HARVARD MANAGEMENT CO INC Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
FB	Sell	Meta Platforms Inccl a	$287,753	-11.7%	958,505	-15.6%	32.48%	+1.5%
GOOGL	Sell	Alphabet Inccap stk cl a	$227,549	-21.2%	1,738,875	-27.9%	25.69%	-9.3%
	New	Maplebear, Inc	$15,434	–	519,838	–	1.74%	–
TXG	Sell	10X Genomics Inc	$7,013	-32.5%	170,000	-8.7%	0.79%	-22.4%
SANA	Sell	Sana Biotechnology Inc	$837	-70.0%	216,376	-53.8%	0.09%	-65.7%
MGTA	Exit	Magenta Therapeutics Inc	$0	–	-332,610	–	-0.02%	–
	Exit	Disc Medicine Inc	$0	–	-8,452	–	-0.04%	–
	Exit	Pardes Biosciences Inc	$0	–	-400,000	–	-0.07%	–
PRAX	Exit	Praxis Precision Medicines Inc	$0	–	-692,617	–	-0.08%	–
FULC	Exit	Fulcrum Therapeutics Inc	$0	–	-341,972	–	-0.11%	–
DBTX	Exit	Decibel Therapeutics Inc	$0	–	-326,029	–	-0.12%	–
KNTE	Exit	Kinnate Biopharma Inc	$0	–	-462,418	–	-0.14%	–
GBIO	Exit	Generation Bio Co	$0	–	-510,354	–	-0.28%	–
PACB	Exit	Pacific Biosciences Calif Inc	$0	–	-233,186	–	-0.30%	–
NRIX	Exit	Nurix Therapeutics Inc	$0	–	-314,762	–	-0.31%	–
RXRX	Exit	Recursion Pharmaceuticals Incl a	$0	–	-882,129	–	-0.65%	–
	Exit	EQRX Inc	$0	–	-3,853,367	–	-0.70%	–

Q2 2023

			Value		Shares		↓ Weighting
FB	New	Meta Platforms Inccl a	$325,985	–	1,135,916	–	31.99%	–
GOOGL	New	Alphabet Inccap stk cl a	$288,661	–	2,411,540	–	28.33%	–
SGMS	New	Light & Wonder Inc	$184,179	–	2,678,571	–	18.08%	–
	New	Grab Holdings Limitedclass a ord	$44,715	–	13,036,482	–	4.39%	–
PCTTW	New	Purecycle Technologies Inc*w exp 03/17/202	$26,705	–	2,498,170	–	2.62%	–
NVDA	New	Nvidia Corporation	$21,273	–	50,289	–	2.09%	–
TSM	New	Taiwan Semiconductor Mfg Ltdsponsored ads	$20,421	–	202,347	–	2.00%	–
ASML	New	ASML Holding N V	$19,944	–	27,519	–	1.96%	–
AMD	New	Advanced Micro Devices Inc	$19,069	–	167,406	–	1.87%	–
TXG	New	10X Genomics Inc	$10,394	–	186,143	–	1.02%	–
	New	EQRX Inc	$7,167	–	3,853,367	–	0.70%	–
RXRX	New	Recursion Pharmaceuticals Incl a	$6,590	–	882,129	–	0.65%	–
	New	Rocket Lab Usa Inc	$6,000	–	1,000,000	–	0.59%	–
CFLT	New	Confluent Inc	$4,604	–	130,383	–	0.45%	–
	New	Tenaya Therapeutics Inc	$3,952	–	673,270	–	0.39%	–
NRIX	New	Nurix Therapeutics Inc	$3,144	–	314,762	–	0.31%	–
PCT	New	Purecycle Technologies Inc	$3,136	–	714,285	–	0.31%	–
PACB	New	Pacific Biosciences Calif Inc	$3,101	–	233,186	–	0.30%	–
GBIO	New	Generation Bio Co	$2,807	–	510,354	–	0.28%	–
SANA	New	Sana Biotechnology Inc	$2,794	–	468,749	–	0.27%	–
	New	Vigil Neuroscience Inc	$2,721	–	289,460	–	0.27%	–
	New	Tango Therapeutics Inc	$2,352	–	708,385	–	0.23%	–
KNTE	New	Kinnate Biopharma Inc	$1,401	–	462,418	–	0.14%	–
DBTX	New	Decibel Therapeutics Inc	$1,255	–	326,029	–	0.12%	–
FULC	New	Fulcrum Therapeutics Inc	$1,129	–	341,972	–	0.11%	–
	New	Xilio Therapeutics Inc	$1,090	–	416,059	–	0.11%	–
	New	Nauticus Robotics Inc.	$1,060	–	500,000	–	0.10%	–
PRAX	New	Praxis Precision Medicines Inc	$797	–	692,617	–	0.08%	–
	New	Pardes Biosciences Inc	$724	–	400,000	–	0.07%	–
MCRB	New	Seres Therapeutics Inc	$632	–	131,847	–	0.06%	–
	New	Surrozen Inc	$455	–	826,852	–	0.04%	–
	New	Disc Medicine Inc	$375	–	8,452	–	0.04%	–
MGTA	New	Magenta Therapeutics Inc	$252	–	332,610	–	0.02%	–

Q4 2022

			Value		Shares		↓ Weighting
GMTX	Exit	Gemini Therapeutics Inc	$0	–	-250,000	–	-0.05%	–
MGTA	Exit	Magenta Therapeutics Inc	$0	–	-332,610	–	-0.06%	–
	Exit	Pardes Biosciences Inc	$0	–	-400,000	–	-0.09%	–
MCRB	Exit	Seres Therapeutics Inc	$0	–	-131,847	–	-0.10%	–
LAUR	Exit	Laureate Education Inc	$0	–	-101,804	–	-0.13%	–
DBTX	Exit	Decibel Therapeutics Inc	$0	–	-328,798	–	-0.14%	–
	Exit	Xilio Therapeutics Inc	$0	–	-416,059	–	-0.15%	–
PACB	Exit	Pacific Biosciences Calif Inc	$0	–	-229,144	–	-0.16%	–
DYN	Exit	Dyne Therapeutics Inc	$0	–	-107,252	–	-0.17%	–
	Exit	Surrozen Inc	$0	–	-826,852	–	-0.21%	–
PRAX	Exit	Praxis Precision Medicines Inc	$0	–	-778,517	–	-0.22%	–
	Exit	Nauticus Robotics Inc.	$0	–	-500,000	–	-0.22%	–
	Exit	Tenaya Therapeutics Inc	$0	–	-673,270	–	-0.24%	–
PCTTW	Exit	Purecycle Technologies Inc*w exp 03/17/202	$0	–	-714,285	–	-0.30%	–
	Exit	Tango Therapeutics Inc	$0	–	-708,385	–	-0.32%	–
	Exit	Vigil Neuroscience Inc	$0	–	-289,460	–	-0.33%	–
GBIO	Exit	Generation Bio Co	$0	–	-510,354	–	-0.34%	–
SANA	Exit	Sana Biotechnology Inc	$0	–	-468,749	–	-0.35%	–
CFLT	Exit	Confluent Inc	$0	–	-130,383	–	-0.39%	–
AFRM	Exit	Affirm Hldgs Inc	$0	–	-173,560	–	-0.40%	–
FULC	Exit	Fulcrum Therapeutics Inc	$0	–	-410,714	–	-0.41%	–
	Exit	Rocket Lab Usa Inc	$0	–	-1,000,000	–	-0.51%	–
NRIX	Exit	Nurix Therapeutics Inc	$0	–	-314,762	–	-0.51%	–
TXG	Exit	10X Genomics Inc	$0	–	-186,143	–	-0.66%	–
INTC	Exit	Intel Corp	$0	–	-207,752	–	-0.67%	–
MU	Exit	Micron Technology Inc	$0	–	-107,522	–	-0.67%	–
KNTE	Exit	Kinnate Biopharma Inc	$0	–	-498,001	–	-0.74%	–
LRCX	Exit	Lam Research Corp	$0	–	-19,131	–	-0.87%	–
AMD	Exit	Advanced Micro Devices Inc	$0	–	-112,137	–	-0.88%	–
AMAT	Exit	Applied Matls Inc	$0	–	-88,443	–	-0.90%	–
TSM	Exit	Taiwan Semiconductor Mfg Ltdsponsored ads	$0	–	-107,294	–	-0.92%	–
ADI	Exit	Analog Devices Inc	$0	–	-54,568	–	-0.95%	–
NVDA	Exit	Nvidia Corporation	$0	–	-66,368	–	-1.00%	–
QRVO	Exit	Qorvo Inc	$0	–	-104,669	–	-1.03%	–
ASML	Exit	ASML Holding N V	$0	–	-20,186	–	-1.04%	–
	Exit	Meli Kaszek Pioneer Corpclass a ord	$0	–	-1,000,000	–	-1.23%	–
PLRX	Exit	Pliant Therapeutics Inc	$0	–	-562,379	–	-1.46%	–
RLAY	Exit	Relay Therapeutics Inc	$0	–	-541,124	–	-1.51%	–
RVMD	Exit	Revolution Medicines Inc	$0	–	-670,382	–	-1.64%	–
RXRX	Exit	Recursion Pharmaceuticals Incl a	$0	–	-1,509,254	–	-2.00%	–
PCT	Exit	Purecycle Technologies Inc	$0	–	-2,498,170	–	-2.51%	–
	Exit	Grab Holdings Limitedclass a ord	$0	–	-9,301,490	–	-3.04%	–
	Exit	EQRX Inc	$0	–	-5,262,161	–	-3.24%	–
ABCL	Exit	Abcellera Biologics Inc	$0	–	-4,105,095	–	-5.05%	–
SGMS	Exit	Light & Wonder Inc	$0	–	-2,678,571	–	-14.29%	–
FB	Exit	Meta Platforms Inccl a	$0	–	-1,135,916	–	-19.18%	–
GOOGL	Exit	Alphabet Inccap stk cl a	$0	–	-2,411,540	–	-28.70%	–

Q3 2022

			Value		Shares		↓ Weighting
GOOGL	Buy	Alphabet Inccap stk cl a	$230,664,000	-12.2%	2,411,540	+1900.0%	28.70%	-5.7%
	Buy	Grab Holdings Limitedclass a ord	$24,463,000	+80.1%	9,301,490	+73.2%	3.04%	+93.5%
	New	Nauticus Robotics Inc.	$1,805,000	–	500,000	–	0.22%	–
LAUR	New	Laureate Education Inc	$1,074,000	–	101,804	–	0.13%	–

Q2 2022

			Value		Shares		↓ Weighting
GOOGL	New	ALPHABET INCcap stk cl a	$262,769,000	–	120,577	–	30.42%	–
FB	New	META PLATFORMS INCcl a	$183,166,000	–	1,135,916	–	21.21%	–
SGMS	New	LIGHT & WONDER INC	$125,866,000	–	2,678,571	–	14.57%	–
ABCL	New	ABCELLERA BIOLOGICS INC	$43,719,000	–	4,105,095	–	5.06%	–
	New	EQRX INC	$24,680,000	–	5,262,161	–	2.86%	–
PCT	New	PURECYCLE TECHNOLOGIES INC	$18,536,000	–	2,498,170	–	2.15%	–
	New	GRAB HOLDINGS LIMITEDclass a ord	$13,586,000	–	5,369,919	–	1.57%	–
RVMD	New	REVOLUTION MEDICINES INC	$13,066,000	–	670,382	–	1.51%	–
RXRX	New	RECURSION PHARMACEUTICALS INcl a	$12,285,000	–	1,509,254	–	1.42%	–
NVDA	New	NVIDIA CORPORATION	$10,061,000	–	66,368	–	1.16%	–
	New	MELI KASZEK PIONEER CORPclass a ord	$9,900,000	–	1,000,000	–	1.15%	–
QRVO	New	QORVO INC	$9,872,000	–	104,669	–	1.14%	–
ASML	New	ASML HOLDING N V	$9,606,000	–	20,186	–	1.11%	–
RLAY	New	RELAY THERAPEUTICS INC	$9,064,000	–	541,124	–	1.05%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$8,771,000	–	107,294	–	1.02%	–
AMD	New	ADVANCED MICRO DEVICES INC	$8,575,000	–	112,137	–	0.99%	–
TXG	New	10X GENOMICS INC	$8,423,000	–	186,143	–	0.98%	–
LRCX	New	LAM RESEARCH CORP	$8,153,000	–	19,131	–	0.94%	–
AMAT	New	APPLIED MATLS INC	$8,047,000	–	88,443	–	0.93%	–
ADI	New	ANALOG DEVICES INC	$7,972,000	–	54,568	–	0.92%	–
INTC	New	INTEL CORP	$7,772,000	–	207,752	–	0.90%	–
KNTE	New	KINNATE BIOPHARMA INC	$6,280,000	–	498,001	–	0.73%	–
MU	New	MICRON TECHNOLOGY INC	$5,944,000	–	107,522	–	0.69%	–
PLRX	New	PLIANT THERAPEUTICS INC	$4,505,000	–	562,379	–	0.52%	–
NRIX	New	NURIX THERAPEUTICS INC	$3,988,000	–	314,762	–	0.46%	–
	New	ROCKET LAB USA INC	$3,790,000	–	1,000,000	–	0.44%	–
	New	TENAYA THERAPEUTICS INC	$3,791,000	–	673,270	–	0.44%	–
GBIO	New	GENERATION BIO CO	$3,348,000	–	510,354	–	0.39%	–
	New	TANGO THERAPEUTICS INC	$3,209,000	–	708,385	–	0.37%	–
AFRM	New	AFFIRM HLDGS INC	$3,134,000	–	173,560	–	0.36%	–
CFLT	New	CONFLUENT INC	$3,030,000	–	130,383	–	0.35%	–
SANA	New	SANA BIOTECHNOLOGY INC	$3,014,000	–	468,749	–	0.35%	–
	New	SURROZEN INC	$2,431,000	–	826,852	–	0.28%	–
FULC	New	FULCRUM THERAPEUTICS INC	$2,012,000	–	410,714	–	0.23%	–
PRAX	New	PRAXIS PRECISION MEDICINES I	$1,907,000	–	778,517	–	0.22%	–
PCTTW	New	PURECYCLE TECHNOLOGIES INC*w exp 03/17/202	$1,893,000	–	714,285	–	0.22%	–
DBTX	New	DECIBEL THERAPEUTICS INC	$1,384,000	–	328,798	–	0.16%	–
	New	PARDES BIOSCIENCES INC	$1,228,000	–	400,000	–	0.14%	–
	New	XILIO THERAPEUTICS INC	$1,215,000	–	416,059	–	0.14%	–
PACB	New	PACIFIC BIOSCIENCES CALIF IN	$1,013,000	–	229,144	–	0.12%	–
	New	VIGIL NEUROSCIENCE INC	$747,000	–	289,460	–	0.09%	–
DYN	New	DYNE THERAPEUTICS INC	$737,000	–	107,252	–	0.08%	–
MCRB	New	SERES THERAPEUTICS INC	$452,000	–	131,847	–	0.05%	–
GMTX	New	GEMINI THERAPEUTICS INC	$423,000	–	250,000	–	0.05%	–
MGTA	New	MAGENTA THERAPEUTICS INC	$399,000	–	332,610	–	0.05%	–

Q4 2021

			Value		Shares		↓ Weighting
	Exit	AMPLITUDE CL A ORD (NMQ)class a ord	$0	–	-540	–	-0.00%	–
	Exit	SURROZEN INC*w exp 08/01/203	$0	–	-108,333	–	-0.01%	–
MCRB	Exit	SERES THERAPEUTICS INC	$0	–	-131,847	–	-0.05%	–
GMTX	Exit	GEMINI THERAPEUTICS INC	$0	–	-250,000	–	-0.06%	–
DYN	Exit	DYNE THERAPEUTICS INC	$0	–	-107,252	–	-0.10%	–
MGTA	Exit	MAGENTA THERAPEUTICS INC	$0	–	-332,610	–	-0.14%	–
DBTX	Exit	DECIBEL THERAPEUTICS INC	$0	–	-328,798	–	-0.15%	–
IJH	Exit	ISHARES TRcore s&p mcp etf	$0	–	-12,683	–	-0.20%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-73,804	–	-0.22%	–
FSII	Exit	FS DEVELOPMENT CORP II	$0	–	-400,000	–	-0.23%	–
IJR	Exit	ISHARES TRcore s&p scp etf	$0	–	-49,559	–	-0.32%	–
PACB	Exit	PACIFIC BIOSCIENCES CALIF IN	$0	–	-229,144	–	-0.34%	–
	Exit	SURROZEN INC	$0	–	-826,852	–	-0.34%	–
VEA	Exit	VANGUARD TAX-MANAGED INTL FDftse dev mkt etf	$0	–	-162,699	–	-0.48%	–
	Exit	TANGO THERAPEUTICS INC	$0	–	-708,385	–	-0.54%	–
NRIX	Exit	NURIX THERAPEUTICS INC	$0	–	-314,762	–	-0.55%	–
PLRX	Exit	PLIANT THERAPEUTICS INC	$0	–	-562,379	–	-0.56%	–
	Exit	MELI KASZEK PIONEER CORPclass a ord	$0	–	-1,000,000	–	-0.65%	–
KNTE	Exit	KINNATE BIOPHARMA INC	$0	–	-498,001	–	-0.67%	–
FULC	Exit	FULCRUM THERAPEUTICS INC	$0	–	-410,714	–	-0.68%	–
GBIO	Exit	GENERATION BIO CO	$0	–	-510,354	–	-0.75%	–
	Exit	TENAYA THERAPEUTICS INC	$0	–	-673,270	–	-0.82%	–
PCT	Exit	PURECYCLE TECHNOLOGIES INC	$0	–	-1,069,600	–	-0.83%	–
PRAX	Exit	PRAXIS PRECISION MEDICINES I	$0	–	-778,517	–	-0.84%	–
GLD	Exit	SPDR GOLD TR	$0	–	-91,955	–	-0.88%	–
	Exit	ROCKET LAB USA INC	$0	–	-1,000,000	–	-0.94%	–
RLAY	Exit	RELAY THERAPEUTICS INC	$0	–	-541,124	–	-1.00%	–
RVMD	Exit	REVOLUTION MEDICINES INC	$0	–	-670,382	–	-1.08%	–
SANA	Exit	SANA BIOTECHNOLOGY INC	$0	–	-1,163,601	–	-1.54%	–
TXG	Exit	10X GENOMICS INC	$0	–	-186,143	–	-1.59%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-65,342	–	-1.65%	–
RXRX	Exit	RECURSION PHARMACEUTICALS INcl a	$0	–	-1,509,254	–	-2.04%	–
QQQ	Exit	INVESCO QQQ TRunit ser 1	$0	–	-101,448	–	-2.13%	–
ABCL	Exit	ABCELLERA BIOLOGICS INC	$0	–	-4,105,095	–	-4.82%	–
AFRM	Exit	AFFIRM HLDGS INC	$0	–	-753,804	–	-5.26%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-61,070	–	-9.57%	–
SGMS	Exit	SCIENTIFIC GAMES CORP	$0	–	-2,678,571	–	-13.04%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-713,073	–	-14.18%	–
RPRX	Exit	ROYALTY PHARMA PLC	$0	–	-7,142,856	–	-15.13%	–
AAPL	Exit	APPLE INC	$0	–	-1,883,445	–	-15.62%	–

Q3 2021

			Value		Shares		↓ Weighting
AAPL	Sell	APPLE INC	$266,507,000	-20.1%	1,883,445	-22.6%	15.62%	-18.6%
FB	Buy	FACEBOOK INCcl a	$242,010,000	+34.0%	713,073	+37.3%	14.18%	+36.5%
GOOGL	New	ALPHABET INCcap stk cl a	$163,272,000	–	61,070	–	9.57%	–
AFRM	Buy	AFFIRM HLDGS INC	$89,801,000	+179.3%	753,804	+57.9%	5.26%	+184.5%
QQQ	Sell	INVESCO QQQ TRunit ser 1	$36,314,000	+0.2%	101,448	-0.8%	2.13%	+2.1%
SANA	Buy	SANA BIOTECHNOLOGY INC	$26,204,000	+184.3%	1,163,601	+148.2%	1.54%	+189.8%
	New	ROCKET LAB USA INC	$16,130,000	–	1,000,000	–	0.94%	–
	New	TENAYA THERAPEUTICS INC	$13,903,000	–	673,270	–	0.82%	–
GBIO	Sell	GENERATION BIO CO	$12,795,000	-7.2%	510,354	-0.4%	0.75%	-5.4%
	New	MELI KASZEK PIONEER CORPclass a ord	$11,050,000	–	1,000,000	–	0.65%	–
	New	TANGO THERAPEUTICS INC	$9,159,000	–	708,385	–	0.54%	–
	New	SURROZEN INC	$5,854,000	–	826,852	–	0.34%	–
PACB	New	PACIFIC BIOSCIENCES CALIF IN	$5,855,000	–	229,144	–	0.34%	–
IJR	Sell	ISHARES TRcore s&p scp etf	$5,411,000	-5.1%	49,559	-1.8%	0.32%	-3.4%
	New	SURROZEN INC*w exp 08/01/203	$124,000	–	108,333	–	0.01%	–
	New	AMPLITUDE CL A ORD (NMQ)class a ord	$29,000	–	540	–	0.00%	–
CRTX	Exit	CORTEXYME INC	$0	–	-2,937	–	-0.01%	–
NCNA	Exit	NUCANA PLCsponsored adr	$0	–	-387,124	–	-0.06%	–
PDD	Exit	PINDUODUO INCsponsored ads	$0	–	-25,493	–	-0.19%	–
U	Exit	UNITY SOFTWARE INC	$0	–	-186,396	–	-1.18%	–
DVA	Exit	DAVITA INC	$0	–	-408,912	–	-2.83%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE IN	$0	–	-688,549	–	-4.70%	–
PANW	Exit	PALO ALTO NETWORKS INC	$0	–	-245,943	–	-5.25%	–

