5.20%	-1.3%
USB	Sell	U.S. Bancorp	$1,063,576,000	+2.7%	17,893,269	-1.6%	4.92%	+15.5%
BRKA	Sell	Berkshire Hathaway Inc., Class A	$1,002,531,000	-2.4%	2,437	-0.7%	4.63%	+9.7%
AMZN	Sell	Amazon.com, Inc.	$916,503,000	-18.9%	278,993	-15.0%	4.24%	-8.7%
FB	Sell	Facebook, Inc, Class A	$912,170,000	-17.7%	2,687,674	-15.7%	4.22%	-7.5%
JD	Buy	JD.com, Inc., Class A, ADRadr	$862,029,000	+221.8%	11,932,842	+255.5%	3.98%	+261.9%
JPM	Sell	JPMorgan Chase & Co.	$815,282,000	-8.1%	4,980,647	-12.7%	3.77%	+3.3%
GOOG	Sell	Alphabet Inc., Class C	$773,144,000	-32.2%	290,077	-36.2%	3.57%	-23.7%
BK	Sell	Bank of New York Mellon Corp.	$766,021,000	-1.1%	14,776,642	-2.3%	3.54%	+11.2%
GOOGL	Sell	Alphabet Inc., Class A	$707,010,000	+8.6%	264,449	-0.8%	3.27%	+22.2%
INTC	Buy	Intel Corp.	$697,879,000	-4.3%	13,098,323	+0.8%	3.23%	+7.6%
AXP	Sell	American Express Co.	$686,754,000	-15.5%	4,099,289	-16.6%	3.17%	-4.9%
CI	Buy	Cigna Corp.	$669,127,000	+142.3%	3,342,960	+187.0%	3.09%	+172.5%
TXN	Sell	Texas Instruments, Inc.	$628,270,000	-1.4%	3,268,663	-1.3%	2.90%	+10.9%
VTRS	Buy	Viatris, Inc.	$592,620,000	-1.1%	43,735,795	+4.3%	2.74%	+11.3%
BRKB	Sell	Berkshire Hathaway Inc., Class B	$414,468,000	-3.1%	1,518,531	-1.3%	1.92%	+9.0%
DGX	Sell	Quest Diagnostics, Inc.	$398,579,000	+7.3%	2,742,956	-2.6%	1.84%	+20.6%
DIDI	Buy	DiDi Global Inc., ADSadr	$354,037,000	-36.3%	47,520,152	+9.4%	1.64%	-28.4%
CB	Sell	Chubb Ltd.	$318,810,000	+7.6%	1,837,733	-1.4%	1.47%	+21.1%
IAC	Sell	IAC/InterActiveCorp.	$277,627,000	-15.8%	2,130,841	-0.4%	1.28%	-5.3%
MKL	Sell	Markel Corp.	$262,930,000	-1.4%	220,001	-2.1%	1.22%	+10.8%
DAR	Buy	Darling Ingredients, Inc.	$228,980,000	+130.0%	3,184,695	+116.0%	1.06%	+158.7%
BABA	Sell	Alibaba Group Holding Ltdadr	$190,718,000	-80.7%	1,288,199	-70.5%	0.88%	-78.3%
RTX	Sell	Raytheon Technologies Corp.	$190,476,000	-0.9%	2,215,873	-1.7%	0.88%	+11.4%
VRM	Buy	Vroom, Inc.	$159,881,000	-46.2%	7,244,261	+2.0%	0.74%	-39.5%
HOLI	Sell	Hollysys Automation Technologies, Ltd.	$143,474,000	+35.2%	6,934,478	-2.6%	0.66%	+52.1%
BAC	Sell	Bank of America Corp.	$142,201,000	-2.0%	3,349,842	-4.8%	0.66%	+10.1%
NTB	Sell	Bank of N.T. Butterfield & Son Ltd.	$140,885,000	-4.4%	3,967,465	-4.6%	0.65%	+7.4%
L	Sell	Loews Corp.	$137,188,000	-4.7%	2,543,809	-3.4%	0.63%	+7.3%
MSFT	Sell	Microsoft Corp.	$126,763,000	+2.4%	449,640	-1.6%	0.59%	+15.1%
CPNG	Buy	Coupang, Inc., Class A	$116,944,000	-30.5%	4,199,082	+4.4%	0.54%	-21.8%
BIDU	Buy	Baidu, Inc., Class A, ADRadr	$102,339,000	+4.8%	665,620	+39.0%	0.47%	+18.0%
VMEO	Sell	Vimeo, Inc.	$101,577,000	-40.2%	3,458,540	-0.3%	0.47%	-32.8%
PNC	Sell	PNC Financial Services Group, Inc.	$97,152,000	-4.5%	496,587	-6.9%	0.45%	+7.4%
UNH	Sell	UnitedHealth Group, Inc.	$73,079,000	-6.4%	187,028	-4.1%	0.34%	+5.3%
CVS	Sell	CVS Health Corp.	$66,123,000	+1.5%	779,200	-0.2%	0.31%	+14.2%
SCHW	Sell	Charles Schwab Corp.	$62,288,000	-6.1%	855,141	-6.2%	0.29%	+5.5%
TECK	New	Teck Resources Ltd., Class B	$62,145,000	–	2,494,773	–	0.29%	–
OC	Sell	Owens Corning	$57,738,000	-15.5%	675,301	-3.3%	0.27%	-5.0%
Y	Sell	Alleghany Corp.	$47,413,000	-12.4%	75,932	-6.5%	0.22%	-1.8%
CARR	Sell	Carrier Global Corp.	$46,781,000	-32.8%	903,815	-36.9%	0.22%	-24.5%
IQ	Sell	iQIYI, Inc., Class A, ADRadr	$41,218,000	-48.5%	5,132,973	-0.1%	0.19%	-41.9%
FWONK	Sell	Liberty Media Corp., Series C	$40,591,000	+5.7%	789,546	-0.9%	0.19%	+19.0%
RKT	Sell	Rocket Companies, Inc., Class A	$38,956,000	-21.9%	2,428,674	-5.8%	0.18%	-12.2%
JCI	Sell	Johnson Controls International PLC	$35,444,000	-7.4%	520,627	-6.6%	0.16%	+4.5%
NOAH	Sell	Noah Holdings Ltd., Class A, ADSadr	$34,799,000	-23.0%	937,227	-2.1%	0.16%	-13.4%
FWONA	Buy	Liberty Media Corp., Series A	$34,074,000	+10.6%	724,211	+0.2%	0.16%	+24.4%
PLD	Sell	Prologis, Inc.	$33,446,000	-9.3%	266,652	-13.5%	0.16%	+2.0%
ETN	Sell	Eaton Corp. PLC	$29,933,000	-8.3%	200,477	-8.9%	0.14%	+3.0%
ORCL	Sell	Oracle Corp.	$23,308,000	-0.1%	267,512	-10.7%	0.11%	+12.5%
MTB	Buy	M&T Bank Corp.	$22,316,000	+6.8%	149,429	+4.0%	0.10%	+19.8%
QUOT	Sell	Quotient Technology, Inc.	$21,755,000	-47.4%	3,737,915	-2.3%	0.10%	-40.6%
YOU	Buy	Clear Secure, Inc.	$20,672,000	+3.4%	503,579	+0.7%	0.10%	+17.1%
SPG	Sell	Simon Property Group, Inc.	$19,306,000	-1.1%	148,540	-0.7%	0.09%	+11.2%
HST	Buy	Host Hotels & Resorts, Inc.	$19,068,000	+3.7%	1,167,670	+8.5%	0.09%	+15.8%
ACC	Buy	American Campus Communities, Inc.	$18,714,000	+20.9%	386,245	+16.6%	0.09%	+35.9%
HUM	Sell	Humana Inc.	$17,633,000	-13.1%	45,311	-1.1%	0.08%	-1.2%
WELL	Sell	Welltower Inc.	$17,617,000	-13.5%	213,800	-12.8%	0.08%	-3.6%
AMT	Buy	American Tower Corp Class A	$17,451,000	+219.1%	65,750	+224.9%	0.08%	+268.2%
AVB	Sell	AvalonBay Communities, Inc.	$17,623,000	-13.1%	79,510	-18.2%	0.08%	-2.4%
ESS	Sell	Essex Property Trust, Inc.	$17,385,000	-18.3%	54,371	-23.4%	0.08%	-8.0%
BRX	Sell	Brixmor Property Group, Inc.	$17,313,000	-9.6%	783,030	-6.4%	0.08%	+1.3%
PSA	Sell	Public Storage, Inc.	$17,030,000	-32.0%	57,320	-31.2%	0.08%	-23.3%
SAP	Sell	SAP SE, ADRadr	$16,852,000	-4.2%	124,796	-0.3%	0.08%	+8.3%
EQR	Sell	Equity Residential	$15,620,000	-2.9%	193,025	-7.6%	0.07%	+9.1%
FERG	Sell	Ferguson PLC	$15,200,000	-19.7%	108,985	-19.7%	0.07%	-10.3%
SHO	Buy	Sunstone Hotel Investors, Inc.	$14,400,000	+37.3%	1,205,990	+42.8%	0.07%	+55.8%
RE	Sell	Everest Re Group, Ltd.	$14,083,000	-6.7%	56,156	-6.3%	0.06%	+4.8%
CUZ	Buy	Cousins Properties, Inc.	$13,765,000	+13.7%	369,135	+12.1%	0.06%	+28.0%
TCOM	Sell	Trip.com Group Ltd., ADRadr	$13,441,000	-17.6%	437,111	-5.0%	0.06%	-7.5%
VMW	Sell	VMware, Inc., Class A	$11,520,000	-7.8%	77,471	-0.8%	0.05%	+3.9%
ROIC	Buy	Retail Opportunity Investments Corp.	$9,973,000	+10.8%	572,485	+12.3%	0.05%	+24.3%
DEI	Buy	Douglas Emmett, Inc.	$9,275,000	-5.2%	293,430	+0.9%	0.04%	+7.5%
HPP	Sell	Hudson Pacific Properties, Inc.	$9,105,000	-39.3%	346,580	-35.7%	0.04%	-32.3%
EXR	Sell	Extra Space Storage Inc.	$8,040,000	-22.8%	47,860	-24.7%	0.04%	-14.0%
HTA	Buy	Healthcare Trust of America, Inc.	$8,050,000	+71.0%	271,420	+53.9%	0.04%	+94.7%
BXP	Sell	Boston Properties, Inc.	$7,786,000	-28.7%	71,860	-24.6%	0.04%	-20.0%
LSI	Sell	Life Storage, Inc.	$7,410,000	-38.1%	64,580	-42.0%	0.03%	-30.6%
GLRE	Sell	Greenlight Capital Re, Ltd., Class A	$7,354,000	-24.4%	995,164	-6.6%	0.03%	-15.0%
CCI	New	Crown Castle International Corp.	$7,279,000	–	42,000	–	0.03%	–
CIH	Sell	China Index Holdings Ltd., ADRadr	$6,676,000	-27.9%	4,510,863	-2.1%	0.03%	-18.4%
AKR	Sell	Acadia Realty Trust	$6,584,000	-22.4%	322,587	-16.5%	0.03%	-14.3%
STT	Sell	State Street Corp.	$5,864,000	-0.9%	69,212	-3.8%	0.03%	+12.5%
SLG	Sell	SL Green Realty Corp.	$3,719,000	-32.9%	52,492	-24.2%	0.02%	-26.1%
NVS	Sell	Novartis AG - ADRadr	$3,677,000	-14.0%	44,968	-4.1%	0.02%	-5.6%
RHP	Buy	Ryman Hospitality Properties, Inc.	$3,137,000	+17.1%	37,480	+10.4%	0.02%	+36.4%
TFC	Buy	Truist Financial Corp.	$3,068,000	+7.0%	52,316	+1.3%	0.01%	+16.7%
COLD	New	Americold Realty Trust	$2,534,000	–	87,230	–	0.01%	–
SFUN	Sell	Fang Holdings Ltd., Class A, ADRadr	$500,000	-48.0%	79,407	-2.1%	0.00%	-50.0%
IVE	New	iShares S&P 500 Value Index Fundetf	$275,000	–	1,894	–	0.00%	–
SIX	Exit	Six Flags Entertainment Corp.	$0	–	-39,830	–	-0.01%	–
TAL	Exit	TAL Education Groupadr	$0	–	-3,583,276	–	-0.37%	–
EDU	Exit	New Oriental Education & Tech ADRadr	$0	–	-106,357,379	–	-3.58%	–

Q2 2021

			Value		Shares		↓ Weighting
COF	New	Capital One Financial Corp.	$2,256,267,000	–	14,585,733	–	9.27%	–
WFC	New	Wells Fargo & Co.	$1,851,144,000	–	40,873,138	–	7.61%	–
AMAT	New	Applied Materials, Inc.	$1,282,508,000	–	9,006,379	–	5.27%	–
GOOG	New	Alphabet Inc., Class C	$1,140,192,000	–	454,927	–	4.69%	–
AMZN	New	Amazon.com, Inc.	$1,129,401,000	–	328,299	–	4.64%	–
FB	New	Facebook, Inc, Class A	$1,108,896,000	–	3,189,141	–	4.56%	–
USB	New	U.S. Bancorp	$1,035,868,000	–	18,182,687	–	4.26%	–
BRKA	New	Berkshire Hathaway Inc., Class A	$1,027,665,000	–	2,455	–	4.22%	–
BABA	New	Alibaba Group Holding Ltd., ADRadr	$990,189,000	–	4,366,296	–	4.07%	–
JPM	New	JPMorgan Chase & Co.	$887,415,000	–	5,705,379	–	3.65%	–
EDU	New	New Oriental Education & Tech ADRadr	$871,067,000	–	106,357,379	–	3.58%	–
AXP	New	American Express Co.	$812,500,000	–	4,917,390	–	3.34%	–
BK	New	Bank of New York Mellon Corp.	$774,475,000	–	15,117,609	–	3.18%	–
INTC	New	Intel Corp.	$729,495,000	–	12,994,214	–	3.00%	–
GOOGL	New	Alphabet Inc., Class A	$650,732,000	–	266,498	–	2.67%	–
TXN	New	Texas Instruments, Inc.	$636,893,000	–	3,311,977	–	2.62%	–
VTRS	New	Viatris, Inc.	$599,040,000	–	41,920,221	–	2.46%	–
DIDI	New	DiDi Global Inc., ADSadr	$555,767,000	–	43,449,548	–	2.28%	–
BRKB	New	Berkshire Hathaway Inc., Class B	$427,557,000	–	1,538,419	–	1.76%	–
DGX	New	Quest Diagnostics, Inc.	$371,577,000	–	2,815,614	–	1.53%	–
IAC	New	IAC/InterActiveCorp.	$329,783,000	–	2,139,086	–	1.36%	–
VRM	New	Vroom, Inc.	$297,434,000	–	7,105,437	–	1.22%	–
CB	New	Chubb Ltd.	$296,209,000	–	1,863,653	–	1.22%	–
CI	New	Cigna Corp.	$276,124,000	–	1,164,735	–	1.14%	–
JD	New	JD.com, Inc., Class A, ADRadr	$267,910,000	–	3,356,852	–	1.10%	–
MKL	New	Markel Corp.	$266,797,000	–	224,821	–	1.10%	–
RTX	New	Raytheon Technologies Corp.	$192,273,000	–	2,253,821	–	0.79%	–
VMEO	New	Vimeo, Inc.	$169,970,000	–	3,468,766	–	0.70%	–
CPNG	New	Coupang, Inc., Class A	$168,264,000	–	4,023,541	–	0.69%	–
NTB	New	Bank of N.T. Butterfield & Son Ltd.	$147,423,000	–	4,158,609	–	0.61%	–
BAC	New	Bank of America Corp.	$145,142,000	–	3,520,291	–	0.60%	–
L	New	Loews Corp.	$143,897,000	–	2,633,059	–	0.59%	–
MSFT	New	Microsoft Corp.	$123,742,000	–	456,782	–	0.51%	–
DUSA	New	Davis Select U.S. Equity ETFetf	$114,782,000	–	3,253,975	–	0.47%	–
HOLI	New	Hollysys Automation Technologies, Ltd.	$106,081,000	–	7,119,507	–	0.44%	–
PNC	New	PNC Financial Services Group, Inc.	$101,751,000	–	533,400	–	0.42%	–
DAR	New	Darling Ingredients, Inc.	$99,536,000	–	1,474,600	–	0.41%	–
BIDU	New	Baidu, Inc., Class A, ADRadr	$97,609,000	–	478,709	–	0.40%	–
TAL	New	TAL Education Groupadr	$90,406,000	–	3,583,276	–	0.37%	–
DINT	New	Davis Select International ETFetf	$88,381,000	–	3,794,802	–	0.36%	–
IQ	New	iQIYI, Inc., Class A, ADRadr	$80,053,000	–	5,138,170	–	0.33%	–
UNH	New	UnitedHealth Group, Inc.	$78,086,000	–	195,000	–	0.32%	–
CARR	New	Carrier Global Corp.	$69,633,000	–	1,432,778	–	0.29%	–
OC	New	Owens Corning	$68,341,000	–	698,066	–	0.28%	–
SCHW	New	Charles Schwab Corp.	$66,345,000	–	911,202	–	0.27%	–
CVS	New	CVS Health Corp.	$65,119,000	–	780,426	–	0.27%	–
DWLD	New	Davis Select Worldwide ETFetf	$64,374,000	–	1,883,939	–	0.26%	–
DFNL	New	Davis Select Financial ETFetf	$59,861,000	–	1,995,446	–	0.25%	–
Y	New	Alleghany Corp.	$54,153,000	–	81,180	–	0.22%	–
RKT	New	Rocket Companies, Inc., Class A	$49,863,000	–	2,576,921	–	0.20%	–
MF	New	Missfresh Ltd., Class B, ADSadr	$49,016,000	–	6,211,241	–	0.20%	–
NOAH	New	Noah Holdings Ltd., Class A, ADSadr	$45,171,000	–	957,006	–	0.19%	–
QUOT	New	Quotient Technology, Inc.	$41,339,000	–	3,824,167	–	0.17%	–
FWONK	New	Liberty Media Corp., Series C	$38,418,000	–	796,898	–	0.16%	–
JCI	New	Johnson Controls International PLC	$38,261,000	–	557,494	–	0.16%	–
PLD	New	Prologis, Inc.	$36,866,000	–	308,422	–	0.15%	–
ETN	New	Eaton Corp. PLC	$32,626,000	–	220,177	–	0.13%	–
FWONA	New	Liberty Media Corp., Series A	$30,818,000	–	722,928	–	0.13%	–
PSA	New	Public Storage, Inc.	$25,035,000	–	83,260	–	0.10%	–
ORCL	New	Oracle Corp.	$23,331,000	–	299,724	–	0.10%	–
LBTYK	New	Liberty Global plc, Series C	$23,118,000	–	854,964	–	0.10%	–
ESS	New	Essex Property Trust, Inc.	$21,289,000	–	70,961	–	0.09%	–
MTB	New	M&T Bank Corp.	$20,887,000	–	143,743	–	0.09%	–
EQIX	New	Equinix, Inc.	$20,850,000	–	25,978	–	0.09%	–
WELL	New	Welltower Inc.	$20,364,000	–	245,050	–	0.08%	–
AVB	New	AvalonBay Communities, Inc.	$20,274,000	–	97,150	–	0.08%	–
HUM	New	Humana Inc.	$20,286,000	–	45,822	–	0.08%	–
YOU	New	Clear Secure, Inc.	$20,000,000	–	500,000	–	0.08%	–
SPG	New	Simon Property Group, Inc.	$19,513,000	–	149,550	–	0.08%	–
BRX	New	Brixmor Property Group, Inc.	$19,159,000	–	836,990	–	0.08%	–
FERG	New	Ferguson PLC	$18,923,000	–	135,797	–	0.08%	–
REXR	New	Rexford Industrial Realty, Inc.	$18,790,000	–	329,930	–	0.08%	–
HST	New	Host Hotels & Resorts, Inc.	$18,396,000	–	1,076,400	–	0.08%	–
TRNO	New	Terreno Realty Corp.	$18,572,000	–	287,847	–	0.08%	–
SAP	New	SAP SE, ADRadr	$17,589,000	–	125,225	–	0.07%	–
TCOM	New	Trip.com Group Ltd., ADRadr	$16,317,000	–	460,149	–	0.07%	–
EQR	New	Equity Residential	$16,087,000	–	208,920	–	0.07%	–
ACC	New	American Campus Communities, Inc.	$15,479,000	–	331,315	–	0.06%	–
HPP	New	Hudson Pacific Properties, Inc.	$14,999,000	–	539,160	–	0.06%	–
RE	New	Everest Re Group, Ltd.	$15,099,000	–	59,915	–	0.06%	–
DLR	New	Digital Realty Trust, Inc.	$13,866,000	–	92,155	–	0.06%	–
ARE	New	Alexandria Real Estate Equities, Inc.	$12,572,000	–	69,097	–	0.05%	–
VMW	New	VMware, Inc., Class A	$12,494,000	–	78,104	–	0.05%	–
CUZ	New	Cousins Properties, Inc.	$12,107,000	–	329,165	–	0.05%	–
LSI	New	Life Storage, Inc.	$11,962,000	–	111,430	–	0.05%	–
FRT	New	Federal Realty Investment Trust	$11,453,000	–	97,750	–	0.05%	–
BXP	New	Boston Properties, Inc.	$10,917,000	–	95,270	–	0.04%	–
PEAK	New	Healthpeak Properties, Inc.	$10,372,000	–	311,556	–	0.04%	–
CONE	New	CyrusOne Inc.	$10,387,000	–	145,235	–	0.04%	–
EXR	New	Extra Space Storage Inc.	$10,412,000	–	63,560	–	0.04%	–
SHO	New	Sunstone Hotel Investors, Inc.	$10,491,000	–	844,700	–	0.04%	–
AMH	New	American Homes 4 Rent, Class A	$10,047,000	–	258,620	–	0.04%	–
GLRE	New	Greenlight Capital Re, Ltd., Class A	$9,732,000	–	1,065,984	–	0.04%	–
DEI	New	Douglas Emmett, Inc.	$9,779,000	–	290,860	–	0.04%	–
VTR	New	Ventas, Inc.	$9,141,000	–	160,080	–	0.04%	–
CIH	New	China Index Holdings Ltd., ADRadr	$9,258,000	–	4,605,924	–	0.04%	–
ROIC	New	Retail Opportunity Investments Corp.	$9,000,000	–	509,615	–	0.04%	–
AKR	New	Acadia Realty Trust	$8,487,000	–	386,457	–	0.04%	–
CPT	New	Camden Property Trust	$8,168,000	–	61,570	–	0.03%	–
HIW	New	Highwoods Properties, Inc.	$7,992,000	–	176,940	–	0.03%	–
COR	New	Coresite Realty Corp.	$6,387,000	–	47,455	–	0.03%	–
STT	New	State Street Corp.	$5,917,000	–	71,909	–	0.02%	–
UDR	New	UDR, Inc.	$5,675,000	–	115,870	–	0.02%	–
SLG	New	SL Green Realty Corp.	$5,543,000	–	69,292	–	0.02%	–
SUI	New	Sun Communities, Inc.	$5,404,000	–	31,530	–	0.02%	–
AMT	New	American Tower Corp Class A	$5,468,000	–	20,240	–	0.02%	–
VNO	New	Vornado Realty Trust	$4,793,000	–	102,690	–	0.02%	–
HTA	New	Healthcare Trust of America, Inc.	$4,708,000	–	176,320	–	0.02%	–
VICI	New	VICI Properties, Inc.	$4,744,000	–	152,930	–	0.02%	–
NVS	New	Novartis AG - ADRadr	$4,278,000	–	46,888	–	0.02%	–
TFC	New	Truist Financial Corp.	$2,866,000	–	51,632	–	0.01%	–
DXC	New	DXC Technology Co.	$2,624,000	–	67,379	–	0.01%	–
RHP	New	Ryman Hospitality Properties, Inc.	$2,680,000	–	33,940	–	0.01%	–
LRCX	New	Lam Research Corp.	$1,597,000	–	2,455	–	0.01%	–
SIX	New	Six Flags Entertainment Corp.	$1,724,000	–	39,830	–	0.01%	–
LTRPA	New	Liberty TripAdvisor Hldgs Inc. - A	$1,226,000	–	301,274	–	0.01%	–
ULTA	New	Ulta Beauty, Inc.	$1,065,000	–	3,080	–	0.00%	–
SFUN	New	Fang Holdings Ltd., Class A, ADRadr	$961,000	–	81,137	–	0.00%	–
KMX	New	CarMax, Inc.	$486,000	–	3,760	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
BKNG	Exit	Booking Holdings, Inc.	$0	–	-129	–	-0.00%	–
KMX	Exit	CarMax, Inc.	$0	–	-3,760	–	-0.00%	–
HPQ	Exit	HP, Inc.	$0	–	-20,830	–	-0.00%	–
LTRPA	Exit	Liberty TripAdvisor Hldgs Inc. - A	$0	–	-322,154	–	-0.00%	–
XLNX	Exit	Xilinx, Inc.	$0	–	-5,685	–	-0.00%	–
ULTA	Exit	Ulta Beauty, Inc.	$0	–	-3,080	–	-0.00%	–
WORK	Exit	Slack Technologies, Inc., Class A	$0	–	-27,900	–	-0.00%	–
LRCX	Exit	Lam Research Corp.	$0	–	-2,455	–	-0.01%	–
IVE	Exit	iShares S&P 500 Value ETFetf	$0	–	-8,156	–	-0.01%	–
OTIS	Exit	Otis Worldwide Corp.	$0	–	-14,336	–	-0.01%	–
DXC	Exit	DXC Technology Co.	$0	–	-69,539	–	-0.01%	–
TFC	Exit	Truist Financial Corp.	$0	–	-38,899	–	-0.01%	–
SFUN	Exit	Fang Holdings Ltd., Class A, ADRadr	$0	–	-142,651	–	-0.01%	–
EGP	Exit	EastGroup Properties, Inc.	$0	–	-22,000	–	-0.02%	–
SLG	Exit	SL Green Realty Corp.	$0	–	-71,040	–	-0.02%	–
NVS	Exit	Novartis AG - ADRadr	$0	–	-38,848	–	-0.02%	–
VNO	Exit	Vornado Realty Trust	$0	–	-105,010	–	-0.02%	–
MTB	Exit	M&T Bank Corp.	$0	–	-39,883	–	-0.02%	–
VMW	Exit	VMware, Inc., Class A	$0	–	-25,320	–	-0.02%	–
AKR	Exit	Acadia Realty Trust	$0	–	-509,407	–	-0.03%	–
ROIC	Exit	Retail Opportunity Investments Corp.	$0	–	-544,195	–	-0.03%	–
HIW	Exit	Highwoods Properties, Inc.	$0	–	-178,430	–	-0.03%	–
YRD	Exit	Yirendai Ltd., ADRadr	$0	–	-2,048,620	–	-0.03%	–
HDS	Exit	HD Supply Holdings, Inc.	$0	–	-156,108	–	-0.04%	–
CIH	Exit	China Index Holdings Ltd., ADRadr	$0	–	-4,741,445	–	-0.04%	–
SHO	Exit	Sunstone Hotel Investors, Inc.	$0	–	-849,660	–	-0.04%	–
FRT	Exit	Federal Realty Investment Trust	$0	–	-99,080	–	-0.04%	–
DEI	Exit	Douglas Emmett, Inc.	$0	–	-293,300	–	-0.04%	–
AMH	Exit	American Homes 4 Rent, Class A	$0	–	-264,090	–	-0.04%	–
GLRE	Exit	Greenlight Capital Re, Ltd., Class A	$0	–	-1,142,024	–	-0.04%	–
SPG	Exit	Simon Property Group, Inc.	$0	–	-121,950	–	-0.04%	–
LSI	Exit	Life Storage, Inc.	$0	–	-76,430	–	-0.04%	–
COR	Exit	Coresite Realty Corp.	$0	–	-69,190	–	-0.05%	–
EXR	Exit	Extra Space Storage Inc.	$0	–	-85,210	–	-0.05%	–
BXP	Exit	Boston Properties, Inc.	$0	–	-116,960	–	-0.05%	–
CUZ	Exit	Cousins Properties, Inc.	$0	–	-331,775	–	-0.05%	–
ACC	Exit	American Campus Communities, Inc.	$0	–	-278,345	–	-0.05%	–
VTR	Exit	Ventas, Inc.	$0	–	-235,890	–	-0.06%	–
EQR	Exit	Equity Residential	$0	–	-195,940	–	-0.06%	–
PEAK	Exit	Healthpeak Properties, Inc.	$0	–	-396,606	–	-0.06%	–
DLR	Exit	Digital Realty Trust, Inc.	$0	–	-76,405	–	-0.06%	–
BIDU	Exit	Baidu, Inc., Class A, ADRadr	$0	–	-92,749	–	-0.06%	–
CONE	Exit	CyrusOne Inc.	$0	–	-168,040	–	-0.06%	–
HST	Exit	Host Hotels & Resorts, Inc.	$0	–	-1,087,170	–	-0.06%	–
CPT	Exit	Camden Property Trust	$0	–	-132,230	–	-0.06%	–
HPP	Exit	Hudson Pacific Properties, Inc.	$0	–	-547,180	–	-0.07%	–
BRX	Exit	Brixmor Property Group, Inc.	$0	–	-1,028,940	–	-0.07%	–
AVB	Exit	AvalonBay Communities, Inc.	$0	–	-81,680	–	-0.07%	–
RE	Exit	Everest Re Group, Ltd.	$0	–	-63,348	–	-0.07%	–
ESS	Exit	Essex Property Trust, Inc.	$0	–	-69,591	–	-0.08%	–
CCI	Exit	Crown Castle International Corp.	$0	–	-85,190	–	-0.08%	–
ARE	Exit	Alexandria Real Estate Equities, Inc.	$0	–	-93,237	–	-0.08%	–
TCOM	Exit	Trip.com Group Ltd., ADRadr	$0	–	-491,075	–	-0.08%	–
RKT	Exit	Rocket Companies, Inc., Class A	$0	–	-778,374	–	-0.09%	–
GS	Exit	Goldman Sachs Group, Inc.	$0	–	-80,266	–	-0.09%	–
APTV	Exit	Aptiv PLC	$0	–	-186,179	–	-0.10%	–
WELL	Exit	Welltower Inc.	$0	–	-319,830	–	-0.10%	–
SAP	Exit	SAP SE, ADRadr	$0	–	-113,048	–	-0.10%	–
LBTYK	Exit	Liberty Global plc, Series C	$0	–	-876,814	–	-0.10%	–
ORCL	Exit	Oracle Corp.	$0	–	-310,993	–	-0.10%	–
TRNO	Exit	Terreno Realty Corp.	$0	–	-344,377	–	-0.10%	–
REXR	Exit	Rexford Industrial Realty, Inc.	$0	–	-436,530	–	-0.11%	–
PSA	Exit	Public Storage, Inc.	$0	–	-95,700	–	-0.12%	–
ADNT	Exit	Adient plc	$0	–	-1,337,027	–	-0.13%	–
Y	Exit	Alleghany Corp.	$0	–	-45,213	–	-0.13%	–
EQIX	Exit	Equinix, Inc.	$0	–	-32,050	–	-0.14%	–
NOAH	Exit	Noah Holdings Ltd., Class A, ADSadr	$0	–	-958,150	–	-0.14%	–
IQ	Exit	iQIYI, Inc., Class A, ADRadr	$0	–	-1,110,594	–	-0.14%	–
HUM	Exit	Humana Inc.	$0	–	-62,809	–	-0.14%	–
QUOT	Exit	Quotient Technology, Inc.	$0	–	-3,750,481	–	-0.15%	–
STT	Exit	State Street Corp.	$0	–	-476,601	–	-0.16%	–
PLD	Exit	Prologis, Inc.	$0	–	-314,422	–	-0.18%	–
SCHW	Exit	Charles Schwab Corp.	$0	–	-957,337	–	-0.19%	–
DFNL	Exit	Davis Select Financial ETFetf	$0	–	-1,959,793	–	-0.21%	–
ETN	Exit	Eaton Corp. PLC	$0	–	-419,150	–	-0.24%	–
CVS	Exit	CVS Health Corp.	$0	–	-798,195	–	-0.26%	–
DUSA	Exit	Davis Select U.S. Equity ETFetf	$0	–	-1,873,537	–	-0.27%	–
OC	Exit	Owens Corning	$0	–	-757,011	–	-0.29%	–
QRVO	Exit	Qorvo, Inc.	$0	–	-422,793	–	-0.30%	–
CI	Exit	Cigna Corp.	$0	–	-322,243	–	-0.30%	–
JCI	Exit	Johnson Controls International PLC	$0	–	-1,377,293	–	-0.31%	–
UNH	Exit	UnitedHealth Group, Inc.	$0	–	-197,027	–	-0.34%	–
PNC	Exit	PNC Financial Services Group, Inc.	$0	–	-588,021	–	-0.36%	–
DWLD	Exit	Davis Select Worldwide ETFetf	$0	–	-3,774,558	–	-0.42%	–
HOLI	Exit	Hollysys Automation Technologies, Ltd.	$0	–	-7,057,424	–	-0.43%	–
L	Exit	Loews Corp.	$0	–	-2,266,057	–	-0.44%	–
DINT	Exit	Davis Select International ETFetf	$0	–	-3,234,982	–	-0.45%	–
NTB	Exit	Bank of N.T. Butterfield & Son Ltd.	$0	–	-3,731,861	–	-0.46%	–
BAC	Exit	Bank of America Corp.	$0	–	-3,775,479	–	-0.51%	–
MSFT	Exit	Microsoft Corp.	$0	–	-481,975	–	-0.56%	–
CB	Exit	Chubb Ltd.	$0	–	-1,676,168	–	-1.08%	–
MKL	Exit	Markel Corp.	$0	–	-201,320	–	-1.09%	–
JD	Exit	JD.com, Inc., Class A, ADRadr	$0	–	-3,206,065	–	-1.38%	–
IAC	Exit	IAC/InterActiveCorp.	$0	–	-2,200,462	–	-1.47%	–
BRKB	Exit	Berkshire Hathaway Inc., Class B	$0	–	-1,565,588	–	-1.86%	–
DGX	Exit	Quest Diagnostics, Inc.	$0	–	-3,746,313	–	-2.39%	–
GOOGL	Exit	Alphabet Inc., Class A	$0	–	-297,222	–	-2.42%	–
TXN	Exit	Texas Instruments, Inc.	$0	–	-3,553,295	–	-2.82%	–
AXP	Exit	American Express Co.	$0	–	-5,295,006	–	-2.95%	–
BK	Exit	Bank of New York Mellon Corp.	$0	–	-15,991,323	–	-3.06%	–
USB	Exit	U.S. Bancorp	$0	–	-17,160,699	–	-3.42%	–
RTX	Exit	Raytheon Technologies Corp.	$0	–	-11,122,837	–	-3.56%	–
INTC	Exit	Intel Corp.	$0	–	-12,856,161	–	-3.70%	–
CARR	Exit	Carrier Global Corp.	$0	–	-22,491,927	–	-3.82%	–
JPM	Exit	JPMorgan Chase & Co.	$0	–	-7,146,457	–	-3.83%	–
BRKA	Exit	Berkshire Hathaway Inc., Class A	$0	–	-2,648	–	-4.72%	–
AMAT	Exit	Applied Materials, Inc.	$0	–	-15,698,648	–	-5.19%	–
EDU	Exit	New Oriental Education & Tech ADRadr	$0	–	-6,452,820	–	-5.37%	–
FB	Exit	Facebook, Inc, Class A	$0	–	-3,706,163	–	-5.40%	–
WFC	Exit	Wells Fargo & Co.	$0	–	-41,407,144	–	-5.42%	–
BABA	Exit	Alibaba Group Holding Ltd., ADRadr	$0	–	-3,331,765	–	-5.45%	–
GOOG	Exit	Alphabet Inc., Class C	$0	–	-748,835	–	-6.12%	–
AMZN	Exit	Amazon.com, Inc.	$0	–	-355,321	–	-6.22%	–
COF	Exit	Capital One Financial Corp.	$0	–	-16,437,359	–	-6.57%	–

Q3 2020

			Value		Shares		↓ Weighting
COF	Buy	Capital One Financial Corp.	$1,181,189,000	+16.8%	16,437,359	+1.7%	6.57%	+12.3%
AMZN	Sell	Amazon.com, Inc.	$1,118,810,000	-23.3%	355,321	-32.8%	6.22%	-26.3%
GOOG	Sell	Alphabet Inc., Class C	$1,100,487,000	-1.4%	748,835	-5.1%	6.12%	-5.1%
BABA	Sell	Alibaba Group Holding Ltd., ADRadr	$979,472,000	+27.1%	3,331,765	-6.8%	5.45%	+22.3%
WFC	Buy	Wells Fargo & Co.	$973,482,000	+33.1%	41,407,144	+45.0%	5.42%	+28.0%
FB	Sell	Facebook, Inc, Class A	$970,644,000	+2.4%	3,706,163	-11.2%	5.40%	-1.5%
EDU	Sell	New Oriental Education & Tech ADRadr	$964,697,000	+9.4%	6,452,820	-4.7%	5.37%	+5.3%
AMAT	Sell	Applied Materials, Inc.	$933,285,000	-5.2%	15,698,648	-3.6%	5.19%	-8.8%
BRKA	Sell	Berkshire Hathaway Inc., Class A	$847,363,000	+14.3%	2,648	-4.5%	4.72%	+9.9%
JPM	Sell	JPMorgan Chase & Co.	$687,989,000	-0.5%	7,146,457	-2.8%	3.83%	-4.3%
CARR	Sell	Carrier Global Corp.	$686,903,000	+1.1%	22,491,927	-26.4%	3.82%	-2.7%
INTC	Buy	Intel Corp.	$665,692,000	+31.4%	12,856,161	+51.8%	3.70%	+26.4%
RTX	Sell	Raytheon Technologies Corp.	$640,008,000	-7.8%	11,122,837	-1.3%	3.56%	-11.3%
USB	Buy	U.S. Bancorp	$615,211,000	+24.5%	17,160,699	+27.8%	3.42%	+19.7%
BK	Sell	Bank of New York Mellon Corp.	$549,142,000	-11.6%	15,991,323	-0.5%	3.06%	-14.9%
AXP	Sell	American Express Co.	$530,824,000	+1.6%	5,295,006	-3.5%	2.95%	-2.3%
TXN	Sell	Texas Instruments, Inc.	$507,375,000	+9.1%	3,553,295	-3.0%	2.82%	+5.0%
GOOGL	Sell	Alphabet Inc., Class A	$435,609,000	-24.1%	297,222	-26.6%	2.42%	-27.0%
DGX	Sell	Quest Diagnostics, Inc.	$428,915,000	-2.9%	3,746,313	-3.3%	2.39%	-6.6%
BRKB	Sell	Berkshire Hathaway Inc., Class B	$333,376,000	+16.8%	1,565,588	-2.1%	1.86%	+12.4%
IAC	New	IAC/InterActiveCorp.	$263,571,000	–	2,200,462	–	1.47%	–
JD	Sell	JD.com, Inc., Class A, ADRadr	$248,823,000	+11.0%	3,206,065	-13.9%	1.38%	+6.7%
MKL	Sell	Markel Corp.	$196,025,000	+2.2%	201,320	-3.1%	1.09%	-1.7%
CB	Sell	Chubb Ltd.	$194,637,000	-12.3%	1,676,168	-4.4%	1.08%	-15.7%
MSFT	Sell	Microsoft Corp.	$101,374,000	-11.3%	481,975	-14.2%	0.56%	-14.7%
BAC	Buy	Bank of America Corp.	$90,951,000	+6.5%	3,775,479	+5.0%	0.51%	+2.4%
NTB	Buy	Bank of N.T. Butterfield & Son Ltd.	$83,146,000	-5.3%	3,731,861	+3.7%	0.46%	-8.9%
DINT	Sell	Davis Select International ETFetf	$81,567,000	+18.3%	3,234,982	-14.3%	0.45%	+13.8%
L	Sell	Loews Corp.	$78,745,000	-2.5%	2,266,057	-3.8%	0.44%	-6.2%
HOLI	Sell	Hollysys Automation Technologies, Ltd.	$77,985,000	-16.9%	7,057,424	-0.0%	0.43%	-20.1%
DWLD	Buy	Davis Select Worldwide ETFetf	$75,604,000	+71.1%	3,774,558	+101.5%	0.42%	+64.5%
PNC	Sell	PNC Financial Services Group, Inc.	$64,629,000	+3.9%	588,021	-0.5%	0.36%	0.0%
UNH	Sell	UnitedHealth Group, Inc.	$61,427,000	+3.5%	197,027	-2.1%	0.34%	-0.3%
JCI	Sell	Johnson Controls International PLC	$56,262,000	+14.3%	1,377,293	-4.5%	0.31%	+9.8%
CI	Buy	Cigna Corp.	$54,591,000	-9.7%	322,243	+0.1%	0.30%	-13.1%
QRVO	Sell	Qorvo, Inc.	$54,545,000	+8.6%	422,793	-7.0%	0.30%	+4.1%
OC	Buy	Owens Corning	$52,090,000	+23.7%	757,011	+0.2%	0.29%	+18.9%
DUSA	Sell	Davis Select U.S. Equity ETFetf	$48,300,000	-35.8%	1,873,537	-42.1%	0.27%	-38.2%
CVS	Sell	CVS Health Corp.	$46,615,000	-11.7%	798,195	-1.8%	0.26%	-15.1%
ETN	Sell	Eaton Corp. PLC	$42,766,000	+15.8%	419,150	-0.7%	0.24%	+11.2%
SCHW	Sell	Charles Schwab Corp.	$34,684,000	+4.8%	957,337	-2.4%	0.19%	+1.0%
PLD	Buy	Prologis, Inc.	$31,637,000	+9.1%	314,422	+1.2%	0.18%	+4.8%
STT	Sell	State Street Corp.	$28,277,000	-33.6%	476,601	-28.9%	0.16%	-36.2%
QUOT	Sell	Quotient Technology, Inc.	$27,679,000	-2.1%	3,750,481	-2.9%	0.15%	-6.1%
HUM	Sell	Humana Inc.	$25,996,000	+5.0%	62,809	-1.6%	0.14%	+1.4%
IQ	Buy	iQIYI, Inc., Class A, ADRadr	$25,077,000	-2.4%	1,110,594	+0.3%	0.14%	-6.0%
NOAH	Sell	Noah Holdings Ltd., Class A, ADSadr	$24,979,000	+2.3%	958,150	-0.1%	0.14%	-1.4%
EQIX	Sell	Equinix, Inc.	$24,362,000	+1.2%	32,050	-6.5%	0.14%	-2.2%
Y	Sell	Alleghany Corp.	$23,531,000	+3.4%	45,213	-2.9%	0.13%	-0.8%
ADNT	Sell	Adient plc	$23,171,000	+1.9%	1,337,027	-3.4%	0.13%	-1.5%
PSA	Buy	Public Storage, Inc.	$21,314,000	+19.9%	95,700	+3.3%	0.12%	+15.5%
REXR	Buy	Rexford Industrial Realty, Inc.	$19,976,000	+11.1%	436,530	+0.5%	0.11%	+6.7%
TRNO	Buy	Terreno Realty Corp.	$18,858,000	+4.5%	344,377	+0.5%	0.10%	+1.0%
ORCL	Sell	Oracle Corp.	$18,566,000	+4.5%	310,993	-3.2%	0.10%	0.0%
LBTYK	Sell	Liberty Global plc, Series C	$18,005,000	-6.6%	876,814	-2.2%	0.10%	-10.7%
SAP	Sell	SAP SE, ADRadr	$17,614,000	+6.3%	113,048	-4.5%	0.10%	+2.1%
WELL	Buy	Welltower Inc.	$17,619,000	+10.0%	319,830	+3.3%	0.10%	+5.4%
APTV	Sell	Aptiv PLC	$17,069,000	+16.6%	186,179	-0.9%	0.10%	+11.8%
GS	Sell	Goldman Sachs Group, Inc.	$16,131,000	-39.0%	80,266	-40.0%	0.09%	-41.2%
RKT	New	Rocket Companies, Inc., Class A	$15,513,000	–	778,374	–	0.09%	–
ARE	Buy	Alexandria Real Estate Equities, Inc.	$14,918,000	+1.2%	93,237	+2.6%	0.08%	-2.4%
CCI	Buy	Crown Castle International Corp.	$14,184,000	+2.5%	85,190	+3.0%	0.08%	-1.2%
ESS	Buy	Essex Property Trust, Inc.	$13,973,000	-10.8%	69,591	+1.8%	0.08%	-14.3%
RE	Sell	Everest Re Group, Ltd.	$12,514,000	-7.0%	63,348	-2.9%	0.07%	-10.3%
AVB	Sell	AvalonBay Communities, Inc.	$12,198,000	-9.6%	81,680	-6.4%	0.07%	-12.8%
HPP	Buy	Hudson Pacific Properties, Inc.	$12,000,000	-9.8%	547,180	+3.5%	0.07%	-13.0%
BRX	Buy	Brixmor Property Group, Inc.	$12,028,000	-5.5%	1,028,940	+3.7%	0.07%	-9.5%
CPT	Buy	Camden Property Trust	$11,766,000	-0.2%	132,230	+2.3%	0.06%	-4.4%
CONE	Buy	CyrusOne Inc.	$11,768,000	-0.7%	168,040	+3.1%	0.06%	-5.8%
BIDU	Sell	Baidu, Inc., Class A, ADRadr	$11,741,000	-0.4%	92,749	-5.7%	0.06%	-4.4%
HST	Buy	Host Hotels & Resorts, Inc.	$11,731,000	+3.7%	1,087,170	+3.7%	0.06%	0.0%
DLR	Buy	Digital Realty Trust, Inc.	$11,213,000	+6.2%	76,405	+2.8%	0.06%	+1.6%
PEAK	Buy	Healthpeak Properties, Inc.	$10,768,000	+0.7%	396,606	+2.3%	0.06%	-3.2%
EQR	Sell	Equity Residential	$10,058,000	-31.4%	195,940	-21.4%	0.06%	-34.1%
VTR	Buy	Ventas, Inc.	$9,898,000	+18.7%	235,890	+3.6%	0.06%	+14.6%
CUZ	Buy	Cousins Properties, Inc.	$9,485,000	-1.0%	331,775	+3.4%	0.05%	-3.6%
BXP	Buy	Boston Properties, Inc.	$9,392,000	-7.8%	116,960	+3.8%	0.05%	-11.9%
EXR	Buy	Extra Space Storage Inc.	$9,117,000	+19.1%	85,210	+2.8%	0.05%	+15.9%
COR	Buy	Coresite Realty Corp.	$8,225,000	+1.2%	69,190	+3.0%	0.05%	-2.1%
LSI	Buy	Life Storage, Inc.	$8,046,000	+14.7%	76,430	+3.5%	0.04%	+9.8%
SPG	Sell	Simon Property Group, Inc.	$7,888,000	-39.6%	121,950	-36.2%	0.04%	-42.1%
GLRE	Sell	Greenlight Capital Re, Ltd., Class A	$7,686,000	-0.1%	1,142,024	-3.2%	0.04%	-2.3%
AMH	Buy	American Homes 4 Rent, Class A	$7,521,000	+8.9%	264,090	+2.9%	0.04%	+5.0%
DEI	Buy	Douglas Emmett, Inc.	$7,362,000	-15.4%	293,300	+3.3%	0.04%	-18.0%
FRT	Buy	Federal Realty Investment Trust	$7,276,000	-12.0%	99,080	+2.1%	0.04%	-16.7%
CIH	Sell	China Index Holdings Ltd., ADRadr	$6,875,000	-33.0%	4,741,445	-1.1%	0.04%	-35.6%
SHO	Buy	Sunstone Hotel Investors, Inc.	$6,746,000	+0.7%	849,660	+3.4%	0.04%	-2.6%
HDS	Buy	HD Supply Holdings, Inc.	$6,438,000	+20.9%	156,108	+1.5%	0.04%	+16.1%
YRD	Sell	Yirendai Ltd., ADRadr	$6,023,000	-42.2%	2,048,620	-18.7%	0.03%	-43.3%
HIW	Buy	Highwoods Properties, Inc.	$5,990,000	+41.3%	178,430	+57.2%	0.03%	+32.0%
ROIC	Buy	Retail Opportunity Investments Corp.	$5,668,000	-6.5%	544,195	+1.7%	0.03%	-8.6%
AKR	Buy	Acadia Realty Trust	$5,349,000	-17.8%	509,407	+1.6%	0.03%	-21.1%
MTB	Buy	M&T Bank Corp.	$3,673,000	+5.9%	39,883	+19.6%	0.02%	0.0%
NVS	Buy	Novartis AG - ADRadr	$3,378,000	+1.8%	38,848	+2.3%	0.02%	0.0%
EGP	Buy	EastGroup Properties, Inc.	$2,845,000	+10.2%	22,000	+1.1%	0.02%	+6.7%
SFUN	Sell	Fang Holdings Ltd., Class A, ADRadr	$1,642,000	-12.4%	142,651	-13.8%	0.01%	-18.2%
TFC	Buy	Truist Financial Corp.	$1,480,000	+214.9%	38,899	+210.9%	0.01%	+166.7%
IVE	New	iShares S&P 500 Value ETFetf	$917,000	–	8,156	–	0.01%	–
OTIS	Sell	Otis Worldwide Corp.	$895,000	+9.3%	14,336	-0.5%	0.01%	0.0%
LTRPA	Sell	Liberty TripAdvisor Hldgs Inc. - A	$557,000	-22.7%	322,154	-4.8%	0.00%	-25.0%
DD	Exit	DuPont de Nemours, Inc.	$0	–	-4,000	–	-0.00%	–
EA	Exit	Electronic Arts, Inc.	$0	–	-2,960	–	-0.00%	–
FDX	Exit	FedEx Corp.	$0	–	-2,790	–	-0.00%	–
PPG	Exit	PPG Industries, Inc.	$0	–	-5,470	–	-0.00%	–
AXTA	Exit	Axalta Coating Systems Ltd.	$0	–	-20,310	–	-0.00%	–
MHK	Exit	Mohawk Industries, Inc.	$0	–	-62,175	–	-0.04%	–
JCAP	Exit	Jernigan Capital, Inc.	$0	–	-477,750	–	-0.04%	–
WUBA	Exit	58.com Inc., Class A, ADRadr	$0	–	-1,821,925	–	-0.57%	–

