TIFF ADVISORY SERVICES, LLC Activity Q4 2000-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
XLF	Sell	SELECT SECTOR SPDR TR FINANCIALfinancial	$18,182,467	-48.0%	548,160	-47.2%	15.03%	+81.0%
XLK	Buy	SELECT SECTOR SPDR TR TECHNOLOGYtechnology	$15,487,287	+25.2%	94,475	+32.8%	12.80%	+336.3%
XLE	Sell	SELECT SECTOR SPDR TR ENERGYenergy	$13,249,276	-54.3%	146,579	-58.9%	10.95%	+59.3%
VT	Buy	VANGUARD INTL EQUITY INDEX Ftt wrld st etf	$11,559,725	+21.5%	124,058	+26.4%	9.56%	+323.4%
GOOGL	Sell	ALPHABET INC CAP STK CL Acap stk cl a	$6,625,573	-12.9%	50,631	-20.4%	5.48%	+203.4%
AMZN	Sell	AMAZON.COM INC	$6,061,844	-58.3%	47,686	-58.6%	5.01%	+45.2%
XLV	New	SELECT SECTOR SPDR TR SBI HEALTHCAREhealth	$5,709,876	–	44,352	–	4.72%	–
MA	Sell	MASTERCARD INCORPORATED CL Acl a	$5,011,429	-23.1%	12,658	-23.6%	4.14%	+168.0%
BKNG	Sell	BOOKING HOLDINGS INC COM	$5,011,419	-19.5%	1,625	-29.5%	4.14%	+180.5%
ICE	Buy	INTERCONTINENTAL EXCHANGE IN COM	$4,995,568	+206.6%	45,406	+215.1%	4.13%	+966.9%
FISV	Sell	FISERV INC COM	$4,629,779	-32.1%	40,986	-24.2%	3.83%	+136.4%
VOO	Sell	VANGUARD INDEX FDS	$1,182,350	-99.0%	3,011	-98.9%	0.98%	-96.4%
	New	THE ONCOLOGY INSTITUTE INC	$592,767	–	423,405	–	0.49%	–
SLB	Sell	SCHLUMBERGER LTD	$501,147	-51.2%	8,596	-58.9%	0.41%	+69.7%
PXD	Sell	PIONEER NAT RES CO	$478,382	-55.3%	2,084	-59.7%	0.40%	+55.5%
CVX	Sell	CHEVRON CORP NEW	$377,203	-61.9%	2,237	-64.5%	0.31%	+32.8%
VLO	Sell	VALERO ENERGY CORP	$365,895	-58.0%	2,582	-65.3%	0.30%	+45.9%
BP	Sell	BP PLCsponsored adr	$354,869	-62.6%	9,165	-65.9%	0.29%	+30.2%
AMD	Exit	ADVANCED MICRO DEVICES INC	$0	–	-14,316	–	-0.39%	–
BND	Exit	VANGUARD BD INDEX FDStotal bnd mrkt	$0	–	-52,590	–	-0.91%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-9,149	–	-1.13%	–
IWD	Exit	ISHARES TRrus 1000 val etf	$0	–	-51,904	–	-1.94%	–
	Exit	GITLAB INC	$0	–	-257,812	–	-3.25%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-491,855	–	-4.75%	–
VEA	Exit	VANGUARD TAX-MANAGED FDSvan ftse dev mkt	$0	–	-2,188,195	–	-23.97%	–