Q2 2021

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC	$333,484,000	–	2,434,903	–	19.19%	–
RPRX	New	ROYALTY PHARMA PLC	$292,786,000	–	7,142,856	–	16.85%	–
SGMS	New	SCIENTIFIC GAMES CORP	$207,429,000	–	2,678,571	–	11.94%	–
FB	New	FACEBOOK INCcl a	$180,620,000	–	519,456	–	10.39%	–
PANW	New	PALO ALTO NETWORKS INC	$91,257,000	–	245,943	–	5.25%	–
ABCL	New	ABCELLERA BIOLOGICS INC	$90,312,000	–	4,105,095	–	5.20%	–
ICE	New	INTERCONTINENTAL EXCHANGE IN	$81,731,000	–	688,549	–	4.70%	–
RXRX	New	RECURSION PHARMACEUTICALS INcl a	$55,088,000	–	1,509,254	–	3.17%	–
DVA	New	DAVITA INC	$49,245,000	–	408,912	–	2.83%	–
TXG	New	10X GENOMICS INC	$36,451,000	–	186,143	–	2.10%	–
QQQ	New	INVESCO QQQ TRunit ser 1	$36,231,000	–	102,222	–	2.08%	–
AFRM	New	AFFIRM HLDGS INC	$32,154,000	–	477,421	–	1.85%	–
IVV	New	ISHARES TRcore s&p500 etf	$28,092,000	–	65,342	–	1.62%	–
PCT	New	PURECYCLE TECHNOLOGIES INC	$25,296,000	–	1,069,600	–	1.46%	–
RVMD	New	REVOLUTION MEDICINES INC	$21,278,000	–	670,382	–	1.22%	–
U	New	UNITY SOFTWARE INC	$20,472,000	–	186,396	–	1.18%	–
RLAY	New	RELAY THERAPEUTICS INC	$19,800,000	–	541,124	–	1.14%	–
PLRX	New	PLIANT THERAPEUTICS INC	$16,376,000	–	562,379	–	0.94%	–
GLD	New	SPDR GOLD TR	$15,231,000	–	91,955	–	0.88%	–
PRAX	New	PRAXIS PRECISION MEDICINES I	$14,231,000	–	778,517	–	0.82%	–
GBIO	New	GENERATION BIO CO	$13,782,000	–	512,349	–	0.79%	–
KNTE	New	KINNATE BIOPHARMA INC	$11,593,000	–	498,001	–	0.67%	–
SANA	New	SANA BIOTECHNOLOGY INC	$9,216,000	–	468,749	–	0.53%	–
VEA	New	VANGUARD TAX-MANAGED INTL FDftse dev mkt etf	$8,382,000	–	162,699	–	0.48%	–
NRIX	New	NURIX THERAPEUTICS INC	$8,351,000	–	314,762	–	0.48%	–
IJR	New	ISHARES TRcore s&p scp etf	$5,703,000	–	50,474	–	0.33%	–
FULC	New	FULCRUM THERAPEUTICS INC	$4,304,000	–	410,714	–	0.25%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$4,008,000	–	73,804	–	0.23%	–
FSII	New	FS DEVELOPMENT CORP II	$4,000,000	–	400,000	–	0.23%	–
IJH	New	ISHARES TRcore s&p mcp etf	$3,408,000	–	12,683	–	0.20%	–
MGTA	New	MAGENTA THERAPEUTICS INC	$3,253,000	–	332,610	–	0.19%	–
PDD	New	PINDUODUO INCsponsored ads	$3,238,000	–	25,493	–	0.19%	–
MCRB	New	SERES THERAPEUTICS INC	$3,145,000	–	131,847	–	0.18%	–
DBTX	New	DECIBEL THERAPEUTICS INC	$2,828,000	–	328,798	–	0.16%	–
DYN	New	DYNE THERAPEUTICS INC	$2,257,000	–	107,252	–	0.13%	–
GMTX	New	GEMINI THERAPEUTICS INC	$1,618,000	–	250,000	–	0.09%	–
NCNA	New	NUCANA PLCsponsored adr	$1,072,000	–	387,124	–	0.06%	–
CRTX	New	CORTEXYME INC	$156,000	–	2,937	–	0.01%	–

Q4 2020

			Value		Shares		↓ Weighting
DYN	Exit	DYNE THERAPEUTICS INC	$0	–	-107,252	–	-0.12%	–
ASAN	Exit	ASANA INCcl a	$0	–	-75,946	–	-0.12%	–
MGTA	Exit	MAGENTA THERAPEUTICS INC	$0	–	-332,610	–	-0.12%	–
FULC	Exit	FULCRUM THERAPEUTICS INC	$0	–	-410,714	–	-0.18%	–
IJH	Exit	ISHARES TRcore s&p mcp etf	$0	–	-18,544	–	-0.19%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-80,360	–	-0.19%	–
IJR	Exit	ISHARES TRcore s&p scp etf	$0	–	-49,710	–	-0.19%	–
VEA	Exit	VANGUARD TAX-MANAGED INTL FDftse dev mkt etf	$0	–	-174,041	–	-0.39%	–
NRIX	Exit	NURIX THERAPEUTICS INC	$0	–	-314,762	–	-0.60%	–
NCNA	Exit	NUCANA PLCsponsored adr	$0	–	-2,319,780	–	-0.66%	–
PLRX	Exit	PLIANT THERAPEUTICS INC	$0	–	-562,379	–	-0.70%	–
GBIO	Exit	GENERATION BIO CO	$0	–	-506,273	–	-0.86%	–
GLD	Exit	SPDR GOLD TR	$0	–	-119,014	–	-1.16%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-64,672	–	-1.20%	–
RLAY	Exit	RELAY THERAPEUTICS INC	$0	–	-541,124	–	-1.27%	–
RVMD	Exit	REVOLUTION MEDICINES INC	$0	–	-670,382	–	-1.28%	–
QQQ	Exit	INVESCO QQQ TRunit ser 1	$0	–	-113,262	–	-1.73%	–
SGMS	Exit	SCIENTIFIC GAMES CORP	$0	–	-2,678,571	–	-5.14%	–
UBER	Exit	UBER TECHNOLOGIES INC	$0	–	-2,720,937	–	-5.46%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE IN	$0	–	-1,161,137	–	-6.39%	–
PANW	Exit	PALO ALTO NETWORKS INC	$0	–	-726,221	–	-9.77%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-156,543	–	-12.62%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-1,087,633	–	-15.66%	–
RPRX	Exit	ROYALTY PHARMA PLC	$0	–	-14,690,780	–	-33.99%	–

Q3 2020

			Value		Shares		↓ Weighting
FB	Buy	FACEBOOK INCcl a	$284,851,000	+638.9%	1,087,633	+540.6%	15.66%	+376.4%
GOOGL	Buy	ALPHABET INCcap stk cl a	$229,429,000	+156.2%	156,543	+147.9%	12.62%	+65.2%
PANW	Buy	PALO ALTO NETWORKS INC	$177,743,000	+125.9%	726,221	+112.0%	9.77%	+45.6%
ICE	New	INTERCONTINENTAL EXCHANGE IN	$116,172,000	–	1,161,137	–	6.39%	–
UBER	Sell	UBER TECHNOLOGIES INC	$99,260,000	+2.6%	2,720,937	-12.6%	5.46%	-33.8%
SGMS	New	SCIENTIFIC GAMES CORP	$93,509,000	–	2,678,571	–	5.14%	–
QQQ	Buy	INVESCO QQQ TRunit ser 1	$31,469,000	+93.5%	113,262	+72.5%	1.73%	+24.8%
RLAY	New	RELAY THERAPEUTICS INC	$23,046,000	–	541,124	–	1.27%	–
IVV	Buy	ISHARES TRcore s&p500 etf	$21,734,000	+10.1%	64,672	+1.4%	1.20%	-29.0%
GLD	Sell	SPDR GOLD TR	$21,080,000	-4.9%	119,014	-10.1%	1.16%	-38.7%
NCNA	Sell	NUCANA PLCsponsored adr	$12,051,000	-22.9%	2,319,780	-19.7%	0.66%	-50.3%
NRIX	New	NURIX THERAPEUTICS INC	$10,988,000	–	314,762	–	0.60%	–
VEA	Sell	VANGUARD TAX-MANAGED INTL FDftse dev mkt etf	$7,118,000	-21.2%	174,041	-25.2%	0.39%	-49.2%
IJR	Sell	ISHARES TRcore s&p scp etf	$3,491,000	-3.5%	49,710	-6.2%	0.19%	-37.9%
VWO	Buy	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$3,475,000	+12.2%	80,360	+2.8%	0.19%	-27.7%
IJH	Sell	ISHARES TRcore s&p mcp etf	$3,436,000	-13.2%	18,544	-16.7%	0.19%	-44.1%
ASAN	New	ASANA INCcl a	$2,187,000	–	75,946	–	0.12%	–
DYN	New	DYNE THERAPEUTICS INC	$2,165,000	–	107,252	–	0.12%	–
BNTX	Exit	BIONTECH SEsponsored ads	$0	–	-31,869	–	-0.18%	–

Q2 2020

			Value		Shares		↓ Weighting
RPRX	New	ROYALTY PHARMA PLC	$713,237,000	–	14,690,780	–	60.83%	–
UBER	New	UBER TECHNOLOGIES INC	$96,727,000	–	3,112,186	–	8.25%	–
GOOGL	New	ALPHABET INCcap stk cl a	$89,547,000	–	63,148	–	7.64%	–
PANW	New	PALO ALTO NETWORKS INC	$78,688,000	–	342,612	–	6.71%	–
FB	New	FACEBOOK INCcl a	$38,553,000	–	169,783	–	3.29%	–
GLD	New	SPDR GOLD TRUST	$22,155,000	–	132,372	–	1.89%	–
RVMD	New	REVOLUTION MEDICINES INC	$21,164,000	–	670,382	–	1.80%	–
IVV	New	ISHARES TRcore s&p500 etf	$19,747,000	–	63,763	–	1.68%	–
PLRX	New	PLIANT THERAPEUTICS INC	$18,255,000	–	562,379	–	1.56%	–
QQQ	New	INVESCO QQQ TRunit ser 1	$16,261,000	–	65,673	–	1.39%	–
NCNA	New	NUCANA PLCsponsored adr	$15,626,000	–	2,888,311	–	1.33%	–
GBIO	New	GENERATION BIO CO	$10,632,000	–	506,273	–	0.91%	–
VEA	New	VANGUARD TAX-MANAGED FDsftse dev mkt etf	$9,028,000	–	232,738	–	0.77%	–
FULC	New	FULCRUM THERAPEUTICS INC	$7,512,000	–	410,714	–	0.64%	–
IJH	New	ISHARES TRcore s&p mcp etf	$3,959,000	–	22,266	–	0.34%	–
IJR	New	ISHARES TRcore s&p scp etf	$3,619,000	–	52,998	–	0.31%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$3,097,000	–	78,199	–	0.26%	–
MGTA	New	MAGENTA THERAPEUTICS INC	$2,498,000	–	332,610	–	0.21%	–
BNTX	New	BIONTECH SEsponsored ads	$2,127,000	–	31,869	–	0.18%	–

Q4 2019

			Value		Shares		↓ Weighting
VIG	Exit	VANGUARD GROUPdiv app etf	$0	–	-2,858	–	-0.03%	–
ADRO	Exit	ADURO BIOTECH INC	$0	–	-640,595	–	-0.06%	–
NTGN	Exit	NEON THERAPEUTICS INC	$0	–	-505,871	–	-0.08%	–
FULC	Exit	FULCRUM THERAPEUTICS INCcl a	$0	–	-410,714	–	-0.25%	–
MGTA	Exit	MAGENTA THERAPEUTICS INC	$0	–	-332,610	–	-0.32%	–
IJR	Exit	ISHARES TRcore s&p scp etf	$0	–	-58,484	–	-0.42%	–
IJH	Exit	ISHARES TRcore s&p mcp etf	$0	–	-25,885	–	-0.47%	–
EDV	Exit	VANGUARD WORLD FDextended dur	$0	–	-51,442	–	-0.68%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-187,728	–	-0.70%	–
QQQ	Exit	INVESCO QQQ TRunit ser 1	$0	–	-50,517	–	-0.89%	–
ADBE	Exit	ADOBE INC	$0	–	-43,222	–	-1.11%	–
VEA	Exit	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$0	–	-311,456	–	-1.19%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-101,355	–	-1.31%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-69,061	–	-1.92%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-106,093	–	-12.06%	–
BKNG	Exit	BOOKING HLDGS INC	$0	–	-88,597	–	-16.19%	–
PANW	Exit	PALO ALTO NETWORKS INC	$0	–	-1,300,615	–	-24.69%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-2,268,011	–	-37.61%	–

Q3 2019

			Value		Shares		↓ Weighting
FB	Buy	FACEBOOK INCcl a	$403,887,000	+1130.4%	2,268,011	+1233.5%	37.61%	+364.2%
PANW	Buy	PALO ALTO NETWORKS INC	$265,104,000	+2309.2%	1,300,615	+2308.3%	24.69%	+809.0%
BKNG	Buy	BOOKING HLDGS INC	$173,881,000	+261.3%	88,597	+245.1%	16.19%	+36.3%
GOOGL	Sell	ALPHABET INCcap stk cl a	$129,554,000	+6.5%	106,093	-5.6%	12.06%	-59.8%
IVV	Sell	ISHARES TRcore s&p500 etf	$20,616,000	-3.1%	69,061	-4.3%	1.92%	-63.4%
GLD	Sell	SPDR GOLD TRUST	$14,075,000	+4.1%	101,355	-0.1%	1.31%	-60.7%
VEA	Sell	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$12,795,000	-6.8%	311,456	-5.4%	1.19%	-64.8%
ADBE	New	ADOBE INC	$11,940,000	–	43,222	–	1.11%	–
QQQ	Buy	INVESCO QQQ TRunit ser 1	$9,538,000	+1.2%	50,517	+0.1%	0.89%	-61.8%
EDV	Sell	VANGUARD WORLD FDextended dur	$7,269,000	+5.5%	51,442	-5.2%	0.68%	-60.2%
IJH	Sell	ISHARES TRcore s&p mcp etf	$5,002,000	-3.8%	25,885	-3.3%	0.47%	-63.7%
FULC	New	FULCRUM THERAPEUTICS INCcl a	$2,727,000	–	410,714	–	0.25%	–
AAPL	Exit	APPLE INC	$0	–	-506,683	–	-24.76%	–

Q2 2019

			Value		Shares		↓ Weighting
GOOGL	New	ALPHABET INCcap stk cl a	$121,648,000	–	112,346	–	30.03%	–
AAPL	New	APPLE INC	$100,283,000	–	506,683	–	24.76%	–
BKNG	New	BOOKING HLDGS INC	$48,131,000	–	25,674	–	11.88%	–
FB	New	FACEBOOK INCcl a	$32,826,000	–	170,081	–	8.10%	–
IVV	New	ISHARES TRcore s&p500 etf	$21,265,000	–	72,147	–	5.25%	–
VEA	New	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$13,730,000	–	329,167	–	3.39%	–
GLD	New	SPDR GOLD TRUST	$13,515,000	–	101,467	–	3.34%	–
PANW	New	PALO ALTO NETWORKS INC	$11,004,000	–	54,006	–	2.72%	–
QQQ	New	INVESCO QQQ TRunit ser 1	$9,426,000	–	50,474	–	2.33%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$7,984,000	–	187,728	–	1.97%	–
EDV	New	VANGUARD WORLD FDextended dur	$6,890,000	–	54,247	–	1.70%	–
IJH	New	ISHARES TRcore s&p mcp etf	$5,198,000	–	26,759	–	1.28%	–
MGTA	New	MAGENTA THERAPEUTICS INC	$4,906,000	–	332,610	–	1.21%	–
IJR	New	ISHARES TRcore s&p scp etf	$4,578,000	–	58,484	–	1.13%	–
NTGN	New	NEON THERAPEUTICS INC	$2,398,000	–	505,871	–	0.59%	–
ADRO	New	ADURO BIOTECH INC	$987,000	–	640,595	–	0.24%	–
VIG	New	VANGUARD GROUPdiv app etf	$329,000	–	2,858	–	0.08%	–

Q4 2018

			Value		Shares		↓ Weighting
PPDF	Exit	PPDAI GROUP INCsponsored adr	$0	–	-222,087	–	-0.30%	–
VIG	Exit	VANGUARD GROUPdiv app etf	$0	–	-29,454	–	-0.83%	–
MGTA	Exit	MAGENTA THERAPEUTICS INC	$0	–	-332,610	–	-1.02%	–
NTGN	Exit	NEON THERAPEUTICS INC	$0	–	-505,871	–	-1.10%	–
ADRO	Exit	ADURO BIOTECH INC	$0	–	-640,595	–	-1.20%	–
EDV	Exit	VANGUARD WORLD FDextended dur	$0	–	-48,147	–	-1.33%	–
IJR	Exit	ISHARES TRcore s&p scp etf	$0	–	-61,633	–	-1.37%	–
IJH	Exit	ISHARES TRcore s&p mcp etf	$0	–	-27,909	–	-1.43%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-200,535	–	-2.10%	–
QQQ	Exit	INVESCO QQQ TRunit ser 1	$0	–	-44,411	–	-2.10%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-107,387	–	-3.09%	–
VEA	Exit	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$0	–	-329,389	–	-3.64%	–
NTRA	Exit	NATERA INC	$0	–	-638,979	–	-3.90%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-77,919	–	-5.82%	–
AAPL	Exit	APPLE INC	$0	–	-107,903	–	-6.21%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-200,578	–	-11.39%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-44,326	–	-13.65%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-328,681	–	-13.79%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-881,533	–	-25.72%	–

Q3 2018

			Value		Shares		↓ Weighting
MSFT	Sell	MICROSOFT CORP	$100,821,000	-25.4%	881,533	-35.7%	25.72%	-19.7%
FB	Buy	FACEBOOK INCcl a	$54,055,000	+1907.2%	328,681	+2271.4%	13.79%	+2061.3%
GOOGL	Buy	ALPHABET INCcap stk cl a	$53,505,000	+19.1%	44,326	+11.5%	13.65%	+28.2%
MA	Sell	MASTERCARD INCORPORATEDcl a	$44,651,000	-2.3%	200,578	-13.8%	11.39%	+5.1%
AAPL	Sell	APPLE INC	$24,358,000	-74.6%	107,903	-79.2%	6.21%	-72.7%
IVV	Buy	ISHARES TRcore s&p500 etf	$22,809,000	+9.5%	77,919	+2.1%	5.82%	+17.8%
NTRA	New	NATERA INC	$15,297,000	–	638,979	–	3.90%	–
VEA	Sell	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$14,253,000	-0.9%	329,389	-1.7%	3.64%	+6.7%
GLD	Buy	SPDR GOLD TRUST	$12,109,000	+0.7%	107,387	+6.0%	3.09%	+8.4%
QQQ	Buy	INVESCO QQQ TRunit ser 1	$8,251,000	+16.5%	44,411	+7.7%	2.10%	+25.4%
VWO	Sell	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$8,222,000	-4.2%	200,535	-1.3%	2.10%	+3.1%
IJH	Sell	ISHARES TRcore s&p mcp etf	$5,618,000	+2.0%	27,909	-1.3%	1.43%	+9.7%
IJR	Sell	ISHARES TRcore s&p scp etf	$5,377,000	+3.1%	61,633	-1.4%	1.37%	+11.0%
EDV	Buy	VANGUARD WORLD FDextended dur	$5,224,000	-0.5%	48,147	+5.2%	1.33%	+7.1%
VIG	Sell	VANGUARD GROUPdiv app etf	$3,261,000	+7.4%	29,454	-1.4%	0.83%	+15.6%
PPDF	New	PPDAI GROUP INCsponsored adr	$1,195,000	–	222,087	–	0.30%	–

Q2 2018

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$135,173,000	–	1,370,779	–	32.05%	–
AAPL	New	APPLE INC	$96,061,000	–	518,942	–	22.77%	–
MA	New	MASTERCARD INCORPORATEDcl a	$45,723,000	–	232,663	–	10.84%	–
GOOGL	New	ALPHABET INCcap stk cl a	$44,910,000	–	39,772	–	10.65%	–
IVV	New	ISHARES TRcore s&p500 etf	$20,830,000	–	76,285	–	4.94%	–
VEA	New	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$14,378,000	–	335,144	–	3.41%	–
GLD	New	SPDR GOLD TRUST	$12,021,000	–	101,314	–	2.85%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$8,578,000	–	203,276	–	2.03%	–
QQQ	New	INVESCO QQQ TRunit ser 1	$7,081,000	–	41,254	–	1.68%	–
NTGN	New	NEON THERAPEUTICS INC	$6,374,000	–	505,871	–	1.51%	–
IJH	New	ISHARES TRcore s&p mcp etf	$5,508,000	–	28,278	–	1.31%	–
EDV	New	VANGUARD WORLD FDextended dur	$5,250,000	–	45,765	–	1.24%	–
IJR	New	ISHARES TRcore s&p scp etf	$5,215,000	–	62,491	–	1.24%	–
MGTA	New	MAGENTA THERAPEUTICS INC	$4,490,000	–	332,610	–	1.06%	–
ADRO	New	ADURO BIOTECH INC	$4,484,000	–	640,595	–	1.06%	–
VIG	New	VANGUARD GROUPdiv app etf	$3,036,000	–	29,879	–	0.72%	–
FB	New	FACEBOOK INCcl a	$2,693,000	–	13,860	–	0.64%	–

Q4 2017

			Value		Shares		↓ Weighting
VIG	Exit	VANGUARD SPECIALIZED PORTFOLdiv app etf	$0	–	-32,216	–	-0.30%	–
IJR	Exit	ISHARES TRcore s&p scp etf	$0	–	-65,851	–	-0.48%	–
EDV	Exit	VANGUARD WORLD FDextended dur	$0	–	-43,991	–	-0.50%	–
QQQ	Exit	POWERSHARES QQQ TRUSTunit ser 1	$0	–	-36,122	–	-0.52%	–
IJH	Exit	ISHARES TRcore s&p mcp etf	$0	–	-30,060	–	-0.53%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-79,786	–	-0.96%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-224,120	–	-0.96%	–
SVXY	Exit	PROSHARES TR IIsht vix st trm	$0	–	-121,000	–	-1.12%	–
VEA	Exit	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$0	–	-358,147	–	-1.53%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-84,099	–	-2.09%	–
ADRO	Exit	ADURO BIOTECH INC	$0	–	-6,518,100	–	-6.83%	–
HYG	Exit	ISHARES TRiboxx hi yd etf	$0	–	-9,637,800	–	-84.18%	–