Q2 2020

			Value		Shares		↓ Weighting
AMZN	New	Amazon.com, Inc.	$1,459,510,000	–	529,034	–	8.44%	–
GOOG	New	Alphabet Inc., Class C	$1,115,862,000	–	789,371	–	6.45%	–
COF	New	Capital One Financial Corp.	$1,011,436,000	–	16,159,701	–	5.85%	–
AMAT	New	Applied Materials, Inc.	$984,143,000	–	16,280,279	–	5.69%	–
FB	New	Facebook, Inc, Class A	$947,694,000	–	4,173,578	–	5.48%	–
EDU	New	New Oriental Education & Tech ADRadr	$881,650,000	–	6,769,946	–	5.10%	–
BABA	New	Alibaba Group Holding Ltd., ADRadr	$770,874,000	–	3,573,826	–	4.46%	–
BRKA	New	Berkshire Hathaway Inc., Class A	$741,490,000	–	2,774	–	4.29%	–
WFC	New	Wells Fargo & Co.	$731,291,000	–	28,566,052	–	4.23%	–
RTX	New	Raytheon Technologies Corp.	$694,253,000	–	11,266,678	–	4.02%	–
JPM	New	JPMorgan Chase & Co.	$691,505,000	–	7,351,742	–	4.00%	–
CARR	New	Carrier Global Corp.	$679,387,000	–	30,575,476	–	3.93%	–
BK	New	Bank of New York Mellon Corp.	$621,125,000	–	16,070,508	–	3.59%	–
GOOGL	New	Alphabet Inc., Class A	$574,095,000	–	404,848	–	3.32%	–
AXP	New	American Express Co.	$522,612,000	–	5,489,626	–	3.02%	–
INTC	New	Intel Corp.	$506,728,000	–	8,469,465	–	2.93%	–
USB	New	U.S. Bancorp	$494,272,000	–	13,424,011	–	2.86%	–
TXN	New	Texas Instruments, Inc.	$464,944,000	–	3,661,844	–	2.69%	–
DGX	New	Quest Diagnostics, Inc.	$441,546,000	–	3,874,574	–	2.55%	–
BRKB	New	Berkshire Hathaway Inc., Class B	$285,387,000	–	1,598,717	–	1.65%	–
JD	New	JD.com, Inc., Class A, ADRadr	$224,184,000	–	3,725,224	–	1.30%	–
CB	New	Chubb Ltd.	$222,002,000	–	1,753,296	–	1.28%	–
MKL	New	Markel Corp.	$191,835,000	–	207,800	–	1.11%	–
MSFT	New	Microsoft Corp.	$114,338,000	–	561,829	–	0.66%	–
WUBA	New	58.com Inc., Class A, ADRadr	$98,275,000	–	1,821,925	–	0.57%	–
HOLI	New	Hollysys Automation Technologies, Ltd.	$93,894,000	–	7,059,684	–	0.54%	–
NTB	New	Bank of N.T. Butterfield & Son Ltd.	$87,765,000	–	3,598,386	–	0.51%	–
BAC	New	Bank of America Corp.	$85,394,000	–	3,595,526	–	0.49%	–
L	New	Loews Corp.	$80,758,000	–	2,355,148	–	0.47%	–
DUSA	New	Davis Select U.S. Equityetf	$75,288,000	–	3,234,982	–	0.44%	–
DINT	New	Davis Select Internationaletf	$68,923,000	–	3,774,558	–	0.40%	–
PNC	New	PNC Financial Services Group, Inc.	$62,180,000	–	591,009	–	0.36%	–
CI	New	Cigna Corp.	$60,429,000	–	322,028	–	0.35%	–
UNH	New	UnitedHealth Group, Inc.	$59,367,000	–	201,279	–	0.34%	–
CVS	New	CVS Health Corp.	$52,796,000	–	812,617	–	0.30%	–
QRVO	New	Qorvo, Inc.	$50,244,000	–	454,569	–	0.29%	–
JCI	New	Johnson Controls International PLC	$49,242,000	–	1,442,369	–	0.28%	–
DWLD	New	Davis Select Worldwideetf	$44,197,000	–	1,873,537	–	0.26%	–
STT	New	State Street Corp.	$42,594,000	–	670,239	–	0.25%	–
OC	New	Owens Corning	$42,114,000	–	755,271	–	0.24%	–
ETN	New	Eaton Corp. PLC	$36,942,000	–	422,288	–	0.21%	–
DFNL	New	Davis Select Financialetf	$36,295,000	–	1,959,793	–	0.21%	–
SCHW	New	Charles Schwab Corp.	$33,101,000	–	981,049	–	0.19%	–
PLD	New	Prologis, Inc.	$28,996,000	–	310,682	–	0.17%	–
QUOT	New	Quotient Technology, Inc.	$28,270,000	–	3,861,958	–	0.16%	–
GS	New	Goldman Sachs Group, Inc.	$26,444,000	–	133,813	–	0.15%	–
IQ	New	iQIYI, Inc., Class A, ADRadr	$25,681,000	–	1,107,409	–	0.15%	–
HUM	New	Humana Inc.	$24,749,000	–	63,827	–	0.14%	–
NOAH	New	Noah Holdings Ltd., ADSadr	$24,426,000	–	959,028	–	0.14%	–
EQIX	New	Equinix, Inc.	$24,082,000	–	34,290	–	0.14%	–
Y	New	Alleghany Corporation	$22,767,000	–	46,545	–	0.13%	–
ADNT	New	Adient plc	$22,736,000	–	1,384,647	–	0.13%	–
LBTYK	New	Liberty Global plc, Series C	$19,279,000	–	896,264	–	0.11%	–
REXR	New	Rexford Industrial Realty, Inc.	$17,987,000	–	434,150	–	0.10%	–
TRNO	New	Terreno Realty Corp.	$18,041,000	–	342,727	–	0.10%	–
ORCL	New	Oracle Corp.	$17,762,000	–	321,364	–	0.10%	–
PSA	New	Public Storage, Inc.	$17,771,000	–	92,610	–	0.10%	–
SAP	New	SAP SE, ADRadr	$16,575,000	–	118,390	–	0.10%	–
WELL	New	Welltower Inc.	$16,024,000	–	309,650	–	0.09%	–
ESS	New	Essex Property Trust, Inc.	$15,664,000	–	68,351	–	0.09%	–
EQR	New	Equity Residential	$14,666,000	–	249,340	–	0.08%	–
APTV	New	Aptiv PLC	$14,636,000	–	187,835	–	0.08%	–
ARE	New	Alexandria Real Estate Equities, Inc.	$14,745,000	–	90,877	–	0.08%	–
CCI	New	Crown Castle International Corp.	$13,836,000	–	82,680	–	0.08%	–
AVB	New	AvalonBay Communities, Inc.	$13,489,000	–	87,230	–	0.08%	–
RE	New	Everest Re Group, Ltd.	$13,454,000	–	65,248	–	0.08%	–
HPP	New	Hudson Pacific Properties, Inc.	$13,304,000	–	528,770	–	0.08%	–
SPG	New	Simon Property Group, Inc.	$13,067,000	–	191,100	–	0.08%	–
TCOM	New	Trip Com Group Ltdadr	$12,729,000	–	491,075	–	0.07%	–
BRX	New	Brixmor Property Group, Inc.	$12,723,000	–	992,440	–	0.07%	–
CONE	New	CyrusOne Inc.	$11,852,000	–	162,920	–	0.07%	–
CPT	New	Camden Property Trust	$11,793,000	–	129,280	–	0.07%	–
BIDU	New	Baidu, Inc., Class A, ADRadr	$11,787,000	–	98,314	–	0.07%	–
HST	New	Host Hotels & Resorts, Inc.	$11,315,000	–	1,048,610	–	0.06%	–
PEAK	New	Healthpeak Properties, Inc.	$10,688,000	–	387,806	–	0.06%	–
DLR	New	Digital Realty Trust, Inc.	$10,561,000	–	74,315	–	0.06%	–
YRD	New	Yirendai Ltd., ADRadr	$10,413,000	–	2,521,192	–	0.06%	–
CIH	New	China Index Holdings Ltd., ADRadr	$10,261,000	–	4,794,730	–	0.06%	–
BXP	New	Boston Properties, Inc.	$10,182,000	–	112,660	–	0.06%	–
ACC	New	American Campus Communities, Inc.	$9,731,000	–	278,345	–	0.06%	–
CUZ	New	Cousins Properties, Inc.	$9,576,000	–	321,005	–	0.06%	–
DEI	New	Douglas Emmett, Inc.	$8,706,000	–	283,960	–	0.05%	–
FRT	New	Federal Realty Investment Trust	$8,265,000	–	97,000	–	0.05%	–
VTR	New	Ventas, Inc.	$8,342,000	–	227,800	–	0.05%	–
COR	New	Coresite Realty Corp.	$8,129,000	–	67,150	–	0.05%	–
GLRE	New	Greenlight Capital Re, Ltd., Class A	$7,692,000	–	1,179,712	–	0.04%	–
EXR	New	Extra Space Storage Inc.	$7,656,000	–	82,880	–	0.04%	–
LSI	New	Life Storage, Inc.	$7,012,000	–	73,850	–	0.04%	–
AMH	New	American Homes 4 Rent, Class A	$6,904,000	–	256,650	–	0.04%	–
SHO	New	Sunstone Hotel Investors, Inc.	$6,696,000	–	821,600	–	0.04%	–
JCAP	New	Jernigan Capital, Inc.	$6,536,000	–	477,750	–	0.04%	–
AKR	New	Acadia Realty Trust	$6,506,000	–	501,257	–	0.04%	–
MHK	New	Mohawk Industries, Inc.	$6,327,000	–	62,175	–	0.04%	–
ROIC	New	Retail Opportunity Investments Corp.	$6,064,000	–	535,215	–	0.04%	–
HDS	New	HD Supply Holdings, Inc.	$5,327,000	–	153,737	–	0.03%	–
HIW	New	Highwoods Properties, Inc.	$4,238,000	–	113,530	–	0.02%	–
VMW	New	VMware, Inc.	$3,921,000	–	25,320	–	0.02%	–
VNO	New	Vornado Realty Trust	$4,012,000	–	105,010	–	0.02%	–
MTB	New	M&T Bank Corp.	$3,468,000	–	33,359	–	0.02%	–
SLG	New	SL Green Realty Corp.	$3,502,000	–	71,040	–	0.02%	–
NVS	New	Novartis AG - ADRadr	$3,318,000	–	37,988	–	0.02%	–
EGP	New	EastGroup Properties, Inc.	$2,581,000	–	21,760	–	0.02%	–
SFUN	New	Fang Holdings Ltd., Class A, ADRadr	$1,874,000	–	165,406	–	0.01%	–
DXC	New	DXC Technology Co.	$1,147,000	–	69,539	–	0.01%	–
OTIS	New	Otis Worldwide Corp.	$819,000	–	14,407	–	0.01%	–
WORK	New	Slack Technologies, Inc., Class A	$867,000	–	27,900	–	0.01%	–
LRCX	New	Lam Research Corp.	$794,000	–	2,455	–	0.01%	–
ULTA	New	Ulta Beauty, Inc.	$627,000	–	3,080	–	0.00%	–
LTRPA	New	Liberty TripAdvisor Hldgs Inc. - A	$721,000	–	338,414	–	0.00%	–
PPG	New	PPG Industries, Inc.	$580,000	–	5,470	–	0.00%	–
TFC	New	Truist Financial Corp.	$470,000	–	12,513	–	0.00%	–
XLNX	New	Xilinx, Inc.	$559,000	–	5,685	–	0.00%	–
AXTA	New	Axalta Coating Systems Ltd.	$458,000	–	20,310	–	0.00%	–
FDX	New	FedEx Corp.	$391,000	–	2,790	–	0.00%	–
HPQ	New	HP, Inc.	$363,000	–	20,830	–	0.00%	–
EA	New	Electronic Arts, Inc.	$391,000	–	2,960	–	0.00%	–
KMX	New	CarMax, Inc.	$337,000	–	3,760	–	0.00%	–
BKNG	New	Booking Holdings, Inc.	$205,000	–	129	–	0.00%	–
DD	New	DuPont de Nemours, Inc.	$213,000	–	4,000	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
IWV	Exit	iShares Russell 3000 Index Fundetf	$0	–	-1,450	–	-0.00%	–
DD	Exit	DowDuPont, Inc.	$0	–	-4,000	–	-0.00%	–
EA	Exit	Electronic Arts, Inc.	$0	–	-2,960	–	-0.00%	–
FDX	Exit	FedEx Corp.	$0	–	-3,190	–	-0.00%	–
KMX	Exit	CarMax, Inc.	$0	–	-4,440	–	-0.00%	–
HPQ	Exit	HP, Inc.	$0	–	-20,830	–	-0.00%	–
TSG	Exit	The Stars Group, Inc.	$0	–	-36,150	–	-0.00%	–
PPG	Exit	PPG Industries, Inc.	$0	–	-5,470	–	-0.00%	–
IVE	Exit	iShares S&P 500 Value ETFetf	$0	–	-4,288	–	-0.00%	–
WORK	Exit	Slack Technologies, Inc., Class A	$0	–	-27,900	–	-0.00%	–
XLNX	Exit	Xilinx, Inc.	$0	–	-5,685	–	-0.00%	–
LRCX	Exit	Lam Research Corp.	$0	–	-3,485	–	-0.00%	–
AXTA	Exit	Axalta Coating Systems Ltd.	$0	–	-23,540	–	-0.00%	–
WUBA	Exit	58.com Inc., Class A, ADRadr	$0	–	-22,790	–	-0.01%	–
DXC	Exit	DXC Technology Co.	$0	–	-69,539	–	-0.01%	–
MAC	Exit	Macerich Co.	$0	–	-67,570	–	-0.01%	–
NVS	Exit	Novartis AG - ADRadr	$0	–	-24,056	–	-0.01%	–
ALEX	Exit	Alexander & Baldwin, Inc.	$0	–	-131,850	–	-0.02%	–
CONE	Exit	CyrusOne Inc.	$0	–	-42,250	–	-0.02%	–
FR	Exit	First Industrial Realty Trust, Inc.	$0	–	-84,200	–	-0.02%	–
LTRPA	Exit	Liberty TripAdvisor Hldgs Inc. - A	$0	–	-363,520	–	-0.02%	–
MAA	Exit	Mid-America Apartment Communities, Inc.	$0	–	-28,400	–	-0.02%	–
EGP	Exit	EastGroup Properties, Inc.	$0	–	-30,070	–	-0.02%	–
	Exit	Tarena International, Inc.,Class A, ADRadr	$0	–	-4,096,689	–	-0.02%	–
RHP	Exit	Ryman Hospitality Properties, Inc.	$0	–	-51,840	–	-0.02%	–
AMH	Exit	American Homes 4 Rent, Class A	$0	–	-168,740	–	-0.02%	–
INVH	Exit	Invitation Homes, Inc.	$0	–	-148,580	–	-0.02%	–
SFUN	Exit	Fang Holdings Ltd., Class A, ADRadr	$0	–	-2,013,863	–	-0.02%	–
CUBE	Exit	CubeSmart	$0	–	-150,120	–	-0.03%	–
SLG	Exit	SL Green Realty Corp.	$0	–	-70,660	–	-0.03%	–
ROIC	Exit	Retail Opportunity Investments Corp.	$0	–	-352,445	–	-0.03%	–
COR	Exit	Coresite Realty Corp.	$0	–	-53,950	–	-0.03%	–
LSI	Exit	Life Storage, Inc.	$0	–	-61,540	–	-0.03%	–
STOR	Exit	STORE Capital Corp.	$0	–	-180,540	–	-0.03%	–
LPT	Exit	Liberty Property Trust	$0	–	-134,020	–	-0.04%	–
ELS	Exit	Equity LifeStyle Properties, Inc.	$0	–	-65,040	–	-0.04%	–
BDN	Exit	Brandywine Realty Trust	$0	–	-606,441	–	-0.05%	–
SUI	Exit	Sun Communities, Inc.	$0	–	-61,320	–	-0.05%	–
BIDU	Exit	Baidu, Inc., Class A, ADRadr	$0	–	-91,573	–	-0.05%	–
HST	Exit	Host Hotels & Resorts, Inc.	$0	–	-604,090	–	-0.05%	–
CCI	Exit	Crown Castle International Corp.	$0	–	-77,640	–	-0.05%	–
	Exit	Altus Midstream Co., Class A	$0	–	-3,968,360	–	-0.06%	–
CUZ	Exit	Cousins Properties, Inc.	$0	–	-302,545	–	-0.06%	–
EXR	Exit	Extra Space Storage Inc.	$0	–	-99,410	–	-0.06%	–
HCP	Exit	HCP, Inc.	$0	–	-340,096	–	-0.06%	–
VNO	Exit	Vornado Realty Trust	$0	–	-189,410	–	-0.06%	–
EXPE	Exit	Expedia Group, Inc.	$0	–	-92,047	–	-0.06%	–
COG	Exit	Cabot Oil & Gas Corp.	$0	–	-707,142	–	-0.06%	–
BRX	Exit	Brixmor Property Group, Inc.	$0	–	-638,450	–	-0.06%	–
BXP	Exit	Boston Properties, Inc.	$0	–	-106,190	–	-0.07%	–
AZUL	Exit	Azul S.A., ADRadr	$0	–	-382,876	–	-0.07%	–
REG	Exit	Regency Centers Corp.	$0	–	-203,750	–	-0.07%	–
CTRP	Exit	Ctrip.com International, Ltd., ADRadr	$0	–	-481,331	–	-0.07%	–
WELL	Exit	Welltower Inc.	$0	–	-155,510	–	-0.07%	–
VTR	Exit	Ventas, Inc.	$0	–	-195,550	–	-0.07%	–
DLR	Exit	Digital Realty Trust, Inc.	$0	–	-111,180	–	-0.07%	–
LILAK	Exit	Liberty Latin America Ltd., Class C	$0	–	-877,029	–	-0.08%	–
QRTEA	Exit	Qurate Retail, Inc. Series A	$0	–	-1,550,161	–	-0.08%	–
FRT	Exit	Federal Realty Investment Trust	$0	–	-116,850	–	-0.08%	–
SAP	Exit	SAP SE, ADRadr	$0	–	-135,527	–	-0.08%	–
TRNO	Exit	Terreno Realty Corp.	$0	–	-322,657	–	-0.08%	–
YRD	Exit	Yirendai Ltd., ADRadr	$0	–	-2,404,034	–	-0.08%	–
IQ	Exit	iQIYI, Inc., Class A, ADRadr	$0	–	-1,058,077	–	-0.09%	–
AKR	Exit	Acadia Realty Trust	$0	–	-603,920	–	-0.09%	–
PSA	Exit	Public Storage, Inc.	$0	–	-73,630	–	-0.09%	–
REXR	Exit	Rexford Industrial Realty, Inc.	$0	–	-410,360	–	-0.09%	–
HPP	Exit	Hudson Pacific Properties, Inc.	$0	–	-541,430	–	-0.09%	–
ARE	Exit	Alexandria Real Estate Equities, Inc.	$0	–	-118,927	–	-0.09%	–
APTV	Exit	Aptiv PLC	$0	–	-212,977	–	-0.09%	–
CIH	Exit	China Index Holdings Ltd., ADRadr	$0	–	-4,907,385	–	-0.10%	–
ACC	Exit	American Campus Communities, Inc.	$0	–	-395,984	–	-0.10%	–
CPT	Exit	Camden Property Trust	$0	–	-177,490	–	-0.10%	–
GLRE	Exit	Greenlight Capital Re, Ltd., Class A	$0	–	-1,929,654	–	-0.10%	–
EQR	Exit	Equity Residential	$0	–	-239,570	–	-0.10%	–
EQIX	Exit	Equinix, Inc.	$0	–	-35,930	–	-0.10%	–
OC	Exit	Owens Corning	$0	–	-329,882	–	-0.10%	–
ESS	Exit	Essex Property Trust, Inc.	$0	–	-68,351	–	-0.11%	–
LBTYK	Exit	Liberty Global plc, Series C	$0	–	-946,074	–	-0.11%	–
GLIBA	Exit	GCI Liberty, Inc., Class A	$0	–	-382,188	–	-0.12%	–
NOAH	Exit	Noah Holdings Ltd., ADSadr	$0	–	-923,214	–	-0.14%	–
RE	Exit	Everest Re Group, Ltd.	$0	–	-105,158	–	-0.14%	–
CI	Exit	Cigna Corp.	$0	–	-187,116	–	-0.14%	–
PLD	Exit	Prologis, Inc.	$0	–	-352,878	–	-0.15%	–
AVB	Exit	AvalonBay Communities, Inc.	$0	–	-151,320	–	-0.16%	–
QUOT	Exit	Quotient Technology, Inc.	$0	–	-4,209,022	–	-0.17%	–
KKR	Exit	KKR & Co. Inc., Class A	$0	–	-1,252,876	–	-0.17%	–
HUM	Exit	Humana Inc.	$0	–	-134,266	–	-0.17%	–
QRVO	Exit	Qorvo, Inc.	$0	–	-465,744	–	-0.17%	–
SPG	Exit	Simon Property Group, Inc.	$0	–	-225,730	–	-0.18%	–
ETN	Exit	Eaton Corp. PLC	$0	–	-432,507	–	-0.18%	–
SCHW	Exit	Charles Schwab Corp.	$0	–	-933,808	–	-0.20%	–
DWLD	Exit	Davis Select Worldwideetf	$0	–	-1,803,388	–	-0.21%	–
Y	Exit	Alleghany Corporation	$0	–	-51,813	–	-0.21%	–
JCI	Exit	Johnson Controls International PLC	$0	–	-991,133	–	-0.22%	–
STT	Exit	State Street Corp.	$0	–	-743,124	–	-0.22%	–
DFNL	Exit	Davis Select Financialetf	$0	–	-1,904,737	–	-0.23%	–
PNC	Exit	PNC Financial Services Group, Inc.	$0	–	-335,117	–	-0.24%	–
GS	Exit	Goldman Sachs Group, Inc.	$0	–	-242,484	–	-0.25%	–
UNH	Exit	UnitedHealth Group, Inc.	$0	–	-235,081	–	-0.26%	–
DINT	Exit	Davis Select Internationaletf	$0	–	-3,654,046	–	-0.32%	–
CVS	Exit	CVS Health Corp.	$0	–	-1,065,535	–	-0.34%	–
BAC	Exit	Bank of America Corp.	$0	–	-2,552,852	–	-0.38%	–
DUSA	Exit	Davis Select U.S. Equityetf	$0	–	-3,169,516	–	-0.38%	–
NTB	Exit	Bank of N.T. Butterfield & Son Ltd.	$0	–	-3,329,656	–	-0.50%	–
HOLI	Exit	Hollysys Automation Technologies, Ltd.	$0	–	-6,629,103	–	-0.51%	–
BKNG	Exit	Booking Holdings, Inc.	$0	–	-51,450	–	-0.51%	–
L	Exit	Loews Corp.	$0	–	-2,546,794	–	-0.66%	–
MGY	Exit	Magnolia Oil & Gas Corp., Class A	$0	–	-12,213,124	–	-0.68%	–
ORCL	Exit	Oracle Corp.	$0	–	-2,525,485	–	-0.70%	–
JD	Exit	JD.com, Inc., Class A, ADRadr	$0	–	-5,275,063	–	-0.75%	–
ADNT	Exit	Adient plc	$0	–	-8,952,876	–	-1.03%	–
ECA	Exit	Encana Corp.	$0	–	-48,956,580	–	-1.13%	–
MSFT	Exit	Microsoft Corp.	$0	–	-1,744,532	–	-1.22%	–
MKL	Exit	Markel Corp.	$0	–	-225,069	–	-1.34%	–
CB	Exit	Chubb Ltd.	$0	–	-2,001,929	–	-1.63%	–
BRKB	Exit	Berkshire Hathaway Inc., Class B	$0	–	-1,593,552	–	-1.67%	–
INTC	Exit	Intel Corp.	$0	–	-7,313,775	–	-1.90%	–
DGX	Exit	Quest Diagnostics, Inc.	$0	–	-3,978,452	–	-2.14%	–
USB	Exit	U.S. Bancorp	$0	–	-8,685,980	–	-2.42%	–
TXN	Exit	Texas Instruments, Inc.	$0	–	-3,892,068	–	-2.53%	–
GOOGL	Exit	Alphabet Inc., Class A	$0	–	-451,888	–	-2.78%	–
APA	Exit	Apache Corp.	$0	–	-21,996,556	–	-2.83%	–
AXP	Exit	American Express Co.	$0	–	-5,856,906	–	-3.49%	–
BABA	Exit	Alibaba Group Holding Ltd., ADRadr	$0	–	-4,176,607	–	-3.51%	–
BK	Exit	Bank of New York Mellon Corp.	$0	–	-16,279,343	–	-3.70%	–
AMAT	Exit	Applied Materials, Inc.	$0	–	-15,544,930	–	-3.90%	–
FB	Exit	Facebook, Inc, Class A	$0	–	-4,466,648	–	-4.00%	–
JPM	Exit	JPMorgan Chase & Co.	$0	–	-7,701,685	–	-4.56%	–
BRKA	Exit	Berkshire Hathaway Inc., Class A	$0	–	-3,244	–	-5.09%	–
UTX	Exit	United Technologies Corp.	$0	–	-7,869,473	–	-5.41%	–
AMZN	Exit	Amazon.com, Inc.	$0	–	-630,264	–	-5.50%	–
GOOG	Exit	Alphabet Inc., Class C	$0	–	-915,057	–	-5.61%	–
EDU	Exit	New Oriental Education & Tech ADRadr	$0	–	-10,622,576	–	-5.92%	–
COF	Exit	Capital One Financial Corp.	$0	–	-13,663,040	–	-6.25%	–
WFC	Exit	Wells Fargo & Co.	$0	–	-27,467,268	–	-6.97%	–

Q3 2019

			Value		Shares		↓ Weighting
WFC	Sell	Wells Fargo & Co.	$1,385,449,000	+5.6%	27,467,268	-0.9%	6.97%	+7.4%
COF	Sell	Capital One Financial Corp.	$1,243,063,000	-1.0%	13,663,040	-1.3%	6.25%	+0.7%
EDU	Sell	New Oriental Education & Tech ADRadr	$1,176,557,000	+9.6%	10,622,576	-4.5%	5.92%	+11.4%
GOOG	Sell	Alphabet Inc., Class C	$1,115,454,000	+7.6%	915,057	-4.6%	5.61%	+9.4%
AMZN	Sell	Amazon.com, Inc.	$1,094,082,000	-12.4%	630,264	-4.4%	5.50%	-10.9%
UTX	Sell	United Technologies Corp.	$1,074,341,000	+0.5%	7,869,473	-4.1%	5.41%	+2.3%
BRKA	Sell	Berkshire Hathaway Inc., Class A	$1,011,583,000	-5.2%	3,244	-3.2%	5.09%	-3.5%
JPM	Sell	JPMorgan Chase & Co.	$906,411,000	+2.3%	7,701,685	-2.8%	4.56%	+4.1%
FB	Sell	Facebook, Inc, Class A	$795,421,000	-11.5%	4,466,648	-4.1%	4.00%	-10.0%
AMAT	Sell	Applied Materials, Inc.	$775,692,000	+8.8%	15,544,930	-2.1%	3.90%	+10.6%
BK	Sell	Bank of New York Mellon Corp.	$735,989,000	-0.3%	16,279,343	-2.6%	3.70%	+1.5%
BABA	Buy	Alibaba Group Holding Ltd., ADRadr	$698,454,000	-1.2%	4,176,607	+0.1%	3.51%	+0.5%
AXP	Sell	American Express Co.	$692,755,000	-8.4%	5,856,906	-4.4%	3.49%	-6.8%
APA	Sell	Apache Corp.	$563,112,000	-15.5%	21,996,556	-4.4%	2.83%	-14.1%
GOOGL	Sell	Alphabet Inc., Class A	$551,819,000	+8.6%	451,888	-3.7%	2.78%	+10.5%
TXN	Sell	Texas Instruments, Inc.	$503,011,000	+7.4%	3,892,068	-4.6%	2.53%	+9.2%
USB	Sell	U.S. Bancorp	$480,682,000	+1.3%	8,685,980	-4.1%	2.42%	+3.1%
DGX	Sell	Quest Diagnostics, Inc.	$425,814,000	+4.5%	3,978,452	-0.6%	2.14%	+6.3%
INTC	Sell	Intel Corp.	$376,879,000	+5.3%	7,313,775	-2.1%	1.90%	+7.1%
BRKB	Sell	Berkshire Hathaway Inc., Class B	$331,491,000	-4.5%	1,593,552	-2.1%	1.67%	-2.8%
CB	Sell	Chubb Ltd.	$323,191,000	+1.7%	2,001,929	-7.2%	1.63%	+3.4%
MKL	Sell	Markel Corp.	$266,009,000	+3.7%	225,069	-4.4%	1.34%	+5.4%
MSFT	Sell	Microsoft Corp.	$242,542,000	+0.6%	1,744,532	-3.1%	1.22%	+2.3%
ECA	Sell	Encana Corp.	$225,200,000	-12.7%	48,956,580	-2.7%	1.13%	-11.2%
ADNT	Sell	Adient plc	$205,558,000	-28.5%	8,952,876	-24.4%	1.03%	-27.3%
JD	Sell	JD.com, Inc., Class A, ADRadr	$148,810,000	-24.0%	5,275,063	-18.4%	0.75%	-22.7%
ORCL	Sell	Oracle Corp.	$138,977,000	-7.1%	2,525,485	-3.8%	0.70%	-5.5%
MGY	Sell	Magnolia Oil & Gas Corp., Class A	$135,566,000	-5.3%	12,213,124	-1.2%	0.68%	-3.7%
L	Sell	Loews Corp.	$131,109,000	-40.5%	2,546,794	-36.8%	0.66%	-39.4%
BKNG	Sell	Booking Holdings, Inc.	$100,976,000	+0.3%	51,450	-4.2%	0.51%	+2.0%
HOLI	Sell	Hollysys Automation Technologies, Ltd.	$100,696,000	-21.0%	6,629,103	-1.2%	0.51%	-19.5%
NTB	Sell	Bank of N.T. Butterfield & Son Ltd.	$98,691,000	-12.9%	3,329,656	-0.3%	0.50%	-11.4%
BAC	Buy	Bank of America Corp.	$74,467,000	+56.3%	2,552,852	+55.4%	0.38%	+58.9%
CVS	Sell	CVS Health Corp.	$67,203,000	+11.9%	1,065,535	-3.3%	0.34%	+13.8%
UNH	Buy	UnitedHealth Group, Inc.	$51,088,000	+5.0%	235,081	+17.8%	0.26%	+6.6%
GS	Sell	Goldman Sachs Group, Inc.	$50,250,000	-6.2%	242,484	-7.4%	0.25%	-4.5%
PNC	Buy	PNC Financial Services Group, Inc.	$46,970,000	+4.5%	335,117	+2.3%	0.24%	+6.3%
STT	Buy	State Street Corp.	$43,986,000	+6.5%	743,124	+0.9%	0.22%	+8.3%
JCI	Sell	Johnson Controls International PLC	$43,501,000	+5.1%	991,133	-1.1%	0.22%	+6.8%
Y	Sell	Alleghany Corporation	$41,334,000	-23.6%	51,813	-34.8%	0.21%	-22.4%
SCHW	Buy	Charles Schwab Corp.	$39,061,000	+102.4%	933,808	+94.5%	0.20%	+107.4%
ETN	Sell	Eaton Corp. PLC	$35,963,000	-1.3%	432,507	-1.1%	0.18%	+0.6%
SPG	Buy	Simon Property Group, Inc.	$35,135,000	+10.6%	225,730	+13.6%	0.18%	+12.7%
QRVO	Sell	Qorvo, Inc.	$34,530,000	+9.0%	465,744	-2.1%	0.17%	+10.8%
HUM	Buy	Humana Inc.	$34,328,000	-3.4%	134,266	+0.2%	0.17%	-1.7%
KKR	Sell	KKR & Co. Inc., Class A	$33,640,000	-12.0%	1,252,876	-17.2%	0.17%	-10.6%
QUOT	Sell	Quotient Technology, Inc.	$32,915,000	-32.3%	4,209,022	-7.0%	0.17%	-30.8%
AVB	Buy	AvalonBay Communities, Inc.	$32,584,000	+9.9%	151,320	+3.7%	0.16%	+11.6%
PLD	Buy	Prologis, Inc.	$30,072,000	+10.4%	352,878	+3.8%	0.15%	+11.9%
CI	Buy	Cigna Corp.	$28,402,000	+70.0%	187,116	+76.5%	0.14%	+72.3%
RE	Sell	Everest Re Group, Ltd.	$27,981,000	-23.2%	105,158	-28.6%	0.14%	-21.7%
NOAH	Sell	Noah Holdings Ltd., ADSadr	$26,958,000	-32.9%	923,214	-2.2%	0.14%	-31.7%
GLIBA	Sell	GCI Liberty, Inc., Class A	$23,722,000	-3.2%	382,188	-4.1%	0.12%	-1.7%
LBTYK	Sell	Liberty Global plc, Series C	$22,507,000	-11.8%	946,074	-1.7%	0.11%	-10.3%
ESS	Buy	Essex Property Trust, Inc.	$22,327,000	+14.9%	68,351	+2.6%	0.11%	+16.7%
OC	Sell	Owens Corning	$20,849,000	+6.7%	329,882	-1.7%	0.10%	+8.2%
EQIX	Sell	Equinix, Inc.	$20,724,000	-29.0%	35,930	-37.9%	0.10%	-27.8%
EQR	Buy	Equity Residential	$20,665,000	+16.7%	239,570	+2.7%	0.10%	+18.2%
GLRE	Sell	Greenlight Capital Re, Ltd., Class A	$20,261,000	+17.2%	1,929,654	-5.3%	0.10%	+18.6%
CPT	Buy	Camden Property Trust	$19,703,000	+10.7%	177,490	+4.1%	0.10%	+12.5%
ACC	Buy	American Campus Communities, Inc.	$19,039,000	+17.1%	395,984	+12.5%	0.10%	+20.0%
CIH	Buy	China Index Holdings Ltd., ADRadr	$19,139,000	+50.0%	4,907,385	+36.6%	0.10%	+52.4%
APTV	Sell	Aptiv PLC	$18,618,000	+4.5%	212,977	-3.4%	0.09%	+6.8%
ARE	Buy	Alexandria Real Estate Equities, Inc.	$18,320,000	+14.0%	118,927	+4.4%	0.09%	+15.0%
REXR	Buy	Rexford Industrial Realty, Inc.	$18,064,000	+12.6%	410,360	+3.2%	0.09%	+15.2%
HPP	Buy	Hudson Pacific Properties, Inc.	$18,116,000	+1.9%	541,430	+1.3%	0.09%	+3.4%
PSA	Buy	Public Storage, Inc.	$18,059,000	+6.7%	73,630	+3.6%	0.09%	+8.3%
AKR	Buy	Acadia Realty Trust	$17,260,000	+8.0%	603,920	+3.4%	0.09%	+10.1%
IQ	Sell	iQIYI, Inc., Class A, ADRadr	$17,067,000	-50.3%	1,058,077	-36.3%	0.09%	-49.4%
YRD	Sell	Yirendai Ltd., ADRadr	$16,876,000	-54.4%	2,404,034	-10.7%	0.08%	-53.6%
TRNO	Buy	Terreno Realty Corp.	$16,485,000	+7.4%	322,657	+3.0%	0.08%	+9.2%
QRTEA	Sell	Qurate Retail, Inc. Series A	$15,991,000	-20.6%	1,550,161	-4.6%	0.08%	-20.0%
SAP	Sell	SAP SE, ADRadr	$15,975,000	-16.7%	135,527	-3.3%	0.08%	-15.8%
FRT	Buy	Federal Realty Investment Trust	$15,908,000	+9.7%	116,850	+3.7%	0.08%	+11.1%
LILAK	Sell	Liberty Latin America Ltd., Class C	$14,993,000	-4.7%	877,029	-4.2%	0.08%	-3.8%
DLR	Sell	Digital Realty Trust, Inc.	$14,432,000	-16.6%	111,180	-24.3%	0.07%	-15.1%
VTR	Buy	Ventas, Inc.	$14,281,000	+13.0%	195,550	+5.7%	0.07%	+14.3%
CTRP	Buy	Ctrip.com International, Ltd., ADRadr	$14,098,000	-19.8%	481,331	+1.1%	0.07%	-18.4%
REG	Buy	Regency Centers Corp.	$14,159,000	+8.7%	203,750	+4.4%	0.07%	+10.9%
WELL	Buy	Welltower Inc.	$14,097,000	+15.2%	155,510	+3.6%	0.07%	+16.4%
AZUL	Buy	Azul S.A., ADRadr	$13,715,000	+7.5%	382,876	+0.3%	0.07%	+9.5%
BXP	Sell	Boston Properties, Inc.	$13,769,000	-29.5%	106,190	-29.9%	0.07%	-28.9%
BRX	Buy	Brixmor Property Group, Inc.	$12,954,000	+17.6%	638,450	+3.7%	0.06%	+20.4%
COG	New	Cabot Oil & Gas Corp.	$12,424,000	–	707,142	–	0.06%	–
EXPE	New	Expedia Group, Inc.	$12,372,000	–	92,047	–	0.06%	–
VNO	Buy	Vornado Realty Trust	$12,060,000	+37.8%	189,410	+38.8%	0.06%	+41.9%
HCP	Buy	HCP, Inc.	$12,118,000	+16.8%	340,096	+4.8%	0.06%	+19.6%
EXR	Buy	Extra Space Storage Inc.	$11,613,000	+13.9%	99,410	+3.4%	0.06%	+16.0%
CUZ	Buy	Cousins Properties, Inc.	$11,373,000	+47.1%	302,545	+41.5%	0.06%	+50.0%
	Buy	Altus Midstream Co., Class A	$11,230,000	-7.3%	3,968,360	+21.9%	0.06%	-5.0%
CCI	Sell	Crown Castle International Corp.	$10,793,000	-38.7%	77,640	-42.5%	0.05%	-37.9%
HST	Buy	Host Hotels & Resorts, Inc.	$10,445,000	-2.1%	604,090	+3.1%	0.05%	0.0%
BIDU	Buy	Baidu, Inc., Class A, ADRadr	$9,410,000	-12.3%	91,573	+0.2%	0.05%	-11.3%
SUI	Buy	Sun Communities, Inc.	$9,103,000	+20.2%	61,320	+3.8%	0.05%	+24.3%
BDN	Buy	Brandywine Realty Trust	$9,188,000	+9.4%	606,441	+3.4%	0.05%	+9.5%
ELS	Buy	Equity LifeStyle Properties, Inc.	$8,689,000	+14.2%	65,040	+3.8%	0.04%	+15.8%
LPT	Buy	Liberty Property Trust	$6,879,000	+6.3%	134,020	+3.6%	0.04%	+9.4%
STOR	Buy	STORE Capital Corp.	$6,754,000	+16.8%	180,540	+3.6%	0.03%	+17.2%
LSI	Buy	Life Storage, Inc.	$6,487,000	+14.0%	61,540	+2.8%	0.03%	+17.9%
COR	Sell	Coresite Realty Corp.	$6,574,000	-37.1%	53,950	-40.5%	0.03%	-36.5%
ROIC	Buy	Retail Opportunity Investments Corp.	$6,425,000	+7.3%	352,445	+0.8%	0.03%	+6.7%
SLG	Sell	SL Green Realty Corp.	$5,776,000	+0.5%	70,660	-1.2%	0.03%	+3.6%
CUBE	Buy	CubeSmart	$5,239,000	+7.3%	150,120	+2.8%	0.03%	+8.3%
INVH	Buy	Invitation Homes, Inc.	$4,399,000	+13.9%	148,580	+2.9%	0.02%	+15.8%
SFUN	New	Fang Holdings Ltd., Class A, ADRadr	$4,471,000	–	2,013,863	–	0.02%	–
AMH	Buy	American Homes 4 Rent, Class A	$4,369,000	+10.3%	168,740	+3.6%	0.02%	+10.0%
RHP	Buy	Ryman Hospitality Properties, Inc.	$4,241,000	+4.6%	51,840	+3.7%	0.02%	+5.0%
	Sell	Tarena International, Inc.,Class A, ADRadr	$4,056,000	-66.8%	4,096,689	-16.2%	0.02%	-66.7%
EGP	Buy	EastGroup Properties, Inc.	$3,759,000	+10.9%	30,070	+2.9%	0.02%	+11.8%
MAA	Buy	Mid-America Apartment Communities, Inc.	$3,692,000	+14.1%	28,400	+3.3%	0.02%	+18.8%
FR	Buy	First Industrial Realty Trust, Inc.	$3,331,000	+10.9%	84,200	+3.0%	0.02%	+13.3%
LTRPA	Sell	Liberty TripAdvisor Hldgs Inc. - A	$3,421,000	-27.2%	363,520	-4.1%	0.02%	-26.1%
CONE	New	CyrusOne Inc.	$3,342,000	–	42,250	–	0.02%	–
ALEX	Buy	Alexander & Baldwin, Inc.	$3,232,000	+10.0%	131,850	+3.6%	0.02%	+6.7%
MAC	Buy	Macerich Co.	$2,135,000	-4.2%	67,570	+1.6%	0.01%	0.0%
NVS	Buy	Novartis AG - ADRadr	$2,090,000	-0.6%	24,056	+4.5%	0.01%	+10.0%
DXC	Buy	DXC Technology Co.	$2,051,000	+228.7%	69,539	+514.4%	0.01%	+233.3%
WORK	New	Slack Technologies, Inc., Class A	$662,000	–	27,900	–	0.00%	–
TSG	Buy	The Stars Group, Inc.	$542,000	+27.2%	36,150	+44.7%	0.00%	+50.0%
IVE	New	iShares S&P 500 Value ETFetf	$511,000	–	4,288	–	0.00%	–
KMX	Sell	CarMax, Inc.	$391,000	-10.7%	4,440	-12.0%	0.00%	0.0%
IWV	New	iShares Russell 3000 Index Fundetf	$252,000	–	1,450	–	0.00%	–
FUTU	Exit	Futu Holdings Ltd., Class A, ADRadr	$0	–	-97,320	–	-0.01%	–
COST	Exit	Costco Wholesale Corp.	$0	–	-7,680	–	-0.01%	–
SFUN	Exit	Fang Holdings Ltd., Class A, ADRadr	$0	–	-10,568,354	–	-0.03%	–
LEXEA	Exit	Liberty Expedia Holdings, Inc.	$0	–	-266,654	–	-0.06%	–

Q2 2019

			Value		Shares		↓ Weighting
WFC	New	Wells Fargo & Co.	$1,312,177,000	–	27,729,864	–	6.49%	–
COF	New	Capital One Financial Corp.	$1,255,514,000	–	13,836,387	–	6.21%	–
AMZN	New	Amazon.com, Inc.	$1,248,576,000	–	659,356	–	6.18%	–
EDU	New	New Oriental Education & Tech ADRadr	$1,073,930,000	–	11,119,591	–	5.31%	–
UTX	New	United Technologies Corp.	$1,068,483,000	–	8,206,472	–	5.28%	–
BRKA	New	Berkshire Hathaway Inc., Class A	$1,066,791,000	–	3,351	–	5.28%	–
GOOG	New	Alphabet Inc., Class C	$1,036,910,000	–	959,294	–	5.13%	–
FB	New	Facebook, Inc, Class A	$898,939,000	–	4,657,716	–	4.45%	–
JPM	New	JPMorgan Chase & Co.	$885,920,000	–	7,924,152	–	4.38%	–
AXP	New	American Express Co.	$756,489,000	–	6,128,392	–	3.74%	–
BK	New	Bank of New York Mellon Corp.	$738,028,000	–	16,716,368	–	3.65%	–
AMAT	New	Applied Materials, Inc.	$713,204,000	–	15,880,737	–	3.53%	–
BABA	New	Alibaba Group Holding Ltd., ADRadr	$707,146,000	–	4,173,186	–	3.50%	–
APA	New	Apache Corp.	$666,564,000	–	23,008,783	–	3.30%	–
GOOGL	New	Alphabet Inc., Class A	$508,013,000	–	469,166	–	2.51%	–
USB	New	U.S. Bancorp	$474,545,000	–	9,056,196	–	2.35%	–
TXN	New	Texas Instruments, Inc.	$468,405,000	–	4,081,608	–	2.32%	–
DGX	New	Quest Diagnostics, Inc.	$407,359,000	–	4,001,170	–	2.02%	–
INTC	New	Intel Corp.	$357,766,000	–	7,473,706	–	1.77%	–
BRKB	New	Berkshire Hathaway Inc., Class B	$346,989,000	–	1,627,758	–	1.72%	–
CB	New	Chubb Ltd.	$317,790,000	–	2,157,578	–	1.57%	–
ADNT	New	Adient plc	$287,576,000	–	11,849,046	–	1.42%	–
ECA	New	Encana Corp.	$258,023,000	–	50,296,797	–	1.28%	–
MKL	New	Markel Corp.	$256,523,000	–	235,429	–	1.27%	–
MSFT	New	Microsoft Corp.	$241,186,000	–	1,800,433	–	1.19%	–
L	New	Loews Corp.	$220,385,000	–	4,031,184	–	1.09%	–
JD	New	JD.com, Inc., Class A, ADRadr	$195,833,000	–	6,465,282	–	0.97%	–
ORCL	New	Oracle Corp.	$149,527,000	–	2,624,661	–	0.74%	–
MGY	New	Magnolia Oil & Gas Corp., Class A	$143,192,000	–	12,365,434	–	0.71%	–
HOLI	New	Hollysys Automation Technologies, Ltd.	$127,441,000	–	6,707,397	–	0.63%	–
NTB	New	Bank of N.T. Butterfield & Son Ltd.	$113,367,000	–	3,338,242	–	0.56%	–
BKNG	New	Booking Holdings, Inc.	$100,634,000	–	53,680	–	0.50%	–
DUSA	New	Davis Select U.S. Equityetf	$74,243,000	–	3,169,516	–	0.37%	–
DINT	New	Davis Select Internationaletf	$65,180,000	–	3,654,046	–	0.32%	–
CVS	New	CVS Health Corp.	$60,031,000	–	1,101,682	–	0.30%	–
Y	New	Alleghany Corporation	$54,093,000	–	79,419	–	0.27%	–
GS	New	Goldman Sachs Group, Inc.	$53,591,000	–	261,932	–	0.26%	–
UNH	New	UnitedHealth Group, Inc.	$48,675,000	–	199,480	–	0.24%	–
QUOT	New	Quotient Technology, Inc.	$48,618,000	–	4,526,779	–	0.24%	–
BAC	New	Bank of America Corp.	$47,647,000	–	1,643,010	–	0.24%	–
PNC	New	PNC Financial Services Group, Inc.	$44,952,000	–	327,451	–	0.22%	–
DFNL	New	Davis Select Financialetf	$44,380,000	–	1,904,737	–	0.22%	–
DWLD	New	Davis Select Worldwideetf	$42,067,000	–	1,803,388	–	0.21%	–
JCI	New	Johnson Controls International PLC	$41,401,000	–	1,002,195	–	0.20%	–
STT	New	State Street Corp.	$41,296,000	–	736,636	–	0.20%	–
NOAH	New	Noah Holdings Ltd., ADSadr	$40,160,000	–	943,832	–	0.20%	–
KKR	New	KKR & Co. Inc., Class A	$38,226,000	–	1,512,690	–	0.19%	–
YRD	New	Yirendai Ltd., ADRadr	$37,043,000	–	2,692,098	–	0.18%	–
RE	New	Everest Re Group, Ltd.	$36,415,000	–	147,322	–	0.18%	–
ETN	New	Eaton Corp. PLC	$36,435,000	–	437,499	–	0.18%	–
HUM	New	Humana Inc.	$35,540,000	–	133,960	–	0.18%	–
IQ	New	iQIYI, Inc., Class A, ADRadr	$34,311,000	–	1,661,546	–	0.17%	–
SPG	New	Simon Property Group, Inc.	$31,759,000	–	198,790	–	0.16%	–
QRVO	New	Qorvo, Inc.	$31,683,000	–	475,642	–	0.16%	–
AVB	New	AvalonBay Communities, Inc.	$29,638,000	–	145,870	–	0.15%	–
EQIX	New	Equinix, Inc.	$29,188,000	–	57,880	–	0.14%	–
PLD	New	Prologis, Inc.	$27,236,000	–	340,028	–	0.14%	–
LBTYK	New	Liberty Global plc, Series C	$25,523,000	–	962,034	–	0.13%	–
GLIBA	New	GCI Liberty, Inc., Class A	$24,498,000	–	398,598	–	0.12%	–
QRTEA	New	Qurate Retail, Inc. Series A	$20,138,000	–	1,625,369	–	0.10%	–
OC	New	Owens Corning	$19,540,000	–	335,744	–	0.10%	–
BXP	New	Boston Properties, Inc.	$19,541,000	–	151,480	–	0.10%	–
ESS	New	Essex Property Trust, Inc.	$19,440,000	–	66,591	–	0.10%	–
SAP	New	SAP SE, ADRadr	$19,169,000	–	140,125	–	0.10%	–
SCHW	New	Charles Schwab Corp.	$19,295,000	–	480,084	–	0.10%	–
CPT	New	Camden Property Trust	$17,804,000	–	170,550	–	0.09%	–
HPP	New	Hudson Pacific Properties, Inc.	$17,783,000	–	534,520	–	0.09%	–
EQR	New	Equity Residential	$17,713,000	–	233,310	–	0.09%	–
APTV	New	Aptiv PLC	$17,817,000	–	220,420	–	0.09%	–
CCI	New	Crown Castle International Corp.	$17,596,000	–	134,990	–	0.09%	–
CTRP	New	Ctrip.com International, Ltd., ADRadr	$17,581,000	–	476,313	–	0.09%	–
DLR	New	Digital Realty Trust, Inc.	$17,309,000	–	146,950	–	0.09%	–
GLRE	New	Greenlight Capital Re, Ltd., Class A	$17,291,000	–	2,036,640	–	0.09%	–
PSA	New	Public Storage, Inc.	$16,924,000	–	71,060	–	0.08%	–
CI	New	Cigna Corp.	$16,706,000	–	106,034	–	0.08%	–
ARE	New	Alexandria Real Estate Equities, Inc.	$16,075,000	–	113,937	–	0.08%	–
ACC	New	American Campus Communities, Inc.	$16,254,000	–	352,114	–	0.08%	–
REXR	New	Rexford Industrial Realty, Inc.	$16,046,000	–	397,480	–	0.08%	–
AKR	New	Acadia Realty Trust	$15,981,000	–	583,900	–	0.08%	–
LILAK	New	Liberty Latin America Ltd., Class C	$15,731,000	–	915,149	–	0.08%	–
TRNO	New	Terreno Realty Corp.	$15,356,000	–	313,137	–	0.08%	–
FRT	New	Federal Realty Investment Trust	$14,506,000	–	112,660	–	0.07%	–
REG	New	Regency Centers Corp.	$13,026,000	–	195,180	–	0.06%	–
AZUL	New	Azul S.A., ADRadr	$12,764,000	–	381,712	–	0.06%	–
LEXEA	New	Liberty Expedia Holdings, Inc.	$12,743,000	–	266,654	–	0.06%	–
CIH	New	China Index Holdings Ltd., ADRadr	$12,757,000	–	3,593,523	–	0.06%	–
VTR	New	Ventas, Inc.	$12,641,000	–	184,950	–	0.06%	–
WELL	New	Welltower Inc.	$12,239,000	–	150,120	–	0.06%	–
	New	Altus Midstream Co., Class A	$12,113,000	–	3,256,100	–	0.06%	–
	New	Tarena International, Inc.,Class A, ADRadr	$12,219,000	–	4,887,670	–	0.06%	–
BRX	New	Brixmor Property Group, Inc.	$11,011,000	–	615,800	–	0.05%	–
BIDU	New	Baidu, Inc., Class A, ADRadr	$10,724,000	–	91,381	–	0.05%	–
HST	New	Host Hotels & Resorts, Inc.	$10,671,000	–	585,680	–	0.05%	–
COR	New	Coresite Realty Corp.	$10,447,000	–	90,710	–	0.05%	–
HCP	New	HCP, Inc.	$10,375,000	–	324,406	–	0.05%	–
EXR	New	Extra Space Storage Inc.	$10,197,000	–	96,110	–	0.05%	–
VNO	New	Vornado Realty Trust	$8,749,000	–	136,490	–	0.04%	–
BDN	New	Brandywine Realty Trust	$8,396,000	–	586,291	–	0.04%	–
ELS	New	Equity LifeStyle Properties, Inc.	$7,606,000	–	62,680	–	0.04%	–
CUZ	New	Cousins Properties, Inc.	$7,734,000	–	213,815	–	0.04%	–
SUI	New	Sun Communities, Inc.	$7,572,000	–	59,070	–	0.04%	–
LPT	New	Liberty Property Trust	$6,474,000	–	129,370	–	0.03%	–
SFUN	New	Fang Holdings Ltd., Class A, ADRadr	$6,566,000	–	10,568,354	–	0.03%	–
ROIC	New	Retail Opportunity Investments Corp.	$5,988,000	–	349,545	–	0.03%	–
STOR	New	STORE Capital Corp.	$5,782,000	–	174,210	–	0.03%	–
SLG	New	SL Green Realty Corp.	$5,747,000	–	71,510	–	0.03%	–
LSI	New	Life Storage, Inc.	$5,691,000	–	59,850	–	0.03%	–
CUBE	New	CubeSmart	$4,882,000	–	145,980	–	0.02%	–
LTRPA	New	Liberty TripAdvisor Hldgs Inc. - A	$4,701,000	–	379,150	–	0.02%	–
AMH	New	American Homes 4 Rent, Class A	$3,961,000	–	162,940	–	0.02%	–
RHP	New	Ryman Hospitality Properties, Inc.	$4,055,000	–	50,010	–	0.02%	–
INVH	New	Invitation Homes, Inc.	$3,861,000	–	144,430	–	0.02%	–
EGP	New	EastGroup Properties, Inc.	$3,390,000	–	29,230	–	0.02%	–
MAA	New	Mid-America Apartment Communities, Inc.	$3,237,000	–	27,490	–	0.02%	–
FR	New	First Industrial Realty Trust, Inc.	$3,004,000	–	81,770	–	0.02%	–
ALEX	New	Alexander & Baldwin, Inc.	$2,939,000	–	127,240	–	0.02%	–
MAC	New	Macerich Co.	$2,228,000	–	66,530	–	0.01%	–
NVS	New	Novartis AG - ADRadr	$2,102,000	–	23,024	–	0.01%	–
COST	New	Costco Wholesale Corp.	$2,030,000	–	7,680	–	0.01%	–
WUBA	New	58.com Inc., Class A, ADRadr	$1,417,000	–	22,790	–	0.01%	–
FUTU	New	Futu Holdings Ltd., Class A, ADRadr	$1,029,000	–	97,320	–	0.01%	–
AXTA	New	Axalta Coating Systems Ltd.	$701,000	–	23,540	–	0.00%	–
DXC	New	DXC Technology Co.	$624,000	–	11,319	–	0.00%	–
XLNX	New	Xilinx, Inc.	$670,000	–	5,685	–	0.00%	–
FDX	New	FedEx Corp.	$524,000	–	3,190	–	0.00%	–
PPG	New	PPG Industries, Inc.	$638,000	–	5,470	–	0.00%	–
LRCX	New	Lam Research Corp.	$655,000	–	3,485	–	0.00%	–
KMX	New	CarMax, Inc.	$438,000	–	5,046	–	0.00%	–
HPQ	New	HP, Inc.	$433,000	–	20,830	–	0.00%	–
TSG	New	The Stars Group, Inc.	$426,000	–	24,980	–	0.00%	–
DD	New	DowDuPont, Inc.	$300,000	–	4,000	–	0.00%	–
EA	New	Electronic Arts, Inc.	$300,000	–	2,960	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
APD	Exit	Air Products & Chemicals, Inc.	$0	–	-1,919	–	-0.00%	–
LRCX	Exit	Lam Research Corp.	$0	–	-3,485	–	-0.00%	–
KMX	Exit	CarMax, Inc.	$0	–	-5,586	–	-0.00%	–
HPQ	Exit	HP, Inc.	$0	–	-20,830	–	-0.00%	–
ECL	Exit	Ecolab, Inc.	$0	–	-4,295	–	-0.00%	–
AXTA	Exit	Axalta Coating Systems Ltd.	$0	–	-23,540	–	-0.00%	–
FDX	Exit	FedEx Corp.	$0	–	-3,190	–	-0.00%	–
DWDP	Exit	DowDuPont, Inc.	$0	–	-12,000	–	-0.00%	–
XLNX	Exit	Xilinx, Inc.	$0	–	-7,920	–	-0.00%	–
PPG	Exit	PPG Industries, Inc.	$0	–	-5,470	–	-0.00%	–
EA	Exit	Electronic Arts, Inc.	$0	–	-6,960	–	-0.00%	–
PX	Exit	Praxair, Inc.	$0	–	-6,905	–	-0.01%	–
DXC	Exit	DXC Technology Co.	$0	–	-11,319	–	-0.01%	–
BPY	Exit	Brookfield Property Partners L.P.partnership	$0	–	-60,746	–	-0.01%	–
WUBA	Exit	58.com, Inc. ADRadr	$0	–	-18,350	–	-0.01%	–
IVE	Exit	iShares S&P 500 Value ETFetf	$0	–	-11,488	–	-0.01%	–
WY	Exit	Weyerhaeuser Co.	$0	–	-82,323	–	-0.01%	–
CTT	Exit	CatchMark Timber Trust Inc., Class A	$0	–	-214,639	–	-0.01%	–
SUI	Exit	Sun Communities, Inc.	$0	–	-26,961	–	-0.01%	–
MAA	Exit	Mid-America Apartment Communities, Inc	$0	–	-26,891	–	-0.01%	–
RHP	Exit	Ryman Hospitality Properties, Inc.	$0	–	-33,375	–	-0.01%	–
ELS	Exit	Equity LifeStyle Properties, Inc.	$0	–	-28,663	–	-0.01%	–
CONE	Exit	CyrusOne, Inc.	$0	–	-49,322	–	-0.01%	–
COST	Exit	Costco Wholesale Corp.	$0	–	-13,480	–	-0.01%	–
CUBE	Exit	CubeSmart	$0	–	-137,391	–	-0.02%	–
COR	Exit	CoreSite Realty Corp.	$0	–	-40,307	–	-0.02%	–
LSI	Exit	Life Storage, Inc.	$0	–	-56,310	–	-0.02%	–
INVH	Exit	Invitation Homes, Inc.	$0	–	-258,174	–	-0.02%	–
AMH	Exit	American Homes 4 Rent, Class A	$0	–	-271,386	–	-0.03%	–
LTRPA	Exit	Liberty TripAdvisor Holdings, Inc., Series A	$0	–	-411,810	–	-0.03%	–
WELL	Exit	Welltower, Inc.	$0	–	-105,868	–	-0.03%	–
AZUL	Exit	Azul S.A., ADRadr	$0	–	-402,288	–	-0.03%	–
EXR	Exit	Extra Space Storage, Inc.	$0	–	-87,937	–	-0.03%	–
KIM	Exit	Kimco Realty Corp.	$0	–	-461,672	–	-0.03%	–
BDN	Exit	Brandywine Realty Trust	$0	–	-526,859	–	-0.04%	–
FCEA	Exit	Forest City Realty Trust, Inc., Class A	$0	–	-368,218	–	-0.04%	–
EGP	Exit	EastGroup Properties, Inc.	$0	–	-99,484	–	-0.04%	–
SLG	Exit	SL Green Realty Corp.	$0	–	-99,163	–	-0.04%	–
BRX	Exit	Brixmor Property Group, Inc.	$0	–	-558,471	–	-0.04%	–
VNO	Exit	Vornado Realty Trust	$0	–	-137,202	–	-0.04%	–
ZTO	Exit	ZTO Express Cayman, Inc., Class A, ADRadr	$0	–	-598,622	–	-0.04%	–
HST	Exit	Host Hotels & Resorts, Inc.	$0	–	-566,801	–	-0.05%	–
FR	Exit	First Industrial Realty Trust, Inc.	$0	–	-376,460	–	-0.05%	–
HCP	Exit	HCP, Inc.	$0	–	-464,585	–	-0.05%	–
ACC	Exit	American Campus Communities, Inc.	$0	–	-310,152	–	-0.06%	–
FRT	Exit	Federal Realty Investment Trust	$0	–	-100,402	–	-0.06%	–
HPP	Exit	Hudson Pacific Properties, Inc.	$0	–	-394,922	–	-0.06%	–
CUZ	Exit	Cousins Properties, Inc.	$0	–	-1,471,514	–	-0.06%	–
NVS	Exit	Novartis AG ADRadr	$0	–	-157,573	–	-0.06%	–
ARE	Exit	Alexandria Real Estate Equities, Inc.	$0	–	-106,497	–	-0.06%	–
LEXEA	Exit	Liberty Expedia Holdings, Inc.	$0	–	-290,534	–	-0.06%	–
REG	Exit	Regency Centers Corporation	$0	–	-213,160	–	-0.06%	–
ROIC	Exit	Retail Opportunity Investments Corp.	$0	–	-742,581	–	-0.06%	–
TRNO	Exit	Terreno Realty Corp.	$0	–	-372,555	–	-0.06%	–
COG	Exit	Cabot Oil & Gas Corp.	$0	–	-627,974	–	-0.06%	–
DGX	Exit	Quest Diagnostics, Inc.	$0	–	-132,539	–	-0.06%	–
DLR	Exit	Digital Realty Trust, Inc.	$0	–	-125,779	–	-0.06%	–
CCI	Exit	Crown Castle International Corp.	$0	–	-129,918	–	-0.06%	–
UNH	Exit	UnitedHealth Group, Inc.	$0	–	-54,368	–	-0.06%	–
EQR	Exit	Equity Residential	$0	–	-222,035	–	-0.06%	–
AKR	Exit	Acadia Realty Trust	$0	–	-533,227	–	-0.06%	–
CTRP	Exit	Ctrip.com International, Ltd. ADRadr	$0	–	-401,548	–	-0.06%	–
REXR	Exit	Rexford Industrial Realty, Inc.	$0	–	-464,720	–	-0.06%	–
PSA	Exit	Public Storage, Inc.	$0	–	-74,340	–	-0.06%	–
ESS	Exit	Essex Property Trust, Inc.	$0	–	-63,872	–	-0.07%	–
CPT	Exit	Camden Property Trust	$0	–	-177,703	–	-0.07%	–
BXP	Exit	Boston Properties, Inc.	$0	–	-142,911	–	-0.08%	–
SAP	Exit	SAP SE, ADRadr	$0	–	-142,914	–	-0.08%	–
LILAK	Exit	Liberty Latin America Ltd., Class C	$0	–	-992,959	–	-0.09%	–
BX	Exit	The Blackstone Group L.P.partnership	$0	–	-555,020	–	-0.09%	–
EQIX	Exit	Equinix, Inc	$0	–	-50,266	–	-0.09%	–
GLIBA	Exit	GCI Liberty Inc., Class A	$0	–	-435,558	–	-0.10%	–
SCHW	Exit	Charles Schwab Corp.	$0	–	-470,941	–	-0.10%	–
GLRE	Exit	Greenlight Capital Re, Ltd., Class A	$0	–	-1,901,610	–	-0.10%	–
PLD	Exit	Prologis, Inc.	$0	–	-345,097	–	-0.10%	–
BB	Exit	BlackBerry Limited	$0	–	-2,244,086	–	-0.11%	–
MMC	Exit	Marsh & McLennan Co.	$0	–	-311,328	–	-0.11%	–
BIDU	Exit	Baidu, Inc. Class A, ADRadr	$0	–	-119,141	–	-0.12%	–
AVB	Exit	AvalonBay Communities, Inc.	$0	–	-154,102	–	-0.12%	–
ETN	Exit	Eaton Corporation PLC	$0	–	-340,143	–	-0.13%	–
APTV	Exit	Aptiv PLC	$0	–	-372,227	–	-0.13%	–
LBTYK	Exit	Liberty Global PLC, Series C	$0	–	-1,139,864	–	-0.14%	–
QRVO	Exit	Qorvo, Inc.	$0	–	-443,911	–	-0.15%	–
SPG	Exit	Simon Property Group, Inc.	$0	–	-195,294	–	-0.15%	–
V	Exit	Visa, Inc., Class A	$0	–	-233,653	–	-0.15%	–
INTC	Exit	Intel Corp.	$0	–	-743,744	–	-0.15%	–
NOAH	Exit	Noah Holdings Ltd. ADSadr	$0	–	-857,444	–	-0.16%	–
ESRX	Exit	Express Scripts Holding Co.	$0	–	-387,902	–	-0.16%	–
SFUN	Exit	Fang Holdings Ltd. ADRadr	$0	–	-14,557,825	–	-0.16%	–
OAK	Exit	Oaktree Capital Group LLCpartnership	$0	–	-933,144	–	-0.17%	–
QRTEA	Exit	Qurate Retail Inc., Series A	$0	–	-1,775,415	–	-0.17%	–
KKR	Exit	KKR & Co. Inc., Class A	$0	–	-1,497,846	–	-0.18%	–
YRD	Exit	Yirendai Ltd., ADRadr	$0	–	-2,235,823	–	-0.18%	–
	Exit	Tarena International, Inc.,Class A, ADRadr	$0	–	-5,111,920	–	-0.18%	–
DWLD	Exit	Davis Select Worldwideetf	$0	–	-1,654,105	–	-0.18%	–
PNC	Exit	PNC Financial Services Group, Inc.	$0	–	-310,153	–	-0.18%	–
DINT	Exit	Davis Select Internationaletf	$0	–	-2,363,800	–	-0.19%	–
DFNL	Exit	Davis Select Financialetf	$0	–	-1,834,445	–	-0.20%	–
Y	Exit	Alleghany Corporation	$0	–	-80,824	–	-0.23%	–
RE	Exit	Everest Re Group, Ltd.	$0	–	-233,865	–	-0.23%	–
GS	Exit	Goldman Sachs Group, Inc.	$0	–	-254,113	–	-0.24%	–
STT	Exit	State Street Corp.	$0	–	-713,517	–	-0.26%	–
QUOT	Exit	Quotient Technology, Inc.	$0	–	-4,271,738	–	-0.28%	–
DUSA	Exit	Davis Select U.S. Equityetf	$0	–	-2,971,320	–	-0.32%	–
IQ	Exit	iQIYI Inc., Class A, ADRadr	$0	–	-3,254,495	–	-0.38%	–
BKNG	Exit	Booking Holdings, Inc.	$0	–	-58,330	–	-0.50%	–
NTB	Exit	The Bank of N.T. Butterfield & Son Ltd.	$0	–	-2,383,738	–	-0.53%	–
HOLI	Exit	Hollysys Automation Technologies Ltd. ADRadr	$0	–	-6,132,962	–	-0.56%	–
JD	Exit	JD.com, Inc., Class A, ADRadr	$0	–	-6,586,418	–	-0.74%	–
ORCL	Exit	Oracle Corp.	$0	–	-3,408,131	–	-0.76%	–
MGY	Exit	Magnolia Oil & Gas Corp., Class A	$0	–	-12,419,690	–	-0.80%	–
L	Exit	Loews Corp.	$0	–	-4,247,645	–	-0.92%	–
MKL	Exit	Markel Corp.	$0	–	-242,399	–	-1.24%	–
CB	Exit	Chubb Ltd.	$0	–	-2,177,646	–	-1.25%	–
SHPG	Exit	Shire PLC, ADRadr	$0	–	-1,860,595	–	-1.45%	–
MSFT	Exit	Microsoft Corp.	$0	–	-2,963,695	–	-1.46%	–
BRKB	Exit	Berkshire Hathaway Inc., Class B	$0	–	-1,814,535	–	-1.67%	–
AMAT	Exit	Applied Materials, Inc.	$0	–	-10,568,412	–	-1.76%	–
ADNT	Exit	Adient PLC	$0	–	-11,306,775	–	-1.91%	–
JCI	Exit	Johnson Controls International PLC	$0	–	-13,239,234	–	-1.99%	–
TXN	Exit	Texas Instruments, Inc.	$0	–	-4,424,050	–	-2.04%	–
USB	Exit	US Bancorp	$0	–	-9,243,136	–	-2.10%	–
ECA	Exit	Encana Corporation	$0	–	-41,681,882	–	-2.35%	–
EDU	Exit	New Oriental Education & Technology ADRadr	$0	–	-7,944,790	–	-2.53%	–
GOOGL	Exit	Alphabet Inc., Class A	$0	–	-528,336	–	-2.74%	–
BABA	Exit	Alibaba Group Holding Ltd. ADRadr	$0	–	-3,947,444	–	-2.80%	–
GE	Exit	General Electric Co.	$0	–	-63,638,716	–	-3.09%	–
AXP	Exit	American Express Co.	$0	–	-6,759,180	–	-3.09%	–
FB	Exit	Facebook, Inc.	$0	–	-4,978,151	–	-3.52%	–
BK	Exit	Bank of New York Mellon Corp.	$0	–	-17,537,478	–	-3.84%	–
JPM	Exit	JPMorgan Chase & Co.	$0	–	-8,093,313	–	-3.93%	–
AET	Exit	Aetna Inc.	$0	–	-4,598,174	–	-4.01%	–
BRKA	Exit	Berkshire Hathaway Inc., Class A	$0	–	-3,535	–	-4.86%	–
UTX	Exit	United Technologies Corp.	$0	–	-8,198,411	–	-4.93%	–
APA	Exit	Apache Corporation	$0	–	-24,053,664	–	-4.93%	–
GOOG	Exit	Alphabet Inc., Class C	$0	–	-1,033,428	–	-5.30%	–
COF	Exit	Capital One Financial Corp.	$0	–	-13,447,161	–	-5.49%	–
WFC	Exit	Wells Fargo & Co.	$0	–	-27,120,401	–	-6.13%	–
AMZN	Exit	Amazon.com, Inc.	$0	–	-730,620	–	-6.29%	–