Q2 2023

			Value		Shares		↓ Weighting
VOO	New	VANGUARD INDEX FDS	$113,475,132	–	278,617	–	26.92%	–
VEA	New	VANGUARD TAX-MANAGED FDSvan ftse dev mkt	$101,050,845	–	2,188,195	–	23.97%	–
XLF	New	SELECT SECTOR SPDR TRfinancial	$34,997,385	–	1,038,190	–	8.30%	–
XLE	New	SELECT SECTOR SPDR TRenergy	$28,981,992	–	357,053	–	6.88%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$20,008,661	–	491,855	–	4.75%	–
VFH	New	VANGUARD WORLD FDSfinancial etf	$17,340,759	–	213,451	–	4.11%	–
AMZN	New	AMAZON COM INC	$14,545,826	–	115,320	–	3.45%	–
	New	GITLAB INC	$13,701,207	–	257,812	–	3.25%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$12,369,965	–	71,149	–	2.93%	–
VT	New	VANGUARD INTL EQUITY INDEX Ftt wrld st etf	$9,516,163	–	98,125	–	2.26%	–
IWD	New	ISHARES TRrus 1000 val etf	$8,192,008	–	51,904	–	1.94%	–
GOOGL	New	ALPHABET INCcap stk cl a	$7,610,646	–	63,581	–	1.80%	–
FISV	New	FISERV INC	$6,823,327	–	54,089	–	1.62%	–
MA	New	MASTERCARD INCORPORATEDcl a	$6,517,768	–	16,572	–	1.55%	–
BKNG	New	BOOKING HOLDINGS INC	$6,226,961	–	2,306	–	1.48%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$4,773,491	–	9,149	–	1.13%	–
BND	New	VANGUARD BD INDEX FDStotal bnd mrkt	$3,822,767	–	52,590	–	0.91%	–
BARK	New	BARK INC	$3,452,393	–	704,570	–	0.82%	–
AMD	New	ADVANCED MICRO DEVICES INC	$1,630,736	–	14,316	–	0.39%	–
ICE	New	INTERCONTINENTAL EXCHANGE IN	$1,629,596	–	14,411	–	0.39%	–
PXD	New	PIONEER NAT RES CO	$1,070,913	–	5,169	–	0.25%	–
SLB	New	SCHLUMBERGER LTD	$1,026,608	–	20,900	–	0.24%	–
CVX	New	CHEVRON CORP NEW	$990,204	–	6,293	–	0.24%	–
BP	New	BP PLCsponsored adr	$949,477	–	26,905	–	0.22%	–
VLO	New	VALERO ENERGY CORP	$871,891	–	7,433	–	0.21%	–

Q4 2022

			Value		Shares		↓ Weighting
VIR	Exit	VIR BIOTECHNOLOGY INC	$0	–	-831	–	-0.01%	–
DDOG	Exit	DATADOG INC	$0	–	-9,027	–	-0.33%	–
ZEN	Exit	ZENDESK INC	$0	–	-12,925	–	-0.41%	–
	Exit	GITLAB INC	$0	–	-36,034	–	-0.98%	–
BND	Exit	VANGUARD BD INDEX FDStotal bnd mrkt	$0	–	-44,248	–	-1.31%	–
BARK	Exit	BARK INC	$0	–	-704,570	–	-1.43%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE IN	$0	–	-48,529	–	-1.82%	–
IWD	Exit	ISHARES TRrus 1000 val etf	$0	–	-32,480	–	-1.83%	–
VT	Exit	VANGUARD INTL EQUITY INDEX Ftt wrld st etf	$0	–	-92,487	–	-3.02%	–
XLB	Exit	SELECT SECTOR SPDR TRsbi materials	$0	–	-107,713	–	-3.03%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-15,102	–	-3.17%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-71,149	–	-3.50%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-143,000	–	-3.88%	–
XLRE	Exit	SELECT SECTOR SPDR TRrl est sel sec	$0	–	-260,715	–	-3.89%	–
BKNG	Exit	BOOKING HOLDINGS INC	$0	–	-6,795	–	-4.62%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-43,886	–	-5.17%	–
XLE	Exit	SELECT SECTOR SPDR TRenergy	$0	–	-173,445	–	-5.17%	–
FISV	Exit	FISERV INC	$0	–	-142,420	–	-5.52%	–
VFH	Exit	VANGUARD WORLD FDSfinancials etf	$0	–	-213,451	–	-6.58%	–
AMZN	Exit	AMAZON COM INC	$0	–	-143,999	–	-6.74%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-170,713	–	-6.76%	–
XLF	Exit	SELECT SECTOR SPDR TRfinancial	$0	–	-2,455,235	–	-30.86%	–