Q3 2017

			Value		Shares		↓ Weighting
ADRO	New	ADURO BIOTECH INC	$69,418,000	–	6,518,100	–	6.83%	–
IVV	Sell	ISHARES TRcore s&p500 etf	$21,271,000	+2.6%	84,099	-1.3%	2.09%	-6.2%
VEA	Sell	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$15,547,000	+4.2%	358,147	-0.9%	1.53%	-4.7%
SVXY	New	PROSHARES TR IIsht vix st trm	$11,344,000	–	121,000	–	1.12%	–
VWO	Sell	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$9,765,000	+4.6%	224,120	-2.0%	0.96%	-4.3%
GLD	Buy	SPDR GOLD TRUST	$9,700,000	+5.1%	79,786	+2.0%	0.96%	-3.8%
IJH	Sell	ISHARES TRcore s&p mcp etf	$5,378,000	+0.8%	30,060	-2.0%	0.53%	-7.8%
QQQ	Sell	POWERSHARES QQQ TRUSTunit ser 1	$5,254,000	+5.4%	36,122	-0.3%	0.52%	-3.7%
EDV	Sell	VANGUARD WORLD FDextended dur	$5,136,000	-0.6%	43,991	-0.0%	0.50%	-9.2%
IJR	Sell	ISHARES TRcore s&p scp etf	$4,887,000	+3.6%	65,851	-2.1%	0.48%	-5.1%
VIG	Sell	VANGUARD SPECIALIZED PORTFOLdiv app etf	$3,054,000	+2.1%	32,216	-0.2%	0.30%	-6.5%

Q2 2017

			Value		Shares		↓ Weighting
HYG	New	ISHARES TRiboxx hi yd etf	$851,885,000	–	9,637,800	–	91.67%	–
IVV	New	ISHARES TRcore s&p500 etf	$20,733,000	–	85,176	–	2.23%	–
VEA	New	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$14,927,000	–	361,243	–	1.61%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$9,334,000	–	228,603	–	1.00%	–
GLD	New	SPDR GOLD TRUST	$9,228,000	–	78,191	–	0.99%	–
IJH	New	ISHARES TRcore s&p mcp etf	$5,336,000	–	30,678	–	0.57%	–
EDV	New	VANGUARD WORLD FDextended dur	$5,169,000	–	44,006	–	0.56%	–
QQQ	New	POWERSHARES QQQ TRUSTunit ser 1	$4,987,000	–	36,233	–	0.54%	–
IJR	New	ISHARES TRcore s&p scp etf	$4,716,000	–	67,263	–	0.51%	–
VIG	New	VANGUARD SPECIALIZED PORTFOLdiv app etf	$2,992,000	–	32,284	–	0.32%	–

Q4 2016

			Value		Shares		↓ Weighting
LTMAQ	Exit	LATAM AIRLS GROUP S Asponsored adr	$0	–	-11,282	–	-0.02%	–
BRFS	Exit	BRF SAsponsored adr	$0	–	-10,148	–	-0.03%	–
CHA	Exit	CHINA TELECOM CORP LTD	$0	–	-4,026	–	-0.03%	–
BSAC	Exit	BANCO SANTANDER CHILE NEW	$0	–	-12,987	–	-0.04%	–
ERJ	Exit	EMBRAER S A	$0	–	-16,700	–	-0.05%	–
RUN	Exit	SUNRUN INC	$0	–	-46,200	–	-0.05%	–
PHI	Exit	PLDT INCsponsored adr	$0	–	-9,000	–	-0.05%	–
ABEV	Exit	AMBEV SAsponsored adr	$0	–	-59,200	–	-0.06%	–
TTM	Exit	TATA MTRS LTDsponsored adr	$0	–	-10,570	–	-0.07%	–
BWA	Exit	BORGWARNER INC	$0	–	-12,500	–	-0.07%	–
HES	Exit	HESS CORP	$0	–	-8,592	–	-0.07%	–
QUNR	Exit	QUNAR CAYMAN IS LTDspns adr cl b	$0	–	-17,882	–	-0.08%	–
EOCCY	Exit	EMPRESA NACIONAL DE ELCTRCIDsponsored adr	$0	–	-26,490	–	-0.08%	–
SCI	Exit	SERVICE CORP INTL	$0	–	-20,000	–	-0.08%	–
KT	Exit	KT CORPsponsored adr	$0	–	-34,184	–	-0.09%	–
EOG	Exit	EOG RES INC	$0	–	-5,804	–	-0.09%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-3,124	–	-0.09%	–
CXO	Exit	CONCHO RES INC	$0	–	-4,213	–	-0.09%	–
CHU	Exit	CHINA UNICOM (HONG KONG) LTDsponsored adr	$0	–	-50,000	–	-0.10%	–
BBD	Exit	BANCO BRADESCO S Asp adr pfd new	$0	–	-69,249	–	-0.10%	–
LXU	Exit	LSB INDS INC	$0	–	-73,667	–	-0.10%	–
SFUN	Exit	FANG HLDGS LTDadr	$0	–	-140,529	–	-0.10%	–
LPL	Exit	LG DISPLAY CO LTDspons adr rep	$0	–	-58,589	–	-0.12%	–
ENIA	Exit	ENERSIS AMERICAS SAsponsored adr	$0	–	-91,652	–	-0.12%	–
ITUB	Exit	ITAU UNIBANCO HLDG SAspon adr rep pfd	$0	–	-70,096	–	-0.12%	–
YY	Exit	YY INC	$0	–	-14,811	–	-0.12%	–
SQM	Exit	SOCIEDAD QUIMICA MINERA DE Cspon adr ser b	$0	–	-30,000	–	-0.13%	–
ALB	Exit	ALBEMARLE CORP	$0	–	-10,000	–	-0.14%	–
CF	Exit	CF INDS HLDGS INC	$0	–	-39,390	–	-0.15%	–
KB	Exit	KB FINANCIAL GROUP INCsponsored adr	$0	–	-28,712	–	-0.16%	–
CHK	Exit	CHESAPEAKE ENERGY CORP	$0	–	-161,700	–	-0.16%	–
MOS	Exit	MOSAIC CO NEW	$0	–	-47,787	–	-0.18%	–
POT	Exit	POTASH CORP SASK INC	$0	–	-71,941	–	-0.19%	–
KOF	Exit	COCA COLA FEMSA S A B DE C Vspon adr rep l	$0	–	-16,513	–	-0.20%	–
CBPO	Exit	CHINA BIOLOGIC PRODS INCcall	$0	–	-10,000	–	-0.20%	–
INFY	Exit	INFOSYS LTDsponsored adr	$0	–	-80,000	–	-0.20%	–
TLK	Exit	P T TELEKOMUNIKASI INDONESIAsponsored adr	$0	–	-21,121	–	-0.22%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-11,475	–	-0.23%	–
AAP	Exit	ADVANCE AUTO PARTS INC	$0	–	-10,000	–	-0.24%	–
TAL	Exit	TAL ED GROUP	$0	–	-21,428	–	-0.24%	–
LFC	Exit	CHINA LIFE INS CO LTDspon adr rep h	$0	–	-121,713	–	-0.25%	–
AGU	Exit	AGRIUM INC	$0	–	-19,264	–	-0.28%	–
WUBA	Exit	58 COM INCspon adr rep a	$0	–	-39,048	–	-0.30%	–
VIPS	Exit	VIPSHOP HLDGS LTDsponsored adr	$0	–	-134,089	–	-0.31%	–
EWZ	Exit	ISHARESmsci brz cap etf	$0	–	-60,000	–	-0.32%	–
SCCO	Exit	SOUTHERN COPPER CORP	$0	–	-87,366	–	-0.36%	–
EWM	Exit	ISHARESmsci malaysi etf	$0	–	-297,940	–	-0.38%	–
CHAD	Exit	DIREXION SHS ETF TRcsi300 china1x	$0	–	-60,000	–	-0.40%	–
FXI	Exit	ISHARES TRchina lg-cap etf	$0	–	-66,782	–	-0.40%	–
RIG	Exit	TRANSOCEAN LTD	$0	–	-251,000	–	-0.42%	–
BVN	Exit	COMPANIA DE MINAS BUENAVENTUsponsored adr	$0	–	-195,335	–	-0.43%	–
EDU	Exit	NEW ORIENTAL ED & TECH GRP Ispon adr	$0	–	-66,982	–	-0.49%	–
RRC	Exit	RANGE RES CORP	$0	–	-86,479	–	-0.53%	–
VIG	Exit	VANGUARD SPECIALIZED PORTFOLdiv app etf	$0	–	-43,984	–	-0.58%	–
EEM	Exit	ISHARES TRput	$0	–	-100,000	–	-0.59%	–
DBA	Exit	POWERSHS DB MULTI SECT COMMps db agricul fd	$0	–	-207,904	–	-0.66%	–
MBT	Exit	MOBILE TELESYSTEMS PJSCsponsored adr	$0	–	-566,356	–	-0.68%	–
TV	Exit	GRUPO TELEVISA SAspon adr rep ord	$0	–	-177,850	–	-0.72%	–
CX	Exit	CEMEX SAB DE CVspon adr new	$0	–	-580,614	–	-0.73%	–
CBPO	Exit	CHINA BIOLOGIC PRODS INC	$0	–	-40,000	–	-0.79%	–
INPTF	Exit	BARCLAYS BK PLCipms india etn	$0	–	-74,213	–	-0.81%	–
CHL	Exit	CHINA MOBILE LIMITEDsponsored adr	$0	–	-84,525	–	-0.82%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-145,990	–	-0.87%	–
AAPL	Exit	APPLE INCcall	$0	–	-50,000	–	-0.90%	–
SPSM	Exit	SPDR SER TRspdr russel 2000	$0	–	-79,669	–	-0.93%	–
IWM	Exit	ISHARES TRput	$0	–	-50,000	–	-0.98%	–
RIG	Exit	TRANSOCEAN LTDput	$0	–	-645,000	–	-1.09%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-187,699	–	-1.39%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-346,372	–	-1.43%	–
IJH	Exit	ISHARES TRcore s&p mcp etf	$0	–	-59,848	–	-1.47%	–
NTES	Exit	NETEASE INCsponsored adr	$0	–	-39,754	–	-1.52%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-105,742	–	-1.54%	–
AMX	Exit	AMERICA MOVIL SAB DE CV	$0	–	-890,923	–	-1.62%	–
BAP	Exit	CREDICORP LTD	$0	–	-69,596	–	-1.68%	–
VEA	Exit	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$0	–	-370,635	–	-2.20%	–
IDX	Exit	VANECK VECTORS ETF TRindonesia index	$0	–	-675,217	–	-2.52%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-75,000	–	-2.57%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-136,774	–	-3.95%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-122,126	–	-4.21%	–
	Exit	VIPSHOP HLDGS LTDnote 1.500% 3/1	$0	–	-29,000,000	–	-4.95%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-289,000	–	-5.25%	–
VXX	Exit	BARCLAYS BK PLCput	$0	–	-1,000,000	–	-5.40%	–
EWY	Exit	ISHARESmsci sth kor etf	$0	–	-801,162	–	-7.38%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-566,564	–	-9.50%	–
HYG	Exit	ISHARES TRiboxx hi yd etf	$0	–	-1,498,950	–	-20.73%	–

Q3 2016

			Value		Shares		↓ Weighting
HYG	Buy	ISHARES TRiboxx hi yd etf	$130,798,000	+7.0%	1,498,950	+3.8%	20.73%	-12.8%
BABA	Buy	ALIBABA GROUP HLDG LTDsponsored ads	$59,937,000	+54.4%	566,564	+16.1%	9.50%	+25.9%
VXX	New	BARCLAYS BK PLCput	$34,070,000	–	1,000,000	–	5.40%	–
HHC	Sell	HOWARD HUGHES CORP	$33,091,000	-12.6%	289,000	-12.7%	5.25%	-28.7%
	Sell	VIPSHOP HLDGS LTDnote 1.500% 3/1	$31,211,000	-6.6%	29,000,000	-14.7%	4.95%	-23.8%
IVV	Buy	ISHARES TRcore s&p500 etf	$26,570,000	+3.5%	122,126	+0.2%	4.21%	-15.7%
BIDU	Buy	BAIDU INCspon adr rep a	$24,902,000	+15.8%	136,774	+5.1%	3.95%	-5.6%
SPY	New	SPDR S&P 500 ETF TRput	$16,223,000	–	75,000	–	2.57%	–
IDX	New	VANECK VECTORS ETF TRindonesia index	$15,908,000	–	675,217	–	2.52%	–
VEA	Sell	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$13,865,000	+5.4%	370,635	-0.4%	2.20%	-14.1%
BAP	Sell	CREDICORP LTD	$10,594,000	-2.2%	69,596	-0.8%	1.68%	-20.3%
NTES	Buy	NETEASE INCsponsored adr	$9,572,000	+32.2%	39,754	+6.1%	1.52%	+7.7%
IJH	Sell	ISHARES TRcore s&p mcp etf	$9,259,000	+3.2%	59,848	-0.4%	1.47%	-15.9%
JD	Buy	JD COM INCspon adr cl a	$9,037,000	+26.4%	346,372	+2.8%	1.43%	+3.0%
CTRP	Buy	CTRIP COM INTL LTD	$8,741,000	+30.3%	187,699	+15.3%	1.39%	+6.3%
RIG	New	TRANSOCEAN LTDput	$6,876,000	–	645,000	–	1.09%	–
IWM	New	ISHARES TRput	$6,211,000	–	50,000	–	0.98%	–
SPSM	Sell	SPDR SER TRspdr russel 2000	$5,886,000	+7.7%	79,669	-2.1%	0.93%	-12.2%
AAPL	New	APPLE INCcall	$5,653,000	–	50,000	–	0.90%	–
VWO	Sell	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$5,494,000	+5.1%	145,990	-1.7%	0.87%	-14.4%
CBPO	Sell	CHINA BIOLOGIC PRODS INC	$4,979,000	+16.2%	40,000	-0.7%	0.79%	-5.3%
DBA	Buy	POWERSHS DB MULTI SECT COMMps db agricul fd	$4,154,000	-6.5%	207,904	+3.3%	0.66%	-23.8%
EEM	New	ISHARES TRput	$3,745,000	–	100,000	–	0.59%	–
VIG	Buy	VANGUARD SPECIALIZED PORTFOLdiv app etf	$3,692,000	+1.2%	43,984	+0.4%	0.58%	-17.5%
RRC	New	RANGE RES CORP	$3,351,000	–	86,479	–	0.53%	–
EDU	Buy	NEW ORIENTAL ED & TECH GRP Ispon adr	$3,105,000	+16.1%	66,982	+4.9%	0.49%	-5.4%
BVN	Buy	COMPANIA DE MINAS BUENAVENTUsponsored adr	$2,703,000	+36.9%	195,335	+18.3%	0.43%	+11.5%
RIG	New	TRANSOCEAN LTD	$2,676,000	–	251,000	–	0.42%	–
SCCO	Buy	SOUTHERN COPPER CORP	$2,298,000	+26.9%	87,366	+30.2%	0.36%	+3.4%
EWZ	New	ISHARESmsci brz cap etf	$2,024,000	–	60,000	–	0.32%	–
VIPS	Sell	VIPSHOP HLDGS LTDsponsored adr	$1,967,000	+17.4%	134,089	-10.6%	0.31%	-4.3%
WUBA	Sell	58 COM INCspon adr rep a	$1,861,000	-3.7%	39,048	-7.3%	0.30%	-21.5%
AGU	New	AGRIUM INC	$1,747,000	–	19,264	–	0.28%	–
TAL	Buy	TAL ED GROUP	$1,518,000	+30.2%	21,428	+14.0%	0.24%	+6.2%
AAP	New	ADVANCE AUTO PARTS INC	$1,491,000	–	10,000	–	0.24%	–
GLD	Buy	SPDR GOLD TRUST	$1,442,000	+9.1%	11,475	+9.8%	0.23%	-10.9%
CBPO	New	CHINA BIOLOGIC PRODS INCcall	$1,245,000	–	10,000	–	0.20%	–
POT	New	POTASH CORP SASK INC	$1,174,000	–	71,941	–	0.19%	–
MOS	New	MOSAIC CO NEW	$1,169,000	–	47,787	–	0.18%	–
CHK	New	CHESAPEAKE ENERGY CORP	$1,014,000	–	161,700	–	0.16%	–
CF	New	CF INDS HLDGS INC	$959,000	–	39,390	–	0.15%	–
ALB	New	ALBEMARLE CORP	$855,000	–	10,000	–	0.14%	–
YY	Buy	YY INC	$789,000	+82.6%	14,811	+16.1%	0.12%	+48.8%
SFUN	New	FANG HLDGS LTDadr	$631,000	–	140,529	–	0.10%	–
LXU	New	LSB INDS INC	$632,000	–	73,667	–	0.10%	–
CHU	New	CHINA UNICOM (HONG KONG) LTDsponsored adr	$609,000	–	50,000	–	0.10%	–
QUNR	Buy	QUNAR CAYMAN IS LTDspns adr cl b	$519,000	+4.4%	17,882	+7.2%	0.08%	-15.5%
BWA	New	BORGWARNER INC	$440,000	–	12,500	–	0.07%	–
PHI	New	PLDT INCsponsored adr	$321,000	–	9,000	–	0.05%	–
CHA	New	CHINA TELECOM CORP LTD	$205,000	–	4,026	–	0.03%	–
PHI	Exit	PHILIPPINE LONG DISTANCE TELsponsored adr	$0	–	-9,000	–	-0.08%	–
SFUN	Exit	SOUFUN HLDGS LTDadr	$0	–	-140,529	–	-0.14%	–
LC	Exit	LENDINGCLUB CORP	$0	–	-210,000	–	-0.18%	–
AR	Exit	ANTERO RES CORP	$0	–	-66,304	–	-0.34%	–
IYH	Exit	ISHARES TRcall	$0	–	-13,200	–	-0.38%	–
XLF	Exit	SELECT SECTOR SPDR TRput	$0	–	-100,000	–	-0.44%	–
AN	Exit	AUTONATION INCput	$0	–	-50,000	–	-0.46%	–
XLE	Exit	SELECT SECTOR SPDR TRsbi int-energy	$0	–	-38,504	–	-0.51%	–
QIHU	Exit	QIHOO 360 TECHNOLOGY CO LTDads	$0	–	-40,065	–	-0.57%	–
	Exit	QIHOO 360 TECHNOLOGY CO LTDnote 1.750% 8/1	$0	–	-7,000,000	–	-1.32%	–
VXX	Exit	BARCLAYS BK PLCput	$0	–	-1,000,000	–	-2.68%	–