Q3 2018

			Value		Shares		↓ Weighting
AMZN	Sell	Amazon.com, Inc.	$1,463,432,000	-4.7%	730,620	-19.1%	6.29%	-3.7%
WFC	Buy	Wells Fargo & Co.	$1,425,448,000	-5.0%	27,120,401	+0.2%	6.13%	-4.1%
COF	Sell	Capital One Financial Corp.	$1,276,539,000	+3.2%	13,447,161	-0.1%	5.49%	+4.2%
GOOG	Sell	Alphabet Inc., Class C	$1,233,365,000	-1.6%	1,033,428	-8.0%	5.30%	-0.6%
APA	Buy	Apache Corporation	$1,146,638,000	+2.4%	24,053,664	+0.4%	4.93%	+3.4%
UTX	Sell	United Technologies Corp.	$1,146,220,000	+9.9%	8,198,411	-1.8%	4.93%	+11.0%
BRKA	Sell	Berkshire Hathaway Inc., Class A	$1,131,200,000	+3.8%	3,535	-8.5%	4.86%	+4.9%
AET	Buy	Aetna Inc.	$932,740,000	+10.6%	4,598,174	+0.1%	4.01%	+11.7%
JPM	Sell	JPMorgan Chase & Co.	$913,249,000	-26.4%	8,093,313	-32.0%	3.93%	-25.7%
BK	Sell	Bank of New York Mellon Corp.	$894,236,000	-12.2%	17,537,478	-7.2%	3.84%	-11.3%
FB	Sell	Facebook, Inc.	$818,707,000	-16.8%	4,978,151	-1.7%	3.52%	-16.0%
AXP	Sell	American Express Co.	$719,785,000	+1.1%	6,759,180	-7.0%	3.09%	+2.1%
GE	New	General Electric Co.	$718,481,000	–	63,638,716	–	3.09%	–
BABA	Buy	Alibaba Group Holding Ltd. ADRadr	$650,381,000	-10.3%	3,947,444	+1.0%	2.80%	-9.4%
GOOGL	Sell	Alphabet Inc., Class A	$637,744,000	-14.5%	528,336	-20.0%	2.74%	-13.7%
EDU	Buy	New Oriental Education & Technology ADRadr	$587,994,000	+27.4%	7,944,790	+63.0%	2.53%	+28.7%
ECA	Sell	Encana Corporation	$546,449,000	-27.4%	41,681,882	-27.8%	2.35%	-26.7%
USB	Buy	US Bancorp	$488,130,000	+5.6%	9,243,136	+0.0%	2.10%	+6.7%
TXN	Sell	Texas Instruments, Inc.	$474,656,000	-10.8%	4,424,050	-8.3%	2.04%	-9.8%
JCI	Sell	Johnson Controls International PLC	$463,373,000	-48.1%	13,239,234	-50.4%	1.99%	-47.6%
ADNT	Buy	Adient PLC	$444,469,000	-17.5%	11,306,775	+3.2%	1.91%	-16.7%
AMAT	Buy	Applied Materials, Inc.	$408,469,000	+1613.9%	10,568,412	+1948.2%	1.76%	+1638.6%
BRKB	Sell	Berkshire Hathaway Inc., Class B	$388,510,000	+12.8%	1,814,535	-1.7%	1.67%	+13.8%
MSFT	Sell	Microsoft Corp.	$338,958,000	+5.6%	2,963,695	-9.0%	1.46%	+6.7%
SHPG	Sell	Shire PLC, ADRadr	$337,270,000	+7.1%	1,860,595	-0.2%	1.45%	+8.2%
CB	Buy	Chubb Ltd.	$291,021,000	+5.6%	2,177,646	+0.4%	1.25%	+6.6%
MKL	Sell	Markel Corp.	$288,089,000	+6.5%	242,399	-2.9%	1.24%	+7.6%
L	Sell	Loews Corp.	$213,359,000	-1.9%	4,247,645	-5.7%	0.92%	-0.9%
MGY	New	Magnolia Oil & Gas Corp., Class A	$186,420,000	–	12,419,690	–	0.80%	–
ORCL	Sell	Oracle Corp.	$175,723,000	+7.8%	3,408,131	-7.9%	0.76%	+8.8%
JD	Buy	JD.com, Inc., Class A, ADRadr	$171,840,000	-2.3%	6,586,418	+45.8%	0.74%	-1.3%
HOLI	Buy	Hollysys Automation Technologies Ltd. ADRadr	$131,061,000	+12.6%	6,132,962	+16.6%	0.56%	+13.5%
NTB	Buy	The Bank of N.T. Butterfield & Son Ltd.	$123,621,000	+14.6%	2,383,738	+1.0%	0.53%	+15.7%
BKNG	Sell	Booking Holdings, Inc.	$115,727,000	-12.1%	58,330	-10.1%	0.50%	-11.1%
IQ	Buy	iQIYI Inc., Class A, ADRadr	$88,099,000	-14.0%	3,254,495	+2.6%	0.38%	-13.1%
QUOT	Buy	Quotient Technology, Inc.	$66,212,000	+29.0%	4,271,738	+9.0%	0.28%	+30.7%
STT	Buy	State Street Corp.	$59,778,000	+30.4%	713,517	+44.9%	0.26%	+31.8%
GS	Buy	Goldman Sachs Group, Inc.	$56,982,000	+2.2%	254,113	+0.5%	0.24%	+3.4%
RE	Buy	Everest Re Group, Ltd.	$53,431,000	-0.1%	233,865	+0.7%	0.23%	+0.9%
Y	Buy	Alleghany Corporation	$52,740,000	+13.6%	80,824	+0.1%	0.23%	+14.6%
DINT	Buy	Davis Select Internationaletf	$43,154,000	+38.3%	2,363,800	+45.6%	0.19%	+39.8%
PNC	Buy	PNC Financial Services Group, Inc.	$42,240,000	+1.6%	310,153	+0.7%	0.18%	+2.8%
	Buy	Tarena International, Inc.,Class A, ADRadr	$41,509,000	+10.9%	5,111,920	+3.4%	0.18%	+11.9%
YRD	Buy	Yirendai Ltd., ADRadr	$41,139,000	+1.3%	2,235,823	+16.8%	0.18%	+2.3%
KKR	New	KKR & Co. Inc., Class A	$40,846,000	–	1,497,846	–	0.18%	–
QRTEA	Sell	Qurate Retail Inc., Series A	$39,432,000	-3.6%	1,775,415	-7.9%	0.17%	-2.3%
OAK	Buy	Oaktree Capital Group LLCpartnership	$38,632,000	+2.5%	933,144	+0.6%	0.17%	+3.8%
SFUN	Sell	Fang Holdings Ltd. ADRadr	$37,705,000	-35.9%	14,557,825	-4.0%	0.16%	-35.2%
ESRX	Buy	Express Scripts Holding Co.	$36,855,000	+23.3%	387,902	+0.2%	0.16%	+24.4%
NOAH	Sell	Noah Holdings Ltd. ADSadr	$36,133,000	-26.4%	857,444	-8.9%	0.16%	-25.8%
INTC	Buy	Intel Corp.	$35,172,000	-4.6%	743,744	+0.3%	0.15%	-3.8%
V	Sell	Visa, Inc., Class A	$35,069,000	-4.6%	233,653	-15.8%	0.15%	-3.2%
SPG	Sell	Simon Property Group, Inc.	$34,518,000	+3.7%	195,294	-0.1%	0.15%	+4.2%
QRVO	Buy	Qorvo, Inc.	$34,132,000	-0.8%	443,911	+3.4%	0.15%	+0.7%
LBTYK	Sell	Liberty Global PLC, Series C	$32,099,000	+0.3%	1,139,864	-5.2%	0.14%	+1.5%
APTV	Buy	Aptiv PLC	$31,230,000	-7.8%	372,227	+0.6%	0.13%	-6.9%
ETN	Buy	Eaton Corporation PLC	$29,501,000	+16.1%	340,143	+0.1%	0.13%	+17.6%
AVB	Buy	AvalonBay Communities, Inc.	$27,916,000	+29.4%	154,102	+22.8%	0.12%	+30.4%
BIDU	Buy	Baidu, Inc. Class A, ADRadr	$27,245,000	-4.2%	119,141	+1.8%	0.12%	-3.3%
MMC	Buy	Marsh & McLennan Co.	$25,753,000	+1.2%	311,328	+0.2%	0.11%	+2.8%
BB	New	BlackBerry Limited	$25,538,000	–	2,244,086	–	0.11%	–
PLD	Buy	Prologis, Inc.	$23,394,000	+13.5%	345,097	+10.0%	0.10%	+14.8%
GLRE	Buy	Greenlight Capital Re, Ltd., Class A	$23,580,000	+1228.5%	1,901,610	+1421.3%	0.10%	+1162.5%
SCHW	Sell	Charles Schwab Corp.	$23,147,000	-44.7%	470,941	-42.5%	0.10%	-43.8%
GLIBA	Sell	GCI Liberty Inc., Class A	$22,213,000	+1.7%	435,558	-10.1%	0.10%	+2.2%
EQIX	Buy	Equinix, Inc	$21,760,000	+9.4%	50,266	+8.6%	0.09%	+10.6%
BX	Buy	The Blackstone Group L.P.partnership	$21,135,000	+19.1%	555,020	+0.7%	0.09%	+19.7%
LILAK	Sell	Liberty Latin America Ltd., Class C	$20,485,000	-8.3%	992,959	-13.8%	0.09%	-7.4%
SAP	Sell	SAP SE, ADRadr	$17,578,000	+3.7%	142,914	-2.5%	0.08%	+5.6%
BXP	Buy	Boston Properties, Inc.	$17,591,000	+6.6%	142,911	+8.6%	0.08%	+8.6%
CPT	Buy	Camden Property Trust	$16,628,000	+11.4%	177,703	+8.4%	0.07%	+10.9%
ESS	Sell	Essex Property Trust, Inc.	$15,758,000	+1.2%	63,872	-2.0%	0.07%	+3.0%
AKR	Buy	Acadia Realty Trust	$14,946,000	+11.3%	533,227	+8.6%	0.06%	+12.3%
CTRP	Buy	Ctrip.com International, Ltd. ADRadr	$14,926,000	-19.7%	401,548	+2.9%	0.06%	-19.0%
PSA	Sell	Public Storage, Inc.	$14,989,000	-11.2%	74,340	-0.1%	0.06%	-11.1%
REXR	Buy	Rexford Industrial Realty, Inc.	$14,852,000	+10.7%	464,720	+8.8%	0.06%	+12.3%
EQR	Sell	Equity Residential	$14,712,000	-0.6%	222,035	-4.4%	0.06%	0.0%
CCI	Buy	Crown Castle International Corp.	$14,464,000	+12.2%	129,918	+8.6%	0.06%	+12.7%
UNH	Buy	UnitedHealth Group, Inc.	$14,464,000	+8.6%	54,368	+0.1%	0.06%	+8.8%
DGX	Sell	Quest Diagnostics, Inc.	$14,302,000	-2.3%	132,539	-0.5%	0.06%	-1.6%
COG	Sell	Cabot Oil & Gas Corp.	$14,142,000	-57.3%	627,974	-54.9%	0.06%	-56.7%
DLR	Buy	Digital Realty Trust, Inc.	$14,148,000	+9.5%	125,779	+8.6%	0.06%	+10.9%
ROIC	Buy	Retail Opportunity Investments Corp.	$13,864,000	+5.8%	742,581	+8.6%	0.06%	+7.1%
TRNO	Buy	Terreno Realty Corp.	$14,045,000	+8.8%	372,555	+8.7%	0.06%	+9.1%
LEXEA	Sell	Liberty Expedia Holdings, Inc.	$13,667,000	-3.7%	290,534	-10.1%	0.06%	-1.7%
REG	Buy	Regency Centers Corporation	$13,785,000	+13.1%	213,160	+8.6%	0.06%	+13.5%
NVS	Sell	Novartis AG ADRadr	$13,576,000	+5.2%	157,573	-7.8%	0.06%	+5.5%
ARE	Buy	Alexandria Real Estate Equities, Inc.	$13,396,000	+8.7%	106,497	+9.1%	0.06%	+11.5%
HPP	Buy	Hudson Pacific Properties, Inc.	$12,922,000	+0.3%	394,922	+8.6%	0.06%	+1.8%
CUZ	Buy	Cousins Properties, Inc.	$13,082,000	-0.2%	1,471,514	+8.7%	0.06%	0.0%
ACC	Buy	American Campus Communities, Inc.	$12,766,000	+4.5%	310,152	+8.9%	0.06%	+5.8%
FRT	Buy	Federal Realty Investment Trust	$12,698,000	+8.5%	100,402	+8.6%	0.06%	+10.0%
HCP	Buy	HCP, Inc.	$12,228,000	+39.3%	464,585	+36.6%	0.05%	+43.2%
HST	Buy	Host Hotels & Resorts, Inc.	$11,960,000	+5.4%	566,801	+5.3%	0.05%	+6.2%
FR	Sell	First Industrial Realty Trust, Inc.	$11,821,000	-27.0%	376,460	-22.5%	0.05%	-26.1%
ZTO	Buy	ZTO Express Cayman, Inc., Class A, ADRadr	$9,919,000	-13.7%	598,622	+4.1%	0.04%	-12.2%
VNO	Buy	Vornado Realty Trust	$10,016,000	+14.2%	137,202	+15.6%	0.04%	+16.2%
BRX	Buy	Brixmor Property Group, Inc.	$9,779,000	+6.9%	558,471	+6.4%	0.04%	+7.7%
SLG	Buy	SL Green Realty Corp.	$9,671,000	+5.5%	99,163	+8.7%	0.04%	+7.7%
EGP	Sell	EastGroup Properties, Inc.	$9,513,000	-0.0%	99,484	-0.1%	0.04%	0.0%
FCEA	Sell	Forest City Realty Trust, Inc., Class A	$9,239,000	-48.9%	368,218	-53.5%	0.04%	-48.1%
BDN	Buy	Brandywine Realty Trust	$8,282,000	-1.7%	526,859	+5.5%	0.04%	0.0%
EXR	Sell	Extra Space Storage, Inc.	$7,619,000	-50.0%	87,937	-42.4%	0.03%	-49.2%
KIM	Sell	Kimco Realty Corp.	$7,728,000	-1.6%	461,672	-0.1%	0.03%	0.0%
AZUL	New	Azul S.A., ADRadr	$7,157,000	–	402,288	–	0.03%	–
WELL	New	Welltower, Inc.	$6,809,000	–	105,868	–	0.03%	–
AMH	Buy	American Homes 4 Rent, Class A	$5,941,000	+99.1%	271,386	+101.7%	0.03%	+100.0%
LTRPA	Sell	Liberty TripAdvisor Holdings, Inc., Series A	$6,115,000	-17.1%	411,810	-10.1%	0.03%	-16.1%
INVH	Buy	Invitation Homes, Inc.	$5,915,000	+104.1%	258,174	+105.4%	0.02%	+108.3%
LSI	Sell	Life Storage, Inc.	$5,358,000	-60.7%	56,310	-59.8%	0.02%	-60.3%
COR	Buy	CoreSite Realty Corp.	$4,480,000	+5.5%	40,307	+5.2%	0.02%	+5.6%
CUBE	Sell	CubeSmart	$3,920,000	-69.0%	137,391	-65.0%	0.02%	-68.5%
CONE	Sell	CyrusOne, Inc.	$3,127,000	+8.5%	49,322	-0.1%	0.01%	+8.3%
MAA	New	Mid-America Apartment Communities, Inc	$2,694,000	–	26,891	–	0.01%	–
RHP	New	Ryman Hospitality Properties, Inc.	$2,876,000	–	33,375	–	0.01%	–
SUI	New	Sun Communities, Inc.	$2,738,000	–	26,961	–	0.01%	–
ELS	New	Equity LifeStyle Properties, Inc.	$2,765,000	–	28,663	–	0.01%	–
WY	Sell	Weyerhaeuser Co.	$2,657,000	-56.2%	82,323	-50.5%	0.01%	-57.7%
CTT	Sell	CatchMark Timber Trust Inc., Class A	$2,453,000	-65.8%	214,639	-61.9%	0.01%	-63.3%
IVE	New	iShares S&P 500 Value ETFetf	$1,331,000	–	11,488	–	0.01%	–
WUBA	Sell	58.com, Inc. ADRadr	$1,351,000	-32.8%	18,350	-36.7%	0.01%	-33.3%
BPY	New	Brookfield Property Partners L.P.partnership	$1,269,000	–	60,746	–	0.01%	–
EA	New	Electronic Arts, Inc.	$839,000	–	6,960	–	0.00%	–
AXTA	Sell	Axalta Coating Systems Ltd.	$686,000	-6.3%	23,540	-2.6%	0.00%	0.0%
APD	Buy	Air Products & Chemicals, Inc.	$321,000	+8.1%	1,919	+0.7%	0.00%	0.0%
MCO	Exit	Moody's Corp.	$0	–	-4,790	–	-0.00%	–
SWCH	Exit	Switch, Inc.	$0	–	-82,263	–	-0.00%	–
GGP	Exit	GGP, Inc.	$0	–	-161,482	–	-0.01%	–
EDR	Exit	Education Realty Trust, Inc.	$0	–	-115,960	–	-0.02%	–
JBGS	Exit	JBG SMITH Properties	$0	–	-182,642	–	-0.03%	–
DCT	Exit	DCT Industrial Trust, Inc.	$0	–	-127,652	–	-0.04%	–
AIG	Exit	American International Group. Inc.	$0	–	-364,384	–	-0.08%	–
EQM	Exit	EQT Midstream Partners L.P.partnership	$0	–	-382,312	–	-0.08%	–
ANGI	Exit	ANGI Homeservices Inc., Class A	$0	–	-1,361,051	–	-0.09%	–
TPGE	Exit	TPG Pace Energy Holdings Corp.	$0	–	-2,420,050	–	-0.11%	–
KKR	Exit	KKR & Co. L.P.partnership	$0	–	-2,404,246	–	-0.25%	–
OXY	Exit	Occidental Petroleum Corp.	$0	–	-3,273,692	–	-1.17%	–

Q2 2018

			Value		Shares		↓ Weighting
AMZN	New	Amazon.com, Inc.	$1,534,957,000	–	903,022	–	6.53%	–
WFC	New	Wells Fargo & Co.	$1,500,726,000	–	27,069,365	–	6.39%	–
GOOG	New	Alphabet Inc., Class C	$1,253,730,000	–	1,123,767	–	5.34%	–
JPM	New	JPMorgan Chase & Co.	$1,241,003,000	–	11,909,819	–	5.28%	–
COF	New	Capital One Financial Corp.	$1,236,903,000	–	13,459,232	–	5.26%	–
APA	New	Apache Corporation	$1,119,828,000	–	23,953,548	–	4.77%	–
BRKA	New	Berkshire Hathaway Inc., Class A	$1,089,521,000	–	3,863	–	4.64%	–
UTX	New	United Technologies Corp.	$1,043,412,000	–	8,345,290	–	4.44%	–
BK	New	Bank of New York Mellon Corp.	$1,018,710,000	–	18,889,490	–	4.34%	–
FB	New	Facebook, Inc.	$984,106,000	–	5,064,358	–	4.19%	–
JCI	New	Johnson Controls International PLC	$892,733,000	–	26,688,594	–	3.80%	–
AET	New	Aetna Inc.	$843,268,000	–	4,595,467	–	3.59%	–
ECA	New	Encana Corporationadr	$752,920,000	–	57,695,007	–	3.20%	–
GOOGL	New	Alphabet Inc., Class A	$746,118,000	–	660,755	–	3.18%	–
BABA	New	Alibaba Group Holding Ltd. ADRadr	$725,371,000	–	3,909,721	–	3.09%	–
AXP	New	American Express Co.	$711,945,000	–	7,264,740	–	3.03%	–
ADNT	New	Adient PLC	$538,870,000	–	10,954,876	–	2.29%	–
TXN	New	Texas Instruments, Inc.	$531,924,000	–	4,824,709	–	2.26%	–
USB	New	US Bancorp	$462,113,000	–	9,238,565	–	1.97%	–
EDU	New	New Oriental Education & Technology ADRadr	$461,386,000	–	4,874,142	–	1.96%	–
BRKB	New	Berkshire Hathaway Inc., Class B	$344,552,000	–	1,845,978	–	1.47%	–
MSFT	New	Microsoft Corp.	$321,010,000	–	3,255,346	–	1.37%	–
SHPG	New	Shire Plc., ADRadr	$314,791,000	–	1,864,875	–	1.34%	–
CB	New	Chubb Ltd.	$275,609,000	–	2,169,810	–	1.17%	–
OXY	New	Occidental Petroleum Corp.	$273,943,000	–	3,273,692	–	1.17%	–
MKL	New	Markel Corp.	$270,613,000	–	249,562	–	1.15%	–
L	New	Loews Corp.	$217,398,000	–	4,502,852	–	0.92%	–
JD	New	JD.com, Inc., Class A, ADRadr	$175,924,000	–	4,516,664	–	0.75%	–
ORCL	New	Oracle Corporation	$163,020,000	–	3,699,947	–	0.69%	–
BKNG	New	Booking Holdings, Inc.	$131,589,000	–	64,915	–	0.56%	–
HOLI	New	Hollysys Automation Technologies Ltd.adr	$116,440,000	–	5,259,264	–	0.50%	–
NTB	New	The Bank of N.T. Butterfield & Son Ltd.	$107,912,000	–	2,360,279	–	0.46%	–
IQ	New	iQIYI Inc., Class A, ADRadr	$102,469,000	–	3,172,422	–	0.44%	–
DUSA	New	Davis Select U.S. Equityetf	$71,817,000	–	2,971,320	–	0.31%	–
KKR	New	KKR & Co. L.P.partnership	$59,746,000	–	2,404,246	–	0.25%	–
SFUN	New	Fang Holdings Ltd.adr	$58,833,000	–	15,163,212	–	0.25%	–
GS	New	Goldman Sachs Group, Inc.	$55,767,000	–	252,833	–	0.24%	–
RE	New	Everest Re Group, Ltd.	$53,507,000	–	232,155	–	0.23%	–
QUOT	New	Quotient Technology, Inc.	$51,328,000	–	3,918,176	–	0.22%	–
NOAH	New	Noah Holdings Ltd. ADSadr	$49,103,000	–	941,574	–	0.21%	–
Y	New	Alleghany Corporation	$46,414,000	–	80,724	–	0.20%	–
STT	New	State Street Corp.	$45,831,000	–	492,328	–	0.20%	–
DWLD	New	Davis Select Worldwideetf	$43,503,000	–	1,654,105	–	0.18%	–
DFNL	New	Davis Select Financialetf	$43,422,000	–	1,834,445	–	0.18%	–
SCHW	New	Charles Schwab Corp.	$41,861,000	–	819,196	–	0.18%	–
PNC	New	PNC Financial Services Group, Inc.	$41,594,000	–	307,873	–	0.18%	–
QRTEA	New	Qurate Retail Inc., Series A	$40,922,000	–	1,928,469	–	0.17%	–
YRD	New	Yirendai Ltd., ADRadr	$40,631,000	–	1,914,743	–	0.17%	–
OAK	New	Oaktree Capital Group LLCpartnership	$37,694,000	–	927,274	–	0.16%	–
	New	Tarena International, Inc.,Class A, ADRadr	$37,429,000	–	4,944,431	–	0.16%	–
INTC	New	Intel Corp.	$36,873,000	–	741,770	–	0.16%	–
V	New	Visa, Inc., Class A	$36,767,000	–	277,593	–	0.16%	–
QRVO	New	Qorvo, Inc.	$34,418,000	–	429,307	–	0.15%	–
APTV	New	Aptiv PLC	$33,890,000	–	369,856	–	0.14%	–
SPG	New	Simon Property Group, Inc.	$33,276,000	–	195,523	–	0.14%	–
COG	New	Cabot Oil & Gas Corp.	$33,114,000	–	1,391,332	–	0.14%	–
LBTYK	New	Liberty Global PLC, Series C	$32,008,000	–	1,202,864	–	0.14%	–
DINT	New	Davis Select Internationaletf	$31,194,000	–	1,623,000	–	0.13%	–
ESRX	New	Express Scripts Holding Co.	$29,894,000	–	387,178	–	0.13%	–
BIDU	New	Baidu, Inc. Class A, ADRadr	$28,429,000	–	116,991	–	0.12%	–
TPGE	New	TPG Pace Energy Holdings Corp.	$26,306,000	–	2,420,050	–	0.11%	–
MMC	New	Marsh & McLennan Co.	$25,456,000	–	310,558	–	0.11%	–
ETN	New	Eaton Corporation Plc	$25,407,000	–	339,940	–	0.11%	–
AMAT	New	Applied Materials, Inc.	$23,833,000	–	515,977	–	0.10%	–
LILAK	New	Liberty Latin America Ltd., Class C	$22,331,000	–	1,152,285	–	0.10%	–
GLIBA	New	GCI Liberty Inc., Class A	$21,834,000	–	484,328	–	0.09%	–
AVB	New	AvalonBay Communities, Inc.	$21,573,000	–	125,506	–	0.09%	–
ANGI	New	ANGI Homeservices Inc., Class A	$20,933,000	–	1,361,051	–	0.09%	–
PLD	New	Prologis, Inc.	$20,606,000	–	313,679	–	0.09%	–
EQIX	New	Equinix, Inc	$19,896,000	–	46,282	–	0.08%	–
EQM	New	EQT Midstream Partners L.P.partnership	$19,723,000	–	382,312	–	0.08%	–
AIG	New	American International Group. Inc.	$19,320,000	–	364,384	–	0.08%	–
CTRP	New	Ctrip.com International, Ltd. ADRadr	$18,582,000	–	390,134	–	0.08%	–
FCEA	New	Forest City Realty Trust, Inc., Class A	$18,077,000	–	792,486	–	0.08%	–
BX	New	The Blackstone Group L.P.	$17,739,000	–	551,420	–	0.08%	–
PSA	New	Public Storage	$16,880,000	–	74,407	–	0.07%	–
SAP	New	SAP AG ADRadr	$16,947,000	–	146,528	–	0.07%	–
BXP	New	Boston Properties, Inc.	$16,498,000	–	131,540	–	0.07%	–
FR	New	First Industrial Realty Trust, Inc.	$16,192,000	–	485,649	–	0.07%	–
ESS	New	Essex Property Trust, Inc.	$15,574,000	–	65,146	–	0.07%	–
EXR	New	Extra Space Storage, Inc.	$15,237,000	–	152,662	–	0.06%	–
CPT	New	Camden Property Trust	$14,933,000	–	163,861	–	0.06%	–
EQR	New	Equity Residential	$14,800,000	–	232,375	–	0.06%	–
DGX	New	Quest Diagnostics, Inc.	$14,639,000	–	133,157	–	0.06%	–
LEXEA	New	Liberty Expedia Holdings, Inc.	$14,194,000	–	323,024	–	0.06%	–
LSI	New	Life Storage, Inc.	$13,637,000	–	140,139	–	0.06%	–
UNH	New	UnitedHealth Group, Inc.	$13,321,000	–	54,296	–	0.06%	–
AKR	New	Acadia Realty Trust	$13,434,000	–	490,838	–	0.06%	–
REXR	New	Rexford Industrial Realty, Inc.	$13,412,000	–	427,272	–	0.06%	–
ROIC	New	Retail Opportunity Investments Corp.	$13,104,000	–	683,922	–	0.06%	–
CUZ	New	Cousins Properties, Inc.	$13,112,000	–	1,353,180	–	0.06%	–
DLR	New	Digital Realty Trust, Inc.	$12,921,000	–	115,796	–	0.06%	–
NVS	New	Novartis AG ADRadr	$12,903,000	–	170,811	–	0.06%	–
HPP	New	Hudson Pacific Properties, Inc.	$12,879,000	–	363,512	–	0.06%	–
TRNO	New	Terreno Realty Corp.	$12,914,000	–	342,817	–	0.06%	–
CCI	New	Crown Castle International Corp.	$12,895,000	–	119,596	–	0.06%	–
CUBE	New	CubeSmart	$12,644,000	–	392,430	–	0.05%	–
REG	New	Regency Centers Corporation	$12,184,000	–	196,267	–	0.05%	–
ACC	New	American Campus Communities, Inc.	$12,212,000	–	284,794	–	0.05%	–
ARE	New	Alexandria Real Estate Equities, Inc.	$12,320,000	–	97,646	–	0.05%	–
FRT	New	Federal Realty Investment Trust	$11,703,000	–	92,477	–	0.05%	–
ZTO	New	ZTO Express Cayman, Inc., Class A, ADRadr	$11,499,000	–	574,940	–	0.05%	–
HST	New	Host Hotels & Resorts, Inc.	$11,342,000	–	538,302	–	0.05%	–
EGP	New	EastGroup Properties, Inc.	$9,516,000	–	99,585	–	0.04%	–
BRX	New	Brixmor Property Group, Inc.	$9,147,000	–	524,791	–	0.04%	–
SLG	New	SL Green Realty Corp.	$9,169,000	–	91,211	–	0.04%	–
HCP	New	HCP, Inc.	$8,779,000	–	340,000	–	0.04%	–
VNO	New	Vornado Realty Trust	$8,772,000	–	118,675	–	0.04%	–
DCT	New	DCT Industrial Trust, Inc.	$8,518,000	–	127,652	–	0.04%	–
BDN	New	Brandywine Realty Trust	$8,426,000	–	499,157	–	0.04%	–
KIM	New	Kimco Realty Corp.	$7,852,000	–	462,142	–	0.03%	–
LTRPA	New	Liberty TripAdvisor Holdings, Inc., Series A	$7,377,000	–	458,200	–	0.03%	–
CTT	New	CatchMark Timber Trust Inc., Class A	$7,163,000	–	562,661	–	0.03%	–
JBGS	New	JBG SMITH Properties	$6,661,000	–	182,642	–	0.03%	–
WY	New	Weyerhaeuser Co.	$6,069,000	–	166,443	–	0.03%	–
EDR	New	Education Realty Trust, Inc.	$4,812,000	–	115,960	–	0.02%	–
COR	New	CoreSite Realty Corp.	$4,246,000	–	38,314	–	0.02%	–
GGP	New	GGP, Inc.	$3,299,000	–	161,482	–	0.01%	–
AMH	New	American Homes 4 Rent, Class A	$2,984,000	–	134,551	–	0.01%	–
INVH	New	Invitation Homes, Inc.	$2,898,000	–	125,693	–	0.01%	–
CONE	New	CyrusOne, Inc.	$2,882,000	–	49,380	–	0.01%	–
COST	New	Costco Wholesale Corp.	$2,817,000	–	13,480	–	0.01%	–
WUBA	New	58.com, Inc. ADRadr	$2,010,000	–	28,986	–	0.01%	–
GLRE	New	Greenlight Capital Re, Ltd., Class A	$1,775,000	–	125,000	–	0.01%	–
PX	New	Praxair, Inc.	$1,092,000	–	6,905	–	0.01%	–
DXC	New	DXC Technology Co.	$912,000	–	11,319	–	0.00%	–
SWCH	New	Switch, Inc.	$1,001,000	–	82,263	–	0.00%	–
ECL	New	Ecolab, Inc.	$603,000	–	4,295	–	0.00%	–
LRCX	New	Lam Research Corp.	$602,000	–	3,485	–	0.00%	–
MCO	New	Moody's Corp.	$817,000	–	4,790	–	0.00%	–
AXTA	New	Axalta Coating Systems Ltd.	$732,000	–	24,160	–	0.00%	–
DWDP	New	DowDuPont, Inc.	$791,000	–	12,000	–	0.00%	–
FDX	New	FedEx Corp.	$724,000	–	3,190	–	0.00%	–
HPQ	New	HP, Inc.	$473,000	–	20,830	–	0.00%	–
XLNX	New	Xilinx, Inc.	$517,000	–	7,920	–	0.00%	–
PPG	New	PPG Industries, Inc.	$567,000	–	5,470	–	0.00%	–
KMX	New	CarMax, Inc.	$407,000	–	5,586	–	0.00%	–
APD	New	Air Products & Chemicals, Inc.	$297,000	–	1,906	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
APD	Exit	Air Products & Chemicals, Inc.	$0	–	-1,872	–	-0.00%	–
PCAR	Exit	PACCAR, Inc.	$0	–	-3,156	–	-0.00%	–
IVE	Exit	iShares S&P 500 Value Index Fundetf	$0	–	-2,237	–	-0.00%	–
JMEI	Exit	Jumei International ADRadr	$0	–	-59,940	–	-0.00%	–
HPQ	Exit	HP, Inc.	$0	–	-20,830	–	-0.00%	–
BBU	Exit	Brookfield Business Partners, L.P.partnership	$0	–	-13,307	–	-0.00%	–
XLNX	Exit	Xilinx, Inc.	$0	–	-7,920	–	-0.00%	–
PPG	Exit	PPG Industries, Inc.	$0	–	-5,470	–	-0.00%	–
LRCX	Exit	Lam Research Corp.	$0	–	-3,485	–	-0.00%	–
DWDP	Exit	DowDuPont Inc.	$0	–	-13,810	–	-0.00%	–
DXC	Exit	DXC Technology Co.	$0	–	-11,319	–	-0.00%	–
LC	Exit	LendingClub Corp.	$0	–	-188,220	–	-0.01%	–
DDR	Exit	DDR Corporation	$0	–	-186,013	–	-0.01%	–
CHUBA	Exit	CommerceHub, Inc., Series A	$0	–	-88,051	–	-0.01%	–
WUBA	Exit	58.com, Inc. ADRadr	$0	–	-30,176	–	-0.01%	–
RPT	Exit	Ramco-Gershenson Properties Trust	$0	–	-207,051	–	-0.01%	–
BRX	Exit	Brixmor Property Group, Inc.	$0	–	-152,870	–	-0.01%	–
JBGS	Exit	JBG SMITH Properties	$0	–	-83,006	–	-0.01%	–
KRG	Exit	Kite Realty Group Trust	$0	–	-139,687	–	-0.01%	–
CDR	Exit	Cedar Realty Trust, Inc.	$0	–	-554,706	–	-0.01%	–
CHUBK	Exit	CommerceHub, Inc., Series C	$0	–	-176,298	–	-0.02%	–
INXN	Exit	InterXion Holding NV	$0	–	-99,896	–	-0.02%	–
IBN	Exit	ICICI Bank Limited ADRadr	$0	–	-690,574	–	-0.02%	–
LTRPA	Exit	Liberty TripAdvisor Holdings, Inc., Series A	$0	–	-500,514	–	-0.03%	–
CTRP	Exit	Ctrip.com International, Ltd. ADRadr	$0	–	-119,561	–	-0.03%	–
CCI	Exit	Crown Castle International Corp.	$0	–	-85,455	–	-0.04%	–
EGP	Exit	EastGroup Properties, Inc.	$0	–	-97,746	–	-0.04%	–
KIM	Exit	Kimco Realty Corp.	$0	–	-461,480	–	-0.04%	–
EXR	Exit	Extra Space Storage, Inc.	$0	–	-111,088	–	-0.04%	–
VTR	Exit	Ventas, Inc.	$0	–	-138,212	–	-0.04%	–
REXR	Exit	Rexford Industrial Realty, Inc.	$0	–	-314,670	–	-0.04%	–
EQM	Exit	EQT Midstream Partners L.P.partnership	$0	–	-126,102	–	-0.04%	–
AIV	Exit	Apartment Investment & Management	$0	–	-218,572	–	-0.04%	–
CUBE	Exit	CubeSmart	$0	–	-368,895	–	-0.04%	–
DCT	Exit	DCT Industrial Trust, Inc.	$0	–	-168,661	–	-0.04%	–
HST	Exit	Host Hotels & Resorts, Inc.	$0	–	-537,617	–	-0.04%	–
FRT	Exit	Federal Realty Investment Trust	$0	–	-85,236	–	-0.04%	–
LSI	Exit	Life Storage, Inc.	$0	–	-131,521	–	-0.05%	–
HPP	Exit	Hudson Pacific Properties Inc.	$0	–	-333,134	–	-0.05%	–
REG	Exit	Regency Centers Corporation	$0	–	-180,867	–	-0.05%	–
ARE	Exit	Alexandria Real Estate Equities, Inc.	$0	–	-97,450	–	-0.05%	–
ACC	Exit	American Campus Communities, Inc.	$0	–	-262,619	–	-0.05%	–
CUZ	Exit	Cousins Properties, Inc.	$0	–	-1,245,745	–	-0.05%	–
SLG	Exit	SL Green Realty Corp.	$0	–	-117,429	–	-0.05%	–
ROIC	Exit	Retail Opportunity Investments Corp.	$0	–	-647,274	–	-0.05%	–
CPT	Exit	Camden Property Trust	$0	–	-135,627	–	-0.05%	–
DGX	Exit	Quest Diagnostics Inc.	$0	–	-132,655	–	-0.05%	–
VNO	Exit	Vornado Realty Trust	$0	–	-166,018	–	-0.05%	–
MAA	Exit	Mid-America Apartment Communities, Inc	$0	–	-119,564	–	-0.05%	–
GGP	Exit	GGP Inc.	$0	–	-623,351	–	-0.06%	–
CONE	Exit	CyrusOne, Inc.	$0	–	-223,111	–	-0.06%	–
FCEA	Exit	Forest City Realty Trust, Inc., Class A	$0	–	-526,236	–	-0.06%	–
WY	Exit	Weyerhaeuser Co.	$0	–	-397,704	–	-0.06%	–
AKR	Exit	Acadia Realty Trust	$0	–	-499,220	–	-0.06%	–
FR	Exit	First Industrial Realty Trust, Inc.	$0	–	-485,082	–	-0.06%	–
EQR	Exit	Equity Residential	$0	–	-221,717	–	-0.06%	–
BXP	Exit	Boston Properties, Inc.	$0	–	-121,572	–	-0.06%	–
AVB	Exit	AvalonBay Communities, Inc.	$0	–	-83,991	–	-0.06%	–
SAP	Exit	SAP AG ADRadr	$0	–	-141,865	–	-0.07%	–
INTC	Exit	Intel Corp.	$0	–	-422,981	–	-0.07%	–
PLD	Exit	Prologis, Inc.	$0	–	-263,530	–	-0.07%	–
TRNO	Exit	Terreno Realty Corp.	$0	–	-484,604	–	-0.08%	–
WELL	Exit	Welltower, Inc.	$0	–	-252,553	–	-0.08%	–
CXO	Exit	Concho Resources Inc.	$0	–	-136,047	–	-0.08%	–
LEXEA	Exit	Liberty Expedia Holdings, Inc.	$0	–	-352,600	–	-0.08%	–
BIDU	Exit	Baidu, Inc. Class A, ADRadr	$0	–	-83,789	–	-0.09%	–
ESS	Exit	Essex Property Trust, Inc.	$0	–	-83,276	–	-0.09%	–
PSA	Exit	Public Storage	$0	–	-98,454	–	-0.09%	–
AIG	Exit	American International Group. Inc.	$0	–	-357,634	–	-0.09%	–
CTT	Exit	CatchMark Timber Trust Inc., Class A	$0	–	-1,997,328	–	-0.11%	–
AMAT	Exit	Applied Materials, Inc.	$0	–	-505,017	–	-0.11%	–
QUOT	Exit	Quotient Technology, Inc.	$0	–	-1,785,168	–	-0.12%	–
MCO	Exit	Moody's Corp.	$0	–	-202,766	–	-0.12%	–
SPGI	Exit	S&P Global, Inc.	$0	–	-180,638	–	-0.12%	–
BAM	Exit	Brookfield Asset Management Inc., Class Aadr	$0	–	-717,049	–	-0.13%	–
NVS	Exit	Novartis AG ADRadr	$0	–	-350,186	–	-0.13%	–
LVNTA	Exit	Liberty Interactive, Liberty Ventures, Series A	$0	–	-528,715	–	-0.13%	–
LILAK	Exit	Liberty Global PLC, LiLAC Class C	$0	–	-1,377,197	–	-0.14%	–
VIPS	Exit	Vipshop Holdings Ltd. ADSadr	$0	–	-3,659,664	–	-0.14%	–
DPLO	Exit	Diplomat Pharmacy, Inc.	$0	–	-1,705,234	–	-0.15%	–
	Exit	Tarena International, Inc.,Class A, ADRadr	$0	–	-2,458,979	–	-0.15%	–
SCHW	Exit	Charles Schwab Corp.	$0	–	-827,632	–	-0.15%	–
SPG	Exit	Simon Property Group, Inc.	$0	–	-233,037	–	-0.16%	–
DWLD	Exit	Davis Select Worldwideetf	$0	–	-1,612,800	–	-0.17%	–
DFNL	Exit	Davis Select Financialetf	$0	–	-1,801,050	–	-0.17%	–
ETN	Exit	Eaton Corporation Plc	$0	–	-534,224	–	-0.17%	–
PNC	Exit	PNC Financial Services Group, Inc.	$0	–	-310,032	–	-0.18%	–
MMC	Exit	Marsh & McLennan Co.	$0	–	-510,212	–	-0.18%	–
Y	Exit	Alleghany Corporation	$0	–	-78,524	–	-0.18%	–
DUSA	Exit	Davis Select U.S. Equityetf	$0	–	-2,060,000	–	-0.19%	–
NOAH	Exit	Noah Holdings Ltd. ADSadr	$0	–	-1,425,790	–	-0.20%	–
KKR	Exit	KKR & Co. L.P.partnership	$0	–	-2,326,754	–	-0.20%	–
STT	Exit	State Street Corp.	$0	–	-497,827	–	-0.20%	–
QRTEA	Exit	Liberty Interactive Corp., QVC Group, Series A	$0	–	-2,076,235	–	-0.21%	–
MON	Exit	Monsanto Co.	$0	–	-428,111	–	-0.22%	–
ANGI	Exit	Angie's List, Inc.	$0	–	-4,162,001	–	-0.22%	–
RE	Exit	Everest Re Group, Ltd.	$0	–	-230,741	–	-0.22%	–
GS	Exit	Goldman Sachs Group, Inc.	$0	–	-252,986	–	-0.26%	–
ZTO	Exit	ZTO Express Cayman, Inc. ADRadr	$0	–	-4,686,871	–	-0.28%	–
USB	Exit	US Bancorp	$0	–	-1,361,537	–	-0.31%	–
TAL	Exit	TAL Education Group, Class A, ADRadr	$0	–	-2,537,827	–	-0.36%	–
HOLI	Exit	Hollysys Automation Technologies Ltd.adr	$0	–	-4,155,115	–	-0.38%	–
JD	Exit	JD.com, Inc ADRadr	$0	–	-2,425,536	–	-0.40%	–
EDU	Exit	New Oriental Education & Technology ADRadr	$0	–	-1,058,617	–	-0.40%	–
BABA	Exit	Alibaba Group Holding Ltd. ADRadr	$0	–	-554,328	–	-0.41%	–
SFUN	Exit	Fang Holdings Ltdadr	$0	–	-27,088,293	–	-0.47%	–
PCLN	Exit	The Priceline Group, Inc.	$0	–	-71,073	–	-0.55%	–
ECL	Exit	Ecolab, Inc.	$0	–	-1,177,479	–	-0.64%	–
ORCL	Exit	Oracle Corporation	$0	–	-3,924,554	–	-0.81%	–
CB	Exit	Chubb Ltd.	$0	–	-1,435,348	–	-0.87%	–
COST	Exit	Costco Wholesale Corp.	$0	–	-1,386,367	–	-0.97%	–
L	Exit	Loews Corp.	$0	–	-5,087,910	–	-1.04%	–
ESRX	Exit	Express Scripts Holding Co.	$0	–	-3,848,419	–	-1.04%	–
V	Exit	Visa, Inc., Class A	$0	–	-2,342,817	–	-1.05%	–
UNH	Exit	UnitedHealth Group, Inc.	$0	–	-1,305,135	–	-1.09%	–
MSFT	Exit	Microsoft Corp.	$0	–	-3,488,561	–	-1.10%	–
AXTA	Exit	Axalta Coating Systems Ltd.	$0	–	-9,402,305	–	-1.16%	–
MKL	Exit	Markel Corp.	$0	–	-264,054	–	-1.20%	–
KMX	Exit	CarMax, Inc.	$0	–	-4,065,627	–	-1.31%	–
BRKB	Exit	Berkshire Hathaway Inc., Class B	$0	–	-1,734,829	–	-1.35%	–
LBTYK	Exit	Liberty Global PLC, Series C	$0	–	-10,204,759	–	-1.42%	–
3106PS	Exit	Delphi Automotive PLC	$0	–	-3,600,448	–	-1.51%	–
PX	Exit	Praxair, Inc.	$0	–	-2,543,551	–	-1.51%	–
FDX	Exit	FedEx Corp.	$0	–	-1,620,124	–	-1.56%	–
COG	Exit	Cabot Oil & Gas Corp.	$0	–	-14,448,060	–	-1.64%	–
OXY	Exit	Occidental Petroleum Corp.	$0	–	-6,232,951	–	-1.70%	–
TXN	Exit	Texas Instruments, Inc.	$0	–	-5,234,988	–	-2.00%	–
JCI	Exit	Johnson Controls International PLC	$0	–	-13,256,345	–	-2.27%	–
FB	Exit	Facebook, Inc.	$0	–	-3,382,612	–	-2.46%	–
ADNT	Exit	Adient PLC	$0	–	-7,154,891	–	-2.56%	–
AET	Exit	Aetna Inc.	$0	–	-3,824,917	–	-2.59%	–
GOOGL	Exit	Alphabet Inc., Class A	$0	–	-715,768	–	-2.96%	–
ECA	Exit	Encana Corporationadr	$0	–	-65,304,863	–	-3.27%	–
UTX	Exit	United Technologies Corp.	$0	–	-7,666,203	–	-3.79%	–
APA	Exit	Apache Corporation	$0	–	-20,998,334	–	-4.09%	–
COF	Exit	Capital One Financial Corp.	$0	–	-11,581,237	–	-4.17%	–
AXP	Exit	American Express Co.	$0	–	-10,904,535	–	-4.20%	–
BK	Exit	Bank of New York Mellon Corp.	$0	–	-19,718,607	–	-4.45%	–
GOOG	Exit	Alphabet Inc., Class C	$0	–	-1,148,225	–	-4.68%	–
BRKA	Exit	Berkshire Hathaway Inc., Class A	$0	–	-4,187	–	-4.90%	–
JPM	Exit	JPMorgan Chase & Co.	$0	–	-12,752,186	–	-5.18%	–
AMZN	Exit	Amazon.com, Inc.	$0	–	-1,507,337	–	-6.17%	–
WFC	Exit	Wells Fargo & Co.	$0	–	-26,335,478	–	-6.18%	–