Q3 2022

			Value		Shares		↓ Weighting
XLF	Sell	SELECT SECTOR SPDR TRfinancial	$74,541,000	-34.7%	2,455,235	-32.3%	30.86%	-24.7%
GOOGL	New	ALPHABET INCcap stk cl a	$16,329,000	–	170,713	–	6.76%	–
AMZN	New	AMAZON COM INC	$16,272,000	–	143,999	–	6.74%	–
FISV	Sell	FISERV INC	$13,326,000	-0.1%	142,420	-5.0%	5.52%	+15.0%
XLE	Sell	SELECT SECTOR SPDR TRenergy	$12,492,000	-25.1%	173,445	-25.7%	5.17%	-13.8%
MA	Buy	MASTERCARD INCORPORATEDcl a	$12,479,000	-4.5%	43,886	+5.9%	5.17%	+10.0%
BKNG	Buy	BOOKING HOLDINGS INC	$11,165,000	-1.2%	6,795	+5.2%	4.62%	+13.8%
XLRE	Buy	SELECT SECTOR SPDR TRrl est sel sec	$9,388,000	+33.9%	260,715	+52.0%	3.89%	+54.2%
TMO	Sell	THERMO FISHER SCIENTIFIC INC	$7,660,000	-10.4%	15,102	-4.0%	3.17%	+3.2%
XLB	Buy	SELECT SECTOR SPDR TRsbi materials	$7,326,000	+20.9%	107,713	+30.8%	3.03%	+39.3%
VT	New	VANGUARD INTL EQUITY INDEX Ftt wrld st etf	$7,295,000	–	92,487	–	3.02%	–
IWD	New	ISHARES TRrus 1000 val etf	$4,417,000	–	32,480	–	1.83%	–
ICE	Sell	INTERCONTINENTAL EXCHANGE IN	$4,385,000	-8.7%	48,529	-5.0%	1.82%	+5.1%
	New	GITLAB INC	$2,357,000	–	36,034	–	0.98%	–
ZEN	Buy	ZENDESK INC	$984,000	+6.7%	12,925	+3.8%	0.41%	+23.0%
DDOG	New	DATADOG INC	$801,000	–	9,027	–	0.33%	–
	Exit	WARBY PARKER INC	$0	–	-17,140	–	-0.28%	–
GDRX	Exit	GOODRX HLDGS INC	$0	–	-146,551	–	-0.31%	–
BIGC	Exit	BIGCOMMERCE HLDGS INC	$0	–	-34,415	–	-0.66%	–
DOCN	Exit	DIGITALOCEAN HLDGS INC	$0	–	-41,616	–	-1.82%	–
NLSN	Exit	NIELSEN HLDGS PLC	$0	–	-697,515	–	-5.82%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-32,494	–	-6.27%	–

Q2 2022

			Value		Shares		↓ Weighting
XLF	New	SELECT SECTOR SPDR TRfinancial	$114,090,000	–	3,627,680	–	41.01%	–
TDG	New	TRANSDIGM GROUP INC	$17,439,000	–	32,494	–	6.27%	–
XLE	New	SELECT SECTOR SPDR TRenergy	$16,686,000	–	233,340	–	6.00%	–
VFH	New	VANGUARD WORLD FDSfinancials etf	$16,476,000	–	213,451	–	5.92%	–
NLSN	New	NIELSEN HLDGS PLC	$16,197,000	–	697,515	–	5.82%	–
FISV	New	FISERV INC	$13,343,000	–	149,971	–	4.80%	–
MA	New	MASTERCARD INCORPORATEDcl a	$13,068,000	–	41,424	–	4.70%	–
BKNG	New	BOOKING HOLDINGS INC	$11,302,000	–	6,462	–	4.06%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$10,029,000	–	143,000	–	3.60%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$9,044,000	–	71,149	–	3.25%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$8,550,000	–	15,737	–	3.07%	–
XLRE	New	SELECT SECTOR SPDR TRrl est sel sec	$7,010,000	–	171,571	–	2.52%	–
XLB	New	SELECT SECTOR SPDR TRsbi materials	$6,061,000	–	82,352	–	2.18%	–
DOCN	New	DIGITALOCEAN HLDGS INC	$5,073,000	–	41,616	–	1.82%	–
ICE	New	INTERCONTINENTAL EXCHANGE IN	$4,805,000	–	51,099	–	1.73%	–
BND	New	VANGUARD BD INDEX FDStotal bnd mrkt	$3,330,000	–	44,248	–	1.20%	–
BIGC	New	BIGCOMMERCE HLDGS INC	$1,821,000	–	34,415	–	0.66%	–
BARK	New	BARK INC	$1,303,000	–	704,570	–	0.47%	–
ZEN	New	ZENDESK INC	$922,000	–	12,453	–	0.33%	–
GDRX	New	GOODRX HLDGS INC	$868,000	–	146,551	–	0.31%	–
	New	WARBY PARKER INC	$787,000	–	17,140	–	0.28%	–
VIR	New	VIR BIOTECHNOLOGY INC	$20,000	–	831	–	0.01%	–