Q2 2016

			Value		Shares		↓ Weighting
HYG	New	ISHARES TRiboxx hi yd etf	$122,253,000	–	1,443,540	–	23.78%	–
EWY	New	ISHARESmsci sth kor etf	$41,717,000	–	801,162	–	8.11%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$38,809,000	–	487,976	–	7.55%	–
HHC	New	HOWARD HUGHES CORP	$37,840,000	–	331,000	–	7.36%	–
	New	VIPSHOP HLDGS LTDnote 1.500% 3/1	$33,405,000	–	34,000,000	–	6.50%	–
IVV	New	ISHARES TRcore s&p500 etf	$25,682,000	–	121,889	–	4.99%	–
BIDU	New	BAIDU INCspon adr rep a	$21,497,000	–	130,166	–	4.18%	–
VXX	New	BARCLAYS BK PLCput	$13,800,000	–	1,000,000	–	2.68%	–
VEA	New	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$13,159,000	–	372,136	–	2.56%	–
AMX	New	AMERICA MOVIL SAB DE CV	$10,923,000	–	890,923	–	2.12%	–
BAP	New	CREDICORP LTD	$10,829,000	–	70,171	–	2.11%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$9,780,000	–	105,742	–	1.90%	–
IJH	New	ISHARES TRcore s&p mcp etf	$8,976,000	–	60,086	–	1.75%	–
NTES	New	NETEASE INCsponsored adr	$7,241,000	–	37,478	–	1.41%	–
JD	New	JD COM INCspon adr cl a	$7,152,000	–	336,871	–	1.39%	–
	New	QIHOO 360 TECHNOLOGY CO LTDnote 1.750% 8/1	$6,812,000	–	7,000,000	–	1.32%	–
CTRP	New	CTRIP COM INTL LTD	$6,707,000	–	162,785	–	1.30%	–
SPSM	New	SPDR SER TRspdr russel 2000	$5,467,000	–	81,343	–	1.06%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$5,229,000	–	148,461	–	1.02%	–
CHL	New	CHINA MOBILE LIMITEDsponsored adr	$4,894,000	–	84,525	–	0.95%	–
INPTF	New	BARCLAYS BK PLCipms india etn	$4,828,000	–	74,213	–	0.94%	–
MBT	New	MOBILE TELESYSTEMS PJSCsponsored adr	$4,689,000	–	566,356	–	0.91%	–
TV	New	GRUPO TELEVISA SAspon adr rep ord	$4,631,000	–	177,850	–	0.90%	–
DBA	New	POWERSHS DB MULTI SECT COMMps db agricul fd	$4,444,000	–	201,338	–	0.86%	–
CBPO	New	CHINA BIOLOGIC PRODS INC	$4,285,000	–	40,300	–	0.83%	–
VIG	New	VANGUARD SPECIALIZED PORTFOLdiv app etf	$3,647,000	–	43,808	–	0.71%	–
CX	New	CEMEX SAB DE CVspon adr new	$3,582,000	–	580,614	–	0.70%	–
QIHU	New	QIHOO 360 TECHNOLOGY CO LTDads	$2,927,000	–	40,065	–	0.57%	–
EDU	New	NEW ORIENTAL ED & TECH GRP Ispon adr	$2,674,000	–	63,849	–	0.52%	–
XLE	New	SELECT SECTOR SPDR TRsbi int-energy	$2,628,000	–	38,504	–	0.51%	–
CHAD	New	DIREXION SHS ETF TRcsi300 china1x	$2,622,000	–	60,000	–	0.51%	–
EWM	New	ISHARESmsci malaysi etf	$2,470,000	–	297,940	–	0.48%	–
AN	New	AUTONATION INCput	$2,349,000	–	50,000	–	0.46%	–
FXI	New	ISHARES TRchina lg-cap etf	$2,285,000	–	66,782	–	0.44%	–
XLF	New	SELECT SECTOR SPDR TRput	$2,283,000	–	100,000	–	0.44%	–
BVN	New	COMPANIA DE MINAS BUENAVENTUsponsored adr	$1,974,000	–	165,159	–	0.38%	–
IYH	New	ISHARES TRcall	$1,958,000	–	13,200	–	0.38%	–
WUBA	New	58 COM INCspon adr rep a	$1,933,000	–	42,127	–	0.38%	–
SCCO	New	SOUTHERN COPPER CORP	$1,811,000	–	67,111	–	0.35%	–
AR	New	ANTERO RES CORP	$1,723,000	–	66,304	–	0.34%	–
VIPS	New	VIPSHOP HLDGS LTDsponsored adr	$1,676,000	–	150,000	–	0.33%	–
INFY	New	INFOSYS LTDsponsored adr	$1,428,000	–	80,000	–	0.28%	–
KOF	New	COCA COLA FEMSA S A B DE C Vspon adr rep l	$1,370,000	–	16,513	–	0.27%	–
GLD	New	SPDR GOLD TRUST	$1,322,000	–	10,450	–	0.26%	–
LFC	New	CHINA LIFE INS CO LTDspon adr rep h	$1,310,000	–	121,713	–	0.26%	–
TLK	New	P T TELEKOMUNIKASI INDONESIAsponsored adr	$1,298,000	–	21,121	–	0.25%	–
TAL	New	TAL ED GROUP	$1,166,000	–	18,790	–	0.23%	–
LC	New	LENDINGCLUB CORP	$903,000	–	210,000	–	0.18%	–
KB	New	KB FINANCIAL GROUP INCsponsored adr	$817,000	–	28,712	–	0.16%	–
ENIA	New	ENERSIS AMERICAS S Asponsored adr	$786,000	–	91,652	–	0.15%	–
SQM	New	SOCIEDAD QUIMICA MINERA DE Cspon adr ser b	$742,000	–	30,000	–	0.14%	–
EOCCY	New	EMPRESA NACIONAL DE ELCTRCIDsponsored adr	$735,000	–	26,490	–	0.14%	–
SFUN	New	SOUFUN HLDGS LTDadr	$707,000	–	140,529	–	0.14%	–
LPL	New	LG DISPLAY CO LTDspons adr rep	$679,000	–	58,589	–	0.13%	–
ITUB	New	ITAU UNIBANCO HLDG SAspon adr rep pfd	$662,000	–	70,096	–	0.13%	–
BBD	New	BANCO BRADESCO S Asp adr pfd new	$541,000	–	69,249	–	0.10%	–
SCI	New	SERVICE CORP INTL	$541,000	–	20,000	–	0.10%	–
HES	New	HESS CORP	$516,000	–	8,592	–	0.10%	–
CXO	New	CONCHO RES INC	$502,000	–	4,213	–	0.10%	–
QUNR	New	QUNAR CAYMAN IS LTDspns adr cl b	$497,000	–	16,682	–	0.10%	–
KT	New	KT CORPsponsored adr	$487,000	–	34,184	–	0.10%	–
EOG	New	EOG RES INC	$484,000	–	5,804	–	0.09%	–
PXD	New	PIONEER NAT RES CO	$472,000	–	3,124	–	0.09%	–
YY	New	YY INC	$432,000	–	12,753	–	0.08%	–
PHI	New	PHILIPPINE LONG DISTANCE TELsponsored adr	$401,000	–	9,000	–	0.08%	–
ERJ	New	EMBRAER S A	$363,000	–	16,700	–	0.07%	–
TTM	New	TATA MTRS LTDsponsored adr	$366,000	–	10,570	–	0.07%	–
ABEV	New	AMBEV SAsponsored adr	$350,000	–	59,200	–	0.07%	–
RUN	New	SUNRUN INC	$274,000	–	46,200	–	0.05%	–
BSAC	New	BANCO SANTANDER CHILE NEW	$252,000	–	12,987	–	0.05%	–
BRFS	New	BRF SAsponsored adr	$141,000	–	10,148	–	0.03%	–
LTMAQ	New	LATAM AIRLS GROUP S Asponsored adr	$74,000	–	11,282	–	0.01%	–

Q4 2015

			Value		Shares		↓ Weighting
LTMAQ	Exit	LATAM AIRLS GROUP S Asponsored adr	$0	–	-11,282	–	-0.00%	–
BRFS	Exit	BRF SAsponsored adr	$0	–	-10,148	–	-0.01%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDput	$0	–	-10,200	–	-0.02%	–
TTM	Exit	TATA MTRS LTDsponsored adr	$0	–	-10,570	–	-0.02%	–
BSAC	Exit	BANCO SANTANDER CHILE NEW	$0	–	-12,987	–	-0.02%	–
ABEV	Exit	AMBEV SAsponsored adr	$0	–	-59,200	–	-0.02%	–
VXX	Exit	BARCLAYS BK PLCput	$0	–	-11,200	–	-0.02%	–
ORIT	Exit	ORITANI FINL CORP DEL	$0	–	-20,700	–	-0.02%	–
PHI	Exit	PHILIPPINE LONG DISTANCE TELsponsored adr	$0	–	-9,000	–	-0.03%	–
SQM	Exit	SOCIEDAD QUIMICA MINERA DE Cspon adr ser b	$0	–	-30,000	–	-0.03%	–
KT	Exit	KT CORPsponsored adr	$0	–	-34,588	–	-0.04%	–
ITUB	Exit	ITAU UNIBANCO H-SPON PRF ADRspon adr rep pfd	$0	–	-70,096	–	-0.04%	–
ERJ	Exit	EMBRAER S A	$0	–	-20,200	–	-0.04%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-10,100	–	-0.04%	–
GRUB	Exit	GRUBHUB INC	$0	–	-21,319	–	-0.04%	–
LPL	Exit	LG DISPLAY CO LTDspons adr rep	$0	–	-58,589	–	-0.04%	–
PKX	Exit	POSCOsponsored adr	$0	–	-19,015	–	-0.05%	–
EWZ	Exit	ISHARESmsci brz cap etf	$0	–	-32,700	–	-0.06%	–
TLK	Exit	P T TELEKOMUNIKASI INDONESIAsponsored adr	$0	–	-21,121	–	-0.06%	–
KB	Exit	KB FINANCIAL GROUP INCsponsored adr	$0	–	-28,712	–	-0.07%	–
PBR	Exit	PETROLEO BRASILEIRO SA PETROcall	$0	–	-200,000	–	-0.07%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-15,100	–	-0.07%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-16,000	–	-0.07%	–
EOCCY	Exit	EMPRESA NACIONAL DE ELCTRCIDsponsored adr	$0	–	-26,490	–	-0.07%	–
BVN	Exit	COMPANIA DE MINAS BUENAVENTUsponsored adr	$0	–	-165,159	–	-0.08%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW	$0	–	-35,000	–	-0.08%	–
KEP	Exit	KOREA ELECTRIC PWRsponsored adr	$0	–	-51,637	–	-0.08%	–
KOF	Exit	COCA COLA FEMSA S A B DE C Vspon adr rep l	$0	–	-16,513	–	-0.09%	–
ENIA	Exit	ENERSIS S Asponsored adr	$0	–	-91,652	–	-0.09%	–
CBPO	Exit	CHINA BIOLOGIC PRODS INC	$0	–	-15,300	–	-0.11%	–
INFY	Exit	INFOSYS LTDsponsored adr	$0	–	-80,000	–	-0.12%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-14,518	–	-0.12%	–
IVZ	Exit	INVESCO LTD	$0	–	-50,000	–	-0.12%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-26,100	–	-0.15%	–
LNG	Exit	CHENIERE ENERGY INC	$0	–	-40,000	–	-0.15%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-22,400	–	-0.16%	–
LFC	Exit	CHINA LIFE INS CO LTDspon adr rep h	$0	–	-121,713	–	-0.17%	–
MS	Exit	MORGAN STANLEY	$0	–	-70,100	–	-0.17%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE IN	$0	–	-10,000	–	-0.18%	–
CHAD	Exit	DIREXION SHS ETF TRcsi300 china1x	$0	–	-56,630	–	-0.22%	–
EWM	Exit	ISHARESmsci malaysi etf	$0	–	-297,940	–	-0.23%	–
BBD	Exit	BANCO BRADESCO S Asp adr pfd new	$0	–	-565,454	–	-0.24%	–
SCCO	Exit	SOUTHERN COPPER CORP	$0	–	-114,451	–	-0.24%	–
HUBS	Exit	HUBSPOT INC	$0	–	-66,988	–	-0.24%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-127,450	–	-0.26%	–
HYG	Exit	ISHARES TRiboxx hi yd etf	$0	–	-40,000	–	-0.26%	–
VIPS	Exit	VIPSHOP HLDGS LTDcall	$0	–	-200,000	–	-0.26%	–
VIG	Exit	VANGUARD SPECIALIZED PORTFOLdiv app etf	$0	–	-46,126	–	-0.27%	–
NMBL	Exit	NIMBLE STORAGE INC	$0	–	-144,721	–	-0.28%	–
IOC	Exit	INTEROIL CORP	$0	–	-104,954	–	-0.28%	–
MBT	Exit	MOBILE TELESYSTEMS PJSCsponsored adr	$0	–	-508,956	–	-0.29%	–
BWA	Exit	BORGWARNER INCput	$0	–	-91,100	–	-0.30%	–
CX	Exit	CEMEX SAB DE CVspon adr new	$0	–	-558,283	–	-0.31%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-60,100	–	-0.31%	–
CAT	Exit	CATERPILLAR INC DELput	$0	–	-60,000	–	-0.31%	–
JCI	Exit	JOHNSON CTLS INCput	$0	–	-100,000	–	-0.32%	–
DBA	Exit	POWERSHS DB MULTI SECT COMMps db agricul fd	$0	–	-198,219	–	-0.33%	–
GWW	Exit	GRAINGER W W INCput	$0	–	-20,000	–	-0.34%	–
BETR	Exit	AMPLIFY SNACK BRANDS INC	$0	–	-405,716	–	-0.34%	–
EDV	Exit	VANGUARD WORLD FDextended dur	$0	–	-37,469	–	-0.35%	–
BLK	Exit	BLACKROCK INC	$0	–	-15,000	–	-0.35%	–
TV	Exit	GRUPO TELEVISA SAspon adr rep ord	$0	–	-177,850	–	-0.36%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-144,822	–	-0.38%	–
CHL	Exit	CHINA MOBILE LIMITEDsponsored adr	$0	–	-84,525	–	-0.40%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-90,629	–	-0.40%	–
JD	Exit	JD COM INCcall	$0	–	-200,000	–	-0.41%	–
SPSM	Exit	SPDR SER TRspdr russel 2000	$0	–	-83,291	–	-0.42%	–
ALGT	Exit	ALLEGIANT TRAVEL CO	$0	–	-25,132	–	-0.43%	–
LILA	Exit	LIBERTY GLOBAL PLC	$0	–	-169,076	–	-0.45%	–
	Exit	QIHOO 360 TECHNOLOGY CO LTDnote 1.750% 8/1	$0	–	-7,000,000	–	-0.46%	–
TWC	Exit	TIME WARNER CABLE INC	$0	–	-34,328	–	-0.48%	–
BAP	Exit	CREDICORP LTD	$0	–	-59,476	–	-0.50%	–
YUM	Exit	YUM BRANDS INCput	$0	–	-85,000	–	-0.54%	–
POZN	Exit	POZEN INC	$0	–	-1,222,831	–	-0.56%	–
FXI	Exit	ISHARES TRchina lg-cap etf	$0	–	-206,782	–	-0.58%	–
INPTF	Exit	BARCLAYS BK PLCipms india etn	$0	–	-114,254	–	-0.60%	–
CTRP	Exit	CTRIP COM INTL LTDcall	$0	–	-125,000	–	-0.62%	–
CBS	Exit	CBS CORP NEWcall	$0	–	-200,000	–	-0.63%	–
BABA	Exit	ALIBABA GROUP HLDG LTDcall	$0	–	-140,000	–	-0.65%	–
IJH	Exit	ISHARES TRcore s&p mcp etf	$0	–	-63,751	–	-0.68%	–
PANW	Exit	PALO ALTO NETWORKS INC	$0	–	-50,959	–	-0.69%	–
	Exit	FINISAR CORPnote 0.500%12/1	$0	–	-10,000,000	–	-0.70%	–
CI	Exit	CIGNA CORPORATION	$0	–	-67,707	–	-0.72%	–
CAM	Exit	CAMERON INTERNATIONAL CORP	$0	–	-150,000	–	-0.72%	–
LNG	Exit	CHENIERE ENERGY INCput	$0	–	-200,000	–	-0.76%	–
CBPO	Exit	CHINA BIOLOGIC PRODS INCcall	$0	–	-110,000	–	-0.78%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-124,942	–	-0.88%	–
SVU	Exit	SUPERVALU INCput	$0	–	-1,600,000	–	-0.90%	–
HCBK	Exit	HUDSON CITY BANCORP	$0	–	-1,169,004	–	-0.94%	–
VEA	Exit	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$0	–	-342,455	–	-0.96%	–
UUP	Exit	POWERSHS DB US DOLLAR INDEXcall	$0	–	-500,000	–	-0.99%	–
IDX	Exit	MARKET VECTORS ETF TRindonesia etf	$0	–	-868,317	–	-1.10%	–
BABA	Exit	ALIBABA GROUP HLDG LTDput	$0	–	-240,000	–	-1.11%	–
AMX	Exit	AMERICA MOVIL SAB DE CV	$0	–	-890,923	–	-1.16%	–
PCP	Exit	PRECISION CASTPARTS CORP	$0	–	-65,000	–	-1.18%	–
VIPS	Exit	VIPSHOP HLDGS LTDsponsored adr	$0	–	-908,631	–	-1.20%	–
PRGO	Exit	PERRIGO CO PLC	$0	–	-99,369	–	-1.23%	–
HZNP	Exit	HORIZON PHARMA PLC	$0	–	-862,233	–	-1.34%	–
YHOO	Exit	YAHOO INC	$0	–	-608,571	–	-1.38%	–
YDKN	Exit	YADKIN FINL CORP	$0	–	-912,716	–	-1.54%	–
CMCSA	Exit	COMCAST CORP NEWcall	$0	–	-350,000	–	-1.57%	–
SPG	Exit	SIMON PPTY GROUP INC NEWput	$0	–	-110,000	–	-1.59%	–
RIG	Exit	TRANSOCEAN LTDput	$0	–	-1,610,000	–	-1.64%	–
FXI	Exit	ISHARES TRput	$0	–	-650,000	–	-1.81%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-123,532	–	-1.87%	–
WDAY	Exit	WORKDAY INCcl a	$0	–	-358,000	–	-1.94%	–
ENDP	Exit	ENDO INTL PLC	$0	–	-396,070	–	-2.16%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-891,600	–	-2.18%	–
EQIX	Exit	EQUINIX INC	$0	–	-133,400	–	-2.87%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-200,000	–	-3.02%	–
EWY	Exit	ISHARESmsci sth kor etf	$0	–	-801,262	–	-3.08%	–
BHI	Exit	BAKER HUGHES INC	$0	–	-810,870	–	-3.32%	–
PBYI	Exit	PUMA BIOTECHNOLOGY INCcall	$0	–	-600,000	–	-3.56%	–
IWM	Exit	ISHARES TRput	$0	–	-420,000	–	-3.61%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-428,603	–	-3.87%	–
LVNTA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-1,448,258	–	-4.60%	–
	Exit	VIPSHOP HLDGS LTDnote 1.500% 3/1	$0	–	-53,500,000	–	-4.61%	–
FTAI	Exit	FORTRESS TRANS INFRST INVS L	$0	–	-6,070,200	–	-6.13%	–
XPO	Exit	XPO LOGISTICS INC	$0	–	-4,043,374	–	-7.58%	–