Q3 2017

			Value		Shares		↓ Weighting
WFC	Buy	Wells Fargo & Co.	$1,451,064,000	+0.9%	26,335,478	+1.4%	6.18%	-1.9%
AMZN	Sell	Amazon.com, Inc.	$1,448,635,000	-3.5%	1,507,337	-2.8%	6.17%	-6.1%
JPM	Sell	JPMorgan Chase & Co.	$1,217,869,000	-1.4%	12,752,186	-5.6%	5.18%	-4.1%
GOOG	Sell	Alphabet Inc., Class C	$1,100,755,000	+1.7%	1,148,225	-3.6%	4.68%	-1.1%
BK	Sell	Bank of New York Mellon Corp.	$1,045,469,000	+2.8%	19,718,607	-1.1%	4.45%	0.0%
AXP	Sell	American Express Co.	$986,229,000	+3.6%	10,904,535	-3.5%	4.20%	+0.8%
COF	Buy	Capital One Financial Corp.	$980,149,000	+47.2%	11,581,237	+43.7%	4.17%	+43.2%
APA	Buy	Apache Corporation	$961,724,000	-4.4%	20,998,334	+0.1%	4.09%	-7.0%
UTX	Sell	United Technologies Corp.	$889,784,000	-6.2%	7,666,203	-1.3%	3.79%	-8.7%
ECA	Sell	Encana Corporationadr	$769,216,000	+29.4%	65,304,863	-3.4%	3.27%	+25.8%
GOOGL	Sell	Alphabet Inc., Class A	$696,559,000	+0.0%	715,768	-4.5%	2.96%	-2.7%
AET	Sell	Aetna Inc.	$607,752,000	+0.6%	3,824,917	-3.9%	2.59%	-2.2%
ADNT	Sell	Adient PLC	$600,990,000	+24.4%	7,154,891	-3.2%	2.56%	+20.9%
FB	Sell	Facebook, Inc.	$577,503,000	+8.9%	3,382,612	-3.7%	2.46%	+5.9%
JCI	Sell	Johnson Controls International PLC	$533,907,000	-10.5%	13,256,345	-3.6%	2.27%	-12.9%
TXN	Sell	Texas Instruments, Inc.	$469,268,000	+10.6%	5,234,988	-5.1%	2.00%	+7.6%
OXY	Sell	Occidental Petroleum Corp.	$400,487,000	+3.0%	6,232,951	-4.0%	1.70%	+0.2%
COG	Sell	Cabot Oil & Gas Corp.	$386,567,000	+3.4%	14,448,060	-3.1%	1.64%	+0.6%
FDX	Sell	FedEx Corp.	$365,325,000	-0.2%	1,620,124	-3.8%	1.56%	-2.9%
PX	Sell	Praxair, Inc.	$355,642,000	+1.7%	2,543,551	-3.6%	1.51%	-1.0%
3106PS	Sell	Delphi Automotive PLC	$354,091,000	+8.7%	3,600,448	-3.2%	1.51%	+5.7%
LBTYK	Sell	Liberty Global PLC, Series C	$333,255,000	+0.9%	10,204,759	-3.7%	1.42%	-1.9%
BRKB	Buy	Berkshire Hathaway Inc., Class B	$317,984,000	+11.9%	1,734,829	+3.4%	1.35%	+8.8%
KMX	Sell	CarMax, Inc.	$308,245,000	+11.3%	4,065,627	-7.4%	1.31%	+8.3%
MKL	Sell	Markel Corp.	$282,018,000	+4.7%	264,054	-4.3%	1.20%	+1.8%
AXTA	Buy	Axalta Coating Systems Ltd.	$271,921,000	+17.4%	9,402,305	+30.1%	1.16%	+14.2%
MSFT	Sell	Microsoft Corp.	$259,717,000	+2.0%	3,488,561	-5.6%	1.10%	-0.9%
UNH	Sell	UnitedHealth Group, Inc.	$255,634,000	-45.6%	1,305,135	-48.5%	1.09%	-47.1%
V	Sell	Visa, Inc., Class A	$246,481,000	-15.6%	2,342,817	-24.8%	1.05%	-17.9%
ESRX	Sell	Express Scripts Holding Co.	$243,617,000	-4.9%	3,848,419	-4.1%	1.04%	-7.4%
L	Sell	Loews Corp.	$243,502,000	-0.6%	5,087,910	-2.7%	1.04%	-3.3%
COST	Sell	Costco Wholesale Corp.	$227,714,000	-15.4%	1,386,367	-17.7%	0.97%	-17.7%
CB	Sell	Chubb Ltd.	$204,586,000	-4.5%	1,435,348	-2.6%	0.87%	-7.1%
ORCL	Sell	Oracle Corporation	$189,679,000	-6.2%	3,924,554	-2.7%	0.81%	-8.8%
ECL	Sell	Ecolab, Inc.	$151,494,000	-18.3%	1,177,479	-15.7%	0.64%	-20.5%
PCLN	Sell	The Priceline Group, Inc.	$130,122,000	-23.5%	71,073	-21.8%	0.55%	-25.5%
SFUN	Sell	Fang Holdings Ltdadr	$109,669,000	+8.5%	27,088,293	-0.6%	0.47%	+5.7%
BABA	Buy	Alibaba Group Holding Ltd. ADRadr	$95,738,000	+59.2%	554,328	+29.9%	0.41%	+54.8%
EDU	Buy	New Oriental Education & Technology ADRadr	$93,434,000	+40.5%	1,058,617	+12.2%	0.40%	+36.8%
JD	Sell	JD.com, Inc ADRadr	$92,708,000	-3.8%	2,425,536	-1.3%	0.40%	-6.4%
HOLI	Buy	Hollysys Automation Technologies Ltd.adr	$89,792,000	+59.4%	4,155,115	+22.5%	0.38%	+54.7%
TAL	Buy	TAL Education Group, Class A, ADRadr	$85,550,000	+64.0%	2,537,827	+494.9%	0.36%	+59.6%
USB	Buy	US Bancorp	$72,965,000	+4.0%	1,361,537	+0.8%	0.31%	+1.3%
ZTO	Sell	ZTO Express Cayman, Inc. ADRadr	$65,798,000	+0.2%	4,686,871	-0.4%	0.28%	-2.4%
GS	Buy	Goldman Sachs Group, Inc.	$60,006,000	+7.7%	252,986	+0.7%	0.26%	+4.5%
RE	Buy	Everest Re Group, Ltd.	$52,699,000	-9.6%	230,741	+0.8%	0.22%	-12.2%
ANGI	Sell	Angie's List, Inc.	$51,869,000	-10.4%	4,162,001	-8.0%	0.22%	-12.6%
MON	Buy	Monsanto Co.	$51,296,000	+1.7%	428,111	+0.4%	0.22%	-1.4%
QRTEA	Sell	Liberty Interactive Corp., QVC Group, Series A	$48,903,000	-7.9%	2,076,235	-4.0%	0.21%	-10.3%
STT	Buy	State Street Corp.	$47,562,000	+7.4%	497,827	+0.9%	0.20%	+4.1%
KKR	Buy	KKR & Co. L.P.partnership	$47,303,000	+9.7%	2,326,754	+0.4%	0.20%	+6.3%
NOAH	Sell	Noah Holdings Ltd. ADSadr	$45,782,000	+11.4%	1,425,790	-0.6%	0.20%	+8.3%
DUSA	Buy	Davis Select U.S. Equityetf	$45,238,000	+60.4%	2,060,000	+53.7%	0.19%	+56.9%
Y	Buy	Alleghany Corporation	$43,503,000	-6.2%	78,524	+0.7%	0.18%	-8.9%
MMC	Sell	Marsh & McLennan Co.	$42,761,000	+6.7%	510,212	-0.7%	0.18%	+4.0%
PNC	Buy	PNC Financial Services Group, Inc.	$41,783,000	+8.9%	310,032	+0.9%	0.18%	+6.0%
ETN	Buy	Eaton Corporation Plc	$40,959,000	-1.3%	534,224	+0.2%	0.17%	-4.4%
DFNL	Buy	Davis Select Financialetf	$40,722,000	+25.1%	1,801,050	+19.6%	0.17%	+21.8%
DWLD	Buy	Davis Select Worldwideetf	$39,401,000	+44.1%	1,612,800	+31.3%	0.17%	+40.0%
SPG	Buy	Simon Property Group, Inc.	$37,521,000	+6.2%	233,037	+6.7%	0.16%	+3.2%
SCHW	Buy	Charles Schwab Corp.	$36,201,000	+2.8%	827,632	+1.0%	0.15%	0.0%
	Buy	Tarena International, Inc.,Class A, ADRadr	$35,778,000	+151.7%	2,458,979	+209.9%	0.15%	+145.2%
DPLO	Buy	Diplomat Pharmacy, Inc.	$35,282,000	+39.9%	1,705,234	+0.1%	0.15%	+36.4%
LILAK	Sell	Liberty Global PLC, LiLAC Class C	$32,089,000	+4.3%	1,377,197	-4.2%	0.14%	+1.5%
VIPS	Sell	Vipshop Holdings Ltd. ADSadr	$32,215,000	-17.9%	3,659,664	-1.6%	0.14%	-20.3%
LVNTA	Sell	Liberty Interactive, Liberty Ventures, Series A	$30,428,000	+5.2%	528,715	-4.4%	0.13%	+2.4%
NVS	Sell	Novartis AG ADRadr	$30,063,000	+2.1%	350,186	-0.7%	0.13%	-0.8%
BAM	Buy	Brookfield Asset Management Inc., Class Aadr	$29,614,000	+6.4%	717,049	+1.0%	0.13%	+3.3%
MCO	Buy	Moody's Corp.	$28,227,000	+15.2%	202,766	+0.7%	0.12%	+12.1%
SPGI	Sell	S&P Global, Inc.	$28,236,000	+6.7%	180,638	-0.4%	0.12%	+3.4%
QUOT	Sell	Quotient Technology, Inc.	$27,927,000	+34.2%	1,785,168	-1.3%	0.12%	+30.8%
AMAT	Sell	Applied Materials, Inc.	$26,224,000	-14.4%	505,017	-31.9%	0.11%	-16.4%
CTT	Sell	CatchMark Timber Trust Inc., Class A	$25,186,000	+0.0%	1,997,328	-9.8%	0.11%	-2.7%
AIG	Buy	American International Group. Inc.	$21,955,000	-0.9%	357,634	+0.9%	0.09%	-4.1%
ESS	Buy	Essex Property Trust, Inc.	$21,155,000	-1.1%	83,276	+0.2%	0.09%	-4.3%
PSA	Sell	Public Storage	$21,068,000	-3.0%	98,454	-5.5%	0.09%	-5.3%
BIDU	Sell	Baidu, Inc. Class A, ADRadr	$20,754,000	+34.8%	83,789	-2.7%	0.09%	+31.3%
LEXEA	Sell	Liberty Expedia Holdings, Inc.	$18,727,000	-6.0%	352,600	-4.4%	0.08%	-8.0%
CXO	Buy	Concho Resources Inc.	$17,923,000	+171.1%	136,047	+150.1%	0.08%	+162.1%
WELL	Sell	Welltower, Inc.	$17,749,000	-6.2%	252,553	-0.1%	0.08%	-8.4%
TRNO	Sell	Terreno Realty Corp.	$17,533,000	-19.5%	484,604	-25.1%	0.08%	-21.1%
PLD	Sell	Prologis, Inc.	$16,724,000	+8.1%	263,530	-0.2%	0.07%	+4.4%
INTC	Buy	Intel Corp.	$16,091,000	+1239.8%	422,981	+1088.3%	0.07%	+1260.0%
SAP	Buy	SAP AG ADRadr	$15,537,000	+5.0%	141,865	+0.3%	0.07%	+1.5%
AVB	Sell	AvalonBay Communities, Inc.	$14,986,000	-31.9%	83,991	-26.6%	0.06%	-33.3%
BXP	Buy	Boston Properties, Inc.	$14,939,000	+63.4%	121,572	+63.5%	0.06%	+60.0%
FR	Sell	First Industrial Realty Trust, Inc.	$14,596,000	+5.0%	485,082	-0.1%	0.06%	+1.6%
EQR	Sell	Equity Residential	$14,618,000	+0.1%	221,717	-0.1%	0.06%	-3.1%
AKR	Buy	Acadia Realty Trust	$14,288,000	+3.2%	499,220	+0.2%	0.06%	0.0%
WY	Sell	Weyerhaeuser Co.	$13,534,000	+1.5%	397,704	-0.1%	0.06%	0.0%
FCEA	Buy	Forest City Realty Trust, Inc., Class A	$13,424,000	+94.5%	526,236	+84.3%	0.06%	+90.0%
CONE	Sell	CyrusOne, Inc.	$13,148,000	-28.6%	223,111	-32.4%	0.06%	-30.9%
GGP	Sell	GGP Inc.	$12,947,000	-12.0%	623,351	-0.1%	0.06%	-14.1%
MAA	Sell	Mid-America Apartment Communities, Inc	$12,779,000	-40.6%	119,564	-41.5%	0.05%	-42.6%
VNO	Sell	Vornado Realty Trust	$12,763,000	-18.2%	166,018	-0.1%	0.05%	-20.6%
CPT	Buy	Camden Property Trust	$12,403,000	+101.0%	135,627	+87.9%	0.05%	+96.3%
DGX	Buy	Quest Diagnostics Inc.	$12,382,000	-16.0%	132,655	+0.0%	0.05%	-17.2%
ROIC	Sell	Retail Opportunity Investments Corp.	$12,305,000	-1.1%	647,274	-0.2%	0.05%	-3.7%
SLG	Buy	SL Green Realty Corp.	$11,898,000	+26.1%	117,429	+31.7%	0.05%	+24.4%
CUZ	Sell	Cousins Properties, Inc.	$11,635,000	+6.1%	1,245,745	-0.2%	0.05%	+4.2%
ACC	Sell	American Campus Communities, Inc.	$11,595,000	-28.5%	262,619	-23.4%	0.05%	-31.0%
ARE	Sell	Alexandria Real Estate Equities, Inc.	$11,594,000	-1.3%	97,450	-0.1%	0.05%	-3.9%
REG	Sell	Regency Centers Corporation	$11,221,000	-1.1%	180,867	-0.1%	0.05%	-4.0%
HPP	Buy	Hudson Pacific Properties Inc.	$11,170,000	+32.0%	333,134	+34.5%	0.05%	+29.7%
LSI	Sell	Life Storage, Inc.	$10,760,000	+10.2%	131,521	-0.2%	0.05%	+7.0%
FRT	Sell	Federal Realty Investment Trust	$10,587,000	-1.9%	85,236	-0.1%	0.04%	-4.3%
DCT	Sell	DCT Industrial Trust, Inc.	$9,769,000	-16.2%	168,661	-22.7%	0.04%	-17.6%
HST	Sell	Host Hotels & Resorts, Inc.	$9,941,000	+1.1%	537,617	-0.1%	0.04%	-2.3%
CUBE	Sell	CubeSmart	$9,577,000	+7.9%	368,895	-0.1%	0.04%	+5.1%
AIV	Sell	Apartment Investment & Management	$9,587,000	+2.0%	218,572	-0.1%	0.04%	0.0%
EQM	Sell	EQT Midstream Partners L.P.partnership	$9,454,000	-3.2%	126,102	-3.6%	0.04%	-7.0%
KIM	New	Kimco Realty Corp.	$9,022,000	–	461,480	–	0.04%	–
REXR	Buy	Rexford Industrial Realty, Inc.	$9,006,000	+56.5%	314,670	+50.1%	0.04%	+52.0%
EXR	Buy	Extra Space Storage, Inc.	$8,878,000	+2.9%	111,088	+0.4%	0.04%	0.0%
VTR	Buy	Ventas, Inc.	$9,002,000	+43.3%	138,212	+52.9%	0.04%	+40.7%
EGP	Buy	EastGroup Properties, Inc.	$8,613,000	+5.5%	97,746	+0.3%	0.04%	+2.8%
CCI	Sell	Crown Castle International Corp.	$8,544,000	-40.0%	85,455	-39.8%	0.04%	-41.9%
LTRPA	Sell	Liberty TripAdvisor Holdings, Inc., Series A	$6,181,000	+1.7%	500,514	-4.4%	0.03%	-3.7%
INXN	Sell	InterXion Holding NV	$5,088,000	-43.7%	99,896	-49.4%	0.02%	-45.0%
CHUBK	Sell	CommerceHub, Inc., Series C	$3,764,000	+17.0%	176,298	-4.4%	0.02%	+14.3%
CDR	Sell	Cedar Realty Trust, Inc.	$3,117,000	+15.6%	554,706	-0.2%	0.01%	+8.3%
KRG	Sell	Kite Realty Group Trust	$2,829,000	+6.7%	139,687	-0.2%	0.01%	0.0%
JBGS	New	JBG SMITH Properties	$2,840,000	–	83,006	–	0.01%	–
BRX	New	Brixmor Property Group, Inc.	$2,874,000	–	152,870	–	0.01%	–
WUBA	Sell	58.com, Inc. ADRadr	$1,905,000	+42.4%	30,176	-0.5%	0.01%	+33.3%
CHUBA	Sell	CommerceHub, Inc., Series A	$1,987,000	+23.9%	88,051	-4.4%	0.01%	+14.3%
DDR	Sell	DDR Corporation	$1,704,000	+0.6%	186,013	-0.3%	0.01%	0.0%
LC	Buy	LendingClub Corp.	$1,146,000	+10.7%	188,220	+0.2%	0.01%	0.0%
DWDP	New	DowDuPont Inc.	$956,000	–	13,810	–	0.00%	–
DXC	Buy	DXC Technology Co.	$972,000	+105.5%	11,319	+83.8%	0.00%	+100.0%
JMEI	Sell	Jumei International ADRadr	$174,000	-22.7%	59,940	-43.2%	0.00%	0.0%
APD	Buy	Air Products & Chemicals, Inc.	$283,000	+6.4%	1,872	+0.6%	0.00%	0.0%
PCAR	Buy	PACCAR, Inc.	$228,000	+9.6%	3,156	+0.4%	0.00%	0.0%
IVE	New	iShares S&P 500 Value Index Fundetf	$241,000	–	2,237	–	0.00%	–
MU	Exit	Micron Technology, Inc.	$0	–	-12,828	–	-0.00%	–
HPE	Exit	Hewlett Packard Enterprise Company	$0	–	-20,830	–	-0.00%	–
DOW	Exit	The Dow Chemical Company	$0	–	-13,810	–	-0.00%	–
TV	Exit	Grupo Televisa S.A.B., ADRadr	$0	–	-1,169,011	–	-0.12%	–

Q2 2017

			Value		Shares		↓ Weighting
AMZN	New	Amazon.com, Inc.	$1,501,136,000	–	1,550,760	–	6.57%	–
WFC	New	Wells Fargo & Co.	$1,438,821,000	–	25,966,811	–	6.30%	–
JPM	New	JPMorgan Chase & Co.	$1,234,563,000	–	13,507,258	–	5.40%	–
GOOG	New	Alphabet Inc., Class C	$1,082,111,000	–	1,190,795	–	4.74%	–
BRKA	New	Berkshire Hathaway Inc., Class A	$1,066,429,000	–	4,187	–	4.67%	–
BK	New	Bank of New York Mellon Corp.	$1,017,067,000	–	19,934,671	–	4.45%	–
APA	New	Apache Corporation	$1,005,836,000	–	20,985,516	–	4.40%	–
AXP	New	American Express Co.	$951,673,000	–	11,297,163	–	4.16%	–
UTX	New	United Technologies Corp.	$948,267,000	–	7,765,681	–	4.15%	–
GOOGL	New	Alphabet Inc., Class A	$696,479,000	–	749,160	–	3.05%	–
COF	New	Capital One Financial Corp.	$666,075,000	–	8,061,905	–	2.91%	–
AET	New	Aetna Inc.	$604,300,000	–	3,980,111	–	2.64%	–
JCI	New	Johnson Controls International PLC	$596,347,000	–	13,753,394	–	2.61%	–
ECA	New	Encana Corporationadr	$594,634,000	–	67,572,006	–	2.60%	–
FB	New	Facebook, Inc.	$530,529,000	–	3,513,904	–	2.32%	–
ADNT	New	Adient PLC	$483,265,000	–	7,391,629	–	2.12%	–
UNH	New	UnitedHealth Group, Inc.	$469,805,000	–	2,533,733	–	2.06%	–
TXN	New	Texas Instruments, Inc.	$424,255,000	–	5,514,815	–	1.86%	–
OXY	New	Occidental Petroleum Corp.	$388,637,000	–	6,491,356	–	1.70%	–
COG	New	Cabot Oil & Gas Corp.	$373,801,000	–	14,904,337	–	1.64%	–
FDX	New	FedEx Corp.	$366,118,000	–	1,684,618	–	1.60%	–
PX	New	Praxair, Inc.	$349,613,000	–	2,637,592	–	1.53%	–
LBTYK	New	Liberty Global PLC, Series C	$330,357,000	–	10,595,142	–	1.45%	–
3106PS	New	Delphi Automotive PLC	$325,862,000	–	3,717,769	–	1.43%	–
V	New	Visa, Inc., Class A	$292,163,000	–	3,115,409	–	1.28%	–
BRKB	New	Berkshire Hathaway Inc., Class B	$284,189,000	–	1,677,917	–	1.24%	–
KMX	New	CarMax, Inc.	$276,873,000	–	4,390,623	–	1.21%	–
MKL	New	Markel Corp.	$269,370,000	–	276,033	–	1.18%	–
COST	New	Costco Wholesale Corp.	$269,244,000	–	1,683,514	–	1.18%	–
ESRX	New	Express Scripts Holding Co.	$256,074,000	–	4,011,191	–	1.12%	–
MSFT	New	Microsoft Corp.	$254,730,000	–	3,695,488	–	1.12%	–
L	New	Loews Corp.	$244,867,000	–	5,231,077	–	1.07%	–
AXTA	New	Axalta Coating Systems Ltd.	$231,598,000	–	7,228,390	–	1.01%	–
CB	New	Chubb Ltd.	$214,272,000	–	1,473,874	–	0.94%	–
ORCL	New	Oracle Corporation	$202,282,000	–	4,034,353	–	0.88%	–
ECL	New	Ecolab, Inc.	$185,423,000	–	1,396,786	–	0.81%	–
PCLN	New	The Priceline Group, Inc.	$170,103,000	–	90,939	–	0.74%	–
SFUN	New	Fang Holdings Ltdadr	$101,059,000	–	27,239,493	–	0.44%	–
JD	New	JD.com, Inc ADRadr	$96,342,000	–	2,456,456	–	0.42%	–
USB	New	US Bancorp	$70,144,000	–	1,351,009	–	0.31%	–
EDU	New	New Oriental Education & Technology ADRadr	$66,490,000	–	943,253	–	0.29%	–
ZTO	New	ZTO Express Cayman, Inc. ADRadr	$65,681,000	–	4,704,977	–	0.29%	–
BABA	New	Alibaba Group Holding Ltd. ADRadr	$60,129,000	–	426,747	–	0.26%	–
RE	New	Everest Re Group, Ltd.	$58,268,000	–	228,871	–	0.26%	–
ANGI	New	Angie's List, Inc.	$57,869,000	–	4,524,585	–	0.25%	–
HOLI	New	Hollysys Automation Technologies Ltd.adr	$56,340,000	–	3,391,934	–	0.25%	–
GS	New	Goldman Sachs Group, Inc.	$55,725,000	–	251,126	–	0.24%	–
QRTEA	New	Liberty Interactive Corp., QVC Group, Series A	$53,079,000	–	2,162,940	–	0.23%	–
TAL	New	TAL Education Group, Class A, ADRadr	$52,176,000	–	426,586	–	0.23%	–
MON	New	Monsanto Co.	$50,445,000	–	426,200	–	0.22%	–
Y	New	Alleghany Corporation	$46,379,000	–	77,974	–	0.20%	–
STT	New	State Street Corp.	$44,283,000	–	493,517	–	0.19%	–
KKR	New	KKR & Co. L.P.partnership	$43,101,000	–	2,317,264	–	0.19%	–
ETN	New	Eaton Corporation Plc	$41,501,000	–	533,228	–	0.18%	–
NOAH	New	Noah Holdings Ltd. ADSadr	$41,093,000	–	1,434,298	–	0.18%	–
MMC	New	Marsh & McLennan Co.	$40,069,000	–	513,972	–	0.18%	–
VIPS	New	Vipshop Holdings Ltd. ADSadr	$39,239,000	–	3,719,303	–	0.17%	–
PNC	New	PNC Financial Services Group, Inc.	$38,380,000	–	307,362	–	0.17%	–
SPG	New	Simon Property Group, Inc.	$35,336,000	–	218,446	–	0.16%	–
SCHW	New	Charles Schwab Corp.	$35,198,000	–	819,312	–	0.15%	–
DFNL	New	Davis Select Financialetf	$32,541,000	–	1,505,850	–	0.14%	–
LILAK	New	Liberty Global PLC, LiLAC Class C	$30,778,000	–	1,437,547	–	0.14%	–
AMAT	New	Applied Materials, Inc.	$30,649,000	–	741,934	–	0.13%	–
NVS	New	Novartis AG ADRadr	$29,450,000	–	352,820	–	0.13%	–
LVNTA	New	Liberty Interactive, Liberty Ventures, Series A	$28,929,000	–	553,245	–	0.13%	–
TV	New	Grupo Televisa S.A.B., ADRadr	$28,489,000	–	1,169,011	–	0.12%	–
DUSA	New	Davis Select U.S. Equityetf	$28,208,000	–	1,340,700	–	0.12%	–
BAM	New	Brookfield Asset Management Inc., Class Aadr	$27,843,000	–	710,109	–	0.12%	–
DWLD	New	Davis Select Worldwideetf	$27,348,000	–	1,228,000	–	0.12%	–
SPGI	New	S&P Global, Inc.	$26,466,000	–	181,288	–	0.12%	–
DPLO	New	Diplomat Pharmacy, Inc.	$25,219,000	–	1,703,992	–	0.11%	–
CTT	New	CatchMark Timber Trust Inc., Class A	$25,180,000	–	2,214,587	–	0.11%	–
MCO	New	Moody's Corp.	$24,495,000	–	201,306	–	0.11%	–
AIG	New	American International Group. Inc.	$22,150,000	–	354,294	–	0.10%	–
AVB	New	AvalonBay Communities, Inc.	$22,004,000	–	114,501	–	0.10%	–
PSA	New	Public Storage	$21,723,000	–	104,173	–	0.10%	–
TRNO	New	Terreno Realty Corp.	$21,769,000	–	646,739	–	0.10%	–
ESS	New	Essex Property Trust, Inc.	$21,388,000	–	83,136	–	0.09%	–
MAA	New	Mid-America Apartment Communities, Inc	$21,525,000	–	204,265	–	0.09%	–
QUOT	New	Quotient Technology, Inc.	$20,810,000	–	1,809,532	–	0.09%	–
LEXEA	New	Liberty Expedia Holdings, Inc.	$19,929,000	–	368,920	–	0.09%	–
WELL	New	Welltower, Inc.	$18,929,000	–	252,893	–	0.08%	–
CONE	New	CyrusOne, Inc.	$18,409,000	–	330,205	–	0.08%	–
ACC	New	American Campus Communities, Inc.	$16,222,000	–	342,954	–	0.07%	–
PLD	New	Prologis, Inc.	$15,478,000	–	263,950	–	0.07%	–
VNO	New	Vornado Realty Trust	$15,602,000	–	166,158	–	0.07%	–
BIDU	New	Baidu, Inc. Class A, ADRadr	$15,401,000	–	86,105	–	0.07%	–
SAP	New	SAP AG ADRadr	$14,798,000	–	141,379	–	0.06%	–
EQR	New	Equity Residential	$14,606,000	–	221,877	–	0.06%	–
GGP	New	GGP Inc.	$14,707,000	–	624,251	–	0.06%	–
DGX	New	Quest Diagnostics Inc.	$14,739,000	–	132,589	–	0.06%	–
CCI	New	Crown Castle International Corp.	$14,232,000	–	142,060	–	0.06%	–
	New	Tarena International, Inc.,Class A, ADRadr	$14,212,000	–	793,502	–	0.06%	–
AKR	New	Acadia Realty Trust	$13,849,000	–	498,160	–	0.06%	–
FR	New	First Industrial Realty Trust, Inc.	$13,897,000	–	485,582	–	0.06%	–
WY	New	Weyerhaeuser Co.	$13,340,000	–	398,204	–	0.06%	–
ROIC	New	Retail Opportunity Investments Corp.	$12,444,000	–	648,444	–	0.05%	–
ARE	New	Alexandria Real Estate Equities, Inc.	$11,751,000	–	97,540	–	0.05%	–
DCT	New	DCT Industrial Trust, Inc.	$11,658,000	–	218,145	–	0.05%	–
REG	New	Regency Centers Corporation	$11,342,000	–	181,067	–	0.05%	–
CUZ	New	Cousins Properties, Inc.	$10,967,000	–	1,247,675	–	0.05%	–
FRT	New	Federal Realty Investment Trust	$10,788,000	–	85,356	–	0.05%	–
LSI	New	Life Storage, Inc.	$9,761,000	–	131,721	–	0.04%	–
EQM	New	EQT Midstream Partners L.P.partnership	$9,762,000	–	130,812	–	0.04%	–
HST	New	Host Hotels & Resorts, Inc.	$9,836,000	–	538,387	–	0.04%	–
AIV	New	Apartment Investment & Management	$9,402,000	–	218,802	–	0.04%	–
SLG	New	SL Green Realty Corp.	$9,437,000	–	89,194	–	0.04%	–
INXN	New	InterXion Holding NV	$9,039,000	–	197,445	–	0.04%	–
BXP	New	Boston Properties, Inc.	$9,145,000	–	74,334	–	0.04%	–
CUBE	New	CubeSmart	$8,878,000	–	369,315	–	0.04%	–
EXR	New	Extra Space Storage, Inc.	$8,631,000	–	110,658	–	0.04%	–
HPP	New	Hudson Pacific Properties Inc.	$8,465,000	–	247,599	–	0.04%	–
EGP	New	EastGroup Properties, Inc.	$8,163,000	–	97,416	–	0.04%	–
FCEA	New	Forest City Realty Trust, Inc., Class A	$6,902,000	–	285,566	–	0.03%	–
CXO	New	Concho Resources Inc.	$6,611,000	–	54,398	–	0.03%	–
CTRP	New	Ctrip.com International, Ltd. ADRadr	$6,440,000	–	119,561	–	0.03%	–
VTR	New	Ventas, Inc.	$6,283,000	–	90,422	–	0.03%	–
CPT	New	Camden Property Trust	$6,171,000	–	72,169	–	0.03%	–
LTRPA	New	Liberty TripAdvisor Holdings, Inc., Series A	$6,076,000	–	523,824	–	0.03%	–
IBN	New	ICICI Bank Limited ADRadr	$6,194,000	–	690,574	–	0.03%	–
REXR	New	Rexford Industrial Realty, Inc.	$5,754,000	–	209,680	–	0.02%	–
CHUBK	New	CommerceHub, Inc., Series C	$3,218,000	–	184,508	–	0.01%	–
CDR	New	Cedar Realty Trust, Inc.	$2,697,000	–	556,006	–	0.01%	–
KRG	New	Kite Realty Group Trust	$2,651,000	–	140,017	–	0.01%	–
RPT	New	Ramco-Gershenson Properties Trust	$2,671,000	–	207,051	–	0.01%	–
CHUBA	New	CommerceHub, Inc., Series A	$1,604,000	–	92,061	–	0.01%	–
DDR	New	DDR Corporation	$1,693,000	–	186,613	–	0.01%	–
WUBA	New	58.com, Inc. ADRadr	$1,338,000	–	30,336	–	0.01%	–
INTC	New	Intel Corp.	$1,201,000	–	35,596	–	0.01%	–
LC	New	LendingClub Corp.	$1,035,000	–	187,898	–	0.01%	–
DOW	New	The Dow Chemical Company	$871,000	–	13,810	–	0.00%	–
PPG	New	PPG Industries, Inc.	$601,000	–	5,470	–	0.00%	–
BBU	New	Brookfield Business Partners, L.P.partnership	$360,000	–	13,307	–	0.00%	–
DXC	New	DXC Technology Co.	$473,000	–	6,159	–	0.00%	–
LRCX	New	Lam Research Corp.	$493,000	–	3,485	–	0.00%	–
XLNX	New	Xilinx, Inc.	$509,000	–	7,920	–	0.00%	–
HPE	New	Hewlett Packard Enterprise Company	$346,000	–	20,830	–	0.00%	–
MU	New	Micron Technology, Inc.	$383,000	–	12,828	–	0.00%	–
HPQ	New	HP, Inc.	$364,000	–	20,830	–	0.00%	–
APD	New	Air Products & Chemicals, Inc.	$266,000	–	1,860	–	0.00%	–
PCAR	New	PACCAR, Inc.	$208,000	–	3,144	–	0.00%	–
JMEI	New	Jumei International ADRadr	$225,000	–	105,490	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
AXTA	Exit	Axalta Coating Systems Ltd.	$0	–	-11,400	–	-0.00%	–
DIS	Exit	Disney Walt Holdings	$0	–	-2,629	–	-0.00%	–
APD	Exit	Air Products & Chemicals, Inc.	$0	–	-1,825	–	-0.00%	–
LRCX	Exit	Lam Research Corp.	$0	–	-4,355	–	-0.00%	–
XLNX	Exit	Xilinx, Inc.	$0	–	-7,920	–	-0.00%	–
HPE	Exit	Hewlett Packard Enterprise Company	$0	–	-20,830	–	-0.00%	–
INTC	Exit	Intel Corp.	$0	–	-14,380	–	-0.00%	–
HPQ	Exit	HP, Inc.	$0	–	-23,700	–	-0.00%	–
BBU	Exit	Brookfield Business Partners, L.P.partnership	$0	–	-13,307	–	-0.00%	–
MU	Exit	Micron Technology, Inc.	$0	–	-32,055	–	-0.00%	–
JMEI	Exit	Jumei International ADRadr	$0	–	-90,960	–	-0.00%	–
WUBA	Exit	58.com, Inc. ADRadr	$0	–	-23,086	–	-0.01%	–
KBR	Exit	KBR, Inc.	$0	–	-105,300	–	-0.01%	–
REXR	Exit	Rexford Industrial Realty, Inc.	$0	–	-79,027	–	-0.01%	–
CHUBA	Exit	CommerceHub, Inc., Series A	$0	–	-115,541	–	-0.01%	–
CTRP	Exit	Ctrip.com International, Ltd. ADRadr	$0	–	-56,751	–	-0.01%	–
ALEX	Exit	Alexander & Baldwin, Inc.	$0	–	-79,534	–	-0.01%	–
VTR	Exit	Ventas, Inc.	$0	–	-41,402	–	-0.01%	–
CORRPRA	Exit	CorEnergy Infrastructure Trust, Inc. Series Apreferred	$0	–	-136,266	–	-0.02%	–
CHUBK	Exit	CommerceHub, Inc., Series C	$0	–	-231,088	–	-0.02%	–
LC	Exit	LendingClub Corp.	$0	–	-675,118	–	-0.02%	–
TV	Exit	Grupo Televisa S.A.B. ADRadr	$0	–	-160,155	–	-0.02%	–
PPG	Exit	PPG Industries, Inc.	$0	–	-42,700	–	-0.02%	–
IBN	Exit	ICICI Bank Limited ADRadr	$0	–	-651,295	–	-0.02%	–
INXN	Exit	InterXion Holding NVforeign	$0	–	-184,999	–	-0.03%	–
HST	Exit	Host Hotels & Resorts, Inc.	$0	–	-435,914	–	-0.03%	–
EDR	Exit	Education Realty Trust, Inc.	$0	–	-173,183	–	-0.03%	–
EXR	Exit	Extra Space Storage, Inc.	$0	–	-108,628	–	-0.04%	–
FRT	Exit	Federal Realty Investment Trust	$0	–	-62,290	–	-0.04%	–
AIV	Exit	Apartment Investment & Management	$0	–	-214,423	–	-0.04%	–
EQM	Exit	EQT Midstream Partners L.P.partnership	$0	–	-129,292	–	-0.04%	–
PCAR	Exit	PACCAR, Inc.	$0	–	-172,177	–	-0.04%	–
DDR	Exit	DDR Corporation	$0	–	-585,787	–	-0.04%	–
ARE	Exit	Alexandria Real Estate Equities, Inc.	$0	–	-95,206	–	-0.04%	–
VNO	Exit	Vornado Realty Trust	$0	–	-105,816	–	-0.05%	–
CDR	Exit	Cedar Realty Trust, Inc.	$0	–	-1,557,569	–	-0.05%	–
SAP	Exit	SAP AG ADRadr	$0	–	-130,389	–	-0.05%	–
DFT	Exit	DuPont Fabros Technology, Inc.	$0	–	-288,183	–	-0.05%	–
CONE	Exit	CyrusOne, Inc.	$0	–	-251,841	–	-0.05%	–
CPT	Exit	Camden Property Trust	$0	–	-142,447	–	-0.05%	–
AMH	Exit	American Homes 4 Rent, Class A	$0	–	-559,522	–	-0.05%	–
YY	Exit	YY, Inc. ADRadr	$0	–	-230,192	–	-0.05%	–
BIDU	Exit	Baidu, Inc. Class A, ADRadr	$0	–	-69,137	–	-0.06%	–
CUZ	Exit	Cousins Properties, Inc.	$0	–	-1,250,050	–	-0.06%	–
CCI	Exit	Crown Castle International Corp.	$0	–	-142,204	–	-0.06%	–
EGP	Exit	Eastgroup Properties, Inc.	$0	–	-187,587	–	-0.06%	–
AMAT	Exit	Applied Materials, Inc.	$0	–	-474,880	–	-0.06%	–
LTRPA	Exit	Liberty TripAdvisor Holdings, Inc., Series A	$0	–	-657,484	–	-0.06%	–
WELL	Exit	Welltower, Inc.	$0	–	-204,113	–	-0.07%	–
FCEA	Exit	Forest City Realty Trust, Inc., Class A	$0	–	-675,229	–	-0.07%	–
HIW	Exit	Highwoods Properties, Inc.	$0	–	-310,630	–	-0.07%	–
GGP	Exit	General Growth Properties, Inc.	$0	–	-595,554	–	-0.07%	–
FR	Exit	First Industrial Realty Trust, Inc.	$0	–	-590,122	–	-0.07%	–
EQR	Exit	Equity Residential	$0	–	-264,899	–	-0.07%	–
EDU	Exit	New Oriental Education & Technology ADRadr	$0	–	-369,393	–	-0.08%	–
DCT	Exit	DCT Industrial Trust, Inc.	$0	–	-358,800	–	-0.08%	–
AKR	Exit	Acadia Realty Trust	$0	–	-484,457	–	-0.08%	–
RPT	Exit	Ramco-Gershenson Properties Trust	$0	–	-948,941	–	-0.08%	–
TAL	Exit	TAL Education Group, Class A, ADRadr	$0	–	-255,103	–	-0.08%	–
ESS	Exit	Essex Property Trust, Inc.	$0	–	-81,708	–	-0.08%	–
ACC	Exit	American Campus Communities, Inc.	$0	–	-362,021	–	-0.08%	–
ROIC	Exit	Retail Opportunity Investments Corp.	$0	–	-850,063	–	-0.08%	–
AIG	Exit	American International Group. Inc.	$0	–	-330,830	–	-0.09%	–
AVB	Exit	Avalonbay Communities, Inc.	$0	–	-111,971	–	-0.09%	–
DGX	Exit	Quest Diagnostics Inc.	$0	–	-239,896	–	-0.09%	–
KRG	Exit	Kite Realty Group Trust	$0	–	-744,103	–	-0.09%	–
PPS	Exit	Post Properties, Inc.	$0	–	-318,555	–	-0.09%	–
TRNO	Exit	Terreno Realty Corp.	$0	–	-806,277	–	-0.10%	–
SPGI	Exit	S&P Global, Inc.	$0	–	-175,280	–	-0.10%	–
PSA	Exit	Public Storage	$0	–	-102,096	–	-0.10%	–
BAM	Exit	Brookfield Asset Management Inc., Class Aforeign	$0	–	-663,115	–	-0.10%	–
PNC	Exit	PNC Financial Services Group, Inc.	$0	–	-262,680	–	-0.10%	–
NOAH	Exit	Noah Holdings Ltd. ADSadr	$0	–	-1,027,407	–	-0.12%	–
CTT	Exit	CatchMark Timber Trust Inc., Class A	$0	–	-2,306,600	–	-0.12%	–
STT	Exit	State Street Corp.	$0	–	-404,700	–	-0.12%	–
QUOT	Exit	Quotient Technology, Inc.	$0	–	-2,153,784	–	-0.12%	–
WCC	Exit	Wesco International, Inc.	$0	–	-494,534	–	-0.13%	–
ANGI	Exit	Angie's List, Inc.	$0	–	-3,206,460	–	-0.14%	–
MMC	Exit	Marsh & McLennan Co.	$0	–	-502,480	–	-0.15%	–
RE	Exit	Everest Re Group, Ltd.	$0	–	-197,762	–	-0.16%	–
ETN	Exit	Eaton Corporation Plc	$0	–	-581,490	–	-0.17%	–
BXP	Exit	Boston Properties, Inc.	$0	–	-281,230	–	-0.17%	–
VIPS	Exit	Vipshop Holdings Ltd. ADSadr	$0	–	-2,683,442	–	-0.17%	–
GS	Exit	Goldman Sachs Group, Inc.	$0	–	-251,652	–	-0.18%	–
LVNTA	Exit	Liberty Ventures Series A	$0	–	-1,155,431	–	-0.20%	–
SPG	Exit	Simon Property Group, Inc.	$0	–	-249,695	–	-0.22%	–
QRTEA	Exit	Liberty Interactive Corp., QVC Group, Series A	$0	–	-2,620,438	–	-0.23%	–
JD	Exit	JD.com, Inc ADRadr	$0	–	-2,077,921	–	-0.24%	–
LILAK	Exit	Liberty Global PLC, LiLAC Class C	$0	–	-2,061,844	–	-0.25%	–
WAIR	Exit	Wesco Aircraft Holdings, Inc.	$0	–	-4,779,618	–	-0.28%	–
SFUN	Exit	Fang Holdings Ltdadr	$0	–	-17,571,453	–	-0.34%	–
USB	Exit	US Bancorp	$0	–	-2,230,805	–	-0.42%	–
MCO	Exit	Moody's Corp.	$0	–	-1,465,821	–	-0.69%	–
AET	Exit	Aetna Inc.	$0	–	-1,504,313	–	-0.76%	–
ORCL	Exit	Oracle Corporation	$0	–	-4,520,191	–	-0.77%	–
VRX	Exit	Valeant Pharmaceuticals International	$0	–	-7,365,210	–	-0.79%	–
PCLN	Exit	The Priceline Group, Inc.	$0	–	-145,699	–	-0.94%	–
EQT	Exit	EQT Corporation	$0	–	-3,014,494	–	-0.95%	–
L	Exit	Loews Corp.	$0	–	-5,429,312	–	-0.97%	–
CB	Exit	Chubb Ltd.	$0	–	-1,807,706	–	-0.99%	–
ECL	Exit	Ecolab, Inc.	$0	–	-1,881,626	–	-1.00%	–
CFG	Exit	Citizens Financial Group, Inc.	$0	–	-10,111,602	–	-1.09%	–
BRKB	Exit	Berkshire Hathaway Inc., Class B	$0	–	-1,772,913	–	-1.12%	–
MSFT	Exit	Microsoft Corp.	$0	–	-4,444,519	–	-1.12%	–
MKL	Exit	Markel Corp.	$0	–	-279,791	–	-1.13%	–
COF	Exit	Capital One Financial Corp.	$0	–	-3,764,073	–	-1.18%	–
3106PS	Exit	Delphi Automotive Plc	$0	–	-3,833,351	–	-1.19%	–
COST	Exit	Costco Wholesale Corp.	$0	–	-1,961,214	–	-1.30%	–
FB	Exit	Facebook, Inc.	$0	–	-2,420,251	–	-1.35%	–
ESRX	Exit	Express Scripts Holding Co.	$0	–	-4,638,868	–	-1.43%	–
V	Exit	Visa, Inc., Class A	$0	–	-4,511,202	–	-1.63%	–
PX	Exit	Praxair, Inc.	$0	–	-3,165,236	–	-1.67%	–
COG	Exit	Cabot Oil & Gas Corp.	$0	–	-15,799,261	–	-1.78%	–
LBTYK	Exit	Liberty Global PLC, Series C	$0	–	-12,721,681	–	-1.83%	–
UNH	Exit	UnitedHealth Group, Inc.	$0	–	-3,250,827	–	-1.98%	–
SCHW	Exit	Charles Schwab Corp.	$0	–	-16,147,073	–	-2.22%	–
KMX	Exit	CarMax, Inc.	$0	–	-9,724,947	–	-2.26%	–
OXY	Exit	Occidental Petroleum Corp.	$0	–	-8,320,935	–	-2.64%	–
TXN	Exit	Texas Instruments, Inc.	$0	–	-8,906,473	–	-2.72%	–
MON	Exit	Monsanto Co.	$0	–	-6,237,627	–	-2.78%	–
JCI	Exit	Johnson Controls International Plc	$0	–	-14,590,065	–	-2.96%	–
GOOGL	Exit	Alphabet Inc., Class A	$0	–	-874,230	–	-3.06%	–
ECA	Exit	Encana Corporationforeign	$0	–	-75,030,451	–	-3.42%	–
AXP	Exit	American Express Co.	$0	–	-12,849,137	–	-3.59%	–
BK	Exit	Bank of New York Mellon Corp.	$0	–	-21,505,937	–	-3.74%	–
UTX	Exit	United Technologies Corp.	$0	–	-8,898,906	–	-3.94%	–
BRKA	Exit	Berkshire Hathaway Inc., Class A	$0	–	-4,634	–	-4.37%	–
GOOG	Exit	Alphabet Inc., Class C	$0	–	-1,326,242	–	-4.49%	–
JPM	Exit	JPMorgan Chase & Co.	$0	–	-16,953,276	–	-4.92%	–
WFC	Exit	Wells Fargo & Co.	$0	–	-26,193,351	–	-5.06%	–
APA	Exit	Apache Corporation	$0	–	-19,676,467	–	-5.48%	–
AMZN	Exit	Amazon.Com, Inc.	$0	–	-2,031,382	–	-7.41%	–