Q4 2021

			Value		Shares		↓ Weighting
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-1,719	–	-0.01%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-110,937	–	-2.24%	–
VFH	Exit	VANGUARD WORLD FDSfinancials etf	$0	–	-109,349	–	-3.21%	–
PTON	Exit	PELOTON INTERACTIVE INC	$0	–	-157,491	–	-4.34%	–
EQC	Exit	EQUITY COMWLTH	$0	–	-556,232	–	-4.58%	–
NLSN	Exit	NIELSEN HLDGS PLC	$0	–	-784,778	–	-4.77%	–
SE	Exit	SEA LTDsponsord ads	$0	–	-52,737	–	-5.32%	–
XLB	Exit	SELECT SECTOR SPDR TRsbi materials	$0	–	-217,920	–	-5.46%	–
XLRE	Exit	SELECT SECTOR SPDR TRrl est sel sec	$0	–	-400,049	–	-5.63%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-29,083	–	-5.75%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-26,081	–	-6.01%	–
EBAY	Exit	EBAY INC.	$0	–	-278,044	–	-6.13%	–
FISV	Exit	FISERV INC	$0	–	-179,205	–	-6.16%	–
V	Exit	VISA INC	$0	–	-87,803	–	-6.19%	–
XLF	Exit	SELECT SECTOR SPDR TRfinancial	$0	–	-2,877,227	–	-34.19%	–

Q3 2021

			Value		Shares		↓ Weighting
XLF	Buy	SELECT SECTOR SPDR TRfinancial	$107,982,000	+7.2%	2,877,227	+4.8%	34.19%	+19.1%
V	Buy	VISA INC	$19,558,000	+3.8%	87,803	+8.9%	6.19%	+15.3%
FISV	Buy	FISERV INC	$19,444,000	+8.5%	179,205	+6.8%	6.16%	+20.5%
EBAY	Sell	EBAY INC.	$19,371,000	-8.3%	278,044	-7.6%	6.13%	+1.8%
CHTR	Sell	CHARTER COMMUNICATIONS INC Ncl a	$18,976,000	-5.2%	26,081	-6.0%	6.01%	+5.3%
TDG	Sell	TRANSDIGM GROUP INC	$18,164,000	-13.2%	29,083	-10.0%	5.75%	-3.5%
XLRE	Buy	SELECT SECTOR SPDR TRrl est sel sec	$17,782,000	+4.9%	400,049	+4.7%	5.63%	+16.6%
XLB	Sell	SELECT SECTOR SPDR TRsbi materials	$17,240,000	-15.3%	217,920	-11.9%	5.46%	-5.9%
SE	Sell	SEA LTDsponsord ads	$16,809,000	-1.5%	52,737	-15.1%	5.32%	+9.4%
NLSN	Buy	NIELSEN HLDGS PLC	$15,060,000	-12.4%	784,778	+12.6%	4.77%	-2.7%
PTON	New	PELOTON INTERACTIVE INC	$13,710,000	–	157,491	–	4.34%	–
OCUL	Exit	OCULAR THERAPEUTIX INC	$0	–	-14,224	–	-0.08%	–
NARI	Exit	INARI MED INC	$0	–	-11,134	–	-0.40%	–
BIGC	Exit	BIGCOMMERCE HLDGS INC	$0	–	-30,285	–	-0.58%	–
JXI	Exit	ISHARES TRglob utilits etf	$0	–	-67,846	–	-1.15%	–
RUN	Exit	SUNRUN INC	$0	–	-338,412	–	-5.38%	–
UPST	Exit	UPSTART HLDGS INC	$0	–	-142,453	–	-6.14%	–