Q3 2015

			Value		Shares		↓ Weighting
XPO	Buy	XPO LOGISTICS INC	$96,354,000	-14.6%	4,043,374	+62.0%	7.58%	-17.6%
FTAI	Buy	FORTRESS TRANS INFRST INVS L	$77,881,000	-28.4%	6,070,200	+1.2%	6.13%	-30.9%
	Buy	VIPSHOP HLDGS LTDnote 1.500% 3/1	$58,616,000	+208.3%	53,500,000	+256.7%	4.61%	+197.5%
LVNTA	Buy	LIBERTY INTERACTIVE CORP	$58,437,000	+36.9%	1,448,258	+33.3%	4.60%	+32.1%
HHC	Buy	HOWARD HUGHES CORP	$49,178,000	-0.8%	428,603	+24.1%	3.87%	-4.3%
IWM	New	ISHARES TRput	$45,864,000	–	420,000	–	3.61%	–
PBYI	New	PUMA BIOTECHNOLOGY INCcall	$45,216,000	–	600,000	–	3.56%	–
BHI	Sell	BAKER HUGHES INC	$42,198,000	-15.8%	810,870	-0.1%	3.32%	-18.7%
SPY	New	SPDR S&P 500 ETF TRput	$38,326,000	–	200,000	–	3.02%	–
EQIX	New	EQUINIX INC	$36,472,000	–	133,400	–	2.87%	–
PYPL	New	PAYPAL HLDGS INC	$27,675,000	–	891,600	–	2.18%	–
ENDP	New	ENDO INTL PLC	$27,440,000	–	396,070	–	2.16%	–
WDAY	New	WORKDAY INCcl a	$24,652,000	–	358,000	–	1.94%	–
IVV	Buy	ISHARES TRcore s&p500 etf	$23,806,000	-2.7%	123,532	+4.7%	1.87%	-6.1%
FXI	New	ISHARES TRput	$23,056,000	–	650,000	–	1.81%	–
RIG	New	TRANSOCEAN LTDput	$20,801,000	–	1,610,000	–	1.64%	–
SPG	New	SIMON PPTY GROUP INC NEWput	$20,209,000	–	110,000	–	1.59%	–
CMCSA	New	COMCAST CORP NEWcall	$19,908,000	–	350,000	–	1.57%	–
YHOO	Buy	YAHOO INC	$17,594,000	-9.9%	608,571	+22.5%	1.38%	-13.1%
HZNP	New	HORIZON PHARMA PLC	$17,089,000	–	862,233	–	1.34%	–
PRGO	Sell	PERRIGO CO PLC	$15,628,000	-24.6%	99,369	-11.4%	1.23%	-27.2%
VIPS	Buy	VIPSHOP HLDGS LTDsponsored adr	$15,265,000	+149.5%	908,631	+230.5%	1.20%	+140.7%
PCP	New	PRECISION CASTPARTS CORP	$14,931,000	–	65,000	–	1.18%	–
BABA	New	ALIBABA GROUP HLDG LTDput	$14,153,000	–	240,000	–	1.11%	–
IDX	Sell	MARKET VECTORS ETF TRindonesia etf	$13,928,000	-28.6%	868,317	-5.6%	1.10%	-31.1%
UUP	New	POWERSHS DB US DOLLAR INDEXcall	$12,550,000	–	500,000	–	0.99%	–
VEA	Buy	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$12,205,000	-5.0%	342,455	+5.6%	0.96%	-8.4%
HCBK	Buy	HUDSON CITY BANCORP	$11,889,000	+5.2%	1,169,004	+2.2%	0.94%	+1.4%
SVU	New	SUPERVALU INCput	$11,488,000	–	1,600,000	–	0.90%	–
FMX	Buy	FOMENTO ECONOMICO MEXICANO Sspon adr units	$11,151,000	+55.0%	124,942	+54.7%	0.88%	+49.4%
CBPO	New	CHINA BIOLOGIC PRODS INCcall	$9,880,000	–	110,000	–	0.78%	–
LNG	New	CHENIERE ENERGY INCput	$9,660,000	–	200,000	–	0.76%	–
CAM	New	CAMERON INTERNATIONAL CORP	$9,198,000	–	150,000	–	0.72%	–
CI	Buy	CIGNA CORPORATION	$9,142,000	-8.3%	67,707	+10.0%	0.72%	-11.6%
	New	FINISAR CORPnote 0.500%12/1	$8,881,000	–	10,000,000	–	0.70%	–
PANW	New	PALO ALTO NETWORKS INC	$8,765,000	–	50,959	–	0.69%	–
IJH	Buy	ISHARES TRcore s&p mcp etf	$8,709,000	-5.2%	63,751	+4.1%	0.68%	-8.5%
BABA	New	ALIBABA GROUP HLDG LTDcall	$8,256,000	–	140,000	–	0.65%	–
CBS	New	CBS CORP NEWcall	$7,980,000	–	200,000	–	0.63%	–
CTRP	New	CTRIP COM INTL LTDcall	$7,898,000	–	125,000	–	0.62%	–
INPTF	Sell	BARCLAYS BK PLCipms india etn	$7,561,000	-13.5%	114,254	-8.0%	0.60%	-16.5%
FXI	Buy	ISHARES TRchina lg-cap etf	$7,335,000	-14.8%	206,782	+10.7%	0.58%	-17.8%
POZN	New	POZEN INC	$7,135,000	–	1,222,831	–	0.56%	–
YUM	New	YUM BRANDS INCput	$6,796,000	–	85,000	–	0.54%	–
TWC	Sell	TIME WARNER CABLE INC	$6,157,000	-40.4%	34,328	-40.8%	0.48%	-42.6%
	New	QIHOO 360 TECHNOLOGY CO LTDnote 1.750% 8/1	$5,889,000	–	7,000,000	–	0.46%	–
LILA	New	LIBERTY GLOBAL PLC	$5,696,000	–	169,076	–	0.45%	–
ALGT	New	ALLEGIANT TRAVEL CO	$5,435,000	–	25,132	–	0.43%	–
SPSM	Buy	SPDR SER TRspdr russel 2000	$5,386,000	-9.0%	83,291	+4.1%	0.42%	-12.2%
JD	New	JD COM INCcall	$5,212,000	–	200,000	–	0.41%	–
AIG	New	AMERICAN INTL GROUP INC	$5,150,000	–	90,629	–	0.40%	–
VWO	Buy	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$4,792,000	-15.1%	144,822	+4.9%	0.38%	-18.0%
TV	Sell	GRUPO TELEVISA SAspon adr rep ord	$4,628,000	-58.0%	177,850	-37.4%	0.36%	-59.5%
BLK	New	BLACKROCK INC	$4,462,000	–	15,000	–	0.35%	–
EDV	Buy	VANGUARD WORLD FDextended dur	$4,450,000	+137.1%	37,469	+119.5%	0.35%	+128.8%
BETR	New	AMPLIFY SNACK BRANDS INC	$4,345,000	–	405,716	–	0.34%	–
GWW	New	GRAINGER W W INCput	$4,300,000	–	20,000	–	0.34%	–
DBA	Buy	POWERSHS DB MULTI SECT COMMps db agricul fd	$4,139,000	-7.4%	198,219	+3.6%	0.33%	-10.4%
JCI	New	JOHNSON CTLS INCput	$4,136,000	–	100,000	–	0.32%	–
CAT	New	CATERPILLAR INC DELput	$3,922,000	–	60,000	–	0.31%	–
CAT	New	CATERPILLAR INC DEL	$3,928,000	–	60,100	–	0.31%	–
BWA	New	BORGWARNER INCput	$3,789,000	–	91,100	–	0.30%	–
IOC	New	INTEROIL CORP	$3,538,000	–	104,954	–	0.28%	–
NMBL	New	NIMBLE STORAGE INC	$3,491,000	–	144,721	–	0.28%	–
VIG	Sell	VANGUARD SPECIALIZED PORTFOLdiv app etf	$3,401,000	-6.4%	46,126	-0.2%	0.27%	-9.5%
VIPS	New	VIPSHOP HLDGS LTDcall	$3,360,000	–	200,000	–	0.26%	–
HYG	New	ISHARES TRiboxx hi yd etf	$3,332,000	–	40,000	–	0.26%	–
JD	New	JD COM INCspon adr cl a	$3,321,000	–	127,450	–	0.26%	–
HUBS	New	HUBSPOT INC	$3,106,000	–	66,988	–	0.24%	–
SCCO	Sell	SOUTHERN COPPER CORP	$3,058,000	-19.7%	114,451	-11.6%	0.24%	-22.3%
BBD	Buy	BANCO BRADESCO S Asp adr pfd new	$3,031,000	+425.3%	565,454	+798.2%	0.24%	+406.4%
CHAD	Buy	DIREXION SHS ETF TRcsi300 china1x	$2,865,000	+224.1%	56,630	+183.2%	0.22%	+212.5%
ICE	New	INTERCONTINENTAL EXCHANGE IN	$2,350,000	–	10,000	–	0.18%	–
MS	New	MORGAN STANLEY	$2,208,000	–	70,100	–	0.17%	–
FB	Sell	FACEBOOK INCcl a	$2,014,000	-71.6%	22,400	-72.9%	0.16%	-72.7%
LNG	New	CHENIERE ENERGY INC	$1,932,000	–	40,000	–	0.15%	–
COF	New	CAPITAL ONE FINL CORP	$1,893,000	–	26,100	–	0.15%	–
IVZ	New	INVESCO LTD	$1,562,000	–	50,000	–	0.12%	–
GLD	Buy	SPDR GOLD TRUST	$1,551,000	+7.8%	14,518	+13.3%	0.12%	+4.3%
CBPO	Sell	CHINA BIOLOGIC PRODS INC	$1,374,000	-33.1%	15,300	-14.2%	0.11%	-35.3%
SCHW	New	SCHWAB CHARLES CORP NEW	$1,000,000	–	35,000	–	0.08%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$944,000	–	16,000	–	0.07%	–
JPM	New	JPMORGAN CHASE & CO	$921,000	–	15,100	–	0.07%	–
PBR	New	PETROLEO BRASILEIRO SA PETROcall	$870,000	–	200,000	–	0.07%	–
WFC	New	WELLS FARGO & CO NEW	$519,000	–	10,100	–	0.04%	–
GRUB	Buy	GRUBHUB INC	$519,000	-28.5%	21,319	+0.1%	0.04%	-30.5%
ERJ	New	EMBRAER S A	$517,000	–	20,200	–	0.04%	–
ITUB	Buy	ITAU UNIBANCO H-SPON PRF ADRspon adr rep pfd	$464,000	-33.5%	70,096	+10.0%	0.04%	-35.1%
ORIT	New	ORITANI FINL CORP DEL	$323,000	–	20,700	–	0.02%	–
VXX	New	BARCLAYS BK PLCput	$287,000	–	11,200	–	0.02%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDput	$212,000	–	10,200	–	0.02%	–
CHA	Exit	CHINA TELECOM CORP LTD	$0	–	-4,026	–	-0.02%	–
NOK	Exit	NOKIA CORPsponsored adr	$0	–	-51,000	–	-0.03%	–
PRTY	Exit	PARTY CITY HOLDCO INC	$0	–	-25,000	–	-0.04%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-14,200	–	-0.06%	–
CUDA	Exit	BARRACUDA NETWORKS INC	$0	–	-21,943	–	-0.07%	–
GLOG	Exit	GASLOG LTD	$0	–	-46,446	–	-0.08%	–
MRO	Exit	MARATHON OIL CORP	$0	–	-36,845	–	-0.08%	–
ZEN	Exit	ZENDESK INC	$0	–	-50,871	–	-0.09%	–
UAL	Exit	UNITED CONTL HLDGS INC	$0	–	-23,000	–	-0.10%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-32,000	–	-0.10%	–
VNOM	Exit	VIPER ENERGY PARTNERS LP	$0	–	-67,502	–	-0.11%	–
CXO	Exit	CONCHO RES INC	$0	–	-15,131	–	-0.14%	–
TWTR	Exit	TWITTER INC	$0	–	-51,418	–	-0.15%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-24,760	–	-0.16%	–
EOG	Exit	EOG RES INC	$0	–	-22,600	–	-0.16%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-51,000	–	-0.17%	–
ISSI	Exit	INTEGRATED SILICON SOLUTION	$0	–	-100,000	–	-0.18%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTDadr	$0	–	-38,000	–	-0.18%	–
KYTH	Exit	KYTHERA BIOPHARMACEUTICALS I	$0	–	-30,000	–	-0.18%	–
BBY	Exit	BEST BUY INC	$0	–	-72,250	–	-0.19%	–
CWEI	Exit	WILLIAMS CLAYTON ENERGY INC	$0	–	-37,780	–	-0.20%	–
GDDY	Exit	GODADDY INCcl a	$0	–	-90,612	–	-0.21%	–
TAP	Exit	MOLSON COORS BREWING COcl b	$0	–	-40,000	–	-0.23%	–
FIT	Exit	FITBIT INCcl a	$0	–	-84,000	–	-0.26%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-75,000	–	-0.28%	–
BAX	Exit	BAXTER INTL INC	$0	–	-55,100	–	-0.31%	–
HSP	Exit	HOSPIRA INC	$0	–	-47,500	–	-0.34%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-225,000	–	-0.35%	–
RTI	Exit	RTI INTL METALS INC	$0	–	-139,060	–	-0.36%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-32,390	–	-0.37%	–
GNCIQ	Exit	GNC HLDGS INC	$0	–	-104,500	–	-0.38%	–
OA	Exit	ORBITAL ATK INC	$0	–	-66,454	–	-0.40%	–
TARO	Exit	TARO PHARMACEUTICAL INDS LTD	$0	–	-35,000	–	-0.41%	–
CST	Exit	CST BRANDS INC	$0	–	-130,270	–	-0.42%	–
HOT	Exit	STARWOOD HOTELS&RESORTS WRLD	$0	–	-65,412	–	-0.43%	–
DISH	Exit	DISH NETWORK CORPcl a	$0	–	-80,000	–	-0.44%	–
ALTR	Exit	ALTERA CORP	$0	–	-110,000	–	-0.46%	–
OCR	Exit	OMNICARE INC	$0	–	-65,000	–	-0.50%	–
DEPO	Exit	DEPOMED INC	$0	–	-286,325	–	-0.50%	–
CCI	Exit	CROWN CASTLE INTL CORP NEW	$0	–	-78,574	–	-0.51%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-70,159	–	-0.53%	–
	Exit	BAXTER INTL INCex distrib wi	$0	–	-175,000	–	-0.54%	–
MRH	Exit	MONTPELIER RE HOLDINGS LTD	$0	–	-180,000	–	-0.58%	–
BRCM	Exit	BROADCOM CORPcl a	$0	–	-148,900	–	-0.62%	–
KOS	Exit	KOSMOS ENERGY LTD	$0	–	-957,268	–	-0.66%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-186,431	–	-0.77%	–
OWW	Exit	ORBITZ WORLDWIDE INC	$0	–	-859,953	–	-0.80%	–
TMUS	Exit	T MOBILE US INC	$0	–	-260,800	–	-0.82%	–
CTRX	Exit	CATAMARAN CORP	$0	–	-167,500	–	-0.83%	–
FDO	Exit	FAMILY DLR STORES INC	$0	–	-149,025	–	-0.96%	–
AAPL	Exit	APPLE INC	$0	–	-100,100	–	-1.02%	–
NLSN	Exit	NIELSEN N V	$0	–	-306,398	–	-1.12%	–
APC	Exit	ANADARKO PETE CORP	$0	–	-200,460	–	-1.28%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-100,000	–	-1.31%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-30,100	–	-1.32%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-225,000	–	-1.57%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-175,100	–	-1.58%	–
CBS	Exit	CBS CORP NEWcl b	$0	–	-672,751	–	-3.04%	–
TRCO	Exit	TRIBUNE MEDIA COcl a	$0	–	-761,287	–	-3.31%	–
A309PS	Exit	DIRECTV	$0	–	-1,087,516	–	-8.23%	–

Q2 2015

			Value		Shares		↓ Weighting
XPO	New	XPO LOGISTICS INC	$112,784,000	–	2,496,322	–	9.20%	–
FTAI	New	FORTRESS TRANS INFRST INVS L	$108,780,000	–	6,000,000	–	8.87%	–
A309PS	New	DIRECTV	$100,911,000	–	1,087,516	–	8.23%	–
BHI	New	BAKER HUGHES INC	$50,100,000	–	811,994	–	4.08%	–
HHC	New	HOWARD HUGHES CORP	$49,562,000	–	345,285	–	4.04%	–
EWY	New	ISHARESmsci sth kor etf	$44,158,000	–	801,262	–	3.60%	–
LVNTA	New	LIBERTY INTERACTIVE CORP	$42,675,000	–	1,086,711	–	3.48%	–
TRCO	New	TRIBUNE MEDIA COcl a	$40,645,000	–	761,287	–	3.31%	–
CBS	New	CBS CORP NEWcl b	$37,338,000	–	672,751	–	3.04%	–
IVV	New	ISHARES TRcore s&p500 etf	$24,459,000	–	118,033	–	1.99%	–
PRGO	New	PERRIGO CO PLC	$20,728,000	–	112,149	–	1.69%	–
YHOO	New	YAHOO INC	$19,524,000	–	496,925	–	1.59%	–
IDX	New	MARKET VECTORS ETF TRindonesia etf	$19,500,000	–	920,265	–	1.59%	–
UTX	New	UNITED TECHNOLOGIES CORP	$19,424,000	–	175,100	–	1.58%	–
DHR	New	DANAHER CORP DEL	$19,258,000	–	225,000	–	1.57%	–
YDKN	New	YADKIN FINL CORP	$19,121,000	–	912,716	–	1.56%	–
	New	VIPSHOP HLDGS LTDnote 1.500% 3/1	$19,013,000	–	15,000,000	–	1.55%	–
AMX	New	AMERICA MOVIL SAB DE CV	$18,986,000	–	890,923	–	1.55%	–
GOOGL	New	GOOGLE INCcl a	$16,255,000	–	30,100	–	1.32%	–
CP	New	CANADIAN PAC RY LTD	$16,023,000	–	100,000	–	1.31%	–
APC	New	ANADARKO PETE CORP	$15,648,000	–	200,460	–	1.28%	–
NLSN	New	NIELSEN N V	$13,717,000	–	306,398	–	1.12%	–
VEA	New	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$12,854,000	–	324,195	–	1.05%	–
AAPL	New	APPLE INC	$12,555,000	–	100,100	–	1.02%	–
FDO	New	FAMILY DLR STORES INC	$11,745,000	–	149,025	–	0.96%	–
HCBK	New	HUDSON CITY BANCORP	$11,303,000	–	1,144,004	–	0.92%	–
TV	New	GRUPO TELEVISA SAspon adr rep ord	$11,024,000	–	283,980	–	0.90%	–
TWC	New	TIME WARNER CABLE INC	$10,334,000	–	58,001	–	0.84%	–
CTRX	New	CATAMARAN CORP	$10,231,000	–	167,500	–	0.83%	–
TMUS	New	T MOBILE US INC	$10,111,000	–	260,800	–	0.82%	–
CI	New	CIGNA CORPORATION	$9,974,000	–	61,570	–	0.81%	–
OWW	New	ORBITZ WORLDWIDE INC	$9,821,000	–	859,953	–	0.80%	–
LBTYK	New	LIBERTY GLOBAL PLC	$9,439,000	–	186,431	–	0.77%	–
IJH	New	ISHARES TRcore s&p mcp etf	$9,184,000	–	61,237	–	0.75%	–
INPTF	New	BARCLAYS BK PLCipms india etn	$8,739,000	–	124,254	–	0.71%	–
FXI	New	ISHARES TRchina lg-cap etf	$8,611,000	–	186,782	–	0.70%	–
BAP	New	CREDICORP LTD	$8,262,000	–	59,476	–	0.67%	–
KOS	New	KOSMOS ENERGY LTD	$8,070,000	–	957,268	–	0.66%	–
BRCM	New	BROADCOM CORPcl a	$7,667,000	–	148,900	–	0.62%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$7,193,000	–	80,742	–	0.59%	–
MRH	New	MONTPELIER RE HOLDINGS LTD	$7,110,000	–	180,000	–	0.58%	–
FB	New	FACEBOOK INCcl a	$7,086,000	–	82,621	–	0.58%	–
	New	BAXTER INTL INCex distrib wi	$6,650,000	–	175,000	–	0.54%	–
AMT	New	AMERICAN TOWER CORP NEW	$6,545,000	–	70,159	–	0.53%	–
CCI	New	CROWN CASTLE INTL CORP NEW	$6,309,000	–	78,574	–	0.51%	–
DEPO	New	DEPOMED INC	$6,145,000	–	286,325	–	0.50%	–
OCR	New	OMNICARE INC	$6,126,000	–	65,000	–	0.50%	–
VIPS	New	VIPSHOP HLDGS LTDsponsored adr	$6,118,000	–	274,960	–	0.50%	–
SPSM	New	SPDR SER TRspdr russel 2000	$5,919,000	–	80,011	–	0.48%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$5,645,000	–	138,077	–	0.46%	–
ALTR	New	ALTERA CORP	$5,632,000	–	110,000	–	0.46%	–
CHL	New	CHINA MOBILE LIMITEDsponsored adr	$5,417,000	–	84,525	–	0.44%	–
DISH	New	DISH NETWORK CORPcl a	$5,417,000	–	80,000	–	0.44%	–
HOT	New	STARWOOD HOTELS&RESORTS WRLD	$5,304,000	–	65,412	–	0.43%	–
CX	New	CEMEX SAB DE CVspon adr new	$5,114,000	–	558,283	–	0.42%	–
CST	New	CST BRANDS INC	$5,088,000	–	130,270	–	0.42%	–
TARO	New	TARO PHARMACEUTICAL INDS LTD	$5,029,000	–	35,000	–	0.41%	–
MBT	New	MOBILE TELESYSTEMS OJSCsponsored adr	$4,978,000	–	508,956	–	0.41%	–
OA	New	ORBITAL ATK INC	$4,875,000	–	66,454	–	0.40%	–
GNCIQ	New	GNC HLDGS INC	$4,648,000	–	104,500	–	0.38%	–
PXD	New	PIONEER NAT RES CO	$4,492,000	–	32,390	–	0.37%	–
DBA	New	POWERSHS DB MULTI SECT COMMps db agricul fd	$4,468,000	–	191,340	–	0.36%	–
RTI	New	RTI INTL METALS INC	$4,383,000	–	139,060	–	0.36%	–
MU	New	MICRON TECHNOLOGY INC	$4,239,000	–	225,000	–	0.35%	–
HSP	New	HOSPIRA INC	$4,214,000	–	47,500	–	0.34%	–
BAX	New	BAXTER INTL INC	$3,853,000	–	55,100	–	0.31%	–
SCCO	New	SOUTHERN COPPER CORP	$3,807,000	–	129,451	–	0.31%	–
VIG	New	VANGUARD SPECIALIZED PORTFOLdiv app etf	$3,632,000	–	46,223	–	0.30%	–
EWM	New	ISHARESmsci malaysi etf	$3,608,000	–	297,940	–	0.29%	–
AER	New	AERCAP HOLDINGS NV	$3,434,000	–	75,000	–	0.28%	–
FIT	New	FITBIT INCcl a	$3,211,000	–	84,000	–	0.26%	–
TAP	New	MOLSON COORS BREWING COcl b	$2,792,000	–	40,000	–	0.23%	–
LFC	New	CHINA LIFE INS CO LTDspon adr rep h	$2,648,000	–	121,713	–	0.22%	–
GDDY	New	GODADDY INCcl a	$2,554,000	–	90,612	–	0.21%	–
CWEI	New	WILLIAMS CLAYTON ENERGY INC	$2,484,000	–	37,780	–	0.20%	–
BBY	New	BEST BUY INC	$2,356,000	–	72,250	–	0.19%	–
KYTH	New	KYTHERA BIOPHARMACEUTICALS I	$2,259,000	–	30,000	–	0.18%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDadr	$2,246,000	–	38,000	–	0.18%	–
ISSI	New	INTEGRATED SILICON SOLUTION	$2,214,000	–	100,000	–	0.18%	–
DAL	New	DELTA AIR LINES INC DEL	$2,095,000	–	51,000	–	0.17%	–
CBPO	New	CHINA BIOLOGIC PRODS INC	$2,054,000	–	17,834	–	0.17%	–
EOG	New	EOG RES INC	$1,979,000	–	22,600	–	0.16%	–
DLTR	New	DOLLAR TREE INC	$1,956,000	–	24,760	–	0.16%	–
EDV	New	VANGUARD WORLD FDextended dur	$1,877,000	–	17,068	–	0.15%	–
TWTR	New	TWITTER INC	$1,862,000	–	51,418	–	0.15%	–
CXO	New	CONCHO RES INC	$1,723,000	–	15,131	–	0.14%	–
BVN	New	COMPANIA DE MINAS BUENAVENTUsponsored adr	$1,714,000	–	165,159	–	0.14%	–
ENIA	New	ENERSIS S Asponsored adr	$1,451,000	–	91,652	–	0.12%	–
GLD	New	SPDR GOLD TRUST	$1,439,000	–	12,810	–	0.12%	–
VNOM	New	VIPER ENERGY PARTNERS LP	$1,329,000	–	67,502	–	0.11%	–
KOF	New	COCA COLA FEMSA S A B DE C Vspon adr rep l	$1,312,000	–	16,513	–	0.11%	–
AAL	New	AMERICAN AIRLS GROUP INC	$1,278,000	–	32,000	–	0.10%	–
INFY	New	INFOSYS LTDsponsored adr	$1,268,000	–	80,000	–	0.10%	–
UAL	New	UNITED CONTL HLDGS INC	$1,219,000	–	23,000	–	0.10%	–
ZEN	New	ZENDESK INC	$1,130,000	–	50,871	–	0.09%	–
EOCCY	New	EMPRESA NACIONAL DE ELCTRCIDsponsored adr	$1,098,000	–	26,490	–	0.09%	–
EWZ	New	ISHARESmsci brz cap etf	$1,072,000	–	32,700	–	0.09%	–
KEP	New	KOREA ELECTRIC PWRsponsored adr	$1,051,000	–	51,637	–	0.09%	–
MRO	New	MARATHON OIL CORP	$978,000	–	36,845	–	0.08%	–
KB	New	KB FINANCIAL GROUP INCsponsored adr	$944,000	–	28,712	–	0.08%	–
GLOG	New	GASLOG LTD	$927,000	–	46,446	–	0.08%	–
PKX	New	POSCOsponsored adr	$933,000	–	19,015	–	0.08%	–
TLK	New	P T TELEKOMUNIKASI INDONESIAsponsored adr	$916,000	–	21,121	–	0.08%	–
CHAD	New	DIREXION SHS ETF TRcsi300 china1x	$884,000	–	20,000	–	0.07%	–
CUDA	New	BARRACUDA NETWORKS INC	$869,000	–	21,943	–	0.07%	–
LBRDK	New	LIBERTY BROADBAND CORP	$726,000	–	14,200	–	0.06%	–
GRUB	New	GRUBHUB INC	$726,000	–	21,303	–	0.06%	–
ITUB	New	ITAU UNIBANCO HLDG SAspon adr rep pfd	$698,000	–	63,724	–	0.06%	–
LPL	New	LG DISPLAY CO LTDspons adr rep	$679,000	–	58,589	–	0.06%	–
BBD	New	BANCO BRADESCO S Asp adr pfd new	$577,000	–	62,954	–	0.05%	–
PHI	New	PHILIPPINE LONG DISTANCE TELsponsored adr	$561,000	–	9,000	–	0.05%	–
PRTY	New	PARTY CITY HOLDCO INC	$507,000	–	25,000	–	0.04%	–
SQM	New	SOCIEDAD QUIMICA MINERA DE Cspon adr ser b	$481,000	–	30,000	–	0.04%	–
KT	New	KT CORPsponsored adr	$438,000	–	34,588	–	0.04%	–
TTM	New	TATA MTRS LTDsponsored adr	$364,000	–	10,570	–	0.03%	–
ABEV	New	AMBEV SAsponsored adr	$361,000	–	59,200	–	0.03%	–
NOK	New	NOKIA CORPsponsored adr	$349,000	–	51,000	–	0.03%	–
BSAC	New	BANCO SANTANDER CHILE NEW	$263,000	–	12,987	–	0.02%	–
CHA	New	CHINA TELECOM CORP LTD	$238,000	–	4,026	–	0.02%	–
BRFS	New	BRF SAsponsored adr	$212,000	–	10,148	–	0.02%	–
LTMAQ	New	LATAM AIRLS GROUP S Asponsored adr	$79,000	–	11,282	–	0.01%	–