Q3 2016

			Value		Shares		↓ Weighting
AMZN	Sell	Amazon.Com, Inc.	$1,700,896,000	+6.3%	2,031,382	-9.1%	7.41%	+5.3%
APA	Buy	Apache Corporation	$1,256,736,000	+28.2%	19,676,467	+11.7%	5.48%	+26.9%
WFC	Buy	Wells Fargo & Co.	$1,159,842,000	+1.1%	26,193,351	+8.1%	5.06%	+0.1%
JPM	Sell	JPMorgan Chase & Co.	$1,128,919,000	+2.2%	16,953,276	-4.6%	4.92%	+1.2%
GOOG	Sell	Alphabet Inc., Class C	$1,030,874,000	+8.9%	1,326,242	-3.1%	4.49%	+7.8%
BRKA	Sell	Berkshire Hathaway Inc., Class A	$1,001,963,000	-1.6%	4,634	-1.3%	4.37%	-2.6%
UTX	Sell	United Technologies Corp.	$904,129,000	-5.2%	8,898,906	-4.3%	3.94%	-6.2%
BK	Buy	Bank of New York Mellon Corp.	$857,657,000	+11.5%	21,505,937	+8.7%	3.74%	+10.5%
AXP	Sell	American Express Co.	$822,859,000	-0.4%	12,849,137	-5.5%	3.59%	-1.3%
ECA	Buy	Encana Corporationforeign	$785,569,000	+37.5%	75,030,451	+2.3%	3.42%	+36.1%
GOOGL	Sell	Alphabet Inc., Class A	$702,933,000	+9.6%	874,230	-4.1%	3.06%	+8.5%
JCI	New	Johnson Controls International Plc	$678,876,000	–	14,590,065	–	2.96%	–
MON	Sell	Monsanto Co.	$637,485,000	-3.7%	6,237,627	-2.6%	2.78%	-4.7%
TXN	Sell	Texas Instruments, Inc.	$625,056,000	+10.2%	8,906,473	-1.6%	2.72%	+9.1%
OXY	Sell	Occidental Petroleum Corp.	$606,763,000	-4.4%	8,320,935	-1.0%	2.64%	-5.4%
KMX	Sell	CarMax, Inc.	$518,826,000	-6.2%	9,724,947	-13.8%	2.26%	-7.1%
SCHW	Buy	Charles Schwab Corp.	$509,763,000	+29.6%	16,147,073	+3.9%	2.22%	+28.3%
UNH	Sell	UnitedHealth Group, Inc.	$455,116,000	-7.5%	3,250,827	-6.7%	1.98%	-8.4%
LBTYK	Sell	Liberty Global PLC, Series C	$420,324,000	+10.3%	12,721,681	-4.4%	1.83%	+9.2%
COG	Buy	Cabot Oil & Gas Corp.	$407,621,000	+4.2%	15,799,261	+3.9%	1.78%	+3.1%
PX	Sell	Praxair, Inc.	$382,455,000	+1.9%	3,165,236	-5.2%	1.67%	+0.8%
V	Sell	Visa, Inc., Class A	$373,076,000	+1.0%	4,511,202	-9.4%	1.63%	0.0%
ESRX	Sell	Express Scripts Holding Co.	$327,179,000	-12.9%	4,638,868	-6.4%	1.43%	-13.8%
FB	Sell	Facebook, Inc.	$310,446,000	+4.5%	2,420,251	-6.9%	1.35%	+3.4%
COST	Sell	Costco Wholesale Corp.	$299,105,000	-9.9%	1,961,214	-7.2%	1.30%	-10.7%
3106PS	New	Delphi Automotive Plc	$273,395,000	–	3,833,351	–	1.19%	–
COF	Sell	Capital One Financial Corp.	$270,373,000	+12.4%	3,764,073	-0.6%	1.18%	+11.3%
MKL	Sell	Markel Corp.	$259,861,000	-5.2%	279,791	-2.8%	1.13%	-6.1%
BRKB	Sell	Berkshire Hathaway Inc., Class B	$256,133,000	-3.4%	1,772,913	-3.2%	1.12%	-4.5%
MSFT	Sell	Microsoft Corp.	$256,004,000	+7.1%	4,444,519	-4.9%	1.12%	+6.0%
CFG	Sell	Citizens Financial Group, Inc.	$249,858,000	+16.1%	10,111,602	-6.2%	1.09%	+14.9%
ECL	Sell	Ecolab, Inc.	$229,032,000	-2.9%	1,881,626	-5.4%	1.00%	-3.9%
CB	Sell	Chubb Ltd.	$227,138,000	-24.2%	1,807,706	-21.1%	0.99%	-24.9%
L	Sell	Loews Corp.	$223,416,000	-7.1%	5,429,312	-7.2%	0.97%	-8.0%
EQT	Buy	EQT Corporation	$218,913,000	+15.8%	3,014,494	+23.4%	0.95%	+14.5%
PCLN	Sell	The Priceline Group, Inc.	$214,395,000	+5.3%	145,699	-10.7%	0.94%	+4.4%
VRX	Buy	Valeant Pharmaceuticals International	$180,816,000	+22.9%	7,365,210	+0.8%	0.79%	+21.6%
ORCL	Sell	Oracle Corporation	$177,553,000	-8.9%	4,520,191	-5.1%	0.77%	-9.8%
AET	New	Aetna Inc.	$173,673,000	–	1,504,313	–	0.76%	–
MCO	Sell	Moody's Corp.	$158,719,000	+10.3%	1,465,821	-4.5%	0.69%	+9.3%
USB	Sell	US Bancorp	$95,679,000	+6.3%	2,230,805	-0.0%	0.42%	+5.3%
SFUN	New	Fang Holdings Ltdadr	$78,896,000	–	17,571,453	–	0.34%	–
WAIR	Sell	Wesco Aircraft Holdings, Inc.	$64,190,000	-0.6%	4,779,618	-0.6%	0.28%	-1.4%
LILAK	Sell	Liberty Global PLC, LiLAC Class C	$57,835,000	-18.3%	2,061,844	-5.4%	0.25%	-19.2%
JD	Buy	JD.com, Inc ADRadr	$54,213,000	+33.5%	2,077,921	+8.6%	0.24%	+31.8%
QRTEA	Sell	Liberty Interactive Corp., QVC Group, Series A	$52,435,000	-25.8%	2,620,438	-6.0%	0.23%	-26.4%
SPG	Buy	Simon Property Group, Inc.	$51,689,000	+1.8%	249,695	+6.7%	0.22%	+0.9%
LVNTA	Sell	Liberty Ventures Series A	$46,067,000	-26.6%	1,155,431	-31.8%	0.20%	-27.4%
GS	Sell	Goldman Sachs Group, Inc.	$40,584,000	+8.4%	251,652	-0.1%	0.18%	+7.3%
VIPS	Buy	Vipshop Holdings Ltd. ADSadr	$39,366,000	+42.4%	2,683,442	+8.5%	0.17%	+41.0%
ETN	Buy	Eaton Corporation Plc	$38,210,000	+13.3%	581,490	+2.9%	0.17%	+12.1%
BXP	Buy	Boston Properties, Inc.	$38,329,000	+3.3%	281,230	+0.0%	0.17%	+2.5%
RE	Sell	Everest Re Group, Ltd.	$37,569,000	+3.7%	197,762	-0.3%	0.16%	+3.1%
MMC	Sell	Marsh & McLennan Co.	$33,792,000	-2.0%	502,480	-0.3%	0.15%	-3.3%
ANGI	Buy	Angie's List, Inc.	$31,776,000	+56.2%	3,206,460	+2.6%	0.14%	+54.4%
WCC	Buy	Wesco International, Inc.	$30,409,000	+23.4%	494,534	+3.3%	0.13%	+23.1%
QUOT	Sell	Quotient Technology, Inc.	$28,667,000	-57.0%	2,153,784	-56.7%	0.12%	-57.5%
STT	Sell	State Street Corp.	$28,179,000	+28.7%	404,700	-0.4%	0.12%	+28.1%
CTT	Buy	CatchMark Timber Trust Inc., Class A	$26,964,000	+1.2%	2,306,600	+5.8%	0.12%	+0.9%
NOAH	Buy	Noah Holdings Ltd. ADSadr	$26,826,000	+30.1%	1,027,407	+20.1%	0.12%	+28.6%
PNC	Sell	PNC Financial Services Group, Inc.	$23,665,000	+10.3%	262,680	-0.3%	0.10%	+9.6%
BAM	Sell	Brookfield Asset Management Inc., Class Aforeign	$23,328,000	+6.0%	663,115	-0.3%	0.10%	+5.2%
PSA	Buy	Public Storage	$22,782,000	+1.0%	102,096	+15.7%	0.10%	0.0%
SPGI	Sell	S&P Global, Inc.	$22,183,000	+17.7%	175,280	-0.3%	0.10%	+16.9%
TRNO	Sell	Terreno Realty Corp.	$22,181,000	-20.1%	806,277	-24.9%	0.10%	-20.5%
PPS	Buy	Post Properties, Inc.	$21,066,000	+8.3%	318,555	+0.0%	0.09%	+7.0%
KRG	Buy	Kite Realty Group Trust	$20,627,000	-1.1%	744,103	+0.0%	0.09%	-2.2%
DGX	Sell	Quest Diagnostics Inc.	$20,302,000	-92.4%	239,896	-92.7%	0.09%	-92.5%
AVB	Buy	Avalonbay Communities, Inc.	$19,913,000	-1.4%	111,971	+0.0%	0.09%	-2.2%
AIG	Sell	American International Group. Inc.	$19,631,000	+11.8%	330,830	-0.3%	0.09%	+11.7%
ROIC	Buy	Retail Opportunity Investments Corp.	$18,667,000	+1.3%	850,063	+0.0%	0.08%	0.0%
ACC	Sell	American Campus Communities, Inc.	$18,416,000	-18.7%	362,021	-15.6%	0.08%	-20.0%
ESS	Buy	Essex Property Trust, Inc.	$18,196,000	-2.4%	81,708	+0.0%	0.08%	-3.7%
TAL	Buy	TAL Education Group, Class A, ADRadr	$18,071,000	+30.4%	255,103	+14.3%	0.08%	+29.5%
RPT	Buy	Ramco-Gershenson Properties Trust	$17,783,000	-4.4%	948,941	+0.0%	0.08%	-4.9%
AKR	Sell	Acadia Realty Trust	$17,557,000	+2.0%	484,457	-0.0%	0.08%	+1.3%
DCT	Buy	DCT Industrial Trust, Inc.	$17,420,000	+1.1%	358,800	+0.0%	0.08%	0.0%
EDU	Buy	New Oriental Education & Technology ADRadr	$17,125,000	+26.7%	369,393	+14.5%	0.08%	+25.0%
EQR	Buy	Equity Residential	$17,041,000	+4.7%	264,899	+12.1%	0.07%	+2.8%
FR	Sell	First Industrial Realty Trust, Inc.	$16,653,000	-15.9%	590,122	-17.1%	0.07%	-16.1%
GGP	Buy	General Growth Properties, Inc.	$16,437,000	-7.4%	595,554	+0.0%	0.07%	-7.7%
HIW	Buy	Highwoods Properties, Inc.	$16,190,000	-1.3%	310,630	+0.0%	0.07%	-1.4%
FCEA	Buy	Forest City Realty Trust, Inc., Class A	$15,618,000	+3.7%	675,229	+0.0%	0.07%	+3.0%
WELL	Buy	Welltower, Inc.	$15,262,000	-1.8%	204,113	+0.0%	0.07%	-1.5%
LTRPA	Sell	Liberty TripAdvisor Holdings, Inc., Series A	$14,366,000	-5.2%	657,484	-5.1%	0.06%	-6.0%
AMAT	Buy	Applied Materials, Inc.	$14,318,000	+26.3%	474,880	+0.4%	0.06%	+24.0%
EGP	Sell	Eastgroup Properties, Inc.	$13,799,000	-35.7%	187,587	-39.8%	0.06%	-36.2%
CCI	Buy	Crown Castle International Corp.	$13,397,000	-7.1%	142,204	+0.0%	0.06%	-9.4%
CUZ	Sell	Cousins Properties, Inc.	$13,051,000	+0.4%	1,250,050	-0.0%	0.06%	0.0%
BIDU	Buy	Baidu, Inc. Class A, ADRadr	$12,588,000	+22.0%	69,137	+10.6%	0.06%	+22.2%
YY	Sell	YY, Inc. ADRadr	$12,265,000	-69.9%	230,192	-80.8%	0.05%	-70.4%
AMH	Buy	American Homes 4 Rent, Class A	$12,108,000	+5.7%	559,522	+0.0%	0.05%	+6.0%
SAP	Buy	SAP AG ADRadr	$11,919,000	+27.0%	130,389	+4.2%	0.05%	+26.8%
CONE	Sell	CyrusOne, Inc.	$11,980,000	-37.4%	251,841	-26.7%	0.05%	-38.1%
DFT	Buy	DuPont Fabros Technology, Inc.	$11,888,000	-13.2%	288,183	+0.0%	0.05%	-13.3%
CDR	Buy	Cedar Realty Trust, Inc.	$11,214,000	-3.1%	1,557,569	+0.0%	0.05%	-3.9%
VNO	Buy	Vornado Realty Trust	$10,710,000	+50.3%	105,816	+48.7%	0.05%	+51.6%
DDR	Buy	DDR Corporation	$10,210,000	-3.9%	585,787	+0.0%	0.04%	-4.3%
ARE	Buy	Alexandria Real Estate Equities, Inc.	$10,356,000	+5.1%	95,206	+0.0%	0.04%	+4.7%
PCAR	Sell	PACCAR, Inc.	$10,121,000	-94.6%	172,177	-95.2%	0.04%	-94.6%
AIV	Buy	Apartment Investment & Management	$9,844,000	+4.0%	214,423	+0.0%	0.04%	+2.4%
EQM	Buy	EQT Midstream Partners L.P.partnership	$9,851,000	+55.4%	129,292	+63.7%	0.04%	+53.6%
FRT	Buy	Federal Realty Investment Trust	$9,588,000	-7.0%	62,290	+0.0%	0.04%	-6.7%
EXR	Buy	Extra Space Storage, Inc.	$8,626,000	-14.2%	108,628	+0.0%	0.04%	-13.6%
EDR	Sell	Education Realty Trust, Inc.	$7,471,000	-58.8%	173,183	-55.9%	0.03%	-58.8%
HST	Buy	Host Hotels & Resorts, Inc.	$6,787,000	-3.9%	435,914	+0.0%	0.03%	-3.2%
INXN	Buy	InterXion Holding NVforeign	$6,701,000	-1.8%	184,999	+0.0%	0.03%	-3.3%
PPG	New	PPG Industries, Inc.	$4,413,000	–	42,700	–	0.02%	–
LC	Buy	LendingClub Corp.	$4,172,000	+46.6%	675,118	+2.0%	0.02%	+38.5%
TV	Sell	Grupo Televisa S.A.B. ADRadr	$4,114,000	-67.5%	160,155	-67.0%	0.02%	-67.9%
CHUBK	New	CommerceHub, Inc., Series C	$3,677,000	–	231,088	–	0.02%	–
CORRPRA	Sell	CorEnergy Infrastructure Trust, Inc. Series Apreferred	$3,373,000	-21.4%	136,266	-25.4%	0.02%	-21.1%
VTR	New	Ventas, Inc.	$2,924,000	–	41,402	–	0.01%	–
ALEX	Sell	Alexander & Baldwin, Inc.	$3,056,000	-63.0%	79,534	-65.2%	0.01%	-63.9%
CTRP	Buy	Ctrip.com International, Ltd. ADRadr	$2,643,000	+61.1%	56,751	+42.5%	0.01%	+71.4%
REXR	Sell	Rexford Industrial Realty, Inc.	$1,809,000	+8.5%	79,027	-0.0%	0.01%	+14.3%
CHUBA	New	CommerceHub, Inc., Series A	$1,826,000	–	115,541	–	0.01%	–
WUBA	Buy	58.com, Inc. ADRadr	$1,100,000	+16.2%	23,086	+11.9%	0.01%	+25.0%
HPQ	Sell	HP, Inc.	$368,000	-99.6%	23,700	-99.7%	0.00%	-99.5%
JMEI	Buy	Jumei International ADRadr	$532,000	+47.4%	90,960	+4.0%	0.00%	0.0%
APD	Buy	Air Products & Chemicals, Inc.	$274,000	+6.2%	1,825	+0.6%	0.00%	0.0%
DIS	Buy	Disney Walt Holdings	$244,000	-4.3%	2,629	+0.8%	0.00%	0.0%
AXTA	New	Axalta Coating Systems Ltd.	$322,000	–	11,400	–	0.00%	–
UPS	Exit	United Parcel Service, Inc., Class B	$0	–	-2,512	–	-0.00%	–
NWL	Exit	Newell Brands, Inc.	$0	–	-8,193	–	-0.00%	–
	Exit	FireEye Inc. - A, 1.00%, 6/1/35bond	$0	–	-2,000,000	–	-0.01%	–
	Exit	FireEye Inc. - B, 1.625%, 6/1/35bond	$0	–	-4,000,000	–	-0.02%	–
AESPRC	Exit	AES Trust III,6.75%,10/15/29preferred	$0	–	-145,027	–	-0.03%	–
	Exit	NXP Semiconductors NV, 1% 12/1/19bond	$0	–	-7,000,000	–	-0.03%	–
	Exit	RTI International Metals, 1.625%, 10/15/2019bond	$0	–	-7,750,000	–	-0.04%	–
	Exit	Salesforce.com, Inc., 0.25%, 04/01/2018bond	$0	–	-8,000,000	–	-0.05%	–
CABO	Exit	Cable One, Inc.	$0	–	-32,116	–	-0.07%	–
	Exit	Intel Corp 3.25% 8/1/39bond	$0	–	-11,551,000	–	-0.08%	–
SFUN	Exit	Soufun Holdings Ltd., Class A ADRadr	$0	–	-17,322,562	–	-0.38%	–
AAP	Exit	Advanced Auto Parts, Inc.	$0	–	-692,836	–	-0.49%	–
ATVI	Exit	Activision Blizzard, Inc.	$0	–	-7,027,568	–	-1.23%	–
TYC	Exit	Tyco International PLC	$0	–	-7,379,394	–	-1.38%	–
JCI	Exit	Johnson Controls, Inc.	$0	–	-9,435,681	–	-1.84%	–

Q2 2016

			Value		Shares		↓ Weighting
AMZN	New	Amazon.Com, Inc.	$1,599,704,000	–	2,235,410	–	7.04%	–
WFC	New	Wells Fargo & Co.	$1,146,690,000	–	24,227,545	–	5.05%	–
JPM	New	JPMorgan Chase & Co.	$1,104,617,000	–	17,776,261	–	4.86%	–
BRKA	New	Berkshire Hathaway Inc., Class A	$1,018,264,000	–	4,693	–	4.48%	–
APA	New	Apache Corporation	$980,429,000	–	17,611,450	–	4.32%	–
UTX	New	United Technologies Corp.	$953,797,000	–	9,300,803	–	4.20%	–
GOOG	New	Alphabet Inc., Class C	$946,889,000	–	1,368,140	–	4.17%	–
AXP	New	American Express Co.	$825,842,000	–	13,591,870	–	3.64%	–
BK	New	Bank of New York Mellon Corp.	$768,867,000	–	19,790,665	–	3.38%	–
MON	New	Monsanto Co.	$661,965,000	–	6,401,359	–	2.92%	–
GOOGL	New	Alphabet Inc., Class A	$641,208,000	–	911,416	–	2.82%	–
OXY	New	Occidental Petroleum Corp.	$634,897,000	–	8,402,549	–	2.80%	–
ECA	New	Encana Corporationforeign	$571,510,000	–	73,364,585	–	2.52%	–
TXN	New	Texas Instruments, Inc.	$567,090,000	–	9,051,716	–	2.50%	–
KMX	New	CarMax, Inc.	$552,940,000	–	11,277,585	–	2.44%	–
UNH	New	UnitedHealth Group, Inc.	$492,028,000	–	3,484,617	–	2.17%	–
JCI	New	Johnson Controls, Inc.	$417,623,000	–	9,435,681	–	1.84%	–
SCHW	New	Charles Schwab Corp.	$393,439,000	–	15,544,811	–	1.73%	–
COG	New	Cabot Oil & Gas Corp.	$391,351,000	–	15,204,019	–	1.72%	–
LBTYK	New	Liberty Global PLC, Series C	$381,127,000	–	13,302,873	–	1.68%	–
ESRX	New	Express Scripts Holding Co.	$375,643,000	–	4,955,717	–	1.65%	–
PX	New	Praxair, Inc.	$375,417,000	–	3,340,309	–	1.65%	–
V	New	Visa, Inc., Class A	$369,244,000	–	4,978,347	–	1.63%	–
COST	New	Costco Wholesale Corp.	$331,823,000	–	2,112,981	–	1.46%	–
TYC	New	Tyco International PLC	$314,362,000	–	7,379,394	–	1.38%	–
CB	New	Chubb Ltd.	$299,642,000	–	2,292,421	–	1.32%	–
FB	New	Facebook, Inc.	$297,042,000	–	2,599,249	–	1.31%	–
ATVI	New	Activision Blizzard, Inc.	$278,503,000	–	7,027,568	–	1.23%	–
MKL	New	Markel Corp.	$274,211,000	–	287,801	–	1.21%	–
DGX	New	Quest Diagnostics Inc.	$266,984,000	–	3,279,494	–	1.18%	–
BRKB	New	Berkshire Hathaway Inc., Class B	$265,185,000	–	1,831,518	–	1.17%	–
L	New	Loews Corp.	$240,434,000	–	5,851,408	–	1.06%	–
COF	New	Capital One Financial Corp.	$240,529,000	–	3,787,264	–	1.06%	–
MSFT	New	Microsoft Corp.	$239,043,000	–	4,671,550	–	1.05%	–
ECL	New	Ecolab, Inc.	$235,875,000	–	1,988,824	–	1.04%	–
CFG	New	Citizens Financial Group, Inc.	$215,277,000	–	10,774,605	–	0.95%	–
PCLN	New	The Priceline Group, Inc.	$203,601,000	–	163,088	–	0.90%	–
ORCL	New	Oracle Corporation	$194,908,000	–	4,761,973	–	0.86%	–
EQT	New	EQT Corporation	$189,106,000	–	2,442,286	–	0.83%	–
PCAR	New	PACCAR, Inc.	$185,834,000	–	3,582,693	–	0.82%	–
VRX	New	Valeant Pharmaceuticals International	$147,118,000	–	7,304,762	–	0.65%	–
MCO	New	Moody's Corp.	$143,866,000	–	1,535,222	–	0.63%	–
AAP	New	Advanced Auto Parts, Inc.	$111,983,000	–	692,836	–	0.49%	–
HPQ	New	HP, Inc.	$91,932,000	–	7,325,252	–	0.40%	–
USB	New	US Bancorp	$90,001,000	–	2,231,625	–	0.40%	–
SFUN	New	Soufun Holdings Ltd., Class A ADRadr	$87,132,000	–	17,322,562	–	0.38%	–
LILAK	New	Liberty Global PLC, LiLAC Class C	$70,825,000	–	2,179,899	–	0.31%	–
QRTEA	New	Liberty Interactive Corp., QVC Group, Series A	$70,710,000	–	2,787,141	–	0.31%	–
QUOT	New	Quotient Technology, Inc.	$66,701,000	–	4,973,966	–	0.29%	–
WAIR	New	Wesco Aircraft Holdings, Inc.	$64,554,000	–	4,810,253	–	0.28%	–
LVNTA	New	Liberty Ventures Series A	$62,796,000	–	1,693,997	–	0.28%	–
SPG	New	Simon Property Group, Inc.	$50,755,000	–	234,004	–	0.22%	–
JD	New	JD.com, Inc ADRadr	$40,624,000	–	1,913,518	–	0.18%	–
YY	New	YY, Inc. ADRadr	$40,699,000	–	1,201,635	–	0.18%	–
GS	New	Goldman Sachs Group, Inc.	$37,438,000	–	251,972	–	0.16%	–
BXP	New	Boston Properties, Inc.	$37,094,000	–	281,228	–	0.16%	–
RE	New	Everest Re Group, Ltd.	$36,218,000	–	198,272	–	0.16%	–
MMC	New	Marsh & McLennan Co.	$34,489,000	–	503,780	–	0.15%	–
ETN	New	Eaton Corporation Plc	$33,738,000	–	564,838	–	0.15%	–
TRNO	New	Terreno Realty Corp.	$27,770,000	–	1,073,426	–	0.12%	–
VIPS	New	Vipshop Holdings Ltd. ADSadr	$27,635,000	–	2,474,050	–	0.12%	–
CTT	New	CatchMark Timber Trust Inc., Class A	$26,648,000	–	2,180,660	–	0.12%	–
WCC	New	Wesco International, Inc.	$24,641,000	–	478,557	–	0.11%	–
ACC	New	American Campus Communities, Inc.	$22,665,000	–	428,689	–	0.10%	–
PSA	New	Public Storage	$22,550,000	–	88,227	–	0.10%	–
BAM	New	Brookfield Asset Management Inc., Class Aforeign	$22,006,000	–	665,425	–	0.10%	–
STT	New	State Street Corp.	$21,899,000	–	406,140	–	0.10%	–
PNC	New	PNC Financial Services Group, Inc.	$21,454,000	–	263,600	–	0.09%	–
EGP	New	Eastgroup Properties, Inc.	$21,460,000	–	311,377	–	0.09%	–
KRG	New	Kite Realty Group Trust	$20,857,000	–	744,096	–	0.09%	–
NOAH	New	Noah Holdings Ltd. ADSadr	$20,622,000	–	855,339	–	0.09%	–
ANGI	New	Angie's List, Inc.	$20,342,000	–	3,124,747	–	0.09%	–
AVB	New	Avalonbay Communities, Inc.	$20,198,000	–	111,970	–	0.09%	–
FR	New	First Industrial Realty Trust, Inc.	$19,811,000	–	712,102	–	0.09%	–
PPS	New	Post Properties, Inc.	$19,448,000	–	318,552	–	0.09%	–
CONE	New	CyrusOne, Inc.	$19,133,000	–	343,750	–	0.08%	–
	New	Intel Corp 3.25% 8/1/39bond	$18,778,000	–	11,551,000	–	0.08%	–
SPGI	New	S&P Global, Inc.	$18,851,000	–	175,750	–	0.08%	–
RPT	New	Ramco-Gershenson Properties Trust	$18,608,000	–	948,920	–	0.08%	–
ESS	New	Essex Property Trust, Inc.	$18,637,000	–	81,707	–	0.08%	–
ROIC	New	Retail Opportunity Investments Corp.	$18,421,000	–	850,058	–	0.08%	–
EDR	New	Education Realty Trust, Inc.	$18,117,000	–	392,658	–	0.08%	–
GGP	New	General Growth Properties, Inc.	$17,759,000	–	595,550	–	0.08%	–
AIG	New	American International Group. Inc.	$17,559,000	–	331,990	–	0.08%	–
DCT	New	DCT Industrial Trust, Inc.	$17,236,000	–	358,793	–	0.08%	–
AKR	New	Acadia Realty Trust	$17,208,000	–	484,458	–	0.08%	–
HIW	New	Highwoods Properties, Inc.	$16,401,000	–	310,627	–	0.07%	–
EQR	New	Equity Residential	$16,279,000	–	236,335	–	0.07%	–
CABO	New	Cable One, Inc.	$16,424,000	–	32,116	–	0.07%	–
WELL	New	Welltower, Inc.	$15,547,000	–	204,112	–	0.07%	–
LTRPA	New	Liberty TripAdvisor Holdings, Inc., Series A	$15,155,000	–	692,656	–	0.07%	–
FCEA	New	Forest City Realty Trust, Inc., Class A	$15,064,000	–	675,220	–	0.07%	–
CCI	New	Crown Castle International Corp.	$14,424,000	–	142,202	–	0.06%	–
TAL	New	TAL Education Group, Class A, ADRadr	$13,853,000	–	223,225	–	0.06%	–
DFT	New	DuPont Fabros Technology, Inc.	$13,700,000	–	288,179	–	0.06%	–
EDU	New	New Oriental Education & Technology ADRadr	$13,515,000	–	322,708	–	0.06%	–
CUZ	New	Cousins Properties, Inc.	$13,001,000	–	1,250,057	–	0.06%	–
TV	New	Grupo Televisa S.A.B. ADRadr	$12,642,000	–	485,488	–	0.06%	–
CPT	New	Camden Property Trust	$12,595,000	–	142,447	–	0.06%	–
CDR	New	Cedar Realty Trust, Inc.	$11,573,000	–	1,557,559	–	0.05%	–
AMH	New	American Homes 4 Rent, Class A	$11,459,000	–	559,506	–	0.05%	–
AMAT	New	Applied Materials, Inc.	$11,333,000	–	472,800	–	0.05%	–
DDR	New	DDR Corporation	$10,626,000	–	585,768	–	0.05%	–
	New	Salesforce.com, Inc., 0.25%, 04/01/2018bond	$10,335,000	–	8,000,000	–	0.05%	–
BIDU	New	Baidu, Inc. Class A, ADRadr	$10,321,000	–	62,494	–	0.04%	–
FRT	New	Federal Realty Investment Trust	$10,312,000	–	62,289	–	0.04%	–
EXR	New	Extra Space Storage, Inc.	$10,052,000	–	108,627	–	0.04%	–
ARE	New	Alexandria Real Estate Equities, Inc.	$9,855,000	–	95,203	–	0.04%	–
AIV	New	Apartment Investment & Management	$9,469,000	–	214,417	–	0.04%	–
SAP	New	SAP AG ADRadr	$9,384,000	–	125,091	–	0.04%	–
	New	RTI International Metals, 1.625%, 10/15/2019bond	$8,215,000	–	7,750,000	–	0.04%	–
ALEX	New	Alexander & Baldwin, Inc.	$8,260,000	–	228,568	–	0.04%	–
AESPRC	New	AES Trust III,6.75%,10/15/29preferred	$7,550,000	–	145,027	–	0.03%	–
	New	NXP Semiconductors NV, 1% 12/1/19bond	$7,608,000	–	7,000,000	–	0.03%	–
HST	New	Host Hotels & Resorts, Inc.	$7,066,000	–	435,910	–	0.03%	–
VNO	New	Vornado Realty Trust	$7,125,000	–	71,160	–	0.03%	–
INXN	New	InterXion Holding NVforeign	$6,823,000	–	184,995	–	0.03%	–
EQM	New	EQT Midstream Partners L.P.partnership	$6,340,000	–	78,960	–	0.03%	–
IBN	New	ICICI Bank Limited ADRadr	$4,676,000	–	651,295	–	0.02%	–
CORRPRA	New	CorEnergy Infrastructure Trust, Inc. Series Apreferred	$4,291,000	–	182,690	–	0.02%	–
	New	FireEye Inc. - B, 1.625%, 6/1/35bond	$3,528,000	–	4,000,000	–	0.02%	–
LC	New	LendingClub Corp.	$2,845,000	–	661,716	–	0.01%	–
	New	FireEye Inc. - A, 1.00%, 6/1/35bond	$1,814,000	–	2,000,000	–	0.01%	–
CTRP	New	Ctrip.com International, Ltd. ADRadr	$1,641,000	–	39,821	–	0.01%	–
REXR	New	Rexford Industrial Realty, Inc.	$1,667,000	–	79,032	–	0.01%	–
KBR	New	KBR, Inc.	$1,394,000	–	105,300	–	0.01%	–
WUBA	New	58.com, Inc. ADRadr	$947,000	–	20,636	–	0.00%	–
XLNX	New	Xilinx, Inc.	$365,000	–	7,920	–	0.00%	–
NWL	New	Newell Brands, Inc.	$398,000	–	8,193	–	0.00%	–
INTC	New	Intel Corp.	$472,000	–	14,380	–	0.00%	–
MU	New	Micron Technology, Inc.	$441,000	–	32,055	–	0.00%	–
HPE	New	Hewlett Packard Enterprise Company	$381,000	–	20,830	–	0.00%	–
JMEI	New	Jumei International ADRadr	$361,000	–	87,500	–	0.00%	–
LRCX	New	Lam Research Corp.	$366,000	–	4,355	–	0.00%	–
BBU	New	Brookfield Business Partners, L.P.partnership	$254,000	–	13,307	–	0.00%	–
APD	New	Air Products & Chemicals, Inc.	$258,000	–	1,815	–	0.00%	–
DIS	New	Disney Walt Holdings	$255,000	–	2,609	–	0.00%	–
UPS	New	United Parcel Service, Inc., Class B	$271,000	–	2,512	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
CX	Exit	Cemex SA ADRadr	$0	–	-23,540	–	-0.00%	–
UPS	Exit	United Parcel Service, Inc., Class B	$0	–	-2,456	–	-0.00%	–
BWP	Exit	Boardwalk Pipeline Partnerspartnership	$0	–	-22,090	–	-0.00%	–
WRB	Exit	W.R. Berkley Corp.	$0	–	-5,080	–	-0.00%	–
PCP	Exit	Precision Castparts Corp.	$0	–	-1,320	–	-0.00%	–
GWW	Exit	WW Grainger, Inc.	$0	–	-1,160	–	-0.00%	–
DIS	Exit	Disney Walt Holdings	$0	–	-2,619	–	-0.00%	–
APD	Exit	Air Products & Chemicals, Inc.	$0	–	-1,783	–	-0.00%	–
BEN	Exit	Franklin Resources Inc	$0	–	-7,000	–	-0.00%	–
PGR	Exit	Progressive Corp.	$0	–	-7,350	–	-0.00%	–
AAPL	Exit	Apple Inc.	$0	–	-3,290	–	-0.00%	–
KEYS	Exit	Keysight Technologies, Inc.	$0	–	-14,117	–	-0.00%	–
TIF	Exit	Tiffany & Co.	$0	–	-5,000	–	-0.00%	–
AGN	Exit	Allergan PLC	$0	–	-2,100	–	-0.00%	–
JAH	Exit	Jarden Corp.	$0	–	-16,500	–	-0.00%	–
RSG	Exit	Republic Services, Inc.	$0	–	-16,630	–	-0.00%	–
CNQ	Exit	Canadian Natural Resources Ltd.foreign	$0	–	-39,557	–	-0.00%	–
REXR	Exit	Rexford Industrial Realty, Inc.	$0	–	-63,175	–	-0.00%	–
WUBA	Exit	58.com Inc ADRadr	$0	–	-22,796	–	-0.00%	–
JMEI	Exit	Jumei International ADRadr	$0	–	-97,080	–	-0.00%	–
MA	Exit	Mastercard, Inc.	$0	–	-15,300	–	-0.01%	–
BLD	Exit	TopBuild Corp.	$0	–	-49,379	–	-0.01%	–
	Exit	Forest City Ent FCE 5% 10/15/16bond	$0	–	-1,120,000	–	-0.01%	–
KBR	Exit	KBR, Inc.	$0	–	-105,300	–	-0.01%	–
ALTR	Exit	Altera Corp.	$0	–	-38,800	–	-0.01%	–
HOT	Exit	Starwood Hotels & Resorts Worldwide, Inc.	$0	–	-33,031	–	-0.01%	–
STAY	Exit	Extended Stay America, Inc.	$0	–	-140,859	–	-0.01%	–
FCEA	Exit	Forest City Enterprises Inc. Class A	$0	–	-121,035	–	-0.01%	–
A	Exit	Agilent Technologies, Inc.	$0	–	-69,007	–	-0.01%	–
INXN	Exit	InterXion Holding NVforeign	$0	–	-97,501	–	-0.01%	–
IBM	Exit	International Business Machines	$0	–	-19,759	–	-0.01%	–
XRAY	Exit	DENTSPLY International, Inc.	$0	–	-55,500	–	-0.01%	–
H	Exit	Hyatt Hotels Corp. Class A	$0	–	-66,545	–	-0.01%	–
IVE	Exit	iShares S&P 500 Value Index Fundetf	$0	–	-40,419	–	-0.01%	–
WFCWS	Exit	Wells Fargo & Co. Warrantswarrant	$0	–	-217,100	–	-0.02%	–
BKD	Exit	Brookdale Senior Living, Inc.	$0	–	-167,543	–	-0.02%	–
FCX	Exit	Freeport-McMoRan Copper & Gold, Inc.	$0	–	-448,084	–	-0.02%	–
CBLAQ	Exit	CBL & Associates Properties, Inc	$0	–	-338,460	–	-0.02%	–
DFT	Exit	DuPont Fabros Technology Inc.	$0	–	-183,810	–	-0.02%	–
NHI	Exit	National Health Investors, Inc.	$0	–	-89,315	–	-0.02%	–
AMAT	Exit	Applied Materials, Inc.	$0	–	-348,818	–	-0.02%	–
INTC	Exit	Intel Corp.	$0	–	-175,822	–	-0.02%	–
RIG	Exit	Transocean Ltd.	$0	–	-422,356	–	-0.02%	–
IBN	Exit	ICICI Bank Limited ADRadr	$0	–	-670,875	–	-0.02%	–
DRH	Exit	DiamondRock Hospitality Co.	$0	–	-528,171	–	-0.02%	–
	Exit	Qihoo 360 Technology Co., 2.5%, 9/15/2018bond	$0	–	-6,000,000	–	-0.02%	–
EGP	Exit	Eastgroup Properties, Inc.	$0	–	-109,439	–	-0.02%	–
FOXA	Exit	Twenty-First Century Fox Inc Class A	$0	–	-234,546	–	-0.03%	–
FCS	Exit	Fairchild Semiconductor International	$0	–	-480,407	–	-0.03%	–
SHW	Exit	The Sherwin Williams Co.	$0	–	-29,829	–	-0.03%	–
CTRP	Exit	Ctrip.com International, Ltd. ADRadr	$0	–	-108,675	–	-0.03%	–
TJX	Exit	TJX Companies Inc.	$0	–	-92,854	–	-0.03%	–
BDN	Exit	Brandywine Realty Trust	$0	–	-560,230	–	-0.03%	–
AESPRC	Exit	AES Trust III,6.75%,10/15/29preferred	$0	–	-145,027	–	-0.03%	–
HPQ	Exit	Hewlett Packard Co.	$0	–	-280,425	–	-0.03%	–
SAP	Exit	SAP AG ADRadr	$0	–	-114,590	–	-0.03%	–
ALEX	Exit	Alexander & Baldwin, Inc.	$0	–	-222,616	–	-0.03%	–
BIDU	Exit	Baidu, Inc. Class A, ADRadr	$0	–	-55,797	–	-0.03%	–
AIV	Exit	Apartment Investment & Management	$0	–	-207,320	–	-0.03%	–
AMT	Exit	American Tower Corp.	$0	–	-89,225	–	-0.03%	–
ATI	Exit	Allegheny Technologies, Inc.	$0	–	-556,319	–	-0.03%	–
ARE	Exit	Alexandria Real Estate Equities, Inc.	$0	–	-95,055	–	-0.03%	–
	Exit	RTI International Metals, 1.625%, 10/15/2019bond	$0	–	-7,750,000	–	-0.03%	–
NBR	Exit	Nabors Industries Ltd.	$0	–	-862,322	–	-0.03%	–
DVN	Exit	Devon Energy Corp.	$0	–	-226,271	–	-0.04%	–
CRM	Exit	Salesforce.com Inc	$0	–	-121,862	–	-0.04%	–
URI	Exit	United Rentals, Inc.	$0	–	-143,806	–	-0.04%	–
CCI	Exit	Crown Castle International Corp.	$0	–	-111,393	–	-0.04%	–
DDR	Exit	DDR Corporation	$0	–	-568,604	–	-0.04%	–
AMH	Exit	American Homes 4 Rent, Class A	$0	–	-559,469	–	-0.04%	–
WFM	Exit	Whole Foods Market Inc.	$0	–	-284,724	–	-0.04%	–
UDR	Exit	UDR, Inc.	$0	–	-264,117	–	-0.04%	–
MAS	Exit	Masco Corp.	$0	–	-375,420	–	-0.04%	–
BMR	Exit	Biomed Realty Trust, Inc.	$0	–	-466,250	–	-0.04%	–
EQR	Exit	Equity Residential	$0	–	-125,032	–	-0.04%	–
LC	Exit	LendingClub Corp.	$0	–	-720,041	–	-0.04%	–
	Exit	Salesforce.com Inc., 0.25%, 04/01/2018bond	$0	–	-8,000,000	–	-0.04%	–
GRUB	Exit	Grubhub Inc	$0	–	-405,148	–	-0.04%	–
TXT	Exit	Textron Inc.	$0	–	-261,133	–	-0.04%	–
GE	Exit	General Electric Co.	$0	–	-403,170	–	-0.04%	–
HIW	Exit	Highwoods Properties Inc.	$0	–	-263,541	–	-0.04%	–
UHS	Exit	Universal Health Services, Inc.	$0	–	-82,120	–	-0.04%	–
CUZ	Exit	Cousins Properties, Inc.	$0	–	-1,112,677	–	-0.04%	–
BRX	Exit	Brixmor Property Group, Inc.	$0	–	-445,074	–	-0.04%	–
ROIC	Exit	Retail Opportunity Investments Corp.	$0	–	-641,764	–	-0.04%	–
NOAH	Exit	Noah Holdings Ltd. ADSadr	$0	–	-449,684	–	-0.04%	–
UNVR	Exit	Univar, Inc.	$0	–	-586,885	–	-0.04%	–
RPT	Exit	Ramco-Gershenson Properties Trust	$0	–	-727,295	–	-0.04%	–
PWR	Exit	Quanta Services, Inc.	$0	–	-460,970	–	-0.05%	–
C	Exit	Citigroup Inc.	$0	–	-228,581	–	-0.05%	–
BAC	Exit	Bank of America Corp.	$0	–	-723,936	–	-0.05%	–
WCN	Exit	Waste Connections Inc.	$0	–	-236,660	–	-0.05%	–
CL	Exit	Colgate-Palmolive Co.	$0	–	-182,023	–	-0.05%	–
CDR	Exit	Cedar Realty Trust Inc.	$0	–	-1,865,120	–	-0.05%	–
LOW	Exit	Lowes Cos Inc.	$0	–	-175,514	–	-0.05%	–
KSS	Exit	Kohls Corp.	$0	–	-260,370	–	-0.05%	–
ESS	Exit	Essex Property Trust, Inc.	$0	–	-54,659	–	-0.05%	–
CABO	Exit	Cable One, Inc.	$0	–	-29,234	–	-0.05%	–
TV	Exit	Grupo Televisa S.A.B. ADRadr	$0	–	-478,058	–	-0.05%	–
FRT	Exit	Federal Realty Investment Trust	$0	–	-93,500	–	-0.05%	–
EDR	Exit	Education Realty Trust, Inc.	$0	–	-390,440	–	-0.05%	–
WELL	Exit	Welltower Inc.	$0	–	-195,128	–	-0.06%	–
PRTY	Exit	Party City Holdings, Inc.	$0	–	-839,236	–	-0.06%	–
WCC	Exit	Wesco International, Inc.	$0	–	-296,919	–	-0.06%	–
AVB	Exit	Avalonbay Communities, Inc.	$0	–	-78,626	–	-0.06%	–
NKE	Exit	Nike Inc	$0	–	-111,528	–	-0.06%	–
MAC	Exit	Macerich Co.	$0	–	-189,751	–	-0.06%	–
PLD	Exit	Prologis, Inc.	$0	–	-385,360	–	-0.06%	–
	Exit	US Steel Corp. Conv. Bond 2.75% 4/1/19bond	$0	–	-15,500,000	–	-0.06%	–
CTT	Exit	CatchMark Timber Trust Inc., Class A	$0	–	-1,490,811	–	-0.06%	–
MHFI	Exit	McGraw Hill Financial, Inc.	$0	–	-178,950	–	-0.06%	–
FR	Exit	First Industrial Realty Trust, Inc.	$0	–	-741,089	–	-0.06%	–
YOKU	Exit	Youku Tudou Inc. ADRadr	$0	–	-934,723	–	-0.07%	–
ARPI	Exit	American Residential Properties, Inc.	$0	–	-979,046	–	-0.07%	–
ACC	Exit	American Campus Communities Inc.	$0	–	-469,222	–	-0.07%	–
	Exit	Intel Corp 3.25% 8/1/39bond	$0	–	-11,551,000	–	-0.07%	–
ANGI	Exit	Angie's List Inc.	$0	–	-3,505,110	–	-0.07%	–
VTR	Exit	Ventas, Inc.	$0	–	-318,341	–	-0.07%	–
PPS	Exit	Post Properties Inc.	$0	–	-306,648	–	-0.07%	–
LPT	Exit	Liberty Property Trust	$0	–	-568,937	–	-0.07%	–
CB	Exit	Chubb Corp.	$0	–	-155,539	–	-0.08%	–
TRNO	Exit	Terreno Realty Corp.	$0	–	-967,502	–	-0.08%	–
TYFDL	Exit	Tyson Foods Inc 4.75 07/15/17preferred	$0	–	-375,000	–	-0.08%	–
TDG	Exit	Transdigm Group Inc.	$0	–	-92,306	–	-0.08%	–
YY	Exit	YY Inc. ADRadr	$0	–	-368,080	–	-0.08%	–
VNO	Exit	Vornado Realty Trust	$0	–	-229,016	–	-0.09%	–
LTRPA	Exit	Liberty TripAdvisor Holdings Inc., Class A	$0	–	-941,078	–	-0.09%	–
KRG	Exit	Kite Realty Group Trust	$0	–	-877,482	–	-0.09%	–
VIPS	Exit	Vipshop Holdings Ltd. ADSadr	$0	–	-1,279,655	–	-0.09%	–
AKR	Exit	Acadia Realty Trust	$0	–	-712,278	–	-0.09%	–
BAM	Exit	Brookfield Asset Management Inc., Class Aforeign	$0	–	-690,245	–	-0.09%	–
TWC	Exit	Time Warner Cable Inc.	$0	–	-127,476	–	-0.10%	–
AIG	Exit	American International Group Inc.	$0	–	-423,960	–	-0.10%	–
GS	Exit	Goldman Sachs Group Inc.	$0	–	-139,682	–	-0.10%	–
DCT	Exit	DCT Industrial Trust Inc.	$0	–	-740,987	–	-0.10%	–
SPG	Exit	Simon Property Group Inc.	$0	–	-136,069	–	-0.10%	–
CONE	Exit	CyrusOne Inc.	$0	–	-822,582	–	-0.11%	–
MMC	Exit	Marsh & McLennan Co.	$0	–	-513,670	–	-0.11%	–
BXP	Exit	Boston Properties, Inc.	$0	–	-238,372	–	-0.12%	–
LILAK	Exit	Liberty Global PLC LiLAC Class C	$0	–	-887,980	–	-0.13%	–
USB	Exit	US Bancorp	$0	–	-756,519	–	-0.13%	–
RE	Exit	Everest Re Group, Ltd.	$0	–	-206,162	–	-0.15%	–
JD	Exit	JD.com Inc ADRadr	$0	–	-1,461,990	–	-0.16%	–
IDXX	Exit	IDEXX Laboratories, Inc.	$0	–	-623,573	–	-0.19%	–
ROK	Exit	Rockwell Automation Inc.	$0	–	-465,561	–	-0.20%	–
COUP	Exit	Coupons.com, Inc.	$0	–	-5,302,613	–	-0.20%	–
	Exit	Hunter Douglas N.V.foreign	$0	–	-1,653,982	–	-0.29%	–
DEO	Exit	Diageo PLC - ADRadr	$0	–	-706,893	–	-0.32%	–
LVNTA	Exit	Liberty Ventures Series A	$0	–	-1,928,496	–	-0.32%	–
WAIR	Exit	Wesco Aircraft Holdings, Inc.	$0	–	-6,610,849	–	-0.33%	–
QRTEA	Exit	Liberty Interactive Corp QVC Group, Class A	$0	–	-3,667,703	–	-0.40%	–
SFUN	Exit	Soufun Holdings Ltd Class A ADRadr	$0	–	-18,836,617	–	-0.52%	–
UPLMQ	Exit	Ultra Petroleum Corp	$0	–	-20,620,936	–	-0.55%	–
AAP	Exit	Advanced Auto Parts, Inc.	$0	–	-766,953	–	-0.60%	–
BRKB	Exit	Berkshire Hathaway Inc., Class B	$0	–	-1,144,110	–	-0.62%	–
QIHU	Exit	Qihoo 360 Technology Co. ADRadr	$0	–	-3,306,399	–	-0.66%	–
EOG	Exit	EOG Resources, Inc.	$0	–	-2,270,140	–	-0.68%	–
MCO	Exit	Moody's Corp.	$0	–	-1,974,918	–	-0.80%	–
LH	Exit	Laboratory Corporation of America Hldg	$0	–	-2,036,449	–	-0.92%	–
PCAR	Exit	PACCAR Inc.	$0	–	-4,494,867	–	-0.97%	–
ORCL	Exit	Oracle Corporation	$0	–	-6,613,412	–	-0.99%	–
DGX	Exit	Quest Diagnostics Inc.	$0	–	-4,203,791	–	-1.07%	–
COF	Exit	Capital One Financial Corp.	$0	–	-3,643,385	–	-1.10%	–
L	Exit	Loews Corp.	$0	–	-7,357,689	–	-1.10%	–
VRX	Exit	Valeant Pharmaceuticals International	$0	–	-1,509,122	–	-1.12%	–
JCI	Exit	Johnson Controls, Inc.	$0	–	-6,557,837	–	-1.12%	–
MSFT	Exit	Microsoft Corp.	$0	–	-6,202,237	–	-1.14%	–
MKL	Exit	Markel Corp.	$0	–	-342,769	–	-1.14%	–
ACE	Exit	Ace Limited	$0	–	-2,769,640	–	-1.19%	–
CFG	Exit	Citizens Financial Group Inc.	$0	–	-12,424,582	–	-1.23%	–
ECL	Exit	Ecolab Inc.	$0	–	-2,736,911	–	-1.24%	–
PCLN	Exit	The Priceline Group Inc.	$0	–	-291,337	–	-1.49%	–
OXY	Exit	Occidental Petroleum Corp.	$0	–	-5,461,730	–	-1.50%	–
SCHW	Exit	Charles Schwab Corp.	$0	–	-12,831,395	–	-1.52%	–
COST	Exit	Costco Wholesale Corp.	$0	–	-3,006,971	–	-1.80%	–
ECA	Exit	Encana Corporationforeign	$0	–	-69,240,590	–	-1.85%	–
LVS	Exit	Las Vegas Sands Corp.	$0	–	-11,827,123	–	-1.86%	–
V	Exit	Visa Inc. Class A	$0	–	-6,446,076	–	-1.86%	–
PX	Exit	Praxair, Inc.	$0	–	-4,433,749	–	-1.87%	–
TXN	Exit	Texas Instruments, Inc.	$0	–	-10,009,992	–	-2.06%	–
KMX	Exit	CarMax, Inc.	$0	–	-9,514,068	–	-2.34%	–
COG	Exit	Cabot Oil & Gas Corp.	$0	–	-28,315,463	–	-2.57%	–
MON	Exit	Monsanto Co.	$0	–	-7,372,938	–	-2.61%	–
UNH	Exit	UnitedHealth Group Inc.	$0	–	-5,686,417	–	-2.74%	–
GOOGL	Exit	Google Inc. Class A	$0	–	-1,093,130	–	-2.89%	–
LBTYK	Exit	Liberty Global Plc Series C	$0	–	-17,213,200	–	-2.93%	–
ESRX	Exit	Express Scripts Holding Co.	$0	–	-9,164,920	–	-3.08%	–
UTX	Exit	United Technologies Corp.	$0	–	-8,847,629	–	-3.26%	–
GOOG	Exit	Google Inc. Class C	$0	–	-1,483,850	–	-3.74%	–
BRKA	Exit	Berkshire Hathaway Inc., Class A	$0	–	-4,707	–	-3.81%	–
BK	Exit	Bank of New York Mellon Corp.	$0	–	-25,624,463	–	-4.16%	–
JPM	Exit	JPMorgan Chase & Co.	$0	–	-17,764,488	–	-4.49%	–
AXP	Exit	American Express Co.	$0	–	-17,519,908	–	-5.39%	–
WFC	Exit	Wells Fargo & Co.	$0	–	-29,997,125	–	-6.39%	–
AMZN	Exit	Amazon.Com, Inc.	$0	–	-3,126,309	–	-6.64%	–