Q4 2014

			Value		Shares		↓ Weighting
CIG	Exit	COMPANHIA ENERGETICA DE MINAsp adr n-v pfd	$0	–	-18,445	–	-0.01%	–
CVEO	Exit	CIVEO CORP	$0	–	-11,000	–	-0.01%	–
LTMAQ	Exit	LATAM AIRLS GROUP S Asponsored adr	$0	–	-11,282	–	-0.01%	–
TSU	Exit	TIM PARTICIPACOES S Asponsored adr	$0	–	-7,700	–	-0.02%	–
FBR	Exit	FIBRIA CELULOSE S A	$0	–	-20,000	–	-0.02%	–
CHA	Exit	CHINA TELECOM CORP LTD	$0	–	-4,026	–	-0.02%	–
RSPP	Exit	RSP PERMIAN INC	$0	–	-9,786	–	-0.02%	–
CUDA	Exit	BARRACUDA NETWORKS INC	$0	–	-10,971	–	-0.02%	–
BSAC	Exit	BANCO SANTANDER CHILE NEW	$0	–	-12,987	–	-0.02%	–
VIV	Exit	TELEFONICA BRASIL SAsponsored adr	$0	–	-15,500	–	-0.03%	–
ARPJQ	Exit	ATLAS RESOURCE PARTNERS LP	$0	–	-21,993	–	-0.04%	–
TTM	Exit	TATA MTRS LTDsponsored adr	$0	–	-10,000	–	-0.04%	–
KT	Exit	KT CORPsponsored adr	$0	–	-34,588	–	-0.05%	–
GFA	Exit	GAFISA S Aspons adr	$0	–	-238,800	–	-0.05%	–
PHI	Exit	PHILIPPINE LONG DISTANCE TELsponsored adr	$0	–	-9,000	–	-0.05%	–
BRFS	Exit	BRF SAsponsored adr	$0	–	-30,000	–	-0.06%	–
RNG	Exit	RINGCENTRAL INCcl a	$0	–	-60,978	–	-0.07%	–
SQM	Exit	SOCIEDAD QUIMICA MINERA DE Cspon adr ser b	$0	–	-30,000	–	-0.07%	–
	Exit	ISHARES TRput	$0	–	-8,500	–	-0.07%	–
ESGC	Exit	EROS INTL PLC	$0	–	-60,000	–	-0.08%	–
T104PS	Exit	AMERICAN RLTY CAP PPTYS INC	$0	–	-73,606	–	-0.08%	–
	Exit	WILLIAMS COS INC DELput	$0	–	-3,400	–	-0.08%	–
JMEI	Exit	JUMEI INTL HLDG LTDsponsored adr	$0	–	-38,200	–	-0.08%	–
LPL	Exit	LG DISPLAY CO LTDspons adr rep	$0	–	-58,589	–	-0.08%	–
WIX	Exit	WIX COM LTD	$0	–	-10,778	–	-0.08%	–
WPX	Exit	WPX ENERGY INC	$0	–	-40,678	–	-0.08%	–
TLK	Exit	P T TELEKOMUNIKASI INDONESIAsponsored adr	$0	–	-21,121	–	-0.09%	–
KB	Exit	KB FINANCIAL GROUP INCsponsored adr	$0	–	-28,712	–	-0.09%	–
ABEV	Exit	AMBEV SAsponsored adr	$0	–	-175,000	–	-0.10%	–
KEP	Exit	KOREA ELECTRIC PWRsponsored adr	$0	–	-51,637	–	-0.10%	–
EOCCY	Exit	EMPRESA NACIONAL DE ELCTRCIDsponsored adr	$0	–	-26,490	–	-0.10%	–
INFY	Exit	INFOSYS LTDsponsored adr	$0	–	-20,000	–	-0.10%	–
PKX	Exit	POSCOsponsored adr	$0	–	-19,015	–	-0.13%	–
ENIA	Exit	ENERSIS S Asponsored adr	$0	–	-91,652	–	-0.13%	–
VIPS	Exit	VIPSHOP HLDGS LTDsponsored adr	$0	–	-7,777	–	-0.13%	–
NBG	Exit	NATIONAL BK GREECE S Aspn adr rep 1 sh	$0	–	-490,709	–	-0.13%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-19,680	–	-0.14%	–
HDB	Exit	HDFC BANK LTD	$0	–	-35,005	–	-0.14%	–
DBB	Exit	POWERSHS DB MULTI SECT COMMdb base metals	$0	–	-97,156	–	-0.14%	–
KOF	Exit	COCA COLA FEMSA S A B DE C Vspon adr rep l	$0	–	-16,513	–	-0.14%	–
LFC	Exit	CHINA LIFE INS CO LTDspon adr rep h	$0	–	-40,571	–	-0.15%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-15,318	–	-0.16%	–
	Exit	SEARS HLDGS CORPput	$0	–	-4,500	–	-0.17%	–
PCLN	Exit	PRICELINE GRP INC	$0	–	-1,680	–	-0.17%	–
2108SC	Exit	EL PASO PIPELINE PARTNERS L	$0	–	-50,000	–	-0.18%	–
BAGL	Exit	EINSTEIN NOAH REST GROUP INC	$0	–	-100,000	–	-0.18%	–
VLY	Exit	VALLEY NATL BANCORP	$0	–	-208,217	–	-0.18%	–
FEYE	Exit	FIREEYE INC	$0	–	-71,435	–	-0.19%	–
RRC	Exit	RANGE RES CORP	$0	–	-32,407	–	-0.19%	–
BVN	Exit	COMPANIA DE MINAS BUENAVENTUsponsored adr	$0	–	-190,435	–	-0.19%	–
WDAY	Exit	WORKDAY INCcl a	$0	–	-27,669	–	-0.20%	–
BBD	Exit	BANCO BRADESCO S Asp adr pfd new	$0	–	-163,260	–	-0.20%	–
PCP	Exit	PRECISION CASTPARTS CORP	$0	–	-10,000	–	-0.21%	–
	Exit	SPDR SERIES TRUSTput	$0	–	-3,475	–	-0.21%	–
TUR	Exit	ISHARESmsci turkey etf	$0	–	-50,000	–	-0.21%	–
CIE	Exit	COBALT INTL ENERGY INC	$0	–	-195,950	–	-0.23%	–
ITUB	Exit	ITAU UNIBANCO HLDG SAspon adr rep pfd	$0	–	-198,316	–	-0.24%	–
FUBC	Exit	1ST UNITED BANCORP INC FLA	$0	–	-328,648	–	-0.24%	–
WBAI	Exit	500 COM LTDspon adr rep a	$0	–	-102,000	–	-0.30%	–
	Exit	SELECT SECTOR SPDR TRput	$0	–	-4,900	–	-0.30%	–
TWTC	Exit	TW TELECOM INC	$0	–	-93,490	–	-0.34%	–
TWTR	Exit	TWITTER INC	$0	–	-84,445	–	-0.38%	–
DBE	Exit	POWERSHS DB MULTI SECT COMMdb energy fund	$0	–	-161,930	–	-0.38%	–
MDY	Exit	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$0	–	-18,230	–	-0.40%	–
EWM	Exit	ISHARESmsci malaysi etf	$0	–	-297,940	–	-0.40%	–
DBA	Exit	POWERSHS DB MULTI SECT COMMps db agricul fd	$0	–	-188,949	–	-0.42%	–
SCCO	Exit	SOUTHERN COPPER CORP	$0	–	-163,231	–	-0.42%	–
CHL	Exit	CHINA MOBILE LIMITEDsponsored adr	$0	–	-84,525	–	-0.43%	–
KOS	Exit	KOSMOS ENERGY LTD	$0	–	-500,000	–	-0.43%	–
ATLS	Exit	ATLAS ENERGY LP	$0	–	-135,410	–	-0.52%	–
TV	Exit	GRUPO TELEVISA SAspon adr rep ord	$0	–	-177,850	–	-0.52%	–
SPSM	Exit	SPDR SER TRspdr russel 2000	$0	–	-94,562	–	-0.54%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-150,072	–	-0.54%	–
HCT	Exit	AMER RLTY CAP HEALTHCAR TR I	$0	–	-599,369	–	-0.55%	–
GM	Exit	GENERAL MTRS CO	$0	–	-200,100	–	-0.56%	–
VIG	Exit	VANGUARD SPECIALIZED PORTFOLdiv app etf	$0	–	-85,064	–	-0.57%	–
	Exit	STERLITE INDS INDIA LTDnote 4.000%10/3	$0	–	-6,594,000	–	-0.57%	–
IGT	Exit	INTERNATIONAL GAME TECHNOLOG	$0	–	-400,000	–	-0.59%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-80,742	–	-0.65%	–
MBT	Exit	MOBILE TELESYSTEMS OJSCsponsored adr	$0	–	-526,579	–	-0.68%	–
THI	Exit	TIM HORTONS INC	$0	–	-104,000	–	-0.72%	–
IJH	Exit	ISHARES TRcore s&p mcp etf	$0	–	-63,628	–	-0.76%	–
DAR	Exit	DARLING INGREDIENTS INC	$0	–	-480,500	–	-0.77%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-47,394	–	-0.81%	–
CXO	Exit	CONCHO RES INC	$0	–	-76,596	–	-0.84%	–
BAP	Exit	CREDICORP LTD	$0	–	-64,918	–	-0.87%	–
6107SC	Exit	URS CORP NEW	$0	–	-175,237	–	-0.88%	–
ATHL	Exit	ATHLON ENERGY INC	$0	–	-185,000	–	-0.94%	–
INPTF	Exit	BARCLAYS BK PLCipms india etn	$0	–	-154,254	–	-0.94%	–
MRD	Exit	MEMORIAL RESOURCE DEV CORP	$0	–	-430,421	–	-1.02%	–
VEA	Exit	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$0	–	-332,764	–	-1.15%	–
F113PS	Exit	COVIDIEN PLC	$0	–	-155,000	–	-1.17%	–
FDO	Exit	FAMILY DLR STORES INC	$0	–	-217,500	–	-1.46%	–
YDKN	Exit	YADKIN FINL CORP	$0	–	-912,716	–	-1.54%	–
	Exit	VIPSHOP HLDGS LTDnote 1.500% 3/1	$0	–	-15,000,000	–	-1.58%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-125,000	–	-1.63%	–
T104SC	Exit	ANNIES INC	$0	–	-417,120	–	-1.67%	–
AAPL	Exit	APPLE INC	$0	–	-194,600	–	-1.71%	–
CX	Exit	CEMEX SAB DE CVspon adr new	$0	–	-1,549,150	–	-1.76%	–
AMX	Exit	AMERICA MOVIL SAB DE CV	$0	–	-890,923	–	-1.96%	–
FXI	Exit	ISHARES TRchina lg-cap etf	$0	–	-586,782	–	-1.96%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-122,692	–	-2.12%	–
IDX	Exit	MARKET VECTORS ETF TRindonesia etf	$0	–	-1,006,063	–	-2.19%	–
SCI	Exit	SERVICE CORP INTL	$0	–	-1,207,659	–	-2.22%	–
A309PS	Exit	DIRECTV	$0	–	-325,000	–	-2.45%	–
CNQR	Exit	CONCUR TECHNOLOGIES INC	$0	–	-250,000	–	-2.76%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-600,397	–	-2.89%	–
EWY	Exit	ISHARESmsci sth kor etf	$0	–	-701,262	–	-3.70%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-1,250,000	–	-4.17%	–
APC	Exit	ANADARKO PETE CORP	$0	–	-566,060	–	-5.00%	–
DRC	Exit	DRESSER-RAND GROUP INC	$0	–	-841,675	–	-6.03%	–
HCBK	Exit	HUDSON CITY BANCORP	$0	–	-7,669,692	–	-6.49%	–
PL	Exit	PROTECTIVE LIFE CORP	$0	–	-1,400,000	–	-8.46%	–
4945SC	Exit	KINDER MORGAN ENERGY PARTNERut ltd partner	$0	–	-1,050,000	–	-8.53%	–

Q3 2014

			Value		Shares		↓ Weighting
4945SC	New	KINDER MORGAN ENERGY PARTNERut ltd partner	$97,944,000	–	1,050,000	–	8.53%	–
HCBK	Sell	HUDSON CITY BANCORP	$74,549,000	-29.9%	7,669,692	-29.1%	6.49%	-40.6%
DRC	New	DRESSER-RAND GROUP INC	$69,236,000	–	841,675	–	6.03%	–
APC	New	ANADARKO PETE CORP	$57,421,000	–	566,060	–	5.00%	–
KMI	New	KINDER MORGAN INC DEL	$47,925,000	–	1,250,000	–	4.17%	–
EWY	Buy	ISHARESmsci sth kor etf	$42,433,000	+19.4%	701,262	+28.3%	3.70%	+1.1%
WMB	Buy	WILLIAMS COS INC DEL	$33,232,000	+119.2%	600,397	+130.6%	2.89%	+85.8%
CNQR	New	CONCUR TECHNOLOGIES INC	$31,705,000	–	250,000	–	2.76%	–
A309PS	Buy	DIRECTV	$28,119,000	+319.6%	325,000	+312.3%	2.45%	+255.3%
IDX	Sell	MARKET VECTORS ETF TRindonesia etf	$25,152,000	-2.0%	1,006,063	-3.4%	2.19%	-17.0%
IVV	Sell	ISHARES TRcore s&p500 etf	$24,325,000	+0.5%	122,692	-0.2%	2.12%	-14.9%
FXI	Sell	ISHARES TRchina lg-cap etf	$22,462,000	-0.9%	586,782	-4.1%	1.96%	-16.0%
CX	Buy	CEMEX SAB DE CVspon adr new	$20,201,000	+45.5%	1,549,150	+47.7%	1.76%	+23.3%
AAPL	Sell	APPLE INC	$19,606,000	-20.3%	194,600	-26.5%	1.71%	-32.5%
T104SC	New	ANNIES INC	$19,146,000	–	417,120	–	1.67%	–
HHC	New	HOWARD HUGHES CORP	$18,750,000	–	125,000	–	1.63%	–
	Sell	VIPSHOP HLDGS LTDnote 1.500% 3/1	$18,103,000	-38.4%	15,000,000	-40.0%	1.58%	-47.9%
YDKN	New	YADKIN FINL CORP	$17,716,000	–	912,716	–	1.54%	–
FDO	New	FAMILY DLR STORES INC	$16,800,000	–	217,500	–	1.46%	–
F113PS	Sell	COVIDIEN PLC	$13,409,000	-62.8%	155,000	-61.2%	1.17%	-68.5%
MRD	New	MEMORIAL RESOURCE DEV CORP	$11,669,000	–	430,421	–	1.02%	–
ATHL	New	ATHLON ENERGY INC	$10,773,000	–	185,000	–	0.94%	–
6107SC	New	URS CORP NEW	$10,095,000	–	175,237	–	0.88%	–
BAP	Buy	CREDICORP LTD	$9,958,000	+4.6%	64,918	+6.0%	0.87%	-11.3%
CXO	New	CONCHO RES INC	$9,604,000	–	76,596	–	0.84%	–
PXD	New	PIONEER NAT RES CO	$9,335,000	–	47,394	–	0.81%	–
IJH	Sell	ISHARES TRcore s&p mcp etf	$8,700,000	-4.6%	63,628	-0.2%	0.76%	-19.2%
THI	New	TIM HORTONS INC	$8,207,000	–	104,000	–	0.72%	–
MBT	Buy	MOBILE TELESYSTEMS OJSCsponsored adr	$7,867,000	-16.0%	526,579	+10.9%	0.68%	-28.9%
IGT	New	INTERNATIONAL GAME TECHNOLOG	$6,748,000	–	400,000	–	0.59%	–
VIG	Sell	VANGUARD SPECIALIZED PORTFOLdiv app etf	$6,546,000	-1.4%	85,064	-0.2%	0.57%	-16.5%
GM	Sell	GENERAL MTRS CO	$6,391,000	-56.0%	200,100	-50.0%	0.56%	-62.8%
HCT	Sell	AMER RLTY CAP HEALTHCAR TR I	$6,281,000	-76.5%	599,369	-75.5%	0.55%	-80.1%
SPSM	Sell	SPDR SER TRspdr russel 2000	$6,208,000	-21.8%	94,562	-15.5%	0.54%	-33.7%
KOS	New	KOSMOS ENERGY LTD	$4,980,000	–	500,000	–	0.43%	–
CHL	Buy	CHINA MOBILE LIMITEDsponsored adr	$4,966,000	+55.5%	84,525	+28.7%	0.43%	+31.7%
SCCO	Buy	SOUTHERN COPPER CORP	$4,840,000	+14.5%	163,231	+17.3%	0.42%	-3.2%
DBA	Buy	POWERSHS DB MULTI SECT COMMps db agricul fd	$4,828,000	-6.6%	188,949	+0.3%	0.42%	-21.1%
DBE	Sell	POWERSHS DB MULTI SECT COMMdb energy fund	$4,359,000	-13.3%	161,930	-0.9%	0.38%	-26.5%
TWTR	New	TWITTER INC	$4,356,000	–	84,445	–	0.38%	–
	New	SELECT SECTOR SPDR TRput	$3,466,000	–	4,900	–	0.30%	–
WBAI	Buy	500 COM LTDspon adr rep a	$3,440,000	+106.2%	102,000	+126.2%	0.30%	+75.4%
ITUB	Sell	ITAU UNIBANCO HLDG SAspon adr rep pfd	$2,753,000	-3.5%	198,316	-0.0%	0.24%	-18.1%
CIE	New	COBALT INTL ENERGY INC	$2,665,000	–	195,950	–	0.23%	–
TUR	New	ISHARESmsci turkey etf	$2,454,000	–	50,000	–	0.21%	–
	New	SPDR SERIES TRUSTput	$2,450,000	–	3,475	–	0.21%	–
WDAY	New	WORKDAY INCcl a	$2,283,000	–	27,669	–	0.20%	–
BVN	Buy	COMPANIA DE MINAS BUENAVENTUsponsored adr	$2,205,000	+7.0%	190,435	+9.2%	0.19%	-9.4%
RRC	New	RANGE RES CORP	$2,198,000	–	32,407	–	0.19%	–
FEYE	Sell	FIREEYE INC	$2,183,000	-50.6%	71,435	-34.5%	0.19%	-58.2%
BAGL	New	EINSTEIN NOAH REST GROUP INC	$2,016,000	–	100,000	–	0.18%	–
2108SC	New	EL PASO PIPELINE PARTNERS L	$2,008,000	–	50,000	–	0.18%	–
PCLN	New	PRICELINE GRP INC	$1,946,000	–	1,680	–	0.17%	–
	New	SEARS HLDGS CORPput	$1,913,000	–	4,500	–	0.17%	–
GLD	Sell	SPDR GOLD TRUST	$1,780,000	-12.5%	15,318	-3.6%	0.16%	-25.8%
DBB	Sell	POWERSHS DB MULTI SECT COMMdb base metals	$1,643,000	-4.8%	97,156	-4.4%	0.14%	-19.2%
FB	New	FACEBOOK INCcl a	$1,556,000	–	19,680	–	0.14%	–
NBG	Buy	NATIONAL BK GREECE S Aspn adr rep 1 sh	$1,477,000	+1377.0%	490,709	+1704.7%	0.13%	+1190.0%
VIPS	New	VIPSHOP HLDGS LTDsponsored adr	$1,470,000	–	7,777	–	0.13%	–
WIX	Sell	WIX COM LTD	$932,000	+40.8%	10,778	-67.7%	0.08%	+19.1%
	New	WILLIAMS COS INC DELput	$901,000	–	3,400	–	0.08%	–
JMEI	New	JUMEI INTL HLDG LTDsponsored adr	$897,000	–	38,200	–	0.08%	–
ESGC	New	EROS INTL PLC	$877,000	–	60,000	–	0.08%	–
	New	ISHARES TRput	$786,000	–	8,500	–	0.07%	–
RNG	Sell	RINGCENTRAL INCcl a	$775,000	-37.0%	60,978	-25.0%	0.07%	-46.8%
GFA	New	GAFISA S Aspons adr	$571,000	–	238,800	–	0.05%	–
CUDA	New	BARRACUDA NETWORKS INC	$281,000	–	10,971	–	0.02%	–
RSPP	New	RSP PERMIAN INC	$250,000	–	9,786	–	0.02%	–
CHA	New	CHINA TELECOM CORP LTD	$247,000	–	4,026	–	0.02%	–
CVEO	New	CIVEO CORP	$128,000	–	11,000	–	0.01%	–
MKTO	Exit	MARKETO INC	$0	–	-7,000	–	-0.02%	–
HNP	Exit	HUANENG PWR INTL INC	$0	–	-5,000	–	-0.02%	–
NQ	Exit	NQ MOBILE INCadr repstg cl a	$0	–	-52,300	–	-0.03%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-10,000	–	-0.07%	–
MCRS	Exit	MICROS SYS INC	$0	–	-10,000	–	-0.07%	–
RDA	Exit	RDA MICROELECTRONICS INCsponsored adr	$0	–	-50,000	–	-0.09%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-5,000	–	-0.10%	–
JCPNQ	Exit	PENNEY J C INC	$0	–	-114,000	–	-0.11%	–
PBR	Exit	PETROLEO BRASILEIRO SA PETROsponsored adr	$0	–	-82,000	–	-0.12%	–
YY	Exit	YY INC	$0	–	-16,040	–	-0.12%	–
HFWA	Exit	HERITAGE FINL CORP WASH	$0	–	-89,426	–	-0.15%	–
IDIX	Exit	IDENIX PHARMACEUTICALS INC	$0	–	-70,000	–	-0.17%	–
BSMX	Exit	GRUPO FINANCIERO SANTANDER M	$0	–	-134,437	–	-0.18%	–
VALEP	Exit	VALE S Aadr repstg pfd	$0	–	-156,546	–	-0.19%	–
PBRA	Exit	PETROLEO BRASILEIRO SA PETROsp adr non vtg	$0	–	-130,800	–	-0.21%	–
CEO	Exit	CNOOC LTDsponsored adr	$0	–	-13,722	–	-0.25%	–
VALE	Exit	VALE S Aadr	$0	–	-247,052	–	-0.34%	–
	Exit	WILLIAMS COS INC DELcall	$0	–	-3,400	–	-0.47%	–
HITT	Exit	HITTITE MICROWAVE CORP	$0	–	-100,000	–	-0.80%	–
OPEN	Exit	OPENTABLE INC	$0	–	-80,250	–	-0.86%	–
EEM	Exit	ISHARESmsci emg mkt etf	$0	–	-200,000	–	-0.89%	–
AEO	Exit	AMERICAN EAGLE OUTFITTERS NE	$0	–	-784,100	–	-0.90%	–
AGN	Exit	ALLERGAN INC	$0	–	-52,700	–	-0.92%	–
PAGG	Exit	POWERSHARES ETF TRUST IIglobl agri etf	$0	–	-295,195	–	-0.94%	–
ETP	Exit	ENERGY TRANSFER PRTNRS L Punit ltd partn	$0	–	-204,862	–	-1.22%	–
3106SC	Exit	SUSSER HLDGS CORP	$0	–	-200,000	–	-1.66%	–
HSH	Exit	HILLSHIRE BRANDS CO	$0	–	-492,200	–	-3.15%	–
HYG	Exit	ISHARESiboxx hi yd etf	$0	–	-583,029	–	-5.71%	–
FRX	Exit	FOREST LABS INC	$0	–	-694,896	–	-7.07%	–

Q2 2014

			Value		Shares		↓ Weighting
HCBK	New	HUDSON CITY BANCORP	$106,300,000	–	10,813,839	–	10.93%	–
PL	New	PROTECTIVE LIFE CORP	$97,062,000	–	1,400,000	–	9.98%	–
FRX	New	FOREST LABS INC	$68,795,000	–	694,896	–	7.07%	–
HYG	New	ISHARESiboxx hi yd etf	$55,504,000	–	583,029	–	5.71%	–
F113PS	New	COVIDIEN PLC	$36,072,000	–	400,000	–	3.71%	–
EWY	New	ISHARESmsci sth kor etf	$35,550,000	–	546,748	–	3.66%	–
HSH	New	HILLSHIRE BRANDS CO	$30,664,000	–	492,200	–	3.15%	–
	New	VIPSHOP HLDGS LTDnote 1.500% 3/1	$29,406,000	–	25,000,000	–	3.02%	–
HCT	New	AMER RLTY CAP HEALTHCAR TR I	$26,681,000	–	2,450,000	–	2.74%	–
IDX	New	MARKET VECTORS ETF TRindonesia etf	$25,662,000	–	1,041,067	–	2.64%	–
SCI	New	SERVICE CORP INTL	$25,023,000	–	1,207,659	–	2.57%	–
AAPL	New	APPLE INC	$24,589,000	–	264,600	–	2.53%	–
IVV	New	ISHAREScore s&p500 etf	$24,212,000	–	122,905	–	2.49%	–
FXI	New	ISHARESchina lg-cap etf	$22,660,000	–	611,782	–	2.33%	–
AMX	New	AMERICA MOVIL SAB DE CV	$18,487,000	–	890,923	–	1.90%	–
3106SC	New	SUSSER HLDGS CORP	$16,144,000	–	200,000	–	1.66%	–
WMB	New	WILLIAMS COS INC DEL	$15,158,000	–	260,397	–	1.56%	–
GM	New	GENERAL MTRS CO	$14,524,000	–	400,100	–	1.49%	–
VEA	New	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$14,172,000	–	332,764	–	1.46%	–
CX	New	CEMEX SAB DE CVspon adr new	$13,880,000	–	1,049,150	–	1.43%	–
ETP	New	ENERGY TRANSFER PRTNRS L Punit ltd partn	$11,876,000	–	204,862	–	1.22%	–
INPTF	New	BARCLAYS BK PLCipms india etn	$10,623,000	–	154,254	–	1.09%	–
DAR	New	DARLING INGREDIENTS INC	$10,042,000	–	480,500	–	1.03%	–
BAP	New	CREDICORP LTD	$9,517,000	–	61,217	–	0.98%	–
MBT	New	MOBILE TELESYSTEMS OJSCsponsored adr	$9,369,000	–	474,642	–	0.96%	–
IJH	New	ISHAREScore s&p mcp etf	$9,122,000	–	63,757	–	0.94%	–
PAGG	New	POWERSHARES ETF TRUST IIglobl agri etf	$9,110,000	–	295,195	–	0.94%	–
AGN	New	ALLERGAN INC	$8,918,000	–	52,700	–	0.92%	–
AEO	New	AMERICAN EAGLE OUTFITTERS NE	$8,798,000	–	784,100	–	0.90%	–
EEM	New	ISHARESmsci emg mkt etf	$8,646,000	–	200,000	–	0.89%	–
OPEN	New	OPENTABLE INC	$8,314,000	–	80,250	–	0.86%	–
SPSM	New	SPDR SER TRspdr russel 2000	$7,940,000	–	111,919	–	0.82%	–
HITT	New	HITTITE MICROWAVE CORP	$7,795,000	–	100,000	–	0.80%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$7,561,000	–	80,742	–	0.78%	–
A309PS	New	DIRECTV	$6,701,000	–	78,828	–	0.69%	–
VIG	New	VANGUARD SPECIALIZED PORTFOLdiv app etf	$6,641,000	–	85,193	–	0.68%	–
	New	STERLITE INDS INDIA LTDnote 4.000%10/3	$6,594,000	–	6,594,000	–	0.68%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$6,473,000	–	150,072	–	0.66%	–
TV	New	GRUPO TELEVISA SAspon adr rep ord	$6,102,000	–	177,850	–	0.63%	–
ATLS	New	ATLAS ENERGY LP	$6,077,000	–	135,410	–	0.62%	–
DBA	New	POWERSHS DB MULTI SECT COMMps db agricul fd	$5,171,000	–	188,308	–	0.53%	–
DBE	New	POWERSHS DB MULTI SECT COMMdb energy fund	$5,025,000	–	163,429	–	0.52%	–
MDY	New	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$4,750,000	–	18,230	–	0.49%	–
EWM	New	ISHARESmsci malaysi etf	$4,731,000	–	297,940	–	0.49%	–
	New	WILLIAMS COS INC DELcall	$4,556,000	–	3,400	–	0.47%	–
FEYE	New	FIREEYE INC	$4,422,000	–	109,059	–	0.46%	–
SCCO	New	SOUTHERN COPPER CORP	$4,228,000	–	139,212	–	0.44%	–
TWTC	New	TW TELECOM INC	$3,769,000	–	93,490	–	0.39%	–
VALE	New	VALE S Aadr	$3,268,000	–	247,052	–	0.34%	–
CHL	New	CHINA MOBILE LIMITEDsponsored adr	$3,193,000	–	65,694	–	0.33%	–
ITUB	New	ITAU UNIBANCO HLDG SAspon adr rep pfd	$2,852,000	–	198,317	–	0.29%	–
FUBC	New	1ST UNITED BANCORP INC FLA	$2,833,000	–	328,648	–	0.29%	–
PCP	New	PRECISION CASTPARTS CORP	$2,524,000	–	10,000	–	0.26%	–
CEO	New	CNOOC LTDsponsored adr	$2,460,000	–	13,722	–	0.25%	–
BBD	New	BANCO BRADESCO S Asp adr pfd new	$2,371,000	–	163,260	–	0.24%	–
BVN	New	COMPANIA DE MINAS BUENAVENTUsponsored adr	$2,060,000	–	174,432	–	0.21%	–
VLY	New	VALLEY NATL BANCORP	$2,063,000	–	208,217	–	0.21%	–
PBRA	New	PETROLEO BRASILEIRO SA PETROsp adr non vtg	$2,046,000	–	130,800	–	0.21%	–
GLD	New	SPDR GOLD TRUST	$2,035,000	–	15,891	–	0.21%	–
KOF	New	COCA COLA FEMSA S A B DE C Vspon adr rep l	$1,876,000	–	16,513	–	0.19%	–
VALEP	New	VALE S Aadr repstg pfd	$1,863,000	–	156,546	–	0.19%	–
BSMX	New	GRUPO FINANCIERO SANTANDER M	$1,785,000	–	134,437	–	0.18%	–
DBB	New	POWERSHS DB MULTI SECT COMMdb base metals	$1,726,000	–	101,651	–	0.18%	–
IDIX	New	IDENIX PHARMACEUTICALS INC	$1,687,000	–	70,000	–	0.17%	–
WBAI	New	500 COM LTDspon adr rep a	$1,668,000	–	45,088	–	0.17%	–
HDB	New	HDFC BANK LTD	$1,639,000	–	35,005	–	0.17%	–
LFC	New	CHINA LIFE INS CO LTDspon adr rep h	$1,591,000	–	40,571	–	0.16%	–
ENIA	New	ENERSIS S Asponsored adr	$1,544,000	–	91,652	–	0.16%	–
HFWA	New	HERITAGE FINL CORP WASH	$1,439,000	–	89,426	–	0.15%	–
PKX	New	POSCOsponsored adr	$1,415,000	–	19,015	–	0.14%	–
ABEV	New	AMBEV SAsponsored adr	$1,232,000	–	175,000	–	0.13%	–
RNG	New	RINGCENTRAL INCcl a	$1,230,000	–	81,302	–	0.13%	–
YY	New	YY INC	$1,211,000	–	16,040	–	0.12%	–
PBR	New	PETROLEO BRASILEIRO SA PETROsponsored adr	$1,200,000	–	82,000	–	0.12%	–
EOCCY	New	EMPRESA NACIONAL DE ELCTRCIDsponsored adr	$1,197,000	–	26,490	–	0.12%	–
INFY	New	INFOSYS LTDsponsored adr	$1,075,000	–	20,000	–	0.11%	–
JCPNQ	New	PENNEY J C INC	$1,032,000	–	114,000	–	0.11%	–
KB	New	KB FINANCIAL GROUP INCsponsored adr	$998,000	–	28,712	–	0.10%	–
WPX	New	WPX ENERGY INC	$973,000	–	40,678	–	0.10%	–
KEP	New	KOREA ELECTRIC PWRsponsored adr	$950,000	–	51,637	–	0.10%	–
BIDU	New	BAIDU INCspon adr rep a	$934,000	–	5,000	–	0.10%	–
LPL	New	LG DISPLAY CO LTDspons adr rep	$924,000	–	58,589	–	0.10%	–
T104PS	New	AMERICAN RLTY CAP PPTYS INC	$922,000	–	73,606	–	0.10%	–
TLK	New	P T TELEKOMUNIKASI INDONESIAsponsored adr	$880,000	–	21,121	–	0.09%	–
SQM	New	SOCIEDAD QUIMICA MINERA DE Cspon adr ser b	$879,000	–	30,000	–	0.09%	–
RDA	New	RDA MICROELECTRONICS INCsponsored adr	$856,000	–	50,000	–	0.09%	–
BRFS	New	BRF SAsponsored adr	$729,000	–	30,000	–	0.08%	–
MCRS	New	MICROS SYS INC	$679,000	–	10,000	–	0.07%	–
WIX	New	WIX COM LTD	$662,000	–	33,353	–	0.07%	–
CTRP	New	CTRIP COM INTL LTD	$640,000	–	10,000	–	0.07%	–
PHI	New	PHILIPPINE LONG DISTANCE TELsponsored adr	$606,000	–	9,000	–	0.06%	–
KT	New	KT CORPsponsored adr	$524,000	–	34,588	–	0.05%	–
ARPJQ	New	ATLAS RESOURCE PARTNERS LP	$446,000	–	21,993	–	0.05%	–
TTM	New	TATA MTRS LTDsponsored adr	$391,000	–	10,000	–	0.04%	–
BSAC	New	BANCO SANTANDER CHILE NEW	$344,000	–	12,987	–	0.04%	–
NQ	New	NQ MOBILE INCadr repstg cl a	$321,000	–	52,300	–	0.03%	–
VIV	New	TELEFONICA BRASIL SAsponsored adr	$318,000	–	15,500	–	0.03%	–
HNP	New	HUANENG PWR INTL INC	$226,000	–	5,000	–	0.02%	–
TSU	New	TIM PARTICIPACOES S Asponsored adr	$224,000	–	7,700	–	0.02%	–
MKTO	New	MARKETO INC	$204,000	–	7,000	–	0.02%	–
FBR	New	FIBRIA CELULOSE S A	$194,000	–	20,000	–	0.02%	–
LTMAQ	New	LATAM AIRLS GROUP S Asponsored adr	$151,000	–	11,282	–	0.02%	–
CIG	New	COMPANHIA ENERGETICA DE MINAsp adr n-v pfd	$147,000	–	18,445	–	0.02%	–
NBG	New	NATIONAL BK GREECE S Aspn adr rep 1 sh	$100,000	–	27,191	–	0.01%	–

Q4 2013

			Value		Shares		↓ Weighting
CIG	Exit	COMPANHIA ENERGETICA DE MINAsp adr n-v pfd	$0	–	-14,106	–	-0.01%	–
LTMAQ	Exit	LATAM AIRLS GROUP S Asponsored adr	$0	–	-10,000	–	-0.01%	–
HNP	Exit	HUANENG PWR INTL INC	$0	–	-5,000	–	-0.02%	–
MKTO	Exit	MARKETO INC	$0	–	-7,000	–	-0.02%	–
FBR	Exit	FIBRIA CELULOSE S A	$0	–	-20,000	–	-0.02%	–
TTM	Exit	TATA MTRS LTDsponsored adr	$0	–	-10,000	–	-0.02%	–
BSAC	Exit	BANCO SANTANDER CHILE NEW	$0	–	-12,987	–	-0.03%	–
STL	Exit	STERLING BANCORP	$0	–	-25,000	–	-0.03%	–
VIV	Exit	TELEFONICA BRASIL SAsponsored adr	$0	–	-15,500	–	-0.03%	–
	Exit	ISHARES TRput	$0	–	-4,000	–	-0.03%	–
ARPJQ	Exit	ATLAS RESOURCE PARTNERS LP	$0	–	-21,993	–	-0.04%	–
KT	Exit	KT CORPsponsored adr	$0	–	-34,588	–	-0.05%	–
PHI	Exit	PHILIPPINE LONG DISTANCE TELsponsored adr	$0	–	-9,000	–	-0.05%	–
LPL	Exit	LG DISPLAY CO LTDspons adr rep	$0	–	-58,589	–	-0.06%	–
BRFS	Exit	BRF-BRASIL FOODS S Asponsored adr	$0	–	-30,000	–	-0.06%	–
KEP	Exit	KOREA ELECTRIC PWRsponsored adr	$0	–	-51,637	–	-0.06%	–
WPX	Exit	WPX ENERGY INC	$0	–	-40,678	–	-0.06%	–
SQM	Exit	SOCIEDAD QUIMICA MINERA DE Cspon adr ser b	$0	–	-30,000	–	-0.08%	–
INFY	Exit	INFOSYS LTDsponsored adr	$0	–	-20,000	–	-0.08%	–
KB	Exit	KB FINANCIAL GROUP INCsponsored adr	$0	–	-28,712	–	-0.08%	–
TUMI	Exit	TUMI HLDGS INC	$0	–	-50,913	–	-0.08%	–
HITK	Exit	HI-TECH PHARMACAL INC	$0	–	-25,000	–	-0.09%	–
HDB	Exit	HDFC BANK LTD	$0	–	-35,005	–	-0.09%	–
EOCCY	Exit	EMPRESA NACIONAL DE ELCTRCIDsponsored adr	$0	–	-26,490	–	-0.09%	–
PBR	Exit	PETROLEO BRASILEIRO SA PETROsponsored adr	$0	–	-82,000	–	-0.10%	–
ABV	Exit	COMPANHIA DE BEBIDAS DAS AMEspon adr pfd	$0	–	-35,000	–	-0.11%	–
PKX	Exit	POSCOsponsored adr	$0	–	-19,015	–	-0.12%	–
ENIA	Exit	ENERSIS S Asponsored adr	$0	–	-91,652	–	-0.12%	–
CZZ	Exit	COSAN LTD	$0	–	-97,720	–	-0.12%	–
NAFC	Exit	NASH FINCH CO	$0	–	-58,338	–	-0.13%	–
LFC	Exit	CHINA LIFE INS CO LTDspon adr rep h	$0	–	-40,571	–	-0.13%	–
SWI	Exit	SOLARWINDS INC	$0	–	-51,986	–	-0.15%	–
BVN	Exit	COMPANIA DE MINAS BUENAVENTUsponsored adr	$0	–	-161,668	–	-0.16%	–
TLK	Exit	P T TELEKOMUNIKASI INDONESIAsponsored adr	$0	–	-55,538	–	-0.17%	–
KOF	Exit	COCA COLA FEMSA S A B DE C Vspon adr rep l	$0	–	-16,513	–	-0.17%	–
PBRA	Exit	PETROLEO BRASILEIRO SA PETROsp adr non vtg	$0	–	-130,800	–	-0.18%	–
VALEP	Exit	VALE S Aadr repstg pfd	$0	–	-156,546	–	-0.18%	–
BBD	Exit	BANCO BRADESCO S Asp adr pfd new	$0	–	-163,260	–	-0.19%	–
FDO	Exit	FAMILY DLR STORES INC	$0	–	-31,348	–	-0.19%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-50,000	–	-0.21%	–
DBB	Exit	POWERSHS DB MULTI SECT COMMdb base metals	$0	–	-157,625	–	-0.22%	–
CEO	Exit	CNOOC LTDsponsored adr	$0	–	-13,722	–	-0.23%	–
UNP	Exit	UNION PAC CORP	$0	–	-18,461	–	-0.24%	–
G	Exit	GENPACT LTD	$0	–	-155,635	–	-0.24%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-23,057	–	-0.24%	–
KBR	Exit	KBR INC	$0	–	-93,574	–	-0.25%	–
GWW	Exit	GRAINGER W W INC	$0	–	-11,737	–	-0.25%	–
TPGI	Exit	THOMAS PPTYS GROUP INC	$0	–	-520,860	–	-0.29%	–
VLY	Exit	VALLEY NATL BANCORP	$0	–	-358,020	–	-0.29%	–
ITUB	Exit	ITAU UNIBANCO HLDG SAspon adr rep pfd	$0	–	-266,288	–	-0.31%	–
SCCO	Exit	SOUTHERN COPPER CORP	$0	–	-146,422	–	-0.33%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-4,611	–	-0.33%	–
IWM	Exit	ISHARES TRrussell 2000	$0	–	-39,077	–	-0.34%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-122,134	–	-0.36%	–
EWM	Exit	ISHARES INCmsci malaysia	$0	–	-297,940	–	-0.37%	–
STEL	Exit	STELLARONE CORP	$0	–	-200,942	–	-0.37%	–
CHL	Exit	CHINA MOBILE LIMITEDsponsored adr	$0	–	-84,525	–	-0.39%	–
TV	Exit	GRUPO TELEVISA SAspon adr rep ord	$0	–	-177,850	–	-0.41%	–
CTXS	Exit	CITRIX SYS INC	$0	–	-71,692	–	-0.42%	–
WMS	Exit	WMS INDS INC	$0	–	-200,000	–	-0.43%	–
IJH	Exit	ISHARES TRcore s&p mcp etf	$0	–	-41,893	–	-0.43%	–
DBA	Exit	POWERSHS DB MULTI SECT COMMps db agricul fd	$0	–	-212,229	–	-0.44%	–
AZO	Exit	AUTOZONE INC	$0	–	-13,264	–	-0.46%	–
CX	Exit	CEMEX SAB DE CVspon adr new	$0	–	-516,164	–	-0.47%	–
CAM	Exit	CAMERON INTERNATIONAL CORP	$0	–	-104,932	–	-0.50%	–
SHLDQ	Exit	SEARS HLDGS CORP	$0	–	-106,640	–	-0.52%	–
INPTF	Exit	BARCLAYS BK PLCipms india etn	$0	–	-132,696	–	-0.55%	–
DBE	Exit	POWERSHS DB MULTI SECT COMMdb energy fund	$0	–	-242,385	–	-0.56%	–
SHFL	Exit	SHFL ENTMT INC	$0	–	-300,000	–	-0.57%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fmsci emr mkt etf	$0	–	-180,709	–	-0.60%	–
VIG	Exit	VANGUARD SPECIALIZED PORTFOLdiv app etf	$0	–	-106,162	–	-0.61%	–
ATLS	Exit	ATLAS ENERGY LP	$0	–	-135,410	–	-0.61%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-80,742	–	-0.64%	–
VALE	Exit	VALE S Aadr	$0	–	-525,052	–	-0.67%	–
VLTR	Exit	VOLTERRA SEMICONDUCTOR CORP	$0	–	-363,330	–	-0.69%	–
DOW	Exit	DOW CHEM CO	$0	–	-232,418	–	-0.73%	–
MDY	Exit	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$0	–	-39,500	–	-0.74%	–
EBAY	Exit	EBAY INC	$0	–	-161,857	–	-0.74%	–
GM	Exit	GENERAL MTRS CO	$0	–	-259,291	–	-0.77%	–
LB	Exit	L BRANDS INC	$0	–	-154,580	–	-0.78%	–
NVE	Exit	NV ENERGY INC	$0	–	-400,000	–	-0.78%	–
MBT	Exit	MOBILE TELESYSTEMS OJSCsponsored adr	$0	–	-473,106	–	-0.86%	–
LIFE	Exit	LIFE TECHNOLOGIES CORP	$0	–	-150,000	–	-0.92%	–
BRY	Exit	BERRY PETE COcl a	$0	–	-267,715	–	-0.95%	–
ORCL	Exit	ORACLE CORP	$0	–	-352,523	–	-0.96%	–
PAGG	Exit	POWERSHARES ETF TRUST IIglobl agri etf	$0	–	-427,457	–	-1.00%	–
BAP	Exit	CREDICORP LTD	$0	–	-96,951	–	-1.02%	–
ELN	Exit	ELAN PLCadr	$0	–	-800,000	–	-1.02%	–
VCBI	Exit	VIRGINIA COMM BANCORP INC	$0	–	-840,359	–	-1.07%	–
VEA	Exit	VANGUARD TAX MANAGED INTL FDmsci eafe etf	$0	–	-329,514	–	-1.07%	–
VHS	Exit	VANGUARD HEALTH SYS INC	$0	–	-668,898	–	-1.16%	–
AMX	Exit	AMERICA MOVIL SAB DE CV	$0	–	-890,923	–	-1.45%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-126,607	–	-1.76%	–
CLP	Exit	COLONIAL PPTYS TR	$0	–	-964,517	–	-1.78%	–
SCI	Exit	SERVICE CORP INTL	$0	–	-1,177,659	–	-1.80%	–
STSA	Exit	STERLING FINL CORP WASH	$0	–	-802,468	–	-1.89%	–
CSE	Exit	CAPITALSOURCE INC	$0	–	-1,969,454	–	-1.92%	–
3101SC	Exit	COMMONWEALTH REIT	$0	–	-1,112,595	–	-2.00%	–
IDX	Exit	MARKET VECTORS ETF TRindonesia etf	$0	–	-1,218,043	–	-2.30%	–
DELL	Exit	DELL INC	$0	–	-2,100,100	–	-2.38%	–
FXI	Exit	ISHARES TRftse china25 idx	$0	–	-821,782	–	-2.50%	–
MFB	Exit	MAIDENFORM BRANDS INC	$0	–	-1,557,609	–	-3.01%	–
EWY	Exit	ISHARES INCmsci s korea	$0	–	-669,178	–	-3.38%	–
HYG	Exit	ISHARES TRhigh yld corp	$0	–	-461,410	–	-3.47%	–
PSE	Exit	PIONEER SOUTHWST ENRG PRTNRunit lp int	$0	–	-1,007,521	–	-3.66%	–
LPS	Exit	LENDER PROCESSING SVCS INC	$0	–	-1,340,036	–	-3.66%	–
ONXX	Exit	ONYX PHARMACEUTICALS INC	$0	–	-405,000	–	-4.15%	–
NYX	Exit	NYSE EURONEXT	$0	–	-1,651,817	–	-5.70%	–
STEI	Exit	STEWART ENTERPRISES INCcl a	$0	–	-5,551,150	–	-5.99%	–
FIRE	Exit	SOURCEFIRE INC	$0	–	-989,912	–	-6.18%	–
HCBK	Exit	HUDSON CITY BANCORP	$0	–	-11,043,393	–	-8.21%	–