Q3 2015

			Value		Shares		↓ Weighting
AMZN	Sell	Amazon.Com, Inc.	$1,600,326,000	-18.0%	3,126,309	-30.5%	6.64%	-2.8%
WFC	Sell	Wells Fargo & Co.	$1,540,352,000	-24.1%	29,997,125	-16.8%	6.39%	-10.0%
AXP	Sell	American Express Co.	$1,298,751,000	-19.1%	17,519,908	-15.1%	5.39%	-4.1%
JPM	Sell	JPMorgan Chase & Co.	$1,083,101,000	-13.7%	17,764,488	-4.1%	4.49%	+2.3%
BK	Sell	Bank of New York Mellon Corp.	$1,003,198,000	-21.5%	25,624,463	-15.9%	4.16%	-7.0%
BRKA	Sell	Berkshire Hathaway Inc., Class A	$918,995,000	-18.6%	4,707	-14.6%	3.81%	-3.5%
GOOG	Sell	Google Inc. Class C	$902,804,000	-1.8%	1,483,850	-16.0%	3.74%	+16.3%
UTX	Buy	United Technologies Corp.	$787,350,000	+13363.6%	8,847,629	+16683.9%	3.26%	+16225.0%
ESRX	Sell	Express Scripts Holding Co.	$741,992,000	-35.8%	9,164,920	-29.4%	3.08%	-23.9%
LBTYK	Sell	Liberty Global Plc Series C	$706,085,000	-31.3%	17,213,200	-15.2%	2.93%	-18.6%
GOOGL	Sell	Google Inc. Class A	$697,821,000	-23.1%	1,093,130	-34.9%	2.89%	-8.8%
UNH	Sell	UnitedHealth Group Inc.	$659,681,000	-20.7%	5,686,417	-16.6%	2.74%	-6.0%
MON	New	Monsanto Co.	$629,207,000	–	7,372,938	–	2.61%	–
COG	Buy	Cabot Oil & Gas Corp.	$618,976,000	-18.0%	28,315,463	+18.3%	2.57%	-2.8%
KMX	Sell	CarMax, Inc.	$564,375,000	-23.4%	9,514,068	-14.5%	2.34%	-9.2%
TXN	Sell	Texas Instruments, Inc.	$495,695,000	-18.7%	10,009,992	-15.4%	2.06%	-3.6%
PX	Sell	Praxair, Inc.	$451,622,000	-29.0%	4,433,749	-16.6%	1.87%	-15.8%
LVS	Sell	Las Vegas Sands Corp.	$449,076,000	-38.3%	11,827,123	-14.6%	1.86%	-26.9%
V	Sell	Visa Inc. Class A	$449,034,000	-11.3%	6,446,076	-14.5%	1.86%	+5.1%
ECA	Sell	Encana Corporationforeign	$445,909,000	-42.4%	69,240,590	-1.5%	1.85%	-31.8%
COST	Sell	Costco Wholesale Corp.	$434,718,000	-5.8%	3,006,971	-12.0%	1.80%	+11.6%
SCHW	Sell	Charles Schwab Corp.	$366,465,000	-34.0%	12,831,395	-24.6%	1.52%	-21.8%
OXY	New	Occidental Petroleum Corp.	$361,293,000	–	5,461,730	–	1.50%	–
PCLN	Sell	The Priceline Group Inc.	$360,343,000	-10.3%	291,337	-16.5%	1.49%	+6.3%
ECL	Sell	Ecolab Inc.	$300,294,000	-37.6%	2,736,911	-35.7%	1.24%	-26.1%
CFG	Sell	Citizens Financial Group Inc.	$296,451,000	-24.1%	12,424,582	-13.2%	1.23%	-10.1%
ACE	Sell	Ace Limited	$286,381,000	-13.6%	2,769,640	-15.0%	1.19%	+2.4%
MKL	Sell	Markel Corp.	$274,853,000	-2.4%	342,769	-2.5%	1.14%	+15.7%
MSFT	Sell	Microsoft Corp.	$274,511,000	-16.2%	6,202,237	-16.4%	1.14%	-0.8%
JCI	New	Johnson Controls, Inc.	$271,232,000	–	6,557,837	–	1.12%	–
VRX	Sell	Valeant Pharmaceuticals International	$269,197,000	-31.2%	1,509,122	-14.4%	1.12%	-18.5%
L	Sell	Loews Corp.	$265,907,000	-17.3%	7,357,689	-11.9%	1.10%	-2.0%
COF	Buy	Capital One Financial Corp.	$264,218,000	+1525.1%	3,643,385	+1871.3%	1.10%	+1822.8%
DGX	Sell	Quest Diagnostics Inc.	$258,407,000	-28.5%	4,203,791	-15.6%	1.07%	-15.2%
ORCL	Sell	Oracle Corporation	$238,876,000	-24.6%	6,613,412	-15.9%	0.99%	-10.6%
PCAR	Sell	PACCAR Inc.	$234,497,000	-30.0%	4,494,867	-14.4%	0.97%	-17.1%
LH	Sell	Laboratory Corporation of America Hldg	$220,894,000	-56.8%	2,036,449	-51.7%	0.92%	-48.8%
MCO	Sell	Moody's Corp.	$193,937,000	-21.8%	1,974,918	-14.0%	0.80%	-7.3%
EOG	Sell	EOG Resources, Inc.	$165,266,000	-42.4%	2,270,140	-30.7%	0.68%	-31.8%
QIHU	Sell	Qihoo 360 Technology Co. ADRadr	$158,145,000	-40.6%	3,306,399	-16.0%	0.66%	-29.6%
BRKB	Sell	Berkshire Hathaway Inc., Class B	$149,192,000	-7.5%	1,144,110	-3.5%	0.62%	+9.6%
AAP	Sell	Advanced Auto Parts, Inc.	$145,361,000	-27.3%	766,953	-38.9%	0.60%	-13.7%
UPLMQ	Buy	Ultra Petroleum Corp	$131,768,000	-47.5%	20,620,936	+3.0%	0.55%	-37.7%
SFUN	Sell	Soufun Holdings Ltd Class A ADRadr	$124,322,000	-29.1%	18,836,617	-9.6%	0.52%	-15.8%
QRTEA	Sell	Liberty Interactive Corp QVC Group, Class A	$96,204,000	-20.9%	3,667,703	-16.3%	0.40%	-6.3%
WAIR	Buy	Wesco Aircraft Holdings, Inc.	$80,652,000	-17.3%	6,610,849	+2.6%	0.33%	-2.1%
LVNTA	Sell	Liberty Ventures Series A	$77,815,000	-13.6%	1,928,496	-15.9%	0.32%	+2.5%
DEO	Sell	Diageo PLC - ADRadr	$76,196,000	-24.0%	706,893	-18.2%	0.32%	-10.0%
	Sell	Hunter Douglas N.V.foreign	$70,363,000	-8.8%	1,653,982	-4.5%	0.29%	+8.1%
COUP	Sell	Coupons.com, Inc.	$47,724,000	-18.7%	5,302,613	-2.5%	0.20%	-3.4%
ROK	Buy	Rockwell Automation Inc.	$47,240,000	+11.1%	465,561	+36.5%	0.20%	+31.5%
IDXX	Sell	IDEXX Laboratories, Inc.	$46,300,000	-1.6%	623,573	-15.0%	0.19%	+16.4%
JD	Sell	JD.com Inc ADRadr	$38,099,000	-25.8%	1,461,990	-3.0%	0.16%	-12.2%
RE	Sell	Everest Re Group, Ltd.	$35,736,000	-5.6%	206,162	-0.9%	0.15%	+12.1%
USB	Buy	US Bancorp	$31,025,000	+28.1%	756,519	+35.6%	0.13%	+51.8%
LILAK	New	Liberty Global PLC LiLAC Class C	$30,404,000	–	887,980	–	0.13%	–
BXP	Buy	Boston Properties, Inc.	$28,223,000	+44.1%	238,372	+47.3%	0.12%	+69.6%
MMC	Sell	Marsh & McLennan Co.	$26,824,000	-9.1%	513,670	-1.3%	0.11%	+7.8%
CONE	Buy	CyrusOne Inc.	$26,866,000	+24.9%	822,582	+12.6%	0.11%	+48.0%
SPG	Sell	Simon Property Group Inc.	$24,999,000	-33.2%	136,069	-37.1%	0.10%	-20.6%
DCT	Buy	DCT Industrial Trust Inc.	$24,942,000	+12.8%	740,987	+5.3%	0.10%	+33.8%
GS	Sell	Goldman Sachs Group Inc.	$24,271,000	-18.1%	139,682	-1.6%	0.10%	-2.9%
AIG	Sell	American International Group Inc.	$24,089,000	-8.9%	423,960	-0.9%	0.10%	+7.5%
TWC	Sell	Time Warner Cable Inc.	$22,865,000	-2.0%	127,476	-2.7%	0.10%	+15.9%
BAM	Sell	Brookfield Asset Management Inc., Class Aforeign	$21,701,000	-10.4%	690,245	-0.4%	0.09%	+5.9%
VIPS	Buy	Vipshop Holdings Ltd. ADSadr	$21,498,000	-11.4%	1,279,655	+17.3%	0.09%	+4.7%
AKR	Buy	Acadia Realty Trust	$21,418,000	+17.1%	712,278	+13.4%	0.09%	+39.1%
LTRPA	Sell	Liberty TripAdvisor Holdings Inc., Class A	$20,864,000	-41.8%	941,078	-15.4%	0.09%	-30.4%
KRG	Buy	Kite Realty Group Trust	$20,893,000	+9.2%	877,482	+12.2%	0.09%	+29.9%
VNO	Buy	Vornado Realty Trust	$20,708,000	+7.3%	229,016	+12.7%	0.09%	+26.5%
YY	Buy	YY Inc. ADRadr	$20,075,000	-19.9%	368,080	+2.0%	0.08%	-5.7%
TDG	Sell	Transdigm Group Inc.	$19,607,000	-12.4%	92,306	-7.4%	0.08%	+3.8%
TRNO	Buy	Terreno Realty Corp.	$19,002,000	+12.4%	967,502	+12.7%	0.08%	+33.9%
CB	Sell	Chubb Corp.	$19,077,000	+27.2%	155,539	-1.3%	0.08%	+51.9%
VTR	Buy	Ventas, Inc.	$17,846,000	+38.7%	318,341	+53.7%	0.07%	+64.4%
PPS	Sell	Post Properties Inc.	$17,875,000	-7.2%	306,648	-13.4%	0.07%	+10.4%
LPT	Buy	Liberty Property Trust	$17,927,000	+7.1%	568,937	+9.5%	0.07%	+25.4%
ANGI	Sell	Angie's List Inc.	$17,666,000	-22.8%	3,505,110	-5.6%	0.07%	-8.8%
ACC	Buy	American Campus Communities Inc.	$17,005,000	+5.1%	469,222	+9.3%	0.07%	+24.6%
ARPI	Buy	American Residential Properties, Inc.	$16,908,000	+38.4%	979,046	+48.2%	0.07%	+62.8%
YOKU	Sell	Youku Tudou Inc. ADRadr	$16,479,000	-29.5%	934,723	-1.9%	0.07%	-17.1%
FR	Buy	First Industrial Realty Trust, Inc.	$15,526,000	+26.5%	741,089	+13.1%	0.06%	+48.8%
	Buy	US Steel Corp. Conv. Bond 2.75% 4/1/19bond	$15,355,000	-2.2%	15,500,000	+8.8%	0.06%	+16.4%
CTT	Buy	CatchMark Timber Trust Inc., Class A	$15,326,000	+40.5%	1,490,811	+58.2%	0.06%	+68.4%
MHFI	Sell	McGraw Hill Financial, Inc.	$15,479,000	-15.3%	178,950	-1.7%	0.06%	0.0%
PLD	Sell	Prologis, Inc.	$14,991,000	-39.8%	385,360	-42.6%	0.06%	-28.7%
MAC	Buy	Macerich Co.	$14,577,000	+16.2%	189,751	+12.8%	0.06%	+36.4%
AVB	Sell	Avalonbay Communities, Inc.	$13,745,000	-57.3%	78,626	-61.0%	0.06%	-49.6%
WCC	Buy	Wesco International, Inc.	$13,798,000	-31.0%	296,919	+1.9%	0.06%	-18.6%
NKE	Sell	Nike Inc	$13,715,000	+6.1%	111,528	-6.8%	0.06%	+26.7%
PRTY	Buy	Party City Holdings, Inc.	$13,403,000	+37.8%	839,236	+74.9%	0.06%	+64.7%
WELL	New	Welltower Inc.	$13,214,000	–	195,128	–	0.06%	–
FRT	Sell	Federal Realty Investment Trust	$12,758,000	-21.2%	93,500	-26.0%	0.05%	-7.0%
EDR	Sell	Education Realty Trust, Inc.	$12,865,000	+4.5%	390,440	-0.5%	0.05%	+23.3%
TV	Buy	Grupo Televisa S.A.B. ADRadr	$12,439,000	-31.8%	478,058	+1.8%	0.05%	-18.8%
ESS	Sell	Essex Property Trust, Inc.	$12,212,000	-17.5%	54,659	-21.5%	0.05%	-1.9%
CABO	New	Cable One, Inc.	$12,261,000	–	29,234	–	0.05%	–
LOW	Sell	Lowes Cos Inc.	$12,096,000	-4.7%	175,514	-7.4%	0.05%	+13.6%
WCN	Sell	Waste Connections Inc.	$11,497,000	-7.2%	236,660	-10.0%	0.05%	+11.6%
CDR	Buy	Cedar Realty Trust Inc.	$11,582,000	+10.0%	1,865,120	+13.4%	0.05%	+29.7%
CL	Sell	Colgate-Palmolive Co.	$11,551,000	-4.5%	182,023	-1.6%	0.05%	+14.3%
C	Sell	Citigroup Inc.	$11,340,000	-16.4%	228,581	-7.0%	0.05%	0.0%
BAC	Sell	Bank of America Corp.	$11,279,000	-14.1%	723,936	-6.1%	0.05%	+2.2%
PWR	Buy	Quanta Services, Inc.	$11,160,000	-5.4%	460,970	+12.7%	0.05%	+12.2%
RPT	Buy	Ramco-Gershenson Properties Trust	$10,917,000	+3.8%	727,295	+12.9%	0.04%	+21.6%
UNVR	Buy	Univar, Inc.	$10,652,000	+2.3%	586,885	+46.7%	0.04%	+22.2%
NOAH	New	Noah Holdings Ltd. ADSadr	$10,563,000	–	449,684	–	0.04%	–
ROIC	Buy	Retail Opportunity Investments Corp.	$10,615,000	+19.9%	641,764	+13.2%	0.04%	+41.9%
CUZ	Buy	Cousins Properties, Inc.	$10,259,000	-0.5%	1,112,677	+12.0%	0.04%	+19.4%
UHS	Sell	Universal Health Services, Inc.	$10,249,000	-37.2%	82,120	-28.5%	0.04%	-24.6%
BRX	Buy	Brixmor Property Group, Inc.	$10,450,000	+15.2%	445,074	+13.5%	0.04%	+34.4%
GE	Sell	General Electric Co.	$10,168,000	-10.0%	403,170	-5.2%	0.04%	+5.0%
HIW	Sell	Highwoods Properties Inc.	$10,212,000	-3.5%	263,541	-0.5%	0.04%	+13.5%
TXT	Sell	Textron Inc.	$9,829,000	-30.5%	261,133	-17.6%	0.04%	-18.0%
GRUB	Sell	Grubhub Inc	$9,861,000	-32.1%	405,148	-5.0%	0.04%	-19.6%
LC	Sell	LendingClub Corp.	$9,526,000	-12.7%	720,041	-2.7%	0.04%	+5.3%
MAS	Sell	Masco Corp.	$9,453,000	-20.2%	375,420	-15.5%	0.04%	-4.9%
BMR	New	Biomed Realty Trust, Inc.	$9,316,000	–	466,250	–	0.04%	–
EQR	Sell	Equity Residential	$9,392,000	-42.8%	125,032	-46.6%	0.04%	-31.6%
UDR	Sell	UDR, Inc.	$9,107,000	+7.0%	264,117	-0.6%	0.04%	+26.7%
WFM	Buy	Whole Foods Market Inc.	$9,012,000	-3.3%	284,724	+20.5%	0.04%	+12.1%
AMH	Sell	American Homes 4 Rent, Class A	$8,996,000	-0.2%	559,469	-0.5%	0.04%	+15.6%
URI	Buy	United Rentals, Inc.	$8,636,000	-21.2%	143,806	+14.9%	0.04%	-5.3%
CCI	Sell	Crown Castle International Corp.	$8,786,000	-2.4%	111,393	-0.7%	0.04%	+12.5%
DDR	Sell	DDR Corporation	$8,745,000	-19.3%	568,604	-18.9%	0.04%	-5.3%
CRM	Sell	Salesforce.com Inc	$8,461,000	-3.4%	121,862	-3.1%	0.04%	+12.9%
DVN	Buy	Devon Energy Corp.	$8,392,000	-32.5%	226,271	+8.3%	0.04%	-18.6%
	Buy	RTI International Metals, 1.625%, 10/15/2019bond	$8,147,000	+30.7%	7,750,000	+34.8%	0.03%	+54.5%
NBR	Buy	Nabors Industries Ltd.	$8,149,000	-27.9%	862,322	+10.0%	0.03%	-15.0%
ARE	Sell	Alexandria Real Estate Equities, Inc.	$8,048,000	-44.7%	95,055	-42.9%	0.03%	-35.3%
AMT	Sell	American Tower Corp.	$7,850,000	-21.6%	89,225	-16.9%	0.03%	-5.7%
ATI	Buy	Allegheny Technologies, Inc.	$7,889,000	-35.0%	556,319	+38.4%	0.03%	-21.4%
AIV	Sell	Apartment Investment & Management	$7,675,000	-0.4%	207,320	-0.6%	0.03%	+18.5%
ALEX	Buy	Alexander & Baldwin, Inc.	$7,642,000	+25.8%	222,616	+44.4%	0.03%	+52.4%
BIDU	Buy	Baidu, Inc. Class A, ADRadr	$7,667,000	-2.3%	55,797	+41.5%	0.03%	+18.5%
SAP	Sell	SAP AG ADRadr	$7,424,000	-10.0%	114,590	-2.5%	0.03%	+6.9%
HPQ	Sell	Hewlett Packard Co.	$7,182,000	-16.1%	280,425	-1.7%	0.03%	0.0%
BDN	Sell	Brandywine Realty Trust	$6,902,000	-26.9%	560,230	-21.3%	0.03%	-12.1%
TJX	Sell	TJX Companies Inc.	$6,632,000	+1.2%	92,854	-6.3%	0.03%	+21.7%
SHW	Sell	The Sherwin Williams Co.	$6,645,000	-24.2%	29,829	-6.4%	0.03%	-9.7%
CTRP	Sell	Ctrip.com International, Ltd. ADRadr	$6,866,000	-18.1%	108,675	-5.8%	0.03%	-3.4%
FOXA	Sell	Twenty-First Century Fox Inc Class A	$6,328,000	-36.4%	234,546	-23.3%	0.03%	-25.7%
EGP	Sell	Eastgroup Properties, Inc.	$5,929,000	-4.2%	109,439	-0.6%	0.02%	+13.6%
DRH	Sell	DiamondRock Hospitality Co.	$5,836,000	-14.2%	528,171	-0.6%	0.02%	0.0%
	Sell	Qihoo 360 Technology Co., 2.5%, 9/15/2018bond	$5,771,000	-34.3%	6,000,000	-33.3%	0.02%	-22.6%
INTC	Sell	Intel Corp.	$5,299,000	-2.6%	175,822	-1.7%	0.02%	+15.8%
AMAT	Sell	Applied Materials, Inc.	$5,124,000	-24.7%	348,818	-1.4%	0.02%	-12.5%
NHI	Sell	National Health Investors, Inc.	$5,135,000	-8.5%	89,315	-0.9%	0.02%	+5.0%
DFT	New	DuPont Fabros Technology Inc.	$4,757,000	–	183,810	–	0.02%	–
CBLAQ	New	CBL & Associates Properties, Inc	$4,654,000	–	338,460	–	0.02%	–
FCX	Buy	Freeport-McMoRan Copper & Gold, Inc.	$4,342,000	-37.9%	448,084	+19.4%	0.02%	-25.0%
BKD	Sell	Brookdale Senior Living, Inc.	$3,847,000	-34.9%	167,543	-1.7%	0.02%	-23.8%
WFCWS	Sell	Wells Fargo & Co. Warrantswarrant	$3,927,000	-22.1%	217,100	-3.1%	0.02%	-11.1%
IVE	New	iShares S&P 500 Value Index Fundetf	$3,396,000	–	40,419	–	0.01%	–
H	Buy	Hyatt Hotels Corp. Class A	$3,134,000	-1.3%	66,545	+18.8%	0.01%	+18.2%
IBM	Sell	International Business Machines	$2,864,000	-13.6%	19,759	-3.1%	0.01%	0.0%
XRAY	New	DENTSPLY International, Inc.	$2,807,000	–	55,500	–	0.01%	–
INXN	Sell	InterXion Holding NVforeign	$2,640,000	-3.6%	97,501	-1.6%	0.01%	+10.0%
FCEA	Sell	Forest City Enterprises Inc. Class A	$2,436,000	-52.5%	121,035	-47.8%	0.01%	-44.4%
A	Sell	Agilent Technologies, Inc.	$2,369,000	-13.8%	69,007	-3.1%	0.01%	0.0%
STAY	Sell	Extended Stay America, Inc.	$2,364,000	-12.1%	140,859	-1.7%	0.01%	+11.1%
HOT	New	Starwood Hotels & Resorts Worldwide, Inc.	$2,196,000	–	33,031	–	0.01%	–
BLD	New	TopBuild Corp.	$1,529,000	–	49,379	–	0.01%	–
REXR	New	Rexford Industrial Realty, Inc.	$871,000	–	63,175	–	0.00%	–
WUBA	Sell	58.com Inc ADRadr	$1,073,000	-30.5%	22,796	-5.4%	0.00%	-20.0%
JMEI	Sell	Jumei International ADRadr	$958,000	-61.3%	97,080	-10.5%	0.00%	-55.6%
CNQ	Sell	Canadian Natural Resources Ltd.foreign	$769,000	-31.8%	39,557	-4.7%	0.00%	-25.0%
KEYS	Sell	Keysight Technologies, Inc.	$435,000	-8.2%	14,117	-7.2%	0.00%	0.0%
PCP	Sell	Precision Castparts Corp.	$303,000	-99.9%	1,320	-99.9%	0.00%	-99.9%
APD	Buy	Air Products & Chemicals, Inc.	$227,000	-6.6%	1,783	+0.6%	0.00%	0.0%
BEN	Sell	Franklin Resources Inc	$261,000	-25.2%	7,000	-1.6%	0.00%	0.0%
DIS	Buy	Disney Walt Holdings	$268,000	-8.8%	2,619	+1.6%	0.00%	0.0%
UPS	Buy	United Parcel Service, Inc., Class B	$242,000	+2.5%	2,456	+0.8%	0.00%	0.0%
TSN	Exit	Tyson Foods Inc.	$0	–	-29,010	–	-0.00%	–
QTS	Exit	QTS Realty Trust Inc., Class A	$0	–	-75,006	–	-0.01%	–
AES	Exit	AES Corp.	$0	–	-421,806	–	-0.02%	–
EIGI	Exit	Endurance International Group Hlgs, Inc.	$0	–	-286,193	–	-0.02%	–
CPT	Exit	Camden Property Trust	$0	–	-107,857	–	-0.03%	–
FOX	Exit	Twenty-First Century Fox Inc Class B	$0	–	-272,568	–	-0.03%	–
HCN	Exit	Health Care REIT, Inc.	$0	–	-196,478	–	-0.04%	–
NTES	Exit	NetEase Inc. ADRadr	$0	–	-92,637	–	-0.05%	–
OFC	Exit	Corporate Office Properties Trust	$0	–	-584,910	–	-0.05%	–
GGP	Exit	General Growth Properties Inc.	$0	–	-573,269	–	-0.05%	–

Q2 2015

			Value		Shares		↓ Weighting
WFC	New	Wells Fargo & Co.	$2,028,544,000	–	36,069,415	–	7.10%	–
AMZN	New	Amazon.Com, Inc.	$1,952,372,000	–	4,497,620	–	6.83%	–
AXP	New	American Express Co.	$1,604,530,000	–	20,645,014	–	5.61%	–
BK	New	Bank of New York Mellon Corp.	$1,278,356,000	–	30,458,796	–	4.47%	–
JPM	New	JPMorgan Chase & Co.	$1,254,998,000	–	18,521,217	–	4.39%	–
ESRX	New	Express Scripts Holding Co.	$1,155,263,000	–	12,989,241	–	4.04%	–
BRKA	New	Berkshire Hathaway Inc., Class A	$1,128,928,000	–	5,511	–	3.95%	–
LBTYK	New	Liberty Global Plc Series C	$1,027,711,000	–	20,298,466	–	3.60%	–
GOOG	New	Google Inc. Class C	$919,624,000	–	1,766,776	–	3.22%	–
GOOGL	New	Google Inc. Class A	$906,936,000	–	1,679,386	–	3.17%	–
UNH	New	UnitedHealth Group Inc.	$832,180,000	–	6,821,144	–	2.91%	–
ECA	New	Encana Corporationforeign	$774,714,000	–	70,300,725	–	2.71%	–
COG	New	Cabot Oil & Gas Corp.	$754,622,000	–	23,925,872	–	2.64%	–
KMX	New	CarMax, Inc.	$737,099,000	–	11,132,737	–	2.58%	–
LVS	New	Las Vegas Sands Corp.	$727,887,000	–	13,846,044	–	2.55%	–
PX	New	Praxair, Inc.	$635,771,000	–	5,318,033	–	2.22%	–
TXN	New	Texas Instruments, Inc.	$609,535,000	–	11,833,339	–	2.13%	–
SCHW	New	Charles Schwab Corp.	$555,305,000	–	17,007,813	–	1.94%	–
LH	New	Laboratory Corporation of America Hldg	$511,040,000	–	4,215,809	–	1.79%	–
V	New	Visa Inc. Class A	$506,353,000	–	7,540,627	–	1.77%	–
ECL	New	Ecolab Inc.	$481,272,000	–	4,256,408	–	1.68%	–
COST	New	Costco Wholesale Corp.	$461,723,000	–	3,418,654	–	1.62%	–
PCP	New	Precision Castparts Corp.	$402,025,000	–	2,011,431	–	1.41%	–
PCLN	New	The Priceline Group Inc.	$401,522,000	–	348,734	–	1.40%	–
VRX	New	Valeant Pharmaceuticals International	$391,481,000	–	1,762,238	–	1.37%	–
CFG	New	Citizens Financial Group Inc.	$390,695,000	–	14,305,919	–	1.37%	–
DGX	New	Quest Diagnostics Inc.	$361,185,000	–	4,980,482	–	1.26%	–
PCAR	New	PACCAR Inc.	$335,203,000	–	5,253,148	–	1.17%	–
ACE	New	Ace Limited	$331,464,000	–	3,259,873	–	1.16%	–
MSFT	New	Microsoft Corp.	$327,707,000	–	7,422,584	–	1.15%	–
L	New	Loews Corp.	$321,583,000	–	8,350,641	–	1.12%	–
ORCL	New	Oracle Corporation	$316,777,000	–	7,860,478	–	1.11%	–
EOG	New	EOG Resources, Inc.	$286,880,000	–	3,276,758	–	1.00%	–
MKL	New	Markel Corp.	$281,509,000	–	351,587	–	0.98%	–
QIHU	New	Qihoo 360 Technology Co. ADRadr	$266,347,000	–	3,934,810	–	0.93%	–
UPLMQ	New	Ultra Petroleum Corp	$250,769,000	–	20,029,501	–	0.88%	–
MCO	New	Moody's Corp.	$247,896,000	–	2,296,187	–	0.87%	–
AAP	New	Advanced Auto Parts, Inc.	$199,848,000	–	1,254,619	–	0.70%	–
SFUN	New	Soufun Holdings Ltd Class A ADRadr	$175,311,000	–	20,845,523	–	0.61%	–
BRKB	New	Berkshire Hathaway Inc., Class B	$161,367,000	–	1,185,560	–	0.56%	–
QRTEA	New	Liberty Media Interactive Series A	$121,635,000	–	4,383,247	–	0.43%	–
DEO	New	Diageo PLC - ADRadr	$100,314,000	–	864,475	–	0.35%	–
WAIR	New	Wesco Aircraft Holdings, Inc.	$97,572,000	–	6,440,398	–	0.34%	–
LVNTA	New	Liberty Ventures Series A	$90,084,000	–	2,293,972	–	0.32%	–
	New	Hunter Douglas N.V.foreign	$77,163,000	–	1,731,553	–	0.27%	–
COUP	New	Coupons.com, Inc.	$58,702,000	–	5,440,420	–	0.20%	–
JD	New	JD.com Inc ADRadr	$51,375,000	–	1,506,612	–	0.18%	–
IDXX	New	IDEXX Laboratories, Inc.	$47,055,000	–	733,629	–	0.16%	–
ROK	New	Rockwell Automation Inc.	$42,510,000	–	341,061	–	0.15%	–
RE	New	Everest Re Group, Ltd.	$37,849,000	–	207,952	–	0.13%	–
SPG	New	Simon Property Group Inc.	$37,429,000	–	216,327	–	0.13%	–
LTRPA	New	Liberty TripAdvisor Holdings Inc., Class A	$35,832,000	–	1,112,100	–	0.12%	–
AVB	New	Avalonbay Communities, Inc.	$32,227,000	–	201,583	–	0.11%	–
GS	New	Goldman Sachs Group Inc.	$29,651,000	–	142,012	–	0.10%	–
MMC	New	Marsh & McLennan Co.	$29,521,000	–	520,660	–	0.10%	–
AIG	New	American International Group Inc.	$26,441,000	–	427,710	–	0.09%	–
YY	New	YY Inc. ADRadr	$25,077,000	–	360,711	–	0.09%	–
PLD	New	Prologis, Inc.	$24,921,000	–	671,735	–	0.09%	–
USB	New	US Bancorp	$24,211,000	–	557,850	–	0.08%	–
BAM	New	Brookfield Asset Management Inc., Class Aforeign	$24,215,000	–	693,255	–	0.08%	–
VIPS	New	Vipshop Holdings Ltd. ADSadr	$24,276,000	–	1,091,041	–	0.08%	–
YOKU	New	Youku Tudou Inc. ADRadr	$23,368,000	–	952,638	–	0.08%	–
TWC	New	Time Warner Cable Inc.	$23,343,000	–	131,015	–	0.08%	–
ANGI	New	Angie's List Inc.	$22,882,000	–	3,714,648	–	0.08%	–
TDG	New	Transdigm Group Inc.	$22,387,000	–	99,643	–	0.08%	–
DCT	New	DCT Industrial Trust Inc.	$22,115,000	–	703,403	–	0.08%	–
CONE	New	CyrusOne Inc.	$21,514,000	–	730,525	–	0.08%	–
WCC	New	Wesco International, Inc.	$20,006,000	–	291,456	–	0.07%	–
BXP	New	Boston Properties, Inc.	$19,584,000	–	161,797	–	0.07%	–
TYFDL	New	Tyson Foods Inc 4.75 07/15/17preferred	$19,316,000	–	375,000	–	0.07%	–
VNO	New	Vornado Realty Trust	$19,298,000	–	203,284	–	0.07%	–
KRG	New	Kite Realty Group Trust	$19,133,000	–	781,905	–	0.07%	–
PPS	New	Post Properties Inc.	$19,258,000	–	354,202	–	0.07%	–
MHFI	New	McGraw Hill Financial, Inc.	$18,282,000	–	182,000	–	0.06%	–
TV	New	Grupo Televisa S.A.B. ADRadr	$18,237,000	–	469,779	–	0.06%	–
AKR	New	Acadia Realty Trust	$18,291,000	–	628,351	–	0.06%	–
	New	Intel Corp 3.25% 8/1/39bond	$17,572,000	–	11,551,000	–	0.06%	–
TRNO	New	Terreno Realty Corp.	$16,912,000	–	858,474	–	0.06%	–
LPT	New	Liberty Property Trust	$16,735,000	–	519,383	–	0.06%	–
ACC	New	American Campus Communities Inc.	$16,187,000	–	429,466	–	0.06%	–
FRT	New	Federal Realty Investment Trust	$16,181,000	–	126,328	–	0.06%	–
EQR	New	Equity Residential	$16,428,000	–	234,124	–	0.06%	–
KSS	New	Kohls Corp.	$16,302,000	–	260,370	–	0.06%	–
COF	New	Capital One Financial Corp.	$16,259,000	–	184,820	–	0.06%	–
UHS	New	Universal Health Services, Inc.	$16,324,000	–	114,880	–	0.06%	–
	New	US Steel Corp. Conv. Bond 2.75% 4/1/19bond	$15,702,000	–	14,250,000	–	0.06%	–
CB	New	Chubb Corp.	$14,997,000	–	157,631	–	0.05%	–
ESS	New	Essex Property Trust, Inc.	$14,795,000	–	69,624	–	0.05%	–
GGP	New	General Growth Properties Inc.	$14,710,000	–	573,269	–	0.05%	–
GRUB	New	Grubhub Inc	$14,528,000	–	426,424	–	0.05%	–
ARE	New	Alexandria Real Estate Equities, Inc.	$14,562,000	–	166,502	–	0.05%	–
TXT	New	Textron Inc.	$14,148,000	–	317,009	–	0.05%	–
OFC	New	Corporate Office Properties Trust	$13,769,000	–	584,910	–	0.05%	–
C	New	Citigroup Inc.	$13,571,000	–	245,679	–	0.05%	–
NTES	New	NetEase Inc. ADRadr	$13,420,000	–	92,637	–	0.05%	–
BAC	New	Bank of America Corp.	$13,125,000	–	771,136	–	0.05%	–
HCN	New	Health Care REIT, Inc.	$12,895,000	–	196,478	–	0.04%	–
NKE	New	Nike Inc	$12,930,000	–	119,704	–	0.04%	–
VTR	New	Ventas, Inc.	$12,862,000	–	207,149	–	0.04%	–
LOW	New	Lowes Cos Inc.	$12,699,000	–	189,628	–	0.04%	–
MAC	New	Macerich Co.	$12,547,000	–	168,187	–	0.04%	–
FR	New	First Industrial Realty Trust, Inc.	$12,269,000	–	655,030	–	0.04%	–
ARPI	New	American Residential Properties, Inc.	$12,220,000	–	660,526	–	0.04%	–
DVN	New	Devon Energy Corp.	$12,432,000	–	208,980	–	0.04%	–
EDR	New	Education Realty Trust, Inc.	$12,307,000	–	392,432	–	0.04%	–
WCN	New	Waste Connections Inc.	$12,388,000	–	262,910	–	0.04%	–
ATI	New	Allegheny Technologies, Inc.	$12,142,000	–	402,051	–	0.04%	–
CL	New	Colgate-Palmolive Co.	$12,099,000	–	184,979	–	0.04%	–
MAS	New	Masco Corp.	$11,853,000	–	444,420	–	0.04%	–
PWR	New	Quanta Services, Inc.	$11,793,000	–	409,190	–	0.04%	–
GE	New	General Electric Co.	$11,300,000	–	425,290	–	0.04%	–
NBR	New	Nabors Industries Ltd.	$11,307,000	–	783,602	–	0.04%	–
CTT	New	CatchMark Timber Trust Inc., Class A	$10,906,000	–	942,642	–	0.04%	–
LC	New	LendingClub Corp.	$10,913,000	–	739,893	–	0.04%	–
URI	New	United Rentals, Inc.	$10,965,000	–	125,146	–	0.04%	–
DDR	New	DDR Corporation	$10,839,000	–	701,070	–	0.04%	–
RPT	New	Ramco-Gershenson Properties Trust	$10,516,000	–	644,364	–	0.04%	–
CDR	New	Cedar Realty Trust Inc.	$10,530,000	–	1,645,344	–	0.04%	–
HIW	New	Highwoods Properties Inc.	$10,583,000	–	264,894	–	0.04%	–
UNVR	New	Univar, Inc.	$10,412,000	–	400,000	–	0.04%	–
CUZ	New	Cousins Properties, Inc.	$10,308,000	–	993,091	–	0.04%	–
FOXA	New	Twenty-First Century Fox Inc Class A	$9,956,000	–	305,916	–	0.04%	–
AMT	New	American Tower Corp.	$10,013,000	–	107,336	–	0.04%	–
	New	Salesforce.com Inc., 0.25%, 04/01/2018bond	$9,725,000	–	8,000,000	–	0.03%	–
PRTY	New	Party City Holdings, Inc.	$9,725,000	–	479,751	–	0.03%	–
BDN	New	Brandywine Realty Trust	$9,448,000	–	711,428	–	0.03%	–
WFM	New	Whole Foods Market Inc.	$9,319,000	–	236,274	–	0.03%	–
CCI	New	Crown Castle International Corp.	$9,005,000	–	112,144	–	0.03%	–
BRX	New	Brixmor Property Group, Inc.	$9,069,000	–	392,073	–	0.03%	–
AMH	New	American Homes 4 Rent, Class A	$9,018,000	–	562,232	–	0.03%	–
	New	Qihoo 360 Technology Co., 2.5%, 9/15/2018bond	$8,786,000	–	9,000,000	–	0.03%	–
ROIC	New	Retail Opportunity Investments Corp.	$8,853,000	–	566,747	–	0.03%	–
CRM	New	Salesforce.com Inc	$8,758,000	–	125,782	–	0.03%	–
FOX	New	Twenty-First Century Fox Inc Class B	$8,782,000	–	272,568	–	0.03%	–
SHW	New	The Sherwin Williams Co.	$8,768,000	–	31,883	–	0.03%	–
UDR	New	UDR, Inc.	$8,510,000	–	265,703	–	0.03%	–
HPQ	New	Hewlett Packard Co.	$8,564,000	–	285,371	–	0.03%	–
SAP	New	SAP AG ADRadr	$8,250,000	–	117,473	–	0.03%	–
FCS	New	Fairchild Semiconductor International	$8,349,000	–	480,407	–	0.03%	–
CTRP	New	Ctrip.com International, Ltd. ADRadr	$8,379,000	–	115,376	–	0.03%	–
CPT	New	Camden Property Trust	$8,012,000	–	107,857	–	0.03%	–
AIV	New	Apartment Investment & Management	$7,702,000	–	208,563	–	0.03%	–
BIDU	New	Baidu, Inc. Class A, ADRadr	$7,849,000	–	39,426	–	0.03%	–
AESPRC	New	AES Trust III,6.75%,10/15/29preferred	$7,375,000	–	145,027	–	0.03%	–
IBN	New	ICICI Bank Limited ADRadr	$6,991,000	–	670,875	–	0.02%	–
AMAT	New	Applied Materials, Inc.	$6,801,000	–	353,864	–	0.02%	–
DRH	New	DiamondRock Hospitality Co.	$6,804,000	–	531,142	–	0.02%	–
FCX	New	Freeport-McMoRan Copper & Gold, Inc.	$6,987,000	–	375,224	–	0.02%	–
RIG	New	Transocean Ltd.	$6,808,000	–	422,356	–	0.02%	–
TJX	New	TJX Companies Inc.	$6,555,000	–	99,066	–	0.02%	–
	New	RTI International Metals, 1.625%, 10/15/2019bond	$6,235,000	–	5,750,000	–	0.02%	–
EGP	New	Eastgroup Properties, Inc.	$6,190,000	–	110,078	–	0.02%	–
ALEX	New	Alexander & Baldwin, Inc.	$6,074,000	–	154,150	–	0.02%	–
BKD	New	Brookdale Senior Living, Inc.	$5,913,000	–	170,399	–	0.02%	–
EIGI	New	Endurance International Group Hlgs, Inc.	$5,913,000	–	286,193	–	0.02%	–
UTX	New	United Technologies Corp.	$5,848,000	–	52,715	–	0.02%	–
AES	New	AES Corp.	$5,593,000	–	421,806	–	0.02%	–
NHI	New	National Health Investors, Inc.	$5,613,000	–	90,101	–	0.02%	–
INTC	New	Intel Corp.	$5,443,000	–	178,953	–	0.02%	–
FCEA	New	Forest City Enterprises Inc. Class A	$5,124,000	–	231,833	–	0.02%	–
WFCWS	New	Wells Fargo & Co. Warrantswarrant	$5,038,000	–	224,020	–	0.02%	–
IBM	New	International Business Machines	$3,316,000	–	20,387	–	0.01%	–
H	New	Hyatt Hotels Corp. Class A	$3,176,000	–	56,017	–	0.01%	–
INXN	New	InterXion Holding NVforeign	$2,738,000	–	99,040	–	0.01%	–
A	New	Agilent Technologies, Inc.	$2,747,000	–	71,209	–	0.01%	–
QTS	New	QTS Realty Trust Inc., Class A	$2,734,000	–	75,006	–	0.01%	–
JMEI	New	Jumei International ADRadr	$2,477,000	–	108,460	–	0.01%	–
STAY	New	Extended Stay America, Inc.	$2,689,000	–	143,257	–	0.01%	–
ALTR	New	Altera Corp.	$1,987,000	–	38,800	–	0.01%	–
KBR	New	KBR, Inc.	$2,051,000	–	105,300	–	0.01%	–
	New	Forest City Ent FCE 5% 10/15/16bond	$1,925,000	–	1,120,000	–	0.01%	–
MA	New	Mastercard, Inc.	$1,430,000	–	15,300	–	0.01%	–
WUBA	New	58.com Inc ADRadr	$1,544,000	–	24,105	–	0.01%	–
TSN	New	Tyson Foods Inc.	$1,237,000	–	29,010	–	0.00%	–
CNQ	New	Canadian Natural Resources Ltd.foreign	$1,128,000	–	41,527	–	0.00%	–
JAH	New	Jarden Corp.	$854,000	–	16,500	–	0.00%	–
RSG	New	Republic Services, Inc.	$651,000	–	16,630	–	0.00%	–
TIF	New	Tiffany & Co.	$459,000	–	5,000	–	0.00%	–
KEYS	New	Keysight Technologies, Inc.	$474,000	–	15,212	–	0.00%	–
AGN	New	Allergan PLC	$637,000	–	2,100	–	0.00%	–
WRB	New	W.R. Berkley Corp.	$264,000	–	5,080	–	0.00%	–
DIS	New	Disney Walt Holdings	$294,000	–	2,577	–	0.00%	–
PGR	New	Progressive Corp.	$205,000	–	7,350	–	0.00%	–
BWP	New	Boardwalk Pipeline Partnerspartnership	$321,000	–	22,090	–	0.00%	–
APD	New	Air Products & Chemicals, Inc.	$243,000	–	1,773	–	0.00%	–
UPS	New	United Parcel Service, Inc., Class B	$236,000	–	2,437	–	0.00%	–
BEN	New	Franklin Resources Inc	$349,000	–	7,114	–	0.00%	–
GWW	New	WW Grainger, Inc.	$275,000	–	1,160	–	0.00%	–
CX	New	Cemex SA ADRadr	$216,000	–	23,540	–	0.00%	–
AAPL	New	Apple Inc.	$413,000	–	3,290	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
KO	Exit	Coca Cola Co.	$0	–	-6,382	–	-0.00%	–
FSLR	Exit	First Solar, Inc.	$0	–	-4,030	–	-0.00%	–
BEN	Exit	Franklin Resources Inc	$0	–	-7,000	–	-0.00%	–
WRB	Exit	W.R. Berkley Corp.	$0	–	-5,080	–	-0.00%	–
APD	Exit	Air Products & Chemicals, Inc.	$0	–	-2,402	–	-0.00%	–
AAPL	Exit	Apple Inc.	$0	–	-3,290	–	-0.00%	–
CX	Exit	Cemex SA ADRadr	$0	–	-22,635	–	-0.00%	–
UPS	Exit	United Parcel Service, Inc., Class B	$0	–	-2,388	–	-0.00%	–
TIF	Exit	Tiffany & Co.	$0	–	-5,000	–	-0.00%	–
BWP	Exit	Boardwalk Pipeline Partnerspartnership	$0	–	-22,090	–	-0.00%	–
AZO	Exit	Autozone Inc	$0	–	-730	–	-0.00%	–
RSG	Exit	Republic Services, Inc.	$0	–	-18,080	–	-0.00%	–
JAH	Exit	Jarden Corp.	$0	–	-10,020	–	-0.00%	–
HAL	Exit	Halliburton Co.	$0	–	-8,460	–	-0.00%	–
ALTR	Exit	Altera Corp.	$0	–	-38,800	–	-0.00%	–
MA	Exit	Mastercard, Inc.	$0	–	-18,570	–	-0.00%	–
	Exit	Forest City Ent FCE 5% 10/15/16bond	$0	–	-1,120,000	–	-0.01%	–
KBR	Exit	KBR, Inc.	$0	–	-105,300	–	-0.01%	–
WYNN	Exit	Wynn Resorts Ltd.	$0	–	-10,493	–	-0.01%	–
WUBA	Exit	58.com Inc ADRadr	$0	–	-52,900	–	-0.01%	–
JMEI	Exit	Jumei International ADRadr	$0	–	-100,000	–	-0.01%	–
TSN	Exit	Tyson Foods Inc.	$0	–	-76,410	–	-0.01%	–
CCG	Exit	Campus Crest Communities, Inc.	$0	–	-513,675	–	-0.01%	–
	Exit	Forest City Ent 3.625% 8/15/20bond	$0	–	-3,500,000	–	-0.01%	–
FR	Exit	First Industrial Realty Trust, Inc.	$0	–	-214,512	–	-0.01%	–
WPG	Exit	Washington Prime Group Inc	$0	–	-214,030	–	-0.01%	–
CUZ	Exit	Cousins Properties, Inc.	$0	–	-320,500	–	-0.01%	–
CTT	Exit	CatchMark Timber Trust Inc., Class A	$0	–	-340,865	–	-0.01%	–
MAC	Exit	The Macerich Co.	$0	–	-61,714	–	-0.01%	–
EXPD	Exit	Expeditors Int'l of Washington Inc.	$0	–	-94,102	–	-0.01%	–
CDR	Exit	Cedar Realty Trust Inc.	$0	–	-715,637	–	-0.01%	–
DDR	Exit	DDR Corporation	$0	–	-286,552	–	-0.02%	–
Y	Exit	Alleghany Corp.	$0	–	-11,795	–	-0.02%	–
DLR	Exit	Digital Realty Trust, Inc.	$0	–	-82,876	–	-0.02%	–
COUP	Exit	Coupons.com, Inc.	$0	–	-490,088	–	-0.02%	–
AES	Exit	AES Corp.	$0	–	-417,306	–	-0.02%	–
TJX	Exit	TJX Companies Inc.	$0	–	-104,933	–	-0.02%	–
INTC	Exit	Intel Corp.	$0	–	-179,705	–	-0.02%	–
FCX	Exit	Freeport-McMoRan Copper & Gold, Inc.	$0	–	-192,194	–	-0.02%	–
V107SC	Exit	WellPoint Inc.	$0	–	-53,721	–	-0.02%	–
IBN	Exit	ICICI Bank Limited ADRadr	$0	–	-135,757	–	-0.02%	–
ALEX	Exit	Alexander & Baldwin, Inc.	$0	–	-196,686	–	-0.02%	–
FCS	Exit	Fairchild Semiconductor International	$0	–	-460,867	–	-0.02%	–
SBAC	Exit	SBA Communications Corp. Class A	$0	–	-63,209	–	-0.02%	–
SHW	Exit	The Sherwin Williams Co.	$0	–	-33,622	–	-0.02%	–
AESPRC	Exit	AES Trust III,6.75%,10/15/29preferred	$0	–	-145,027	–	-0.02%	–
AMAT	Exit	Applied Materials, Inc.	$0	–	-346,912	–	-0.02%	–
FCEA	Exit	Forest City Enterprises Inc. Class A	$0	–	-376,541	–	-0.02%	–
TCO	Exit	Taubman Centers, Inc.	$0	–	-99,722	–	-0.02%	–
PLD	Exit	Prologis, Inc.	$0	–	-198,485	–	-0.02%	–
ARPI	Exit	American Residential Properties, Inc.	$0	–	-409,445	–	-0.02%	–
AMH	Exit	American Homes 4 Rent, Class A	$0	–	-462,680	–	-0.02%	–
CTRP	Exit	Ctrip.com International, Ltd. ADRadr	$0	–	-143,139	–	-0.02%	–
UN	Exit	Unilever NV - NY Sharesadr	$0	–	-201,216	–	-0.02%	–
CRM	Exit	Salesforce.com Inc	$0	–	-141,747	–	-0.02%	–
RPT	Exit	Ramco-Gershenson Properties Trust	$0	–	-537,121	–	-0.03%	–
HIW	Exit	Highwoods Properties Inc.	$0	–	-222,167	–	-0.03%	–
WFCWS	Exit	Wells Fargo & Co. Warrantswarrant	$0	–	-447,208	–	-0.03%	–
GE	Exit	General Electric Co.	$0	–	-369,710	–	-0.03%	–
TYFDL	Exit	Tyson Foods Inc 4.75 07/15/17preferred	$0	–	-185,000	–	-0.03%	–
NTES	Exit	NetEase Inc. ADRadr	$0	–	-116,985	–	-0.03%	–
WFM	Exit	Whole Foods Market Inc.	$0	–	-263,334	–	-0.03%	–
GRUB	Exit	Grubhub Inc	$0	–	-293,927	–	-0.03%	–
NBR	Exit	Nabors Industries Ltd.	$0	–	-447,580	–	-0.03%	–
FOXA	Exit	Twenty-First Century Fox Inc Class A	$0	–	-296,356	–	-0.03%	–
MAS	Exit	Masco Corp.	$0	–	-430,050	–	-0.03%	–
RIG	Exit	Transocean Ltd.	$0	–	-328,636	–	-0.03%	–
HPQ	Exit	Hewlett Packard Co.	$0	–	-307,233	–	-0.03%	–
BAC	Exit	Bank of America Corp.	$0	–	-639,186	–	-0.03%	–
NKE	Exit	Nike Inc	$0	–	-125,129	–	-0.04%	–
ATI	Exit	Allegheny Technologies, Inc.	$0	–	-299,921	–	-0.04%	–
SKT	Exit	Tanger Factory Outlet Centers, Inc.	$0	–	-352,864	–	-0.04%	–
WCN	Exit	Waste Connections Inc.	$0	–	-240,930	–	-0.04%	–
C	Exit	Citigroup Inc.	$0	–	-229,699	–	-0.04%	–
COR	Exit	Coresite Realty Corp.	$0	–	-360,882	–	-0.04%	–
SAP	Exit	SAP AG ADRadr	$0	–	-163,193	–	-0.04%	–
UHS	Exit	Universal Health Services, Inc.	$0	–	-116,100	–	-0.04%	–
DVN	Exit	Devon Energy Corp.	$0	–	-181,620	–	-0.04%	–
AMT	Exit	American Tower Corp.	$0	–	-129,012	–	-0.04%	–
PWR	Exit	Quanta Services, Inc.	$0	–	-338,680	–	-0.04%	–
	Exit	Forest City Ent FCE 4.25% 8/15/18bond	$0	–	-11,463,000	–	-0.04%	–
KRG	Exit	Kite Realty Group Trust	$0	–	-512,807	–	-0.04%	–
URI	Exit	United Rentals, Inc.	$0	–	-111,766	–	-0.04%	–
TRNO	Exit	Terreno Realty Corp.	$0	–	-686,390	–	-0.04%	–
WY	Exit	Weyerhaeuser Co.	$0	–	-418,444	–	-0.04%	–
CL	Exit	Colgate-Palmolive Co.	$0	–	-200,761	–	-0.04%	–
TWC	Exit	Time Warner Cable Inc.	$0	–	-94,333	–	-0.04%	–
FDX	Exit	FedEx Corp.	$0	–	-84,961	–	-0.04%	–
FRT	Exit	Federal Realty Investment Trust	$0	–	-120,644	–	-0.04%	–
BDN	Exit	Brandywine Realty Trust	$0	–	-1,024,224	–	-0.04%	–
KSS	Exit	Kohls Corp.	$0	–	-235,310	–	-0.04%	–
EDR	Exit	Education Realty Trust, Inc.	$0	–	-1,425,431	–	-0.05%	–
	Exit	US Steel Corp. Conv. Bond 2.75% 4/1/19bond	$0	–	-9,250,000	–	-0.05%	–
LHO	Exit	LaSalle Hotel Properties	$0	–	-440,699	–	-0.05%	–
COF	Exit	Capital One Financial Corp.	$0	–	-186,250	–	-0.05%	–
LOW	Exit	Lowes Cos Inc.	$0	–	-293,832	–	-0.05%	–
DFT	Exit	DuPont Fabros Technology Inc.	$0	–	-589,116	–	-0.05%	–
ESS	Exit	Essex Property Trust, Inc.	$0	–	-90,710	–	-0.05%	–
BMR	Exit	Biomed Realty Trust Inc.	$0	–	-815,807	–	-0.05%	–
LPT	Exit	Liberty Property Trust	$0	–	-500,456	–	-0.05%	–
EGP	Exit	Eastgroup Properties, Inc.	$0	–	-285,290	–	-0.05%	–
HST	Exit	Host Hotels & Resorts Inc.	$0	–	-817,606	–	-0.05%	–
	Exit	Intel Corp 3.25% 8/1/39bond	$0	–	-10,551,000	–	-0.06%	–
SIAL	Exit	Sigma-Aldrich Corp.	$0	–	-136,292	–	-0.06%	–
VNO	Exit	Vornado Realty Trust	$0	–	-189,327	–	-0.06%	–
DCT	Exit	DCT Industrial Trust Inc.	$0	–	-2,664,932	–	-0.06%	–
TDG	Exit	Transdigm Group Inc.	$0	–	-108,257	–	-0.06%	–
CUBE	Exit	CubeSmart	$0	–	-1,131,541	–	-0.06%	–
ANGI	Exit	Angie's List Inc.	$0	–	-3,189,796	–	-0.06%	–
ACC	Exit	American Campus Communities Inc.	$0	–	-583,444	–	-0.07%	–
VTR	Exit	Ventas, Inc.	$0	–	-352,097	–	-0.07%	–
YY	Exit	YY Inc. ADRadr	$0	–	-294,931	–	-0.07%	–
GGP	Exit	General Growth Properties Inc.	$0	–	-960,539	–	-0.07%	–
AVB	Exit	Avalonbay Communities, Inc.	$0	–	-158,985	–	-0.07%	–
TV	Exit	Grupo Televisa S.A.B. ADRadr	$0	–	-674,803	–	-0.07%	–
FOX	Exit	Twenty-First Century Fox Inc Class B	$0	–	-758,429	–	-0.08%	–
JD	Exit	JD.com Inc ADRadr	$0	–	-989,886	–	-0.08%	–
BXP	Exit	Boston Properties, Inc.	$0	–	-225,101	–	-0.08%	–
YOKU	Exit	Youku Tudou Inc. ADRadr	$0	–	-1,462,154	–	-0.08%	–
GS	Exit	Goldman Sachs Group Inc.	$0	–	-143,402	–	-0.08%	–
BABA	Exit	Alibaba Group Holding Ltd.adr	$0	–	-300,000	–	-0.08%	–
MMC	Exit	Marsh & McLennan Co.	$0	–	-524,370	–	-0.08%	–
ROK	Exit	Rockwell Automation Inc.	$0	–	-254,691	–	-0.09%	–
AIG	Exit	American International Group Inc.	$0	–	-519,050	–	-0.09%	–
PPS	Exit	Post Properties Inc.	$0	–	-558,274	–	-0.09%	–
OFC	Exit	Corporate Office Properties Trust	$0	–	-1,135,062	–	-0.09%	–
AKR	Exit	Acadia Realty Trust	$0	–	-1,107,811	–	-0.10%	–
ARE	Exit	Alexandria Real Estate Equities, Inc.	$0	–	-437,874	–	-0.10%	–
IDXX	Exit	IDEXX Laboratories, Inc.	$0	–	-323,495	–	-0.12%	–
USB	Exit	US Bancorp	$0	–	-914,750	–	-0.12%	–
LTRPA	Exit	Liberty TripAdvisor Holdings Inc., Class A	$0	–	-1,149,876	–	-0.12%	–
VIPS	Exit	Vipshop Holdings Ltd. ADSadr	$0	–	-209,132	–	-0.12%	–
LVNTA	Exit	Liberty Ventures Series A	$0	–	-1,149,876	–	-0.14%	–
SPG	Exit	Simon Property Group Inc.	$0	–	-292,068	–	-0.15%	–
HOG	Exit	Harley-Davidson, Inc.	$0	–	-1,113,765	–	-0.20%	–
	Exit	Hunter Douglas N.V.foreign	$0	–	-1,752,796	–	-0.23%	–
PM	Exit	Philip Morris International Inc.	$0	–	-991,480	–	-0.26%	–
WAIR	Exit	Wesco Aircraft Holdings, Inc.	$0	–	-5,635,547	–	-0.30%	–
DEO	Exit	Diageo PLC - ADRadr	$0	–	-920,083	–	-0.33%	–
CFG	Exit	Citizens Financial Group Inc.	$0	–	-6,062,550	–	-0.44%	–
SFUN	Exit	Soufun Holdings Ltd Class A ADRadr	$0	–	-14,705,656	–	-0.45%	–
QIHU	Exit	Qihoo 360 Technology Co. ADRadr	$0	–	-2,209,632	–	-0.46%	–
RE	Exit	Everest Re Group, Ltd.	$0	–	-1,008,547	–	-0.51%	–
A	Exit	Agilent Technologies, Inc.	$0	–	-2,980,262	–	-0.53%	–
CVS	Exit	CVS Health Corp.	$0	–	-2,153,905	–	-0.53%	–
NFLX	Exit	Netflix Inc.	$0	–	-403,876	–	-0.57%	–
TXT	Exit	Textron Inc.	$0	–	-5,128,565	–	-0.57%	–
MON	Exit	Monsanto Co.	$0	–	-1,848,439	–	-0.65%	–
MKL	Exit	Markel Corp.	$0	–	-344,882	–	-0.68%	–
MCO	Exit	Moody's Corp.	$0	–	-2,395,195	–	-0.70%	–
DIS	Exit	Disney Walt Holdings	$0	–	-2,679,895	–	-0.74%	–
BRKB	Exit	Berkshire Hathaway Inc., Class B	$0	–	-1,908,289	–	-0.82%	–
BAM	Exit	Brookfield Asset Management Inc., Class Aforeign	$0	–	-6,065,443	–	-0.85%	–
QRTEA	Exit	Liberty Media Interactive Series A	$0	–	-9,907,673	–	-0.88%	–
ATVI	Exit	Activision Blizzard, Inc.	$0	–	-14,024,980	–	-0.91%	–
DGX	Exit	Quest Diagnostics Inc.	$0	–	-4,879,416	–	-0.92%	–
ORCL	Exit	Oracle Corporation	$0	–	-8,219,711	–	-0.98%	–
ACE	Exit	Ace Limited	$0	–	-3,369,187	–	-1.10%	–
L	Exit	Loews Corp.	$0	–	-9,005,737	–	-1.17%	–
SYY	Exit	Sysco Corp.	$0	–	-10,527,468	–	-1.24%	–
ECA	Exit	Encana Corporationforeign	$0	–	-18,888,321	–	-1.24%	–
PCLN	Exit	The Priceline Group Inc.	$0	–	-355,506	–	-1.28%	–
V	Exit	Visa Inc. Class A	$0	–	-1,931,268	–	-1.28%	–
EOG	Exit	EOG Resources, Inc.	$0	–	-4,240,453	–	-1.30%	–
MSFT	Exit	Microsoft Corp.	$0	–	-9,372,850	–	-1.35%	–
IBM	Exit	International Business Machines	$0	–	-2,389,948	–	-1.41%	–
UPLMQ	Exit	Ultra Petroleum Corp	$0	–	-19,609,259	–	-1.42%	–
PCAR	Exit	PACCAR Inc.	$0	–	-8,085,710	–	-1.43%	–
VRX	Exit	Valeant Pharmaceuticals International	$0	–	-3,529,237	–	-1.44%	–
ECL	Exit	Ecolab Inc.	$0	–	-4,262,109	–	-1.52%	–
KMX	Exit	CarMax, Inc.	$0	–	-11,268,011	–	-1.63%	–
SCHW	Exit	Charles Schwab Corp.	$0	–	-19,690,957	–	-1.80%	–
TXN	Exit	Texas Instruments, Inc.	$0	–	-12,457,717	–	-1.85%	–
LH	Exit	Laboratory Corporation of America Hldg	$0	–	-5,989,780	–	-1.89%	–
CNQ	Exit	Canadian Natural Resources Ltd.foreign	$0	–	-16,535,540	–	-2.00%	–
JPM	Exit	JPMorgan Chase & Co.	$0	–	-11,086,115	–	-2.08%	–
PX	Exit	Praxair, Inc.	$0	–	-5,471,961	–	-2.19%	–
LVS	Exit	Las Vegas Sands Corp.	$0	–	-11,685,689	–	-2.26%	–
ESRX	Exit	Express Scripts Holding Co.	$0	–	-10,650,525	–	-2.34%	–
COST	Exit	Costco Wholesale Corp.	$0	–	-6,603,246	–	-2.57%	–
LBTYK	Exit	Liberty Global Plc Series C	$0	–	-22,775,535	–	-2.90%	–
AMZN	Exit	Amazon.Com, Inc.	$0	–	-3,320,506	–	-3.33%	–
GOOG	Exit	Google Inc. Class C	$0	–	-1,966,541	–	-3.53%	–
UNH	Exit	UnitedHealth Group Inc.	$0	–	-13,273,506	–	-3.56%	–
GOOGL	Exit	Google Inc. Class A	$0	–	-1,965,557	–	-3.59%	–
BRKA	Exit	Berkshire Hathaway Inc., Class A	$0	–	-8,061	–	-5.18%	–
AXP	Exit	American Express Co.	$0	–	-24,533,544	–	-6.67%	–
WFC	Exit	Wells Fargo & Co.	$0	–	-45,230,614	–	-7.29%	–
BK	Exit	Bank of New York Mellon Corp.	$0	–	-61,887,826	–	-7.45%	–