Q3 2013

			Value		Shares		↓ Weighting
HCBK	Sell	HUDSON CITY BANCORP	$99,943,000	-18.7%	11,043,393	-17.7%	8.21%	-37.8%
FIRE	New	SOURCEFIRE INC	$75,154,000	–	989,912	–	6.18%	–
STEI	Buy	STEWART ENTERPRISES INCcl a	$72,942,000	+10.3%	5,551,150	+9.9%	5.99%	-15.6%
NYX	Buy	NYSE EURONEXT	$69,343,000	+240.4%	1,651,817	+235.7%	5.70%	+160.4%
ONXX	New	ONYX PHARMACEUTICALS INC	$50,491,000	–	405,000	–	4.15%	–
LPS	New	LENDER PROCESSING SVCS INC	$44,583,000	–	1,340,036	–	3.66%	–
PSE	New	PIONEER SOUTHWST ENRG PRTNRunit lp int	$44,563,000	–	1,007,521	–	3.66%	–
HYG	New	ISHARES TRhigh yld corp	$42,247,000	–	461,410	–	3.47%	–
EWY	Sell	ISHARES INCmsci s korea	$41,175,000	-0.0%	669,178	-13.6%	3.38%	-23.5%
MFB	New	MAIDENFORM BRANDS INC	$36,588,000	–	1,557,609	–	3.01%	–
FXI	Sell	ISHARES TRftse china25 idx	$30,472,000	+10.7%	821,782	-3.0%	2.50%	-15.3%
DELL	New	DELL INC	$28,918,000	–	2,100,100	–	2.38%	–
IDX	Sell	MARKET VECTORS ETF TRindonesia etf	$27,942,000	-34.4%	1,218,043	-17.2%	2.30%	-49.8%
CSE	New	CAPITALSOURCE INC	$23,397,000	–	1,969,454	–	1.92%	–
STSA	New	STERLING FINL CORP WASH	$22,991,000	–	802,468	–	1.89%	–
SCI	Sell	SERVICE CORP INTL	$21,928,000	-4.8%	1,177,659	-7.8%	1.80%	-27.2%
CLP	Sell	COLONIAL PPTYS TR	$21,692,000	-41.0%	964,517	-36.8%	1.78%	-54.9%
IVV	Sell	ISHARES TRcore s&p500 etf	$21,384,000	-7.7%	126,607	-12.0%	1.76%	-29.4%
AMX	Sell	AMERICA MOVIL SAB DE CV	$17,649,000	-11.6%	890,923	-3.0%	1.45%	-32.4%
VHS	Buy	VANGUARD HEALTH SYS INC	$14,054,000	+41.4%	668,898	+39.5%	1.16%	+8.1%
VEA	Sell	VANGUARD TAX MANAGED INTL FDmsci eafe etf	$13,042,000	+8.3%	329,514	-2.5%	1.07%	-17.1%
VCBI	Buy	VIRGINIA COMM BANCORP INC	$13,051,000	+20.2%	840,359	+8.1%	1.07%	-8.1%
ELN	New	ELAN PLCadr	$12,464,000	–	800,000	–	1.02%	–
BAP	Buy	CREDICORP LTD	$12,454,000	+66.5%	96,951	+65.9%	1.02%	+27.4%
PAGG	Buy	POWERSHARES ETF TRUST IIglobl agri etf	$12,131,000	-2.4%	427,457	+0.6%	1.00%	-25.3%
ORCL	New	ORACLE CORP	$11,693,000	–	352,523	–	0.96%	–
BRY	Sell	BERRY PETE COcl a	$11,547,000	-27.3%	267,715	-28.6%	0.95%	-44.4%
LIFE	New	LIFE TECHNOLOGIES CORP	$11,225,000	–	150,000	–	0.92%	–
LB	Buy	L BRANDS INC	$9,445,000	+224.9%	154,580	+161.9%	0.78%	+148.7%
GM	Buy	GENERAL MTRS CO	$9,327,000	+193.3%	259,291	+171.6%	0.77%	+124.0%
EBAY	Buy	EBAY INC	$9,030,000	+349.3%	161,857	+316.4%	0.74%	+243.5%
DOW	Buy	DOW CHEM CO	$8,925,000	+220.7%	232,418	+168.7%	0.73%	+145.2%
VLTR	New	VOLTERRA SEMICONDUCTOR CORP	$8,357,000	–	363,330	–	0.69%	–
VALE	Buy	VALE S Aadr	$8,196,000	+152.3%	525,052	+112.5%	0.67%	+93.1%
VIG	Sell	VANGUARD SPECIALIZED PORTFOLdiv app etf	$7,390,000	-3.6%	106,162	-8.3%	0.61%	-26.2%
VWO	Buy	VANGUARD INTL EQUITY INDEX Fmsci emr mkt etf	$7,248,000	+4.1%	180,709	+0.6%	0.60%	-20.3%
SHFL	New	SHFL ENTMT INC	$6,900,000	–	300,000	–	0.57%	–
DBE	Buy	POWERSHS DB MULTI SECT COMMdb energy fund	$6,826,000	+4.3%	242,385	+0.7%	0.56%	-20.2%
INPTF	Sell	BARCLAYS BK PLCipms india etn	$6,716,000	-49.1%	132,696	-46.1%	0.55%	-61.0%
SHLDQ	Sell	SEARS HLDGS CORP	$6,360,000	-14.9%	106,640	-40.0%	0.52%	-34.9%
CAM	New	CAMERON INTERNATIONAL CORP	$6,125,000	–	104,932	–	0.50%	–
AZO	Buy	AUTOZONE INC	$5,607,000	+38.5%	13,264	+38.9%	0.46%	+6.0%
DBA	Buy	POWERSHS DB MULTI SECT COMMps db agricul fd	$5,367,000	+2.4%	212,229	+0.8%	0.44%	-21.7%
IJH	Buy	ISHARES TRcore s&p mcp etf	$5,201,000	+13.4%	41,893	+5.5%	0.43%	-13.4%
WMS	New	WMS INDS INC	$5,190,000	–	200,000	–	0.43%	–
CTXS	Buy	CITRIX SYS INC	$5,062,000	+150.2%	71,692	+113.8%	0.42%	+91.7%
TV	Sell	GRUPO TELEVISA SAspon adr rep ord	$4,971,000	+10.1%	177,850	-2.1%	0.41%	-15.9%
STEL	Buy	STELLARONE CORP	$4,521,000	+221.8%	200,942	+181.0%	0.37%	+146.4%
IWM	Buy	ISHARES TRrussell 2000	$4,166,000	+10.3%	39,077	+0.5%	0.34%	-15.8%
GOOGL	Buy	GOOGLE INCcl a	$4,039,000	+285.0%	4,611	+286.8%	0.33%	+193.8%
SCCO	Buy	SOUTHERN COPPER CORP	$3,989,000	+9.9%	146,422	+11.4%	0.33%	-15.9%
ITUB	Buy	ITAU UNIBANCO HLDG SAspon adr rep pfd	$3,760,000	+61.4%	266,288	+47.7%	0.31%	+23.6%
TPGI	New	THOMAS PPTYS GROUP INC	$3,500,000	–	520,860	–	0.29%	–
GWW	Buy	GRAINGER W W INC	$3,072,000	+55.9%	11,737	+50.3%	0.25%	+18.9%
KBR	Buy	KBR INC	$3,054,000	+50.2%	93,574	+49.6%	0.25%	+15.1%
GLD	Buy	SPDR GOLD TRUST	$2,955,000	+8.4%	23,057	+0.8%	0.24%	-17.1%
G	New	GENPACT LTD	$2,938,000	–	155,635	–	0.24%	–
UNP	Buy	UNION PAC CORP	$2,868,000	+14.9%	18,461	+14.1%	0.24%	-11.9%
DBB	Buy	POWERSHS DB MULTI SECT COMMdb base metals	$2,637,000	+4.9%	157,625	+1.3%	0.22%	-19.6%
FDO	Sell	FAMILY DLR STORES INC	$2,258,000	+8.6%	31,348	-6.1%	0.19%	-16.6%
TLK	Sell	P T TELEKOMUNIKASI INDONESIAsponsored adr	$2,017,000	-21.3%	55,538	-7.4%	0.17%	-39.6%
BVN	Sell	COMPANIA DE MINAS BUENAVENTUsponsored adr	$1,893,000	-23.0%	161,668	-3.0%	0.16%	-40.9%
SWI	New	SOLARWINDS INC	$1,823,000	–	51,986	–	0.15%	–
NAFC	New	NASH FINCH CO	$1,541,000	–	58,338	–	0.13%	–
CZZ	New	COSAN LTD	$1,502,000	–	97,720	–	0.12%	–
HITK	New	HI-TECH PHARMACAL INC	$1,079,000	–	25,000	–	0.09%	–
TUMI	Buy	TUMI HLDGS INC	$1,026,000	+199.1%	50,913	+256.0%	0.08%	+127.0%
	New	ISHARES TRput	$412,000	–	4,000	–	0.03%	–
STL	New	STERLING BANCORP	$343,000	–	25,000	–	0.03%	–
MKTO	New	MARKETO INC	$223,000	–	7,000	–	0.02%	–
HNP	New	HUANENG PWR INTL INC	$200,000	–	5,000	–	0.02%	–
CST	Exit	CST BRANDS INC	$0	–	-38,000	–	-0.13%	–
TROX	Exit	TRONOX LTD	$0	–	-98,000	–	-0.21%	–
CHK	Exit	CHESAPEAKE ENERGY CORP	$0	–	-208,275	–	-0.46%	–
FFCH	Exit	FIRST FINL HLDGS INC	$0	–	-246,486	–	-0.56%	–
NTSP	Exit	NETSPEND HLDGS INC	$0	–	-401,566	–	-0.69%	–
BMC	Exit	BMC SOFTWARE INC	$0	–	-150,000	–	-0.73%	–
GDI	Exit	GARDNER DENVER INC	$0	–	-150,000	–	-1.21%	–
LEDR	Exit	MARKET LEADER INC	$0	–	-1,187,301	–	-1.36%	–
BLC	Exit	BELO CORP	$0	–	-1,707,460	–	-2.56%	–
PEB	Exit	PEBBLEBROOK HOTEL TR	$0	–	-1,095,874	–	-3.18%	–
ET	Exit	EXACTTARGET INC	$0	–	-1,450,900	–	-5.26%	–
LUFK	Exit	LUFKIN INDS INC	$0	–	-680,337	–	-6.46%	–

Q2 2013

			Value		Shares		↓ Weighting
HCBK	New	HUDSON CITY BANCORP	$122,937,000	–	13,421,093	–	13.20%	–
STEI	New	STEWART ENTERPRISES INCcl a	$66,104,000	–	5,049,950	–	7.10%	–
LUFK	New	LUFKIN INDS INC	$60,189,000	–	680,337	–	6.46%	–
ET	New	EXACTTARGET INC	$48,924,000	–	1,450,900	–	5.26%	–
IDX	New	MARKET VECTORS ETF TRindonesia etf	$42,581,000	–	1,471,869	–	4.57%	–
EWY	New	ISHARES INCmsci s korea	$41,186,000	–	774,178	–	4.42%	–
CLP	New	COLONIAL PPTYS TR	$36,783,000	–	1,525,000	–	3.95%	–
PEB	New	PEBBLEBROOK HOTEL TR	$29,608,000	–	1,095,874	–	3.18%	–
FXI	New	ISHARES TRftse china25 idx	$27,537,000	–	846,782	–	2.96%	–
3101SC	New	COMMONWEALTH REIT	$25,723,000	–	1,112,595	–	2.76%	–
BLC	New	BELO CORP	$23,819,000	–	1,707,460	–	2.56%	–
IVV	New	ISHARES TRcore s&p500 etf	$23,158,000	–	143,865	–	2.49%	–
SCI	New	SERVICE CORP INTL	$23,036,000	–	1,277,659	–	2.47%	–
NYX	New	NYSE EURONEXT	$20,369,000	–	492,004	–	2.19%	–
AMX	New	AMERICA MOVIL SAB DE CV	$19,976,000	–	918,423	–	2.15%	–
BRY	New	BERRY PETE COcl a	$15,879,000	–	375,213	–	1.71%	–
INPTF	New	BARCLAYS BK PLCipms india etn	$13,187,000	–	246,392	–	1.42%	–
LEDR	New	MARKET LEADER INC	$12,704,000	–	1,187,301	–	1.36%	–
PAGG	New	POWERSHARES ETF TRUST IIglobl agri etf	$12,429,000	–	424,916	–	1.34%	–
VEA	New	VANGUARD TAX MANAGED INTL FDmsci eafe etf	$12,039,000	–	338,083	–	1.29%	–
GDI	New	GARDNER DENVER INC	$11,277,000	–	150,000	–	1.21%	–
VCBI	New	VIRGINIA COMM BANCORP INC	$10,857,000	–	777,747	–	1.17%	–
VHS	New	VANGUARD HEALTH SYS INC	$9,941,000	–	479,339	–	1.07%	–
NVE	New	NV ENERGY INC	$9,384,000	–	400,000	–	1.01%	–
MBT	New	MOBILE TELESYSTEMS OJSCsponsored adr	$8,961,000	–	473,106	–	0.96%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$8,332,000	–	80,742	–	0.90%	–
MDY	New	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$8,310,000	–	39,500	–	0.89%	–
VIG	New	VANGUARD SPECIALIZED PORTFOLdiv app etf	$7,666,000	–	115,798	–	0.82%	–
SHLDQ	New	SEARS HLDGS CORP	$7,475,000	–	177,640	–	0.80%	–
BAP	New	CREDICORP LTD	$7,479,000	–	58,451	–	0.80%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fmsci emr mkt etf	$6,963,000	–	179,549	–	0.75%	–
BMC	New	BMC SOFTWARE INC	$6,771,000	–	150,000	–	0.73%	–
ATLS	New	ATLAS ENERGY LP	$6,634,000	–	135,410	–	0.71%	–
DBE	New	POWERSHS DB MULTI SECT COMMdb energy fund	$6,546,000	–	240,668	–	0.70%	–
NTSP	New	NETSPEND HLDGS INC	$6,413,000	–	401,566	–	0.69%	–
CX	New	CEMEX SAB DE CVspon adr new	$5,461,000	–	516,164	–	0.59%	–
DBA	New	POWERSHS DB MULTI SECT COMMps db agricul fd	$5,243,000	–	210,483	–	0.56%	–
FFCH	New	FIRST FINL HLDGS INC	$5,228,000	–	246,486	–	0.56%	–
EWM	New	ISHARES INCmsci malaysia	$4,633,000	–	297,940	–	0.50%	–
IJH	New	ISHARES TRcore s&p mcp etf	$4,588,000	–	39,726	–	0.49%	–
TV	New	GRUPO TELEVISA SAspon adr rep ord	$4,515,000	–	181,750	–	0.48%	–
CHL	New	CHINA MOBILE LIMITEDsponsored adr	$4,376,000	–	84,525	–	0.47%	–
CHK	New	CHESAPEAKE ENERGY CORP	$4,245,000	–	208,275	–	0.46%	–
AZO	New	AUTOZONE INC	$4,047,000	–	9,552	–	0.44%	–
WMB	New	WILLIAMS COS INC DEL	$3,966,000	–	122,134	–	0.43%	–
IWM	New	ISHARES TRrussell 2000	$3,778,000	–	38,889	–	0.41%	–
SCCO	New	SOUTHERN COPPER CORP	$3,630,000	–	131,422	–	0.39%	–
VLY	New	VALLEY NATL BANCORP	$3,390,000	–	358,020	–	0.36%	–
VALE	New	VALE S Aadr	$3,249,000	–	247,052	–	0.35%	–
GM	New	GENERAL MTRS CO	$3,180,000	–	95,481	–	0.34%	–
LB	New	L BRANDS INC	$2,907,000	–	59,019	–	0.31%	–
DOW	New	DOW CHEM CO	$2,783,000	–	86,496	–	0.30%	–
GLD	New	SPDR GOLD TRUST	$2,726,000	–	22,878	–	0.29%	–
TLK	New	P T TELEKOMUNIKASI INDONESIAsponsored adr	$2,564,000	–	60,000	–	0.28%	–
DBB	New	POWERSHS DB MULTI SECT COMMdb base metals	$2,515,000	–	155,603	–	0.27%	–
UNP	New	UNION PAC CORP	$2,497,000	–	16,184	–	0.27%	–
BVN	New	COMPANIA DE MINAS BUENAVENTUsponsored adr	$2,460,000	–	166,668	–	0.26%	–
ITUB	New	ITAU UNIBANCO HLDG SAspon adr rep pfd	$2,329,000	–	180,288	–	0.25%	–
KOF	New	COCA COLA FEMSA S A B DE C Vspon adr rep l	$2,317,000	–	16,513	–	0.25%	–
CEO	New	CNOOC LTDsponsored adr	$2,298,000	–	13,722	–	0.25%	–
BBD	New	BANCO BRADESCO S Asp adr pfd new	$2,124,000	–	163,260	–	0.23%	–
FDO	New	FAMILY DLR STORES INC	$2,080,000	–	33,386	–	0.22%	–
KBR	New	KBR INC	$2,033,000	–	62,559	–	0.22%	–
CTXS	New	CITRIX SYS INC	$2,023,000	–	33,535	–	0.22%	–
EBAY	New	EBAY INC	$2,010,000	–	38,871	–	0.22%	–
TROX	New	TRONOX LTD	$1,975,000	–	98,000	–	0.21%	–
GWW	New	GRAINGER W W INC	$1,970,000	–	7,810	–	0.21%	–
PBRA	New	PETROLEO BRASILEIRO SA PETROsp adr non vtg	$1,918,000	–	130,800	–	0.21%	–
VALEP	New	VALE S Aadr repstg pfd	$1,904,000	–	156,546	–	0.20%	–
ENIA	New	ENERSIS S Asponsored adr	$1,499,000	–	91,652	–	0.16%	–
LFC	New	CHINA LIFE INS CO LTDspon adr rep h	$1,415,000	–	40,571	–	0.15%	–
STEL	New	STELLARONE CORP	$1,405,000	–	71,499	–	0.15%	–
ABV	New	COMPANHIA DE BEBIDAS DAS AMEspon adr pfd	$1,307,000	–	35,000	–	0.14%	–
HDB	New	HDFC BANK LTD	$1,269,000	–	35,005	–	0.14%	–
FB	New	FACEBOOK INCcl a	$1,243,000	–	50,000	–	0.13%	–
PKX	New	POSCOsponsored adr	$1,237,000	–	19,015	–	0.13%	–
SQM	New	SOCIEDAD QUIMICA MINERA DE Cspon adr ser b	$1,212,000	–	30,000	–	0.13%	–
EOCCY	New	EMPRESA NACIONAL DE ELCTRCIDsponsored adr	$1,170,000	–	26,490	–	0.13%	–
CST	New	CST BRANDS INC	$1,171,000	–	38,000	–	0.13%	–
PBR	New	PETROLEO BRASILEIRO SA PETROsponsored adr	$1,100,000	–	82,000	–	0.12%	–
GOOGL	New	GOOGLE INCcl a	$1,049,000	–	1,192	–	0.11%	–
KB	New	KB FINANCIAL GROUP INCsponsored adr	$851,000	–	28,712	–	0.09%	–
INFY	New	INFOSYS LTDsponsored adr	$824,000	–	20,000	–	0.09%	–
WPX	New	WPX ENERGY INC	$770,000	–	40,678	–	0.08%	–
LPL	New	LG DISPLAY CO LTDspons adr rep	$695,000	–	58,589	–	0.08%	–
BRFS	New	BRF-BRASIL FOODS S Asponsored adr	$651,000	–	30,000	–	0.07%	–
PHI	New	PHILIPPINE LONG DISTANCE TELsponsored adr	$611,000	–	9,000	–	0.07%	–
KEP	New	KOREA ELECTRIC PWRsponsored adr	$584,000	–	51,637	–	0.06%	–
KT	New	KT CORPsponsored adr	$537,000	–	34,588	–	0.06%	–
ARPJQ	New	ATLAS RESOURCE PARTNERS LP	$482,000	–	21,993	–	0.05%	–
VIV	New	TELEFONICA BRASIL SAsponsored adr	$354,000	–	15,500	–	0.04%	–
TUMI	New	TUMI HLDGS INC	$343,000	–	14,301	–	0.04%	–
BSAC	New	BANCO SANTANDER CHILE NEW	$318,000	–	12,987	–	0.03%	–
TTM	New	TATA MTRS LTDsponsored adr	$234,000	–	10,000	–	0.02%	–
FBR	New	FIBRIA CELULOSE S A	$222,000	–	20,000	–	0.02%	–
LTMAQ	New	LATAM AIRLS GROUP S Asponsored adr	$169,000	–	10,000	–	0.02%	–
CIG	New	COMPANHIA ENERGETICA DE MINAsp adr n-v pfd	$127,000	–	14,106	–	0.01%	–

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