Q3 2014

			Value		Shares		↓ Weighting
BK	Sell	Bank of New York Mellon Corp.	$2,396,875,000	-3.7%	61,887,826	-6.8%	7.45%	+0.6%
WFC	Sell	Wells Fargo & Co.	$2,346,066,000	-5.2%	45,230,614	-3.9%	7.29%	-1.0%
AXP	Sell	American Express Co.	$2,147,720,000	-11.6%	24,533,544	-4.2%	6.67%	-7.7%
BRKA	Buy	Berkshire Hathaway Inc., Class A	$1,667,821,000	+9.0%	8,061	+0.0%	5.18%	+13.9%
GOOGL	Sell	Google Inc. Class A	$1,156,546,000	+0.2%	1,965,557	-0.5%	3.59%	+4.7%
UNH	Sell	UnitedHealth Group Inc.	$1,144,865,000	+3.6%	13,273,506	-1.8%	3.56%	+8.2%
GOOG	Sell	Google Inc. Class C	$1,135,390,000	-0.1%	1,966,541	-0.4%	3.53%	+4.4%
AMZN	Buy	Amazon.Com, Inc.	$1,070,649,000	+40.8%	3,320,506	+41.8%	3.33%	+47.1%
LBTYK	Buy	Liberty Global Plc Series C	$934,284,000	+4.9%	22,775,535	+8.2%	2.90%	+9.6%
COST	Sell	Costco Wholesale Corp.	$827,519,000	-28.5%	6,603,246	-34.3%	2.57%	-25.3%
ESRX	Sell	Express Scripts Holding Co.	$752,300,000	+1.4%	10,650,525	-0.5%	2.34%	+5.9%
LVS	Buy	Las Vegas Sands Corp.	$726,815,000	-4.9%	11,685,689	+16.6%	2.26%	-0.6%
PX	Buy	Praxair, Inc.	$705,949,000	+184.5%	5,471,961	+192.9%	2.19%	+197.2%
JPM	Sell	JPMorgan Chase & Co.	$667,834,000	+4.2%	11,086,115	-0.3%	2.08%	+8.9%
CNQ	Sell	Canadian Natural Resources Ltd.foreign	$642,311,000	-25.6%	16,535,540	-12.0%	2.00%	-22.3%
LH	Sell	Laboratory Corporation of America Hldg	$609,534,000	-11.8%	5,989,780	-11.2%	1.89%	-7.8%
TXN	Sell	Texas Instruments, Inc.	$594,178,000	-0.4%	12,457,717	-0.2%	1.85%	+4.1%
SCHW	Sell	Charles Schwab Corp.	$578,759,000	+8.3%	19,690,957	-0.7%	1.80%	+13.2%
KMX	Buy	CarMax, Inc.	$523,432,000	-10.3%	11,268,011	+0.4%	1.63%	-6.3%
ECL	Sell	Ecolab Inc.	$489,457,000	+3.1%	4,262,109	-0.1%	1.52%	+7.7%
VRX	Buy	Valeant Pharmaceuticals International	$463,013,000	+16.4%	3,529,237	+11.9%	1.44%	+21.6%
PCAR	Sell	PACCAR Inc.	$459,894,000	-9.9%	8,085,710	-0.4%	1.43%	-5.8%
UPLMQ	Buy	Ultra Petroleum Corp	$456,217,000	+227.6%	19,609,259	+318.1%	1.42%	+242.3%
IBM	Buy	International Business Machines	$453,681,000	+11455.8%	2,389,948	+10934.4%	1.41%	+11641.7%
MSFT	Sell	Microsoft Corp.	$434,531,000	+8.0%	9,372,850	-2.9%	1.35%	+12.8%
EOG	Sell	EOG Resources, Inc.	$420,101,000	-44.1%	4,240,453	-34.1%	1.30%	-41.6%
V	Buy	Visa Inc. Class A	$412,041,000	+2.5%	1,931,268	+1.3%	1.28%	+7.2%
PCLN	Sell	The Priceline Group Inc.	$411,893,000	-4.3%	355,506	-0.6%	1.28%	-0.1%
ECA	New	Encana Corporationforeign	$400,666,000	–	18,888,321	–	1.24%	–
SYY	Buy	Sysco Corp.	$399,517,000	+1.6%	10,527,468	+0.2%	1.24%	+6.2%
L	Sell	Loews Corp.	$375,208,000	-26.7%	9,005,737	-22.6%	1.17%	-23.3%
ACE	Buy	Ace Limited	$353,326,000	+2.9%	3,369,187	+1.8%	1.10%	+7.6%
ORCL	Sell	Oracle Corporation	$314,660,000	-9.6%	8,219,711	-4.3%	0.98%	-5.6%
DGX	Buy	Quest Diagnostics Inc.	$296,104,000	+8.0%	4,879,416	+4.4%	0.92%	+12.9%
ATVI	Sell	Activision Blizzard, Inc.	$291,592,000	-15.2%	14,024,980	-9.1%	0.91%	-11.4%
QRTEA	Sell	Liberty Media Interactive Series A	$282,551,000	-3.2%	9,907,673	-0.3%	0.88%	+1.2%
BAM	Sell	Brookfield Asset Management Inc., Class Aforeign	$272,729,000	-1.7%	6,065,443	-3.8%	0.85%	+2.7%
BRKB	Sell	Berkshire Hathaway Inc., Class B	$263,626,000	+6.2%	1,908,289	-2.7%	0.82%	+11.0%
DIS	Sell	Disney Walt Holdings	$238,585,000	-1.9%	2,679,895	-5.6%	0.74%	+2.5%
MCO	Sell	Moody's Corp.	$226,340,000	+7.3%	2,395,195	-0.5%	0.70%	+12.1%
MKL	Buy	Markel Corp.	$219,397,000	+1.7%	344,882	+4.8%	0.68%	+6.4%
MON	Sell	Monsanto Co.	$207,976,000	-16.4%	1,848,439	-7.4%	0.65%	-12.7%
TXT	Sell	Textron Inc.	$184,586,000	-6.1%	5,128,565	-0.1%	0.57%	-2.1%
NFLX	Sell	Netflix Inc.	$182,220,000	-1.1%	403,876	-3.5%	0.57%	+3.3%
CVS	Sell	CVS Health Corp.	$171,457,000	-74.8%	2,153,905	-76.1%	0.53%	-73.6%
A	Sell	Agilent Technologies, Inc.	$169,820,000	-1.2%	2,980,262	-0.4%	0.53%	+3.3%
RE	Sell	Everest Re Group, Ltd.	$163,395,000	+0.8%	1,008,547	-0.2%	0.51%	+5.4%
QIHU	Sell	Qihoo 360 Technology Co. ADRadr	$149,113,000	-26.8%	2,209,632	-0.1%	0.46%	-23.5%
SFUN	Buy	Soufun Holdings Ltd Class A ADRadr	$146,312,000	+2.7%	14,705,656	+1.0%	0.45%	+7.1%
CFG	New	Citizens Financial Group Inc.	$141,985,000	–	6,062,550	–	0.44%	–
DEO	Sell	Diageo PLC - ADRadr	$106,141,000	-11.3%	920,083	-2.2%	0.33%	-7.3%
WAIR	Buy	Wesco Aircraft Holdings, Inc.	$98,052,000	-5.0%	5,635,547	+9.0%	0.30%	-0.7%
PM	Sell	Philip Morris International Inc.	$82,674,000	-56.6%	991,480	-56.1%	0.26%	-54.6%
	Buy	Hunter Douglas N.V.foreign	$74,176,000	-11.4%	1,752,796	+0.3%	0.23%	-7.6%
HOG	Sell	Harley-Davidson, Inc.	$64,854,000	-64.4%	1,113,765	-57.3%	0.20%	-62.9%
SPG	Buy	Simon Property Group Inc.	$48,022,000	+10.8%	292,068	+12.1%	0.15%	+15.5%
LVNTA	Sell	Liberty Ventures Series A	$43,649,000	-48.7%	1,149,876	-0.2%	0.14%	-46.2%
VIPS	Sell	Vipshop Holdings Ltd. ADSadr	$39,548,000	-48.7%	209,132	-49.1%	0.12%	-46.3%
LTRPA	New	Liberty TripAdvisor Holdings Inc., Class A	$38,981,000	–	1,149,876	–	0.12%	–
USB	Buy	US Bancorp	$38,263,000	+22.2%	914,750	+26.6%	0.12%	+28.0%
IDXX	Buy	IDEXX Laboratories, Inc.	$38,125,000	+54.1%	323,495	+74.6%	0.12%	+59.5%
ARE	Buy	Alexandria Real Estate Equities, Inc.	$32,293,000	+6.4%	437,874	+12.0%	0.10%	+11.1%
AKR	Buy	Acadia Realty Trust	$30,553,000	+9.9%	1,107,811	+12.0%	0.10%	+14.5%
OFC	Buy	Corporate Office Properties Trust	$29,194,000	+3.6%	1,135,062	+12.0%	0.09%	+8.3%
PPS	Buy	Post Properties Inc.	$28,662,000	+7.5%	558,274	+11.9%	0.09%	+12.7%
ROK	Buy	Rockwell Automation Inc.	$27,990,000	+49.7%	254,691	+70.5%	0.09%	+55.4%
AIG	Sell	American International Group Inc.	$28,039,000	-21.9%	519,050	-21.1%	0.09%	-18.7%
MMC	Sell	Marsh & McLennan Co.	$27,446,000	+0.7%	524,370	-0.3%	0.08%	+4.9%
BABA	New	Alibaba Group Holding Ltd.adr	$26,655,000	–	300,000	–	0.08%	–
GS	Sell	Goldman Sachs Group Inc.	$26,324,000	+9.2%	143,402	-0.4%	0.08%	+13.9%
YOKU	Buy	Youku Tudou Inc. ADRadr	$26,206,000	-24.3%	1,462,154	+0.7%	0.08%	-21.4%
BXP	Buy	Boston Properties, Inc.	$26,058,000	+9.6%	225,101	+11.9%	0.08%	+14.1%
JD	Buy	JD.com Inc ADRadr	$25,566,000	+25.1%	989,886	+38.1%	0.08%	+29.5%
FOX	Buy	Twenty-First Century Fox Inc Class B	$25,262,000	+96.4%	758,429	+101.9%	0.08%	+105.3%
TV	Sell	Grupo Televisa S.A.B. ADRadr	$22,862,000	-5.5%	674,803	-4.3%	0.07%	-1.4%
GGP	Sell	General Growth Properties Inc.	$22,621,000	-3.6%	960,539	-3.6%	0.07%	0.0%
AVB	Sell	Avalonbay Communities, Inc.	$22,412,000	-40.2%	158,985	-39.7%	0.07%	-36.9%
YY	New	YY Inc. ADRadr	$22,099,000	–	294,931	–	0.07%	–
VTR	Buy	Ventas, Inc.	$21,812,000	+30.3%	352,097	+34.8%	0.07%	+36.0%
ACC	Buy	American Campus Communities Inc.	$21,267,000	+6.6%	583,444	+11.9%	0.07%	+11.9%
ANGI	Buy	Angie's List Inc.	$20,327,000	-21.6%	3,189,796	+46.8%	0.06%	-18.2%
CUBE	Buy	CubeSmart	$20,345,000	+9.9%	1,131,541	+12.0%	0.06%	+14.5%
DCT	Buy	DCT Industrial Trust Inc.	$20,014,000	+2.4%	2,664,932	+12.0%	0.06%	+6.9%
TDG	Sell	Transdigm Group Inc.	$19,956,000	+9.9%	108,257	-0.3%	0.06%	+14.8%
VNO	Buy	Vornado Realty Trust	$18,925,000	-2.6%	189,327	+4.0%	0.06%	+1.7%
SIAL	Sell	Sigma-Aldrich Corp.	$18,538,000	-23.8%	136,292	-43.1%	0.06%	-19.4%
	Sell	Intel Corp 3.25% 8/1/39bond	$17,693,000	-8.6%	10,551,000	-15.9%	0.06%	-5.2%
HST	Sell	Host Hotels & Resorts Inc.	$17,440,000	-18.2%	817,606	-15.6%	0.05%	-14.3%
EGP	Buy	Eastgroup Properties, Inc.	$17,286,000	+5.6%	285,290	+11.9%	0.05%	+10.2%
LPT	Sell	Liberty Property Trust	$16,645,000	-38.2%	500,456	-29.5%	0.05%	-35.0%
BMR	Buy	Biomed Realty Trust Inc.	$16,479,000	+3.5%	815,807	+11.9%	0.05%	+8.5%
ESS	Sell	Essex Property Trust, Inc.	$16,214,000	-33.7%	90,710	-31.4%	0.05%	-31.5%
DFT	Sell	DuPont Fabros Technology Inc.	$15,930,000	+0.3%	589,116	-0.0%	0.05%	+4.3%
LOW	Buy	Lowes Cos Inc.	$15,553,000	+14.9%	293,832	+4.1%	0.05%	+20.0%
COF	New	Capital One Financial Corp.	$15,202,000	–	186,250	–	0.05%	–
	Sell	US Steel Corp. Conv. Bond 2.75% 4/1/19bond	$15,170,000	-4.2%	9,250,000	-27.5%	0.05%	0.0%
LHO	Buy	LaSalle Hotel Properties	$15,090,000	+0.9%	440,699	+4.0%	0.05%	+6.8%
EDR	Buy	Education Realty Trust, Inc.	$14,653,000	-1.7%	1,425,431	+2.7%	0.05%	+4.5%
KSS	Buy	Kohls Corp.	$14,361,000	+15.9%	235,310	+0.1%	0.04%	+21.6%
BDN	Buy	Brandywine Realty Trust	$14,411,000	+1.0%	1,024,224	+12.0%	0.04%	+7.1%
FRT	Sell	Federal Realty Investment Trust	$14,291,000	-18.7%	120,644	-17.0%	0.04%	-15.4%
FDX	Buy	FedEx Corp.	$13,719,000	+11.3%	84,961	+4.4%	0.04%	+16.2%
TWC	Buy	Time Warner Cable Inc.	$13,540,000	+3.3%	94,333	+6.0%	0.04%	+7.7%
WY	Sell	Weyerhaeuser Co.	$13,332,000	-31.0%	418,444	-28.3%	0.04%	-28.1%
CL	Buy	Colgate-Palmolive Co.	$13,096,000	-0.8%	200,761	+3.7%	0.04%	+5.1%
TRNO	Buy	Terreno Realty Corp.	$12,925,000	+9.1%	686,390	+12.0%	0.04%	+14.3%
	Buy	Forest City Ent FCE 4.25% 8/15/18bond	$12,588,000	+17.7%	11,463,000	+21.1%	0.04%	+21.9%
KRG	New	Kite Realty Group Trust	$12,430,000	–	512,807	–	0.04%	–
URI	New	United Rentals, Inc.	$12,417,000	–	111,766	–	0.04%	–
AMT	Sell	American Tower Corp.	$12,079,000	-69.7%	129,012	-70.9%	0.04%	-67.8%
DVN	Sell	Devon Energy Corp.	$12,383,000	-18.6%	181,620	-5.2%	0.04%	-15.6%
UHS	Sell	Universal Health Services, Inc.	$12,132,000	-13.0%	116,100	-20.3%	0.04%	-7.3%
SAP	Buy	SAP AG ADRadr	$11,777,000	-5.8%	163,193	+0.5%	0.04%	0.0%
COR	Sell	Coresite Realty Corp.	$11,862,000	-0.6%	360,882	-0.0%	0.04%	+5.7%
SKT	Sell	Tanger Factory Outlet Centers, Inc.	$11,546,000	-42.5%	352,864	-38.5%	0.04%	-40.0%
WCN	Buy	Waste Connections Inc.	$11,690,000	+0.1%	240,930	+0.2%	0.04%	+2.9%
NKE	Buy	Nike Inc	$11,161,000	+17.7%	125,129	+2.3%	0.04%	+25.0%
ATI	Sell	Allegheny Technologies, Inc.	$11,127,000	-22.5%	299,921	-5.8%	0.04%	-18.6%
HPQ	Sell	Hewlett Packard Co.	$10,893,000	-92.3%	307,233	-92.7%	0.03%	-91.9%
RIG	Buy	Transocean Ltd.	$10,506,000	-11.6%	328,636	+24.5%	0.03%	-5.7%
FOXA	Buy	Twenty-First Century Fox Inc Class A	$10,162,000	-2.3%	296,356	+0.2%	0.03%	+3.2%
MAS	Buy	Masco Corp.	$10,287,000	+8.0%	430,050	+0.2%	0.03%	+14.3%
NBR	Buy	Nabors Industries Ltd.	$10,187,000	-19.8%	447,580	+3.5%	0.03%	-15.8%
GRUB	Sell	Grubhub Inc	$10,064,000	-6.7%	293,927	-3.5%	0.03%	-3.1%
NTES	Sell	NetEase Inc. ADRadr	$10,021,000	+5.8%	116,985	-3.2%	0.03%	+10.7%
WFM	Buy	Whole Foods Market Inc.	$10,036,000	+3.5%	263,334	+5.0%	0.03%	+6.9%
TYFDL	New	Tyson Foods Inc 4.75 07/15/17preferred	$9,317,000	–	185,000	–	0.03%	–
GE	Buy	General Electric Co.	$9,472,000	+6.5%	369,710	+9.3%	0.03%	+11.5%
WFCWS	Sell	Wells Fargo & Co. Warrantswarrant	$9,011,000	-10.5%	447,208	-4.1%	0.03%	-6.7%
HIW	Buy	Highwoods Properties Inc.	$8,642,000	+3.8%	222,167	+11.9%	0.03%	+8.0%
RPT	New	Ramco-Gershenson Properties Trust	$8,728,000	–	537,121	–	0.03%	–
CTRP	Sell	Ctrip.com International, Ltd. ADRadr	$8,125,000	-58.2%	143,139	-52.8%	0.02%	-56.9%
UN	Buy	Unilever NV - NY Sharesadr	$7,983,000	-7.1%	201,216	+2.4%	0.02%	-3.8%
CRM	Buy	Salesforce.com Inc	$8,154,000	+3.1%	141,747	+4.1%	0.02%	+4.2%
AMH	New	American Homes 4 Rent, Class A	$7,815,000	–	462,680	–	0.02%	–
PLD	New	Prologis, Inc.	$7,483,000	–	198,485	–	0.02%	–
ARPI	New	American Residential Properties, Inc.	$7,509,000	–	409,445	–	0.02%	–
SHW	Buy	The Sherwin Williams Co.	$7,365,000	+8.4%	33,622	+2.4%	0.02%	+15.0%
AMAT	Buy	Applied Materials, Inc.	$7,498,000	+0.7%	346,912	+5.0%	0.02%	+4.5%
FCEA	Sell	Forest City Enterprises Inc. Class A	$7,365,000	-53.3%	376,541	-52.5%	0.02%	-51.1%
TCO	Sell	Taubman Centers, Inc.	$7,280,000	-26.8%	99,722	-24.0%	0.02%	-23.3%
SBAC	Buy	SBA Communications Corp. Class A	$7,010,000	+8.4%	63,209	+0.0%	0.02%	+15.8%
ALEX	Buy	Alexander & Baldwin, Inc.	$7,075,000	-1.9%	196,686	+13.0%	0.02%	+4.8%
FCS	Buy	Fairchild Semiconductor International	$7,157,000	-0.4%	460,867	+0.1%	0.02%	+4.8%
V107SC	Sell	WellPoint Inc.	$6,429,000	+4.6%	53,721	-5.9%	0.02%	+11.1%
TJX	Buy	TJX Companies Inc.	$6,211,000	+14.0%	104,933	+2.4%	0.02%	+18.8%
FCX	Buy	Freeport-McMoRan Copper & Gold, Inc.	$6,275,000	-2.6%	192,194	+8.9%	0.02%	0.0%
INTC	Buy	Intel Corp.	$6,258,000	+13.5%	179,705	+0.7%	0.02%	+18.8%
COUP	Sell	Coupons.com, Inc.	$5,861,000	-55.5%	490,088	-2.0%	0.02%	-53.8%
AES	Buy	AES Corp.	$5,917,000	-8.6%	417,306	+0.2%	0.02%	-5.3%
DLR	New	Digital Realty Trust, Inc.	$5,170,000	–	82,876	–	0.02%	–
DDR	Buy	DDR Corporation	$4,794,000	+6.9%	286,552	+12.6%	0.02%	+15.4%
Y	Sell	Alleghany Corp.	$4,932,000	-96.5%	11,795	-96.3%	0.02%	-96.4%
CDR	New	Cedar Realty Trust Inc.	$4,222,000	–	715,637	–	0.01%	–
CUZ	Buy	Cousins Properties, Inc.	$3,830,000	+0.4%	320,500	+4.6%	0.01%	+9.1%
MAC	New	The Macerich Co.	$3,939,000	–	61,714	–	0.01%	–
EXPD	Sell	Expeditors Int'l of Washington Inc.	$3,819,000	-32.8%	94,102	-26.9%	0.01%	-29.4%
WPG	Buy	Washington Prime Group Inc	$3,741,000	+53.2%	214,030	+64.3%	0.01%	+71.4%
CTT	New	CatchMark Timber Trust Inc., Class A	$3,736,000	–	340,865	–	0.01%	–
	New	Forest City Ent 3.625% 8/15/20bond	$3,603,000	–	3,500,000	–	0.01%	–
FR	Sell	First Industrial Realty Trust, Inc.	$3,627,000	-10.2%	214,512	-0.0%	0.01%	-8.3%
CCG	New	Campus Crest Communities, Inc.	$3,288,000	–	513,675	–	0.01%	–
TSN	Sell	Tyson Foods Inc.	$3,008,000	-64.0%	76,410	-65.7%	0.01%	-64.0%
KBR	New	KBR, Inc.	$1,983,000	–	105,300	–	0.01%	–
WUBA	Sell	58.com Inc ADRadr	$1,971,000	-31.2%	52,900	-0.2%	0.01%	-33.3%
WYNN	New	Wynn Resorts Ltd.	$1,963,000	–	10,493	–	0.01%	–
ALTR	Sell	Altera Corp.	$1,388,000	-23.7%	38,800	-25.9%	0.00%	-20.0%
MA	Sell	Mastercard, Inc.	$1,373,000	-3.4%	18,570	-4.0%	0.00%	0.0%
RSG	Sell	Republic Services, Inc.	$705,000	-21.8%	18,080	-23.8%	0.00%	-33.3%
JAH	New	Jarden Corp.	$602,000	–	10,020	–	0.00%	–
APD	Sell	Air Products & Chemicals, Inc.	$313,000	-99.9%	2,402	-99.9%	0.00%	-99.9%
UPS	Buy	United Parcel Service, Inc., Class B	$235,000	-3.3%	2,388	+0.7%	0.00%	0.0%
BEN	Buy	Franklin Resources Inc	$382,000	+65.4%	7,000	+75.0%	0.00%	0.0%
KO	Buy	Coca Cola Co.	$272,000	+1.5%	6,382	+0.7%	0.00%	0.0%
TD	Exit	Toronto Dominion Bankforeign	$0	–	-6,390	–	-0.00%	–
	Exit	Molycorp 3.25%bond	$0	–	-7,500,000	–	-0.02%	–
	Exit	Molycorp 6%bond	$0	–	-9,500,000	–	-0.02%	–
SVA	Exit	Sinovac Biotech Ltd.foreign	$0	–	-1,250,546	–	-0.02%	–
REG	Exit	Regency Centers Corporation	$0	–	-149,497	–	-0.02%	–
IRF	Exit	International Rectifier Corp.	$0	–	-309,390	–	-0.03%	–
EPR	Exit	EPR Properties	$0	–	-206,453	–	-0.03%	–
ELS	Exit	Equity Lifestyle Properties, Inc.	$0	–	-270,611	–	-0.04%	–
	Exit	United Rental 4% Convertible Bondbond	$0	–	-1,377,000	–	-0.04%	–
PGR	Exit	Progressive Corp.	$0	–	-570,530	–	-0.04%	–
TWTR	Exit	Twitter Inc.	$0	–	-1,133,250	–	-0.14%	–
OXY	Exit	Occidental Petroleum Corp.	$0	–	-853,711	–	-0.26%	–
MLM	Exit	Martin Marietta Materials, Inc.	$0	–	-716,959	–	-0.28%	–
SLB	Exit	Schlumberger Ltd.	$0	–	-1,034,694	–	-0.36%	–

Q2 2014

			Value		Shares		↓ Weighting
BK	New	Bank of New York Mellon Corp.	$2,489,542,000	–	66,434,305	–	7.40%	–
WFC	New	Wells Fargo & Co.	$2,474,976,000	–	47,086,993	–	7.36%	–
AXP	New	American Express Co.	$2,430,260,000	–	25,616,662	–	7.22%	–
BRKA	New	Berkshire Hathaway Inc., Class A	$1,530,218,000	–	8,058	–	4.55%	–
COST	New	Costco Wholesale Corp.	$1,157,332,000	–	10,049,555	–	3.44%	–
GOOGL	New	Google Inc. Class A	$1,154,489,000	–	1,974,580	–	3.43%	–
GOOG	New	Google Inc. Class C	$1,136,268,000	–	1,975,118	–	3.38%	–
UNH	New	UnitedHealth Group Inc.	$1,105,475,000	–	13,522,334	–	3.29%	–
LBTYK	New	Liberty Global Plc Series C	$890,817,000	–	21,054,947	–	2.65%	–
CNQ	New	Canadian Natural Resources Ltd.foreign	$863,033,000	–	18,798,800	–	2.57%	–
LVS	New	Las Vegas Sands Corp.	$763,934,000	–	10,023,021	–	2.27%	–
AMZN	New	Amazon.Com, Inc.	$760,486,000	–	2,341,553	–	2.26%	–
EOG	New	EOG Resources, Inc.	$752,039,000	–	6,436,091	–	2.24%	–
ESRX	New	Express Scripts Holding Co.	$742,071,000	–	10,703,208	–	2.21%	–
LH	New	Laboratory Corporation of America Hldg	$690,874,000	–	6,747,256	–	2.05%	–
CVS	New	CVS Caremark Corp.	$679,269,000	–	9,012,151	–	2.02%	–
JPM	New	JPMorgan Chase & Co.	$640,948,000	–	11,123,809	–	1.90%	–
APD	New	Air Products & Chemicals, Inc.	$616,460,000	–	4,792,882	–	1.83%	–
TXN	New	Texas Instruments, Inc.	$596,504,000	–	12,481,835	–	1.77%	–
KMX	New	CarMax, Inc.	$583,773,000	–	11,224,343	–	1.74%	–
SCHW	New	Charles Schwab Corp.	$534,285,000	–	19,838,885	–	1.59%	–
L	New	Loews Corp.	$511,752,000	–	11,628,512	–	1.52%	–
PCAR	New	PACCAR Inc.	$510,273,000	–	8,121,422	–	1.52%	–
ECL	New	Ecolab Inc.	$474,796,000	–	4,264,985	–	1.41%	–
PCLN	New	The Priceline Group Inc.	$430,457,000	–	357,811	–	1.28%	–
MSFT	New	Microsoft Corp.	$402,527,000	–	9,651,997	–	1.20%	–
V	New	Visa Inc. Class A	$401,808,000	–	1,907,010	–	1.19%	–
VRX	New	Valeant Pharmaceuticals International	$397,815,000	–	3,153,748	–	1.18%	–
SYY	New	Sysco Corp.	$393,363,000	–	10,503,009	–	1.17%	–
ORCL	New	Oracle Corporation	$348,185,000	–	8,590,789	–	1.04%	–
ATVI	New	Activision Blizzard, Inc.	$343,915,000	–	15,423,966	–	1.02%	–
ACE	New	Ace Limited	$343,226,000	–	3,309,858	–	1.02%	–
QRTEA	New	Liberty Interactive Corp. Series A	$291,822,000	–	9,940,041	–	0.87%	–
BAM	New	Brookfield Asset Management Inc., Class Aforeign	$277,471,000	–	6,303,394	–	0.82%	–
DGX	New	Quest Diagnostics Inc.	$274,240,000	–	4,672,681	–	0.82%	–
MON	New	Monsanto Co.	$248,887,000	–	1,995,210	–	0.74%	–
PX	New	Praxair, Inc.	$248,147,000	–	1,868,017	–	0.74%	–
BRKB	New	Berkshire Hathaway Inc., Class B	$248,284,000	–	1,961,337	–	0.74%	–
DIS	New	Disney Walt Holdings	$243,290,000	–	2,837,675	–	0.72%	–
MKL	New	Markel Corp.	$215,790,000	–	329,134	–	0.64%	–
MCO	New	Moody's Corp.	$210,936,000	–	2,406,257	–	0.63%	–
QIHU	New	Qihoo 360 Technology Co. ADRadr	$203,618,000	–	2,212,357	–	0.60%	–
TXT	New	Textron Inc.	$196,669,000	–	5,136,020	–	0.58%	–
PM	New	Philip Morris International Inc.	$190,534,000	–	2,259,796	–	0.57%	–
NFLX	New	Netflix Inc.	$184,334,000	–	418,368	–	0.55%	–
HOG	New	Harley-Davidson, Inc.	$182,322,000	–	2,610,372	–	0.54%	–
A	New	Agilent Technologies, Inc.	$171,857,000	–	2,991,923	–	0.51%	–
RE	New	Everest Re Group, Ltd.	$162,139,000	–	1,010,277	–	0.48%	–
SFUN	New	Soufun Holdings Ltd Class A ADRadr	$142,500,000	–	14,556,098	–	0.42%	–
HPQ	New	Hewlett Packard Co.	$140,903,000	–	4,183,539	–	0.42%	–
Y	New	Alleghany Corp.	$140,733,000	–	321,251	–	0.42%	–
UPLMQ	New	Ultra Petroleum Corp	$139,250,000	–	4,690,130	–	0.41%	–
SLB	New	Schlumberger Ltd.	$122,042,000	–	1,034,694	–	0.36%	–
DEO	New	Diageo PLC - ADRadr	$119,653,000	–	940,442	–	0.36%	–
WAIR	New	Wesco Aircraft Holdings, Inc.	$103,196,000	–	5,170,380	–	0.31%	–
MLM	New	Martin Marietta Materials, Inc.	$94,674,000	–	716,959	–	0.28%	–
OXY	New	Occidental Petroleum Corp.	$87,611,000	–	853,711	–	0.26%	–
LVNTA	New	Liberty Ventures Series A	$85,062,000	–	1,152,602	–	0.25%	–
	New	Hunter Douglas N.V.foreign	$83,761,000	–	1,747,926	–	0.25%	–
VIPS	New	Vipshop Holdings Ltd. ADSadr	$77,119,000	–	410,745	–	0.23%	–
TWTR	New	Twitter Inc.	$46,429,000	–	1,133,250	–	0.14%	–
SPG	New	Simon Property Group Inc.	$43,336,000	–	260,619	–	0.13%	–
AMT	New	American Tower Corp.	$39,827,000	–	442,616	–	0.12%	–
AVB	New	Avalonbay Communities, Inc.	$37,467,000	–	263,499	–	0.11%	–
AIG	New	American International Group Inc.	$35,923,000	–	658,180	–	0.11%	–
YOKU	New	Youku Tudou Inc. ADRadr	$34,618,000	–	1,451,514	–	0.10%	–
USB	New	US Bancorp	$31,311,000	–	722,779	–	0.09%	–
ARE	New	Alexandria Real Estate Equities, Inc.	$30,363,000	–	391,074	–	0.09%	–
OFC	New	Corporate Office Properties Trust	$28,187,000	–	1,013,567	–	0.08%	–
AKR	New	Acadia Realty Trust	$27,794,000	–	989,477	–	0.08%	–
MMC	New	Marsh & McLennan Co.	$27,256,000	–	525,970	–	0.08%	–
LPT	New	Liberty Property Trust	$26,940,000	–	710,248	–	0.08%	–
PPS	New	Post Properties Inc.	$26,660,000	–	498,683	–	0.08%	–
ANGI	New	Angie's List Inc.	$25,940,000	–	2,172,487	–	0.08%	–
IDXX	New	IDEXX Laboratories, Inc.	$24,745,000	–	185,256	–	0.07%	–
ESS	New	Essex Property Trust, Inc.	$24,453,000	–	132,244	–	0.07%	–
GS	New	Goldman Sachs Group Inc.	$24,097,000	–	143,912	–	0.07%	–
TV	New	Grupo Televisa S.A.B. ADRadr	$24,196,000	–	705,203	–	0.07%	–
SIAL	New	Sigma-Aldrich Corp.	$24,319,000	–	239,643	–	0.07%	–
BXP	New	Boston Properties, Inc.	$23,777,000	–	201,191	–	0.07%	–
GGP	New	General Growth Properties Inc.	$23,475,000	–	996,400	–	0.07%	–
HST	New	Host Hotels & Resorts Inc.	$21,319,000	–	968,592	–	0.06%	–
JD	New	JD.com Inc ADRadr	$20,431,000	–	716,832	–	0.06%	–
SKT	New	Tanger Factory Outlet Centers, Inc.	$20,073,000	–	574,012	–	0.06%	–
ACC	New	American Campus Communities Inc.	$19,943,000	–	521,510	–	0.06%	–
DCT	New	DCT Industrial Trust Inc.	$19,539,000	–	2,379,890	–	0.06%	–
	New	Intel Corp 3.25 8/1/39bond	$19,360,000	–	12,551,000	–	0.06%	–
CTRP	New	Ctrip.com International, Ltd. ADRadr	$19,441,000	–	303,580	–	0.06%	–
VNO	New	Vornado Realty Trust	$19,423,000	–	181,981	–	0.06%	–
WY	New	Weyerhaeuser Co.	$19,323,000	–	583,954	–	0.06%	–
ROK	New	Rockwell Automation Inc.	$18,697,000	–	149,377	–	0.06%	–
CUBE	New	CubeSmart	$18,508,000	–	1,010,259	–	0.06%	–
TDG	New	Transdigm Group Inc.	$18,157,000	–	108,556	–	0.05%	–
FRT	New	Federal Realty Investment Trust	$17,571,000	–	145,313	–	0.05%	–
VTR	New	Ventas, Inc.	$16,741,000	–	261,166	–	0.05%	–
EGP	New	Eastgroup Properties, Inc.	$16,369,000	–	254,847	–	0.05%	–
FCEA	New	Forest City Enterprises Inc. Class A	$15,758,000	–	793,037	–	0.05%	–
BMR	New	Biomed Realty Trust Inc.	$15,921,000	–	729,330	–	0.05%	–
DFT	New	DuPont Fabros Technology Inc.	$15,883,000	–	589,140	–	0.05%	–
	New	US Steel Corp. Conv. Bond 2.75% 4/1/19bond	$15,834,000	–	12,750,000	–	0.05%	–
DVN	New	Devon Energy Corp.	$15,215,000	–	191,620	–	0.04%	–
EDR	New	Education Realty Trust, Inc.	$14,902,000	–	1,387,528	–	0.04%	–
LHO	New	LaSalle Hotel Properties	$14,961,000	–	423,936	–	0.04%	–
ATI	New	Allegheny Technologies, Inc.	$14,361,000	–	318,421	–	0.04%	–
PGR	New	Progressive Corp.	$14,469,000	–	570,530	–	0.04%	–
BDN	New	Brandywine Realty Trust	$14,267,000	–	914,566	–	0.04%	–
UHS	New	Universal Health Services, Inc.	$13,943,000	–	145,600	–	0.04%	–
LOW	New	Lowes Cos Inc.	$13,536,000	–	282,149	–	0.04%	–
COUP	New	Coupons.com, Inc.	$13,158,000	–	500,120	–	0.04%	–
TWC	New	Time Warner Cable Inc.	$13,113,000	–	89,017	–	0.04%	–
CL	New	Colgate-Palmolive Co.	$13,205,000	–	193,664	–	0.04%	–
NBR	New	Nabors Industries Ltd.	$12,695,000	–	432,240	–	0.04%	–
	New	United Rental 4% Convertible Bondbond	$12,946,000	–	1,377,000	–	0.04%	–
FOX	New	Twenty-First Century Fox Inc Class B	$12,861,000	–	375,713	–	0.04%	–
SAP	New	SAP AG ADRadr	$12,500,000	–	162,343	–	0.04%	–
FDX	New	FedEx Corp.	$12,323,000	–	81,402	–	0.04%	–
KSS	New	Kohls Corp.	$12,386,000	–	235,110	–	0.04%	–
ELS	New	Equity Lifestyle Properties, Inc.	$11,950,000	–	270,611	–	0.04%	–
RIG	New	Transocean Ltd.	$11,886,000	–	263,966	–	0.04%	–
TRNO	New	Terreno Realty Corp.	$11,844,000	–	612,725	–	0.04%	–
COR	New	Coresite Realty Corp.	$11,935,000	–	360,905	–	0.04%	–
WCN	New	Waste Connections Inc.	$11,673,000	–	240,440	–	0.04%	–
PWR	New	Quanta Services, Inc.	$11,712,000	–	338,680	–	0.04%	–
EPR	New	EPR Properties	$11,535,000	–	206,453	–	0.03%	–
GRUB	New	Grubhub Inc	$10,785,000	–	304,560	–	0.03%	–
	New	Forest City Ent FCE 4.25bond	$10,693,000	–	9,463,000	–	0.03%	–
C	New	Citigroup Inc.	$10,819,000	–	229,699	–	0.03%	–
FOXA	New	Twenty-First Century Fox Inc Class A	$10,396,000	–	295,756	–	0.03%	–
WFCWS	New	Wells Fargo & Co. Warrantswarrant	$10,067,000	–	466,489	–	0.03%	–
TCO	New	Taubman Centers, Inc.	$9,950,000	–	131,253	–	0.03%	–
WFM	New	Whole Foods Market Inc.	$9,692,000	–	250,884	–	0.03%	–
BAC	New	Bank of America Corp.	$9,824,000	–	639,186	–	0.03%	–
NTES	New	NetEase Inc. ADRadr	$9,470,000	–	120,850	–	0.03%	–
MAS	New	Masco Corp.	$9,528,000	–	429,180	–	0.03%	–
NKE	New	Nike Inc	$9,486,000	–	122,321	–	0.03%	–
GE	New	General Electric Co.	$8,891,000	–	338,320	–	0.03%	–
UN	New	Unilever NV - NY Sharesadr	$8,594,000	–	196,426	–	0.03%	–
IRF	New	International Rectifier Corp.	$8,632,000	–	309,390	–	0.03%	–
HIW	New	Highwoods Properties Inc.	$8,329,000	–	198,537	–	0.02%	–
REG	New	Regency Centers Corporation	$8,324,000	–	149,497	–	0.02%	–
TSN	New	Tyson Foods Inc.	$8,364,000	–	222,810	–	0.02%	–
CRM	New	Salesforce.com Inc	$7,910,000	–	136,227	–	0.02%	–
AMAT	New	Applied Materials, Inc.	$7,448,000	–	330,324	–	0.02%	–
AESPRC	New	AES Trust III,6.75%,10/15/29preferred	$7,518,000	–	145,027	–	0.02%	–
SVA	New	Sinovac Biotech Ltd.foreign	$7,053,000	–	1,250,546	–	0.02%	–
FCS	New	Fairchild Semiconductor International	$7,184,000	–	460,527	–	0.02%	–
ALEX	New	Alexander & Baldwin, Inc.	$7,215,000	–	174,070	–	0.02%	–
SHW	New	The Sherwin Williams Co.	$6,797,000	–	32,850	–	0.02%	–
IBN	New	ICICI Bank Limited ADRadr	$6,774,000	–	135,757	–	0.02%	–
FCX	New	Freeport-McMoRan Copper & Gold, Inc.	$6,441,000	–	176,464	–	0.02%	–
AES	New	AES Corp.	$6,476,000	–	416,466	–	0.02%	–
SBAC	New	SBA Communications Corp. Class A	$6,466,000	–	63,207	–	0.02%	–
V107SC	New	WellPoint Inc.	$6,144,000	–	57,098	–	0.02%	–
	New	Molycorp 6%bond	$6,151,000	–	9,500,000	–	0.02%	–
EXPD	New	Expeditors Int'l of Washington Inc.	$5,683,000	–	128,680	–	0.02%	–
TJX	New	TJX Companies Inc.	$5,447,000	–	102,493	–	0.02%	–
	New	Molycorp 3.25%bond	$5,550,000	–	7,500,000	–	0.02%	–
INTC	New	Intel Corp.	$5,512,000	–	178,377	–	0.02%	–
DDR	New	DDR Corporation	$4,486,000	–	254,443	–	0.01%	–
IBM	New	International Business Machines	$3,926,000	–	21,659	–	0.01%	–
FR	New	First Industrial Realty Trust, Inc.	$4,041,000	–	214,515	–	0.01%	–
CUZ	New	Cousins Properties, Inc.	$3,813,000	–	306,290	–	0.01%	–
WUBA	New	58.com Inc ADRadr	$2,865,000	–	52,990	–	0.01%	–
JMEI	New	Jumei International ADRadr	$2,720,000	–	100,000	–	0.01%	–
WPG	New	Washington Prime Group Inc	$2,442,000	–	130,307	–	0.01%	–
ALTR	New	Altera Corp.	$1,820,000	–	52,370	–	0.01%	–
	New	Forest City Ent FCE 5bond	$1,786,000	–	1,120,000	–	0.01%	–
MA	New	Mastercard, Inc.	$1,422,000	–	19,350	–	0.00%	–
RSG	New	Republic Services, Inc.	$901,000	–	23,720	–	0.00%	–
HAL	New	Halliburton Co.	$601,000	–	8,460	–	0.00%	–
TIF	New	Tiffany & Co.	$501,000	–	5,000	–	0.00%	–
KO	New	Coca Cola Co.	$268,000	–	6,336	–	0.00%	–
CX	New	Cemex SA - ADRadr	$299,000	–	22,635	–	0.00%	–
UPS	New	United Parcel Service, Inc., Class B	$243,000	–	2,372	–	0.00%	–
BWP	New	Boardwalk Pipeline Partnerspartnership	$409,000	–	22,090	–	0.00%	–
FSLR	New	First Solar, Inc.	$286,000	–	4,030	–	0.00%	–
WRB	New	W.R. Berkley Corp.	$235,000	–	5,080	–	0.00%	–
AZO	New	Autozone Inc	$391,000	–	730	–	0.00%	–
BEN	New	Franklin Resources Inc	$231,000	–	4,000	–	0.00%	–
AAPL	New	Apple Inc.	$306,000	–	3,290	–	0.00%	–
TD	New	Toronto Dominion Bankforeign	$329,000	–	6,390	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
AAPL	Exit	Apple Inc.	$0	–	-470	–	-0.00%	–
TIF	Exit	Tiffany & Co.	$0	–	-5,002	–	-0.00%	–
BDX	Exit	Becton, Dickinson and Company	$0	–	-4,600	–	-0.00%	–
CX	Exit	Cemex SA - ADRadr	$0	–	-21,765	–	-0.00%	–
NWSA	Exit	News Corp CL A	$0	–	-30,870	–	-0.00%	–
AZO	Exit	Autozone Inc	$0	–	-1,210	–	-0.00%	–
BAX	Exit	Baxter International Inc.	$0	–	-5,495	–	-0.00%	–
UPS	Exit	United Parcel Service, Inc., Class B	$0	–	-2,326	–	-0.00%	–
LMT	Exit	Lockheed Martin Corp.	$0	–	-3,369	–	-0.00%	–
LVLT	Exit	Level 3 Communications, Inc.	$0	–	-15,400	–	-0.00%	–
SE	Exit	Spectra Energy Corp.	$0	–	-11,750	–	-0.00%	–
WRB	Exit	W.R. Berkley Corp.	$0	–	-5,080	–	-0.00%	–
V107SC	Exit	WellPoint Inc.	$0	–	-7,880	–	-0.00%	–
RSG	Exit	Republic Services, Inc.	$0	–	-23,720	–	-0.00%	–
MCPIQ	Exit	Molycorp, Inc.	$0	–	-199,750	–	-0.00%	–
ABB	Exit	ABB Limited ADRadr	$0	–	-49,600	–	-0.00%	–
NLSN	Exit	Nielsen Holdings N.V.	$0	–	-41,770	–	-0.00%	–
	Exit	Forest City Ent FCE 5bond	$0	–	-1,120,000	–	-0.00%	–
FMD	Exit	The First Marblehead Corp.	$0	–	-1,910,194	–	-0.00%	–
ALTR	Exit	Altera Corp.	$0	–	-48,800	–	-0.01%	–
X	Exit	United States Steel Corporation	$0	–	-98,530	–	-0.01%	–
CUZ	Exit	Cousins Properties, Inc.	$0	–	-299,190	–	-0.01%	–
IBM	Exit	International Business Machines	$0	–	-18,954	–	-0.01%	–
SLG	Exit	SL Green Realty Corp.	$0	–	-37,815	–	-0.01%	–
DDR	Exit	DDR Corporation	$0	–	-222,879	–	-0.01%	–
INTC	Exit	Intel Corp.	$0	–	-170,119	–	-0.01%	–
	Exit	Molycorp 6%bond	$0	–	-5,750,000	–	-0.01%	–
AMX	Exit	America Movil S.A.B. de C.V. - ADRadr	$0	–	-229,078	–	-0.01%	–
PLD	Exit	ProLogis Inc.	$0	–	-133,573	–	-0.01%	–
	Exit	Molycorp 3.25%bond	$0	–	-7,500,000	–	-0.01%	–
CCG	Exit	Campus Crest Communities Inc	$0	–	-467,032	–	-0.01%	–
TS	Exit	Tenaris S.A. - ADRadr	$0	–	-106,700	–	-0.01%	–
PSA	Exit	Public Storage, Inc.	$0	–	-31,360	–	-0.01%	–
DISH	Exit	Dish Network Corp A	$0	–	-116,879	–	-0.01%	–
AMAT	Exit	Applied Materials, Inc.	$0	–	-298,319	–	-0.01%	–
TJX	Exit	TJX Companies Inc	$0	–	-98,170	–	-0.01%	–
SHW	Exit	The Sherwin Williams Co.	$0	–	-30,843	–	-0.02%	–
WFCWS	Exit	Wells Fargo & Co. Warrantswarrant	$0	–	-410,560	–	-0.02%	–
AMZN	Exit	Amazon.Com, Inc.	$0	–	-18,933	–	-0.02%	–
MA	Exit	Mastercard, Inc.	$0	–	-8,672	–	-0.02%	–
BA	Exit	Boeing Co.	$0	–	-53,386	–	-0.02%	–
FCS	Exit	Fairchild Semiconductor International	$0	–	-444,157	–	-0.02%	–
CRM	Exit	Salesforce.com Inc	$0	–	-116,912	–	-0.02%	–
AES	Exit	AES Corp.	$0	–	-457,756	–	-0.02%	–
SBAC	Exit	SBA Communications Corp-CL A	$0	–	-81,153	–	-0.02%	–
FCX	Exit	Freeport-McMoRan Copper & Gold, Inc.	$0	–	-193,664	–	-0.02%	–
CHRW	Exit	C.H. Robinson Worldwide, Inc.	$0	–	-107,930	–	-0.02%	–
TD	Exit	Toronto Dominion Bankforeign	$0	–	-81,305	–	-0.02%	–
IRF	Exit	International Rectifier Corp.	$0	–	-312,710	–	-0.02%	–
	Exit	Forest City Ent FCE 4.25bond	$0	–	-6,963,000	–	-0.02%	–
IBN	Exit	ICICI Bank Limited -ADRadr	$0	–	-251,565	–	-0.02%	–
NTES	Exit	NetEase Inc. - ADRadr	$0	–	-111,810	–	-0.02%	–
DE	Exit	Deere & Co.	$0	–	-100,357	–	-0.02%	–
CB	Exit	Chubb Corp.	$0	–	-90,619	–	-0.02%	–
REG	Exit	Regency Centers Corporation	$0	–	-167,797	–	-0.02%	–
AESPRC	Exit	AES Trust III,6.75%,10/15/29preferred	$0	–	-161,437	–	-0.02%	–
NKE	Exit	Nike Inc	$0	–	-114,842	–	-0.02%	–
WFM	Exit	Whole Foods Market Inc.	$0	–	-149,794	–	-0.02%	–
MMM	Exit	3M Company	$0	–	-74,801	–	-0.02%	–
SFUN	Exit	Soufun Holdings Ltd CL A Adradr	$0	–	-168,000	–	-0.02%	–
SVA	Exit	Sinovac Biotech Ltd.foreign	$0	–	-1,473,343	–	-0.02%	–
FDX	Exit	FedEx Corp.	$0	–	-77,319	–	-0.02%	–
GE	Exit	General Electric Co.	$0	–	-371,920	–	-0.02%	–
HCP	Exit	HCP, Inc.	$0	–	-217,062	–	-0.02%	–
TSN	Exit	Tyson Foods Inc.	$0	–	-340,000	–	-0.02%	–
MAS	Exit	Masco Corp.	$0	–	-460,650	–	-0.02%	–
UN	Exit	Unilever NV - NY Sharesadr	$0	–	-266,693	–	-0.03%	–
DCT	Exit	DCT Industrial Trust Inc.	$0	–	-1,402,980	–	-0.03%	–
BPY	Exit	Brookfield Property Partners LP	$0	–	-509,663	–	-0.03%	–
CL	Exit	Colgate-Palmolive Co.	$0	–	-172,451	–	-0.03%	–
AKR	Exit	Acadia Realty Trust	$0	–	-417,326	–	-0.03%	–
SAP	Exit	SAP AG - ADRadr	$0	–	-142,279	–	-0.03%	–
LOW	Exit	Lowes Cos Inc.	$0	–	-219,146	–	-0.03%	–
NBR	Exit	Nabors Industries Ltd.	$0	–	-656,540	–	-0.03%	–
RIG	Exit	Transocean Ltd.	$0	–	-234,997	–	-0.03%	–
FOXA	Exit	Twenty-First Century Fox Inc	$0	–	-321,636	–	-0.03%	–
C	Exit	Citigroup Inc.	$0	–	-233,959	–	-0.03%	–
TDG	Exit	Transdigm Group Inc	$0	–	-82,650	–	-0.03%	–
POT	Exit	Potash Corp. Saskatchewan Inc.foreign	$0	–	-369,465	–	-0.03%	–
PWR	Exit	Quanta Services, Inc.	$0	–	-416,050	–	-0.03%	–
WCN	Exit	Waste Connections Inc.	$0	–	-264,690	–	-0.03%	–
LVS	Exit	Las Vegas Sands Corp.	$0	–	-180,447	–	-0.03%	–
WMT	Exit	Wal-Mart Stores, Inc.	$0	–	-161,653	–	-0.03%	–
VRX	Exit	Valeant Pharmaceuticals International,	$0	–	-115,544	–	-0.03%	–
BRE	Exit	BRE Properties, Inc.	$0	–	-245,634	–	-0.03%	–
TCO	Exit	Taubman Centers, Inc.	$0	–	-185,721	–	-0.03%	–
DVN	Exit	Devon Energy Corp.	$0	–	-210,620	–	-0.03%	–
RYN	Exit	Rayonier, Inc.	$0	–	-223,636	–	-0.03%	–
ATI	Exit	Allegheny Technologies, Inc.	$0	–	-422,003	–	-0.03%	–
BMR	Exit	Biomed Realty Trust Inc.	$0	–	-675,270	–	-0.03%	–
UHS	Exit	Universal Health Services, Inc.	$0	–	-167,300	–	-0.03%	–
EXPD	Exit	Expeditors Int'l of Washington Inc.	$0	–	-295,398	–	-0.03%	–
KSS	Exit	Kohls Corp.	$0	–	-260,300	–	-0.04%	–
BAC	Exit	Bank of America Corp.	$0	–	-1,005,006	–	-0.04%	–
EGP	Exit	Eastgroup Properties, Inc.	$0	–	-237,549	–	-0.04%	–
JNJ	Exit	Johnson & Johnson	$0	–	-163,492	–	-0.04%	–
PPS	Exit	Post Properties Inc.	$0	–	-313,639	–	-0.04%	–
SKT	Exit	Tanger Factory Outlet Centers, Inc.	$0	–	-451,832	–	-0.04%	–
	Exit	US Steel Corp. Conv. Bond 2.75% 4/1/19bond	$0	–	-14,000,000	–	-0.04%	–
	Exit	United Rental 4% Convertible Bondbond	$0	–	-2,922,000	–	-0.04%	–
USB	Exit	US Bancorp.	$0	–	-442,055	–	-0.04%	–
LHO	Exit	LaSalle Hotel Properties	$0	–	-572,347	–	-0.04%	–
HST	Exit	Host Hotels & Resorts Inc.	$0	–	-965,404	–	-0.04%	–
IDXX	Exit	IDEXX Laboratories, Inc.	$0	–	-168,443	–	-0.04%	–
	Exit	Intel Corp 3.25 8/1/39bond	$0	–	-14,001,000	–	-0.04%	–
FRT	Exit	Federal Realty Investment Trust	$0	–	-178,918	–	-0.05%	–
CBLAQ	Exit	CBL & Associates Properties, Inc.	$0	–	-940,732	–	-0.05%	–
GGP	Exit	General Growth Properties Inc.	$0	–	-1,082,287	–	-0.05%	–
SINA	Exit	SINA CORPadr	$0	–	-259,506	–	-0.06%	–
SIAL	Exit	Sigma-Aldrich Corp.	$0	–	-249,264	–	-0.06%	–
LPT	Exit	Liberty Property Trust	$0	–	-630,751	–	-0.06%	–
EDR	Exit	Education Realty Trust, Inc.	$0	–	-2,450,815	–	-0.06%	–
CTRP	Exit	Ctrip.com International, Ltd. ADRadr	$0	–	-379,960	–	-0.06%	–
YOKU	Exit	Youku Tudou Inc. - ADRadr	$0	–	-864,862	–	-0.06%	–
OFC	Exit	Corporate Office Properties Trust	$0	–	-1,069,324	–	-0.06%	–
DFT	Exit	DuPont Fabros Technology Inc.	$0	–	-956,644	–	-0.06%	–
AMT	Exit	American Tower Corp.	$0	–	-342,323	–	-0.07%	–
ARE	Exit	Alexandria Real Estate Equities, Inc.	$0	–	-407,064	–	-0.07%	–
VTR	Exit	Ventas, Inc.	$0	–	-459,362	–	-0.07%	–
FCEA	Exit	Forest City Enterprises Inc. - Class A	$0	–	-1,529,974	–	-0.08%	–
BXP	Exit	Boston Properties, Inc.	$0	–	-274,089	–	-0.08%	–
ANGI	Exit	Angie's List Inc.	$0	–	-1,474,961	–	-0.09%	–
ESS	Exit	Essex Property Trust, Inc.	$0	–	-233,899	–	-0.09%	–
VNO	Exit	Vornado Realty Trust	$0	–	-447,516	–	-0.10%	–
DLR	Exit	Digital Realty Trust Inc.	$0	–	-732,364	–	-0.10%	–
AVB	Exit	Avalonbay Communities, Inc.	$0	–	-376,698	–	-0.12%	–
ACC	Exit	American Campus Communities Inc.	$0	–	-1,409,052	–	-0.12%	–
VIPS	Exit	Vipshop Holdings Ltd.-ADSadr	$0	–	-924,655	–	-0.14%	–
AIG	Exit	American International Group Inc.	$0	–	-1,183,930	–	-0.15%	–
SPG	Exit	Simon Property Group Inc.	$0	–	-412,388	–	-0.16%	–
LVNTA	Exit	Liberty Ventures Series A	$0	–	-705,504	–	-0.16%	–
OAK	Exit	Oaktree Cap Group LLC Class A Units	$0	–	-1,341,759	–	-0.18%	–
TV	Exit	Grupo Televisa S.A.B.-Spons - ADRadr	$0	–	-2,552,593	–	-0.18%	–
	Exit	Hunter Douglas N.V.foreign	$0	–	-1,973,749	–	-0.22%	–
MLM	Exit	Martin Marietta Materials, Inc.	$0	–	-892,950	–	-0.23%	–
WAIR	Exit	Wesco Aircraft Holdings, Inc	$0	–	-4,650,008	–	-0.25%	–
TXT	Exit	Textron Inc.	$0	–	-4,459,743	–	-0.32%	–
HPQ	Exit	Hewlett Packard Co.	$0	–	-6,579,363	–	-0.36%	–
GS	Exit	Goldman Sachs Group Inc.	$0	–	-881,179	–	-0.36%	–
NFLX	Exit	Netflix Inc.	$0	–	-512,826	–	-0.41%	–
MKL	Exit	Markel Corp.	$0	–	-325,293	–	-0.44%	–
RE	Exit	Everest Re Group, Ltd.	$0	–	-1,276,079	–	-0.48%	–
A	Exit	Agilent Technologies, Inc.	$0	–	-3,625,285	–	-0.48%	–
HOG	Exit	Harley-Davidson, Inc.	$0	–	-3,261,460	–	-0.54%	–
DEO	Exit	Diageo PLC - ADRadr	$0	–	-1,738,313	–	-0.57%	–
QRTEA	Exit	Liberty Interactive Corp. Series A	$0	–	-10,596,842	–	-0.65%	–
IRM	Exit	Iron Mountain Inc.	$0	–	-9,686,317	–	-0.68%	–
SLB	Exit	Schlumberger Ltd.	$0	–	-3,067,261	–	-0.70%	–
PX	Exit	Praxair, Inc.	$0	–	-2,277,346	–	-0.71%	–
BRKB	Exit	Berkshire Hathaway Inc., Class B	$0	–	-2,502,346	–	-0.74%	–
AMP	Exit	Ameriprise Financial, Inc.	$0	–	-3,115,589	–	-0.74%	–
MON	Exit	Monsanto Co.	$0	–	-3,068,430	–	-0.83%	–
PM	Exit	Philip Morris International Inc.	$0	–	-3,788,142	–	-0.85%	–
ACE	Exit	Ace Limited	$0	–	-3,658,128	–	-0.89%	–
ORCL	Exit	Oracle Corporation	$0	–	-10,514,039	–	-0.90%	–
ATVI	Exit	Activision Blizzard, Inc.	$0	–	-21,312,361	–	-0.92%	–
JPM	Exit	JPMorgan Chase & Co.	$0	–	-7,071,404	–	-0.95%	–
MSFT	Exit	Microsoft Corp.	$0	–	-11,538,873	–	-1.00%	–
PCLN	Exit	Priceline.com Inc	$0	–	-388,271	–	-1.02%	–
BAM	Exit	Brookfield Asset Management Inc. - CLforeign	$0	–	-10,606,535	–	-1.03%	–
SCHW	Exit	Charles Schwab Corp.	$0	–	-19,080,202	–	-1.05%	–
DIS	Exit	Disney Walt Holdings	$0	–	-6,309,985	–	-1.06%	–
V	Exit	Visa Inc. Class A Shares	$0	–	-2,296,920	–	-1.14%	–
KMX	Exit	CarMax, Inc.	$0	–	-9,760,973	–	-1.23%	–
OXY	Exit	Occidental Petroleum Corp.	$0	–	-5,263,276	–	-1.28%	–
KO	Exit	Coca Cola Co.	$0	–	-13,373,283	–	-1.32%	–
ECL	Exit	Ecolab Inc.	$0	–	-5,164,161	–	-1.32%	–
PCAR	Exit	PACCAR Inc.	$0	–	-9,481,504	–	-1.37%	–
TXN	Exit	Texas Instruments, Inc.	$0	–	-15,120,761	–	-1.58%	–
LBTYK	Exit	Liberty Global Plc - Series C	$0	–	-8,347,370	–	-1.64%	–
EOG	Exit	EOG Resources, Inc.	$0	–	-4,158,755	–	-1.83%	–
Y	Exit	Alleghany Corp.	$0	–	-1,797,619	–	-1.91%	–
APD	Exit	Air Products & Chemicals, Inc.	$0	–	-7,188,588	–	-1.99%	–
LH	Exit	Laboratory Corporation of America Hldg	$0	–	-7,894,873	–	-2.03%	–
ESRX	Exit	Express Scripts Holding Co.	$0	–	-13,562,844	–	-2.18%	–
L	Exit	Loews Corp.	$0	–	-18,841,820	–	-2.29%	–
PGR	Exit	Progressive Corp.	$0	–	-33,443,093	–	-2.36%	–
UNH	Exit	UnitedHealth Group Inc.	$0	–	-14,880,244	–	-2.77%	–
CNQ	Exit	Canadian Natural Resources Ltd.foreign	$0	–	-35,774,554	–	-2.92%	–
COST	Exit	Costco Wholesale Corp.	$0	–	-12,843,097	–	-3.84%	–
BBBY	Exit	Bed Bath & Beyond Inc.	$0	–	-20,508,518	–	-4.12%	–
BRKA	Exit	Berkshire Hathaway Inc., Class A	$0	–	-11,367	–	-5.03%	–
CVS	Exit	CVS Caremark Corp.	$0	–	-36,448,058	–	-5.37%	–
GOOGL	Exit	Google Inc. Class A	$0	–	-2,666,808	–	-6.06%	–
WFC	Exit	Wells Fargo & Co.	$0	–	-58,932,056	–	-6.32%	–
BK	Exit	Bank of New York Mellon Corp.	$0	–	-86,506,461	–	-6.78%	–
AXP	Exit	American Express Co.	$0	–	-37,113,556	–	-7.28%	–

Q3 2013

			Value		Shares		↓ Weighting
AXP	Sell	American Express Co.	$2,802,816,000	-0.8%	37,113,556	-1.8%	7.28%	+1.5%
BK	Sell	Bank of New York Mellon Corp.	$2,611,630,000	+6.7%	86,506,461	-0.9%	6.78%	+9.1%
WFC	Sell	Wells Fargo & Co.	$2,435,073,000	-2.3%	58,932,056	-2.4%	6.32%	-0.1%
GOOGL	Sell	Google Inc. Class A	$2,335,884,000	-1.0%	2,666,808	-0.4%	6.06%	+1.3%
CVS	Sell	CVS Caremark Corp.	$2,068,427,000	-7.0%	36,448,058	-6.3%	5.37%	-4.9%
BRKA	Sell	Berkshire Hathaway Inc., Class A	$1,937,050,000	+0.7%	11,367	-0.3%	5.03%	+3.0%
BBBY	Sell	Bed Bath & Beyond Inc.	$1,586,539,000	+6.8%	20,508,518	-2.0%	4.12%	+9.3%
COST	Sell	Costco Wholesale Corp.	$1,479,139,000	+3.3%	12,843,097	-0.8%	3.84%	+5.7%
CNQ	Sell	Canadian Natural Resources Ltd.foreign	$1,124,752,000	+8.8%	35,774,554	-2.2%	2.92%	+11.3%
UNH	Buy	UnitedHealth Group Inc.	$1,065,574,000	+10.3%	14,880,244	+0.9%	2.77%	+12.8%
PGR	Sell	Progressive Corp.	$910,655,000	-0.2%	33,443,093	-6.8%	2.36%	+2.1%
L	Sell	Loews Corp.	$880,667,000	-5.4%	18,841,820	-10.1%	2.29%	-3.3%
ESRX	Sell	Express Scripts Holding Co.	$838,184,000	-6.1%	13,562,844	-6.2%	2.18%	-4.0%
LH	Buy	Laboratory Corporation of America Hldg	$782,698,000	+32.9%	7,894,873	+34.2%	2.03%	+35.9%
APD	Sell	Air Products & Chemicals, Inc.	$766,088,000	+15.8%	7,188,588	-0.5%	1.99%	+18.4%
Y	Sell	Alleghany Corp.	$736,395,000	-0.2%	1,797,619	-6.6%	1.91%	+2.1%
EOG	Sell	EOG Resources, Inc.	$703,994,000	+27.9%	4,158,755	-0.5%	1.83%	+30.8%
LBTYK	Buy	Liberty Global Plc - Series C	$629,642,000	+59.2%	8,347,370	+43.2%	1.64%	+62.8%
TXN	Sell	Texas Instruments, Inc.	$609,215,000	+15.4%	15,120,761	-0.2%	1.58%	+18.1%
PCAR	Sell	PACCAR Inc.	$527,740,000	+3.2%	9,481,504	-0.5%	1.37%	+5.5%
ECL	Buy	Ecolab Inc.	$510,013,000	+19.3%	5,164,161	+2.9%	1.32%	+21.9%
KO	Sell	Coca Cola Co.	$506,580,000	-10.7%	13,373,283	-5.4%	1.32%	-8.7%
OXY	Sell	Occidental Petroleum Corp.	$492,327,000	-23.7%	5,263,276	-27.2%	1.28%	-21.9%
KMX	Buy	CarMax, Inc.	$473,114,000	+8.5%	9,760,973	+3.3%	1.23%	+10.9%
V	Buy	Visa Inc. Class A Shares	$438,941,000	+4.7%	2,296,920	+0.1%	1.14%	+7.1%
DIS	Sell	Disney Walt Holdings	$406,931,000	-50.2%	6,309,985	-51.2%	1.06%	-49.1%
SCHW	Sell	Charles Schwab Corp.	$403,355,000	-0.5%	19,080,202	-0.1%	1.05%	+1.7%
BAM	Buy	Brookfield Asset Management Inc. - CLforeign	$396,684,000	+13.8%	10,606,535	+9.6%	1.03%	+16.4%
PCLN	New	Priceline.com Inc	$392,523,000	–	388,271	–	1.02%	–
MSFT	Sell	Microsoft Corp.	$384,014,000	-5.1%	11,538,873	-1.5%	1.00%	-2.9%
JPM	Sell	JPMorgan Chase & Co.	$365,521,000	-8.9%	7,071,404	-7.0%	0.95%	-6.9%
ATVI	Buy	Activision Blizzard, Inc.	$355,490,000	+31.2%	21,312,361	+12.2%	0.92%	+34.2%
ORCL	Sell	Oracle Corporation	$348,751,000	-12.5%	10,514,039	-19.0%	0.90%	-10.6%
ACE	Buy	Ace Limited	$342,254,000	+8.0%	3,658,128	+3.3%	0.89%	+10.6%
PM	Sell	Philip Morris International Inc.	$328,015,000	-1.2%	3,788,142	-1.2%	0.85%	+1.1%
MON	Sell	Monsanto Co.	$320,252,000	-48.6%	3,068,430	-51.4%	0.83%	-47.5%
AMP	Sell	Ameriprise Financial, Inc.	$283,768,000	+12.5%	3,115,589	-0.1%	0.74%	+15.2%
BRKB	Sell	Berkshire Hathaway Inc., Class B	$284,041,000	-2.2%	2,502,346	-3.5%	0.74%	0.0%
PX	Buy	Praxair, Inc.	$273,760,000	+4.6%	2,277,346	+0.2%	0.71%	+6.9%
SLB	Sell	Schlumberger Ltd.	$271,023,000	+3.4%	3,067,261	-16.1%	0.70%	+5.9%
IRM	Sell	Iron Mountain Inc.	$261,724,000	+0.8%	9,686,317	-0.7%	0.68%	+3.0%
QRTEA	Buy	Liberty Interactive Corp. Series A	$248,708,000	+2.2%	10,596,842	+0.2%	0.65%	+4.5%
DEO	Sell	Diageo PLC - ADRadr	$220,905,000	+1.2%	1,738,313	-8.5%	0.57%	+3.4%
HOG	Sell	Harley-Davidson, Inc.	$209,516,000	+15.8%	3,261,460	-1.1%	0.54%	+18.5%
A	Sell	Agilent Technologies, Inc.	$185,796,000	+18.1%	3,625,285	-1.5%	0.48%	+20.8%
RE	Sell	Everest Re Group, Ltd.	$185,555,000	-22.8%	1,276,079	-31.9%	0.48%	-21.0%
MKL	Buy	Markel Corp.	$168,427,000	+1.7%	325,293	+3.5%	0.44%	+3.8%
NFLX	Sell	Netflix Inc.	$158,571,000	+45.6%	512,826	-0.6%	0.41%	+49.3%
GS	Sell	Goldman Sachs Group Inc.	$139,411,000	-34.2%	881,179	-37.1%	0.36%	-32.7%
HPQ	Sell	Hewlett Packard Co.	$138,101,000	-15.9%	6,579,363	-0.7%	0.36%	-13.9%
TXT	New	Textron Inc.	$123,134,000	–	4,459,743	–	0.32%	–
WAIR	Buy	Wesco Aircraft Holdings, Inc	$97,325,000	+264.6%	4,650,008	+223.5%	0.25%	+272.1%
MLM	Sell	Martin Marietta Materials, Inc.	$87,661,000	-0.8%	892,950	-0.5%	0.23%	+1.8%
	New	Hunter Douglas N.V.foreign	$84,295,000	–	1,973,749	–	0.22%	–
TV	Sell	Grupo Televisa S.A.B.-Spons - ADRadr	$71,345,000	-3.1%	2,552,593	-13.9%	0.18%	-1.1%
OAK	Sell	Oaktree Cap Group LLC Class A Units	$70,241,000	-8.2%	1,341,759	-7.9%	0.18%	-6.2%
LVNTA	Sell	Liberty Ventures Series A	$62,204,000	+3.7%	705,504	-0.0%	0.16%	+5.9%
SPG	Sell	Simon Property Group Inc.	$61,128,000	-38.4%	412,388	-34.4%	0.16%	-36.9%
VIPS	Sell	Vipshop Holdings Ltd.-ADSadr	$52,520,000	+84.3%	924,655	-5.4%	0.14%	+88.9%
ACC	Buy	American Campus Communities Inc.	$48,119,000	+6.9%	1,409,052	+27.2%	0.12%	+9.6%
AVB	Sell	Avalonbay Communities, Inc.	$47,875,000	-25.0%	376,698	-20.4%	0.12%	-23.5%
DLR	Sell	Digital Realty Trust Inc.	$38,889,000	-62.8%	732,364	-57.3%	0.10%	-61.9%
VNO	Sell	Vornado Realty Trust	$37,618,000	-54.0%	447,516	-54.7%	0.10%	-52.9%
ESS	Sell	Essex Property Trust, Inc.	$34,547,000	-43.7%	233,899	-39.5%	0.09%	-42.3%
ANGI	Sell	Angie's List Inc.	$33,172,000	-19.0%	1,474,961	-4.3%	0.09%	-17.3%
BXP	Sell	Boston Properties, Inc.	$29,300,000	-43.1%	274,089	-43.8%	0.08%	-42.0%
FCEA	Sell	Forest City Enterprises Inc. - Class A	$28,978,000	-35.8%	1,529,974	-39.3%	0.08%	-34.8%
VTR	Buy	Ventas, Inc.	$28,251,000	+6.1%	459,362	+19.8%	0.07%	+7.4%
ARE	Sell	Alexandria Real Estate Equities, Inc.	$25,991,000	-8.8%	407,064	-6.1%	0.07%	-6.9%
AMT	Sell	American Tower Corp.	$25,376,000	-52.3%	342,323	-52.9%	0.07%	-51.1%
OFC	Sell	Corporate Office Properties Trust	$24,701,000	-19.2%	1,069,324	-10.8%	0.06%	-17.9%
DFT	Sell	DuPont Fabros Technology Inc.	$24,653,000	-13.6%	956,644	-19.0%	0.06%	-11.1%
YOKU	Sell	Youku Tudou Inc. - ADRadr	$23,697,000	+34.5%	864,862	-5.8%	0.06%	+37.8%
LPT	Sell	Liberty Property Trust	$22,455,000	-18.6%	630,751	-15.4%	0.06%	-17.1%
EDR	Sell	Education Realty Trust, Inc.	$22,302,000	-46.2%	2,450,815	-39.6%	0.06%	-44.8%
CTRP	Sell	Ctrip.com International, Ltd. ADRadr	$22,174,000	+60.3%	379,960	-10.4%	0.06%	+65.7%
SIAL	Sell	Sigma-Aldrich Corp.	$21,262,000	-3.8%	249,264	-9.3%	0.06%	-1.8%
SINA	Sell	SINA CORPadr	$21,064,000	+37.0%	259,506	-6.0%	0.06%	+41.0%
GGP	Sell	General Growth Properties Inc.	$20,877,000	-16.8%	1,082,287	-14.3%	0.05%	-15.6%
CBLAQ	Sell	CBL & Associates Properties, Inc.	$17,968,000	-21.6%	940,732	-12.0%	0.05%	-19.0%
FRT	Sell	Federal Realty Investment Trust	$18,151,000	-24.9%	178,918	-23.3%	0.05%	-23.0%
	Buy	Intel Corp 3.25 8/1/39bond	$17,335,000	+13.3%	14,001,000	+16.7%	0.04%	+15.4%
IDXX	Sell	IDEXX Laboratories, Inc.	$16,785,000	+4.1%	168,443	-6.3%	0.04%	+7.3%
HST	Sell	Host Hotels & Resorts Inc.	$17,059,000	-46.0%	965,404	-48.4%	0.04%	-45.0%
USB	Sell	US Bancorp.	$16,170,000	-9.5%	442,055	-10.6%	0.04%	-6.7%
LHO	Sell	LaSalle Hotel Properties	$16,323,000	-53.1%	572,347	-59.4%	0.04%	-52.3%
SKT	New	Tanger Factory Outlet Centers, Inc.	$14,752,000	–	451,832	–	0.04%	–
EGP	Sell	Eastgroup Properties, Inc.	$14,065,000	-43.2%	237,549	-46.0%	0.04%	-41.3%
JNJ	Sell	Johnson & Johnson	$14,173,000	-20.8%	163,492	-21.5%	0.04%	-17.8%
PPS	Sell	Post Properties Inc.	$14,120,000	-70.2%	313,639	-67.2%	0.04%	-69.2%
BAC	Sell	Bank of America Corp.	$13,869,000	-5.2%	1,005,006	-11.7%	0.04%	-2.7%
KSS	Sell	Kohls Corp.	$13,471,000	-15.5%	260,300	-17.6%	0.04%	-12.5%
EXPD	Sell	Expeditors Int'l of Washington Inc.	$13,015,000	+2.6%	295,398	-11.4%	0.03%	+6.2%
ATI	Sell	Allegheny Technologies, Inc.	$12,880,000	+6.4%	422,003	-8.3%	0.03%	+6.5%
UHS	Sell	Universal Health Services, Inc.	$12,546,000	-5.7%	167,300	-15.8%	0.03%	-2.9%
BMR	Buy	Biomed Realty Trust Inc.	$12,553,000	+4.9%	675,270	+14.1%	0.03%	+10.0%
RYN	Sell	Rayonier, Inc.	$12,445,000	-24.0%	223,636	-24.3%	0.03%	-23.8%
TCO	Sell	Taubman Centers, Inc.	$12,501,000	-38.7%	185,721	-31.6%	0.03%	-38.5%
DVN	Sell	Devon Energy Corp.	$12,165,000	-77.8%	210,620	-80.1%	0.03%	-77.0%
BRE	Sell	BRE Properties, Inc.	$12,468,000	-69.5%	245,634	-69.9%	0.03%	-69.2%
WCN	Sell	Waste Connections Inc.	$12,020,000	-7.2%	264,690	-16.0%	0.03%	-6.1%
VRX	Sell	Valeant Pharmaceuticals International,	$12,055,000	+5.6%	115,544	-12.8%	0.03%	+6.9%
LVS	Buy	Las Vegas Sands Corp.	$11,985,000	+265.7%	180,447	+191.4%	0.03%	+287.5%
WMT	Sell	Wal-Mart Stores, Inc.	$11,956,000	-25.5%	161,653	-25.0%	0.03%	-24.4%
PWR	Sell	Quanta Services, Inc.	$11,446,000	-12.1%	416,050	-15.4%	0.03%	-9.1%
TDG	New	Transdigm Group Inc	$11,464,000	–	82,650	–	0.03%	–
POT	Sell	Potash Corp. Saskatchewan Inc.foreign	$11,557,000	-95.2%	369,465	-94.1%	0.03%	-95.0%
C	Sell	Citigroup Inc.	$11,349,000	-20.6%	233,959	-21.5%	0.03%	-19.4%
FOXA	New	Twenty-First Century Fox Inc	$10,778,000	–	321,636	–	0.03%	–
AKR	Buy	Acadia Realty Trust	$10,300,000	+54.6%	417,326	+54.6%	0.03%	+58.8%
NBR	Sell	Nabors Industries Ltd.	$10,544,000	-6.9%	656,540	-11.2%	0.03%	-6.9%
LOW	New	Lowes Cos Inc.	$10,434,000	–	219,146	–	0.03%	–
RIG	Sell	Transocean Ltd.	$10,457,000	-94.7%	234,997	-94.3%	0.03%	-94.6%
SAP	Buy	SAP AG - ADRadr	$10,517,000	+16.7%	142,279	+15.0%	0.03%	+17.4%
CL	Buy	Colgate-Palmolive Co.	$10,226,000	+771.0%	172,451	+741.5%	0.03%	+800.0%
DCT	Buy	DCT Industrial Trust Inc.	$10,087,000	+48.8%	1,402,980	+48.0%	0.03%	+52.9%
UN	Buy	Unilever NV - NY Sharesadr	$10,060,000	+585.3%	266,693	+614.4%	0.03%	+550.0%
BPY	Sell	Brookfield Property Partners LP	$9,877,000	-4.6%	509,663	-0.1%	0.03%	0.0%
MAS	Sell	Masco Corp.	$9,803,000	-7.8%	460,650	-15.6%	0.02%	-7.4%
TSN	New	Tyson Foods Inc.	$9,615,000	–	340,000	–	0.02%	–
SVA	Sell	Sinovac Biotech Ltd.foreign	$8,811,000	-14.7%	1,473,343	-43.9%	0.02%	-11.5%
SFUN	Sell	Soufun Holdings Ltd CL A Adradr	$8,676,000	+86.8%	168,000	-10.2%	0.02%	+91.7%
WFM	Sell	Whole Foods Market Inc.	$8,763,000	-4.7%	149,794	-16.2%	0.02%	0.0%
HCP	New	HCP, Inc.	$8,889,000	–	217,062	–	0.02%	–
FDX	Sell	FedEx Corp.	$8,823,000	-6.2%	77,319	-18.9%	0.02%	-4.2%
GE	Sell	General Electric Co.	$8,885,000	-13.2%	371,920	-15.7%	0.02%	-11.5%
MMM	Sell	3M Company	$8,932,000	-26.3%	74,801	-32.5%	0.02%	-25.8%
NKE	New	Nike Inc	$8,342,000	–	114,842	–	0.02%	–
DE	Sell	Deere & Co.	$8,168,000	-28.7%	100,357	-28.8%	0.02%	-27.6%
REG	Buy	Regency Centers Corporation	$8,113,000	+9.2%	167,797	+14.7%	0.02%	+10.5%
CB	Sell	Chubb Corp.	$8,089,000	-26.8%	90,619	-30.6%	0.02%	-25.0%
AESPRC	New	AES Trust III,6.75%,10/15/29preferred	$8,136,000	–	161,437	–	0.02%	–
NTES	Sell	NetEase Inc. - ADRadr	$8,117,000	+5.0%	111,810	-8.6%	0.02%	+5.0%
IRF	Sell	International Rectifier Corp.	$7,746,000	-0.4%	312,710	-15.8%	0.02%	0.0%
TD	Sell	Toronto Dominion Bankforeign	$7,316,000	+0.4%	81,305	-10.3%	0.02%	+5.6%
SBAC	Sell	SBA Communications Corp-CL A	$6,530,000	-46.8%	81,153	-51.0%	0.02%	-45.2%
CHRW	Sell	C.H. Robinson Worldwide, Inc.	$6,432,000	-4.7%	107,930	-10.0%	0.02%	0.0%
FCX	Sell	Freeport-McMoRan Copper & Gold, Inc.	$6,406,000	+14.1%	193,664	-4.8%	0.02%	+21.4%
AES	Sell	AES Corp.	$6,084,000	-6.3%	457,756	-15.4%	0.02%	0.0%
BA	Sell	Boeing Co.	$6,273,000	-29.8%	53,386	-38.8%	0.02%	-30.4%
FCS	Sell	Fairchild Semiconductor International	$6,169,000	-14.4%	444,157	-14.9%	0.02%	-11.1%
CRM	New	Salesforce.com Inc	$6,069,000	–	116,912	–	0.02%	–
MA	Buy	Mastercard, Inc.	$5,834,000	+424.6%	8,672	+348.2%	0.02%	+400.0%
WFCWS	Sell	Wells Fargo & Co. Warrantswarrant	$5,765,000	-2.8%	410,560	-5.4%	0.02%	0.0%
SHW	Buy	The Sherwin Williams Co.	$5,619,000	+598.0%	30,843	+576.4%	0.02%	+650.0%
AMZN	Sell	Amazon.Com, Inc.	$5,919,000	+10.8%	18,933	-1.6%	0.02%	+7.1%
AMAT	Sell	Applied Materials, Inc.	$5,230,000	-9.7%	298,319	-23.1%	0.01%	-6.7%
DISH	New	Dish Network Corp A	$5,261,000	–	116,879	–	0.01%	–
TJX	New	TJX Companies Inc	$5,536,000	–	98,170	–	0.01%	–
PLD	New	ProLogis Inc.	$5,025,000	–	133,573	–	0.01%	–
CCG	Sell	Campus Crest Communities Inc	$5,044,000	-43.2%	467,032	-39.4%	0.01%	-43.5%
PSA	Sell	Public Storage, Inc.	$5,035,000	-69.3%	31,360	-70.7%	0.01%	-69.0%
AMX	Sell	America Movil S.A.B. de C.V. - ADRadr	$4,538,000	-95.3%	229,078	-94.8%	0.01%	-95.1%
INTC	Sell	Intel Corp.	$3,899,000	-96.9%	170,119	-96.7%	0.01%	-96.8%
SLG	Sell	SL Green Realty Corp.	$3,359,000	-68.3%	37,815	-68.6%	0.01%	-66.7%
DDR	Sell	DDR Corporation	$3,501,000	-53.6%	222,879	-50.9%	0.01%	-52.6%
IBM	Sell	International Business Machines	$3,510,000	-97.4%	18,954	-97.3%	0.01%	-97.4%
CUZ	New	Cousins Properties, Inc.	$3,079,000	–	299,190	–	0.01%	–
X	Sell	United States Steel Corporation	$2,029,000	-1.5%	98,530	-16.1%	0.01%	0.0%
NLSN	Sell	Nielsen Holdings N.V.	$1,523,000	-87.6%	41,770	-88.6%	0.00%	-87.1%
MCPIQ	Sell	Molycorp, Inc.	$1,310,000	-9.0%	199,750	-14.0%	0.00%	-25.0%
LMT	Sell	Lockheed Martin Corp.	$430,000	-37.0%	3,369	-46.4%	0.00%	-50.0%
UPS	New	United Parcel Service, Inc., Class B	$213,000	–	2,326	–	0.00%	–
NWSA	New	News Corp CL A	$496,000	–	30,870	–	0.00%	–
TIF	Sell	Tiffany & Co.	$383,000	-99.5%	5,002	-99.6%	0.00%	-99.5%
AAPL	New	Apple Inc.	$224,000	–	470	–	0.00%	–
CX	Sell	Cemex SA - ADRadr	$243,000	-46.0%	21,765	-48.9%	0.00%	0.0%
AZO	New	Autozone Inc	$512,000	–	1,210	–	0.00%	–
MDWCQ	Exit	Midway Gold Corp.	$0	–	-25,000	–	0.00%	–
APA	Exit	Apache Corp	$0	–	-2,715	–	-0.00%	–
D	Exit	Dominion Resources, Inc.	$0	–	-6,270	–	-0.00%	–
WYNN	Exit	Wynn Resorts, Ltd.	$0	–	-2,450	–	-0.00%	–
AGG	Exit	iShares Lehman Aggregate Bond Fundetf	$0	–	-7,750	–	-0.00%	–
CBS	Exit	CBS Corp., Class B	$0	–	-14,020	–	-0.00%	–
ADSK	Exit	Autodesk, Inc.	$0	–	-25,000	–	-0.00%	–
PSX	Exit	Phillips 66	$0	–	-17,845	–	-0.00%	–
WPO	Exit	Washington Post Co., B	$0	–	-2,604	–	-0.00%	–
HD	Exit	Home Depot Inc	$0	–	-22,500	–	-0.00%	–
COP	Exit	ConocoPhillips	$0	–	-35,690	–	-0.01%	–
JWN	Exit	Nordstrom, Inc.	$0	–	-30,000	–	-0.01%	–
DD	Exit	Du Pont E I de Nemours & Co.	$0	–	-48,155	–	-0.01%	–
NVS	Exit	Novartis Agadr	$0	–	-33,100	–	-0.01%	–
EL	Exit	Estee Lauder Companies, A	$0	–	-34,855	–	-0.01%	–
T	Exit	AT&T Inc.	$0	–	-84,600	–	-0.01%	–
SHO	Exit	Sunstone Hotel Investors, Inc.	$0	–	-336,131	–	-0.01%	–
NBL	Exit	Noble Energy, Inc.	$0	–	-80,620	–	-0.01%	–
CMI	Exit	Cummins Inc.	$0	–	-70,036	–	-0.02%	–
AESPRC	Exit	AES Trust III,6.75%,10/15/29preferred	$0	–	-163,758	–	-0.02%	–
ADP	Exit	Automatic Data Processing	$0	–	-127,711	–	-0.02%	–
NWSA	Exit	News Corp., Class A	$0	–	-334,680	–	-0.03%	–
K	Exit	Kellogg Co	$0	–	-187,927	–	-0.03%	–
CLP	Exit	Colonial Properties Trust	$0	–	-516,950	–	-0.03%	–
	Exit	Tyson Foods Inc 3.25% 10/15/13bond	$0	–	-8,665,000	–	-0.03%	–
LLY	Exit	Eli Lilly and Co.	$0	–	-298,809	–	-0.04%	–
PG	Exit	Procter & Gamble Co.	$0	–	-198,107	–	-0.04%	–
MDT	Exit	Medtronic, Inc.	$0	–	-352,932	–	-0.05%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-207,826	–	-0.05%	–
SYY	Exit	Sysco Corp	$0	–	-1,865,701	–	-0.16%	–
CME	Exit	CME Group Inc.	$0	–	-885,160	–	-0.17%	–
	Exit	Hunter Douglas N.V.foreign	$0	–	-1,979,134	–	-0.20%	–
EMR	Exit	Emerson Electric Co.	$0	–	-3,286,218	–	-0.46%	–

Q2 2013

			Value		Shares		↓ Weighting
AXP	New	American Express Co.	$2,824,423,000	–	37,779,862	–	7.17%	–
WFC	New	Wells Fargo & Co.	$2,492,748,000	–	60,400,962	–	6.33%	–
BK	New	Bank of New York Mellon	$2,447,340,000	–	87,249,185	–	6.21%	–
GOOGL	New	Google Inc. Class A	$2,358,288,000	–	2,678,747	–	5.99%	–
CVS	New	CVS Caremark Corp.	$2,224,108,000	–	38,896,601	–	5.65%	–
BRKA	New	Berkshire Hathaway Inc., A	$1,922,714,000	–	11,404	–	4.88%	–
BBBY	New	Bed Bath + Beyond Inc.	$1,485,063,000	–	20,931,124	–	3.77%	–
COST	New	Costco Wholesale Corp.	$1,431,461,000	–	12,946,197	–	3.63%	–
CNQ	New	Canadian Natural Resourcesforeign	$1,033,385,000	–	36,567,073	–	2.62%	–
UNH	New	UnitedHealth Group, Inc.	$965,868,000	–	14,750,586	–	2.45%	–
L	New	Loews Corp.	$930,589,000	–	20,959,204	–	2.36%	–
PGR	New	Progressive Corp.	$912,402,000	–	35,893,072	–	2.32%	–
ESRX	New	Express Scripts Inc - Class A	$892,923,000	–	14,462,627	–	2.27%	–
DIS	New	Disney Walt Holdings	$817,054,000	–	12,938,299	–	2.07%	–
Y	New	Alleghany Corp.	$737,930,000	–	1,925,153	–	1.87%	–
APD	New	Air Products & Chemicals, Inc.	$661,749,000	–	7,226,703	–	1.68%	–
OXY	New	Occidental Petroleum Corp.	$644,844,000	–	7,226,766	–	1.64%	–
MON	New	Monsanto Co.	$623,376,000	–	6,309,475	–	1.58%	–
LH	New	Laboratory Corporation of America Hldg	$588,890,000	–	5,883,020	–	1.50%	–
KO	New	Coca Cola Co.	$567,257,000	–	14,142,528	–	1.44%	–
EOG	New	EOG Resources, Inc.	$550,609,000	–	4,181,418	–	1.40%	–
TXN	New	Texas Instruments, Inc.	$527,991,000	–	15,150,387	–	1.34%	–
PCAR	New	PACCAR Inc	$511,163,000	–	9,525,962	–	1.30%	–
KMX	New	CarMax, Inc.	$435,974,000	–	9,444,852	–	1.11%	–
ECL	New	Ecolab Inc.	$427,655,000	–	5,020,018	–	1.09%	–
V	New	Visa Inc.	$419,180,000	–	2,293,737	–	1.06%	–
SCHW	New	Charles Schwab Corp.	$405,510,000	–	19,100,783	–	1.03%	–
MSFT	New	Microsoft Corp.	$404,592,000	–	11,712,043	–	1.03%	–
JPM	New	JPMorgan Chase & Co.	$401,283,000	–	7,601,503	–	1.02%	–
ORCL	New	Oracle Corporation	$398,514,000	–	12,976,689	–	1.01%	–
LBTYK	New	Liberty Global PLC - Class C	$395,619,000	–	5,827,348	–	1.00%	–
BAM	New	Brookfield Asset Managementforeign	$348,482,000	–	9,674,677	–	0.88%	–
PM	New	Philip Morris International Inc.	$332,058,000	–	3,833,504	–	0.84%	–
ACE	New	Ace Limited	$316,883,000	–	3,541,380	–	0.80%	–
BRKB	New	Berkshire Hathaway Inc., B	$290,309,000	–	2,593,898	–	0.74%	–
ATVI	New	Activision Blizzard, Inc.	$270,938,000	–	18,999,872	–	0.69%	–
SLB	New	Schlumberger Ltd.	$262,047,000	–	3,656,812	–	0.66%	–
PX	New	Praxair, Inc.	$261,793,000	–	2,273,297	–	0.66%	–
IRM	New	Iron Mountain Inc.	$259,685,000	–	9,758,926	–	0.66%	–
AMP	New	Ameriprise Financial, Inc.	$252,272,000	–	3,119,087	–	0.64%	–
QRTEA	New	Liberty Interactive Corp A	$243,349,000	–	10,575,772	–	0.62%	–
RE	New	Everest Re Group, Ltd.	$240,317,000	–	1,873,671	–	0.61%	–
POT	New	Potash Corp Saskatchewan, Inc.foreign	$238,820,000	–	6,263,301	–	0.61%	–
DEO	New	Diageo PLCadr	$218,365,000	–	1,899,649	–	0.55%	–
GS	New	Goldman Sachs Group Inc.	$211,793,000	–	1,400,286	–	0.54%	–
RIG	New	Transocean Ltd.	$196,464,000	–	4,097,278	–	0.50%	–
HOG	New	Harley-Davidson, Inc.	$180,865,000	–	3,299,244	–	0.46%	–
EMR	New	Emerson Electric Co.	$179,230,000	–	3,286,218	–	0.46%	–
MKL	New	Markel Corp.	$165,654,000	–	314,363	–	0.42%	–
HPQ	New	Hewlett Packard Co.	$164,288,000	–	6,624,502	–	0.42%	–
A	New	Agilent Technologies, Inc.	$157,324,000	–	3,679,231	–	0.40%	–
IBM	New	International Business Machines	$136,374,000	–	713,588	–	0.35%	–
INTC	New	Intel Corp.	$124,237,000	–	5,127,398	–	0.32%	–
NFLX	New	Netflix Inc.	$108,896,000	–	515,876	–	0.28%	–
DLR	New	Digital Realty Trust Inc.	$104,542,000	–	1,713,805	–	0.26%	–
SPG	New	Simon Property Group Inc.	$99,310,000	–	628,864	–	0.25%	–
AMX	New	America Movil S.A.B. de C.V.adr	$96,044,000	–	4,415,809	–	0.24%	–
MLM	New	Martin Marietta Materials, Inc.	$88,347,000	–	897,651	–	0.22%	–
TIF	New	Tiffany & Co.	$83,806,000	–	1,150,544	–	0.21%	–
VNO	New	Vornado Realty Trust	$81,798,000	–	987,304	–	0.21%	–
	New	Hunter Douglas N.V.foreign	$78,978,000	–	1,979,134	–	0.20%	–
OAK	New	Oaktree Cap Group LLC	$76,521,000	–	1,456,149	–	0.19%	–
TV	New	Grupo Televisa SAadr	$73,644,000	–	2,964,747	–	0.19%	–
CME	New	CME Group Inc.	$67,228,000	–	885,160	–	0.17%	–
AVB	New	Avalonbay Communities, Inc.	$63,843,000	–	473,227	–	0.16%	–
SYY	New	Sysco Corp	$63,732,000	–	1,865,701	–	0.16%	–
ESS	New	Essex Property Trust, Inc.	$61,405,000	–	386,391	–	0.16%	–
LVNTA	New	Liberty Ventures Series A	$59,978,000	–	705,544	–	0.15%	–
DVN	New	Devon Energy Corp.	$54,815,000	–	1,056,575	–	0.14%	–
AMT	New	American Tower Corp.	$53,198,000	–	727,048	–	0.14%	–
AIG	New	American International Group Inc.	$52,922,000	–	1,183,930	–	0.13%	–
BXP	New	Boston Properties, Inc.	$51,476,000	–	488,064	–	0.13%	–
PPS	New	Post Properties, Inc.	$47,340,000	–	956,553	–	0.12%	–
FCEA	New	Forest City Enterprises Inc. - A	$45,119,000	–	2,519,184	–	0.12%	–
ACC	New	American Campus Communities	$45,027,000	–	1,107,403	–	0.11%	–
EDR	New	Education Realty Trust, Inc.	$41,481,000	–	4,054,858	–	0.10%	–
ANGI	New	Angie's List Inc.	$40,937,000	–	1,541,316	–	0.10%	–
BRE	New	BRE Properties, Inc.	$40,866,000	–	816,988	–	0.10%	–
LHO	New	LaSalle Hotel Properties	$34,785,000	–	1,408,304	–	0.09%	–
HST	New	Host Hotels & Resorts Inc.	$31,575,000	–	1,871,684	–	0.08%	–
OFC	New	Corporate Office Properties Trust	$30,557,000	–	1,198,313	–	0.08%	–
VIPS	New	Vipshop Holdings Ltd.adr	$28,503,000	–	977,476	–	0.07%	–
DFT	New	DuPont Fabros Technology Inc.	$28,540,000	–	1,181,763	–	0.07%	–
ARE	New	Alexandria Real Estate Equities	$28,498,000	–	433,630	–	0.07%	–
LPT	New	Liberty Property Trust	$27,570,000	–	745,935	–	0.07%	–
VTR	New	Ventas, Inc.	$26,623,000	–	383,287	–	0.07%	–
WAIR	New	Wesco Aircraft Holdings Inc.	$26,690,000	–	1,437,261	–	0.07%	–
GGP	New	General Growth Properties, Inc.	$25,088,000	–	1,262,618	–	0.06%	–
EGP	New	Eastgroup Properties, Inc.	$24,745,000	–	439,762	–	0.06%	–
FRT	New	Federal Realty Investment Trust	$24,180,000	–	233,221	–	0.06%	–
CBLAQ	New	CBL & Associates Properties	$22,911,000	–	1,069,603	–	0.06%	–
SIAL	New	Sigma-Aldrich Corp.	$22,091,000	–	274,691	–	0.06%	–
TCO	New	Taubman Centers, Inc.	$20,409,000	–	271,578	–	0.05%	–
XOM	New	Exxon Mobil Corp.	$18,777,000	–	207,826	–	0.05%	–
MDT	New	Medtronic, Inc.	$18,165,000	–	352,932	–	0.05%	–
JNJ	New	Johnson & Johnson	$17,884,000	–	208,287	–	0.04%	–
YOKU	New	Youku.com Inc.adr	$17,614,000	–	917,861	–	0.04%	–
USB	New	US Bancorp	$17,867,000	–	494,247	–	0.04%	–
PSA	New	Public Storage, Inc	$16,391,000	–	106,900	–	0.04%	–
RYN	New	Rayonier, Inc	$16,368,000	–	295,504	–	0.04%	–
IDXX	New	IDEXX Laboratories, Inc.	$16,126,000	–	179,794	–	0.04%	–
WMT	New	Wal-Mart Stores, Inc.	$16,056,000	–	215,550	–	0.04%	–
KSS	New	Kohls Corp.	$15,951,000	–	315,800	–	0.04%	–
SINA	New	Sina Corp.adr	$15,378,000	–	275,943	–	0.04%	–
PG	New	Procter & Gamble Co.	$15,252,000	–	198,107	–	0.04%	–
	New	Intel Corp 3.25 8/1/39bond	$15,294,000	–	12,001,000	–	0.04%	–
BAC	New	Bank of America Corp.	$14,632,000	–	1,137,826	–	0.04%	–
LLY	New	Eli Lilly and Co.	$14,677,000	–	298,809	–	0.04%	–
C	New	Citigroup Inc.	$14,293,000	–	297,959	–	0.04%	–
	New	US Steel Corp. CV 2.75% 4/1/19bond	$13,816,000	–	14,000,000	–	0.04%	–
CTRP	New	Ctrip.com International, Ltd.adr	$13,832,000	–	423,890	–	0.04%	–
UHS	New	Universal Health Services, Inc.	$13,308,000	–	198,740	–	0.03%	–
	New	Tyson Foods Inc 3.25% 10/15/13bond	$13,209,000	–	8,665,000	–	0.03%	–
WCN	New	Waste Connections Inc.	$12,958,000	–	314,970	–	0.03%	–
	New	United Rental 4% CVbond	$13,083,000	–	2,922,000	–	0.03%	–
PWR	New	Quanta Services, Inc.	$13,020,000	–	492,050	–	0.03%	–
EXPD	New	Expeditors Int'l of Washington Inc.	$12,680,000	–	333,331	–	0.03%	–
CLP	New	Colonial Properties Trust	$12,469,000	–	516,950	–	0.03%	–
SBAC	New	SBA Communications Corp	$12,278,000	–	165,656	–	0.03%	–
MMM	New	3M company	$12,123,000	–	110,861	–	0.03%	–
K	New	Kellogg Co	$12,071,000	–	187,927	–	0.03%	–
NLSN	New	Nielsen Holdings B.V.	$12,306,000	–	366,349	–	0.03%	–
ATI	New	Allegheny Technologies, Inc.	$12,103,000	–	460,033	–	0.03%	–
BMR	New	Biomed Realty Trust, Inc.	$11,969,000	–	591,624	–	0.03%	–
VRX	New	Valeant Pharmaceutical Int'l	$11,412,000	–	132,579	–	0.03%	–
NBR	New	Nabors Industries Ltd.	$11,323,000	–	739,600	–	0.03%	–
DE	New	Deere & Co	$11,448,000	–	140,896	–	0.03%	–
CB	New	Chubb Corp.	$11,053,000	–	130,570	–	0.03%	–
NWSA	New	News Corp., Class A	$10,904,000	–	334,680	–	0.03%	–
SLG	New	SL Green Realty Corp.	$10,607,000	–	120,278	–	0.03%	–
MAS	New	Masco Corp.	$10,635,000	–	545,670	–	0.03%	–
GE	New	General Electric Co.	$10,234,000	–	441,320	–	0.03%	–
BPY	New	Brookfield Property Partners LP	$10,352,000	–	509,972	–	0.03%	–
SVA	New	Sinovac Biotech Ltd.foreign	$10,325,000	–	2,627,231	–	0.03%	–
IBN	New	ICICI Bank Limitedadr	$9,622,000	–	251,565	–	0.02%	–
FDX	New	FedEx Corp.	$9,404,000	–	95,392	–	0.02%	–
BA	New	Boeing Co.	$8,940,000	–	87,271	–	0.02%	–
SAP	New	SAP AGadr	$9,012,000	–	123,742	–	0.02%	–
WFM	New	Whole Foods Market Inc.	$9,199,000	–	178,700	–	0.02%	–
CCG	New	Campus Crest Communities, Inc.	$8,887,000	–	770,119	–	0.02%	–
ADP	New	Automatic Data Processing	$8,794,000	–	127,711	–	0.02%	–
AESPRC	New	AES Trust III,6.75%,10/15/29preferred	$8,269,000	–	163,758	–	0.02%	–
	New	Forest City Ent FCE 4.25bond	$7,794,000	–	6,963,000	–	0.02%	–
NTES	New	NetEase.com Inc.adr	$7,729,000	–	122,360	–	0.02%	–
IRF	New	International Rectifier Corp.	$7,779,000	–	371,510	–	0.02%	–
DDR	New	DDR Corporation	$7,551,000	–	453,523	–	0.02%	–
REG	New	Regency Centers Corporation	$7,430,000	–	146,237	–	0.02%	–
CMI	New	Cummins Inc.	$7,596,000	–	70,036	–	0.02%	–
TD	New	Toronto Dominion Bankforeign	$7,284,000	–	90,635	–	0.02%	–
FCS	New	Fairchild Semiconductor Intl	$7,206,000	–	522,157	–	0.02%	–
DCT	New	DCT Industrial Trust Inc.	$6,777,000	–	947,856	–	0.02%	–
CHRW	New	C.H. Robinson Worldwide, Inc.	$6,750,000	–	119,874	–	0.02%	–
AKR	New	Acadia Realty Trust	$6,664,000	–	269,910	–	0.02%	–
AES	New	AES Corp.	$6,491,000	–	541,340	–	0.02%	–
AMAT	New	Applied Materials, Inc.	$5,791,000	–	388,153	–	0.02%	–
WFCWS	New	Wells Fargo & Co. Warrantswarrant	$5,932,000	–	433,960	–	0.02%	–
FCX	New	Freeport-McMoRan Copper & Gold	$5,615,000	–	203,374	–	0.01%	–
AMZN	New	Amazon.Com, Inc.	$5,344,000	–	19,245	–	0.01%	–
	New	Molycorp 3.25%bond	$5,020,000	–	7,500,000	–	0.01%	–
SFUN	New	Soufun Holdings Ltd.adr	$4,645,000	–	187,150	–	0.01%	–
NBL	New	Noble Energy, Inc.	$4,840,000	–	80,620	–	0.01%	–
	New	Molycorp 6%bond	$4,277,000	–	5,750,000	–	0.01%	–
TS	New	Tenaris S.A. - ADRadr	$4,297,000	–	106,700	–	0.01%	–
SHO	New	Sunstone Hotel Investors, Inc.	$4,060,000	–	336,131	–	0.01%	–
LVS	New	Las Vegas Sands Corp.	$3,277,000	–	61,918	–	0.01%	–
T	New	AT&T Inc.	$2,995,000	–	84,600	–	0.01%	–
EL	New	Estee Lauder Companies, A	$2,292,000	–	34,855	–	0.01%	–
NVS	New	Novartis Agadr	$2,341,000	–	33,100	–	0.01%	–
FMD	New	The First Marblehead Corp.	$2,254,000	–	1,910,194	–	0.01%	–
DD	New	Du Pont E I de Nemours & Co.	$2,528,000	–	48,155	–	0.01%	–
COP	New	ConocoPhillips	$2,159,000	–	35,690	–	0.01%	–
JWN	New	Nordstrom, Inc.	$1,798,000	–	30,000	–	0.01%	–
X	New	US Steel Corp.	$2,059,000	–	117,430	–	0.01%	–
ALTR	New	Altera Corp.	$1,610,000	–	48,800	–	0.00%	–
UN	New	Unilever NVadr	$1,468,000	–	37,332	–	0.00%	–
	New	Forest City Ent FCE 5bond	$1,658,000	–	1,120,000	–	0.00%	–
HD	New	Home Depot Inc	$1,743,000	–	22,500	–	0.00%	–
MCPIQ	New	Molycorp, Inc.	$1,439,000	–	232,150	–	0.00%	–
WPO	New	Washington Post Co., B	$1,260,000	–	2,604	–	0.00%	–
PSX	New	Phillips 66	$1,051,000	–	17,845	–	0.00%	–
ABB	New	ABB Limited ADRadr	$1,074,000	–	49,600	–	0.00%	–
MA	New	Mastercard, Inc.	$1,112,000	–	1,935	–	0.00%	–
CL	New	Colgate-Palmolive Co.	$1,174,000	–	20,493	–	0.00%	–
RSG	New	Republic Services, Inc.	$805,000	–	23,720	–	0.00%	–
SHW	New	The Sherwin Williams Co.	$805,000	–	4,560	–	0.00%	–
LMT	New	Lockheed Martin Corp.	$682,000	–	6,290	–	0.00%	–
AGG	New	iShares Lehman Aggregate Bond Fundetf	$831,000	–	7,750	–	0.00%	–
V107SC	New	WellPoint Inc.	$645,000	–	7,880	–	0.00%	–
CBS	New	CBS Corp., Class B	$685,000	–	14,020	–	0.00%	–
ADSK	New	Autodesk, Inc.	$849,000	–	25,000	–	0.00%	–
WYNN	New	Wynn Resorts, Ltd.	$314,000	–	2,450	–	0.00%	–
CX	New	Cemex SAadr	$450,000	–	42,565	–	0.00%	–
LVLT	New	Level 3 Communications, Inc.	$325,000	–	15,400	–	0.00%	–
WRB	New	W. R. Berkley Corp.	$208,000	–	5,080	–	0.00%	–
BDX	New	Becton, Dickinson and Co.	$455,000	–	4,600	–	0.00%	–
BAX	New	Baxter International Inc.	$381,000	–	5,495	–	0.00%	–
SE	New	Spectra Energy Corp.	$405,000	–	11,750	–	0.00%	–
APA	New	Apache Corp	$228,000	–	2,715	–	0.00%	–
D	New	Dominion Resources, Inc.	$356,000	–	6,270	–	0.00%	–
MDWCQ	New	Midway Gold Corp.	$24,000	–	25,000	–	0.00%	–

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