Q2 2021

			Value		Shares		↓ Weighting
XLF	New	SELECT SECTOR SPDR TRfinancial	$100,759,000	–	2,746,244	–	28.72%	–
UPST	New	UPSTART HLDGS INC	$21,549,000	–	142,453	–	6.14%	–
EBAY	New	EBAY INC.	$21,133,000	–	300,992	–	6.02%	–
TDG	New	TRANSDIGM GROUP INC	$20,923,000	–	32,324	–	5.96%	–
XLB	New	SELECT SECTOR SPDR TRsbi materials	$20,355,000	–	247,300	–	5.80%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$20,022,000	–	27,753	–	5.71%	–
RUN	New	SUNRUN INC	$18,876,000	–	338,412	–	5.38%	–
V	New	VISA INC	$18,844,000	–	80,592	–	5.37%	–
FISV	New	FISERV INC	$17,928,000	–	167,718	–	5.11%	–
NLSN	New	NIELSEN HLDGS PLC	$17,199,000	–	697,143	–	4.90%	–
SE	New	SEA LTDsponsord ads	$17,067,000	–	62,151	–	4.86%	–
XLRE	New	SELECT SECTOR SPDR TRrl est sel sec	$16,946,000	–	382,256	–	4.83%	–
EQC	New	EQUITY COMWLTH	$14,573,000	–	556,232	–	4.15%	–
VFH	New	VANGUARD WORLD FDSfinancials etf	$9,891,000	–	109,349	–	2.82%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$7,015,000	–	110,937	–	2.00%	–
JXI	New	ISHARES TRglob utilits etf	$4,033,000	–	67,846	–	1.15%	–
BIGC	New	BIGCOMMERCE HLDGS INC	$2,046,000	–	30,285	–	0.58%	–
NARI	New	INARI MED INC	$1,402,000	–	11,134	–	0.40%	–
OCUL	New	OCULAR THERAPEUTIX INC	$276,000	–	14,224	–	0.08%	–
AAL	New	AMERICAN AIRLS GROUP INC	$36,000	–	1,719	–	0.01%	–

Q4 2020

			Value		Shares		↓ Weighting
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-1,719	–	-0.01%	–
FET	Exit	FORUM ENERGY TECHNOLOGIES IN	$0	–	-107,257	–	-0.03%	–
ISEE	Exit	IVERIC BIO INC	$0	–	-28,179	–	-0.08%	–
SUSA	Exit	I SHARES TRmsci usa esg slc	$0	–	-7,476	–	-0.53%	–
NULV	Exit	NUSHARES ETF TRnuveen esg lrgvl	$0	–	-84,260	–	-1.19%	–
JXI	Exit	I SHARES TRglobal utilits etf	$0	–	-53,310	–	-1.46%	–
NLSN	Exit	NIELSEN HLDGS PLC	$0	–	-968,918	–	-6.67%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-94,858	–	-6.78%	–
OTIS	Exit	OTIS WORLDWIDE CORP	$0	–	-224,674	–	-6.81%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-22,476	–	-6.81%	–
V	Exit	VISA INC	$0	–	-71,876	–	-6.98%	–
EQC	Exit	EQUITY COMWLTH	$0	–	-556,232	–	-7.19%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-31,299	–	-7.22%	–
NFLX	Exit	NETFLIX INC	$0	–	-41,180	–	-9.99%	–
SE	Exit	SEA LTDsponsord ads	$0	–	-136,473	–	-10.20%	–
XLF	Exit	SELECT SECTOR SPDR TRsbi int-finl	$0	–	-2,401,776	–	-28.06%	–

Q3 2020

			Value		Shares		↓ Weighting
SE	Sell	SEA LTDsponsord ads	$21,023,000	-3.0%	136,473	-32.5%	10.20%	-14.2%
NFLX	Buy	NETFLIX INC	$20,591,000	+44.3%	41,180	+31.3%	9.99%	+27.7%
TDG	Sell	TRANSDIGM GROUP INC	$14,871,000	-13.8%	31,299	-19.8%	7.22%	-23.7%
EQC	New	EQUITY COMWLTH	$14,813,000	–	556,232	–	7.19%	–
V	Sell	VISA INC	$14,374,000	+0.5%	71,876	-3.0%	6.98%	-11.1%
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$14,032,000	–	22,476	–	6.81%	–
OTIS	Sell	OTIS WORLDWIDE CORP	$14,024,000	-9.1%	224,674	-17.2%	6.81%	-19.5%
FIS	Sell	FIDELITY NATL INFORMATION SV	$13,964,000	+2.2%	94,858	-6.9%	6.78%	-9.5%
NLSN	New	NIELSEN HLDGS PLC	$13,739,000	–	968,918	–	6.67%	–
JXI	New	I SHARES TRglobal utilits etf	$2,997,000	–	53,310	–	1.46%	–
NULV	New	NUSHARES ETF TRnuveen esg lrgvl	$2,450,000	–	84,260	–	1.19%	–
SUSA	New	I SHARES TRmsci usa esg slc	$1,100,000	–	7,476	–	0.53%	–
ISEE	New	IVERIC BIO INC	$164,000	–	28,179	–	0.08%	–
FET	New	FORUM ENERGY TECHNOLOGIES IN	$60,000	–	107,257	–	0.03%	–
MCO	Exit	MOODYS CORP	$0	–	-53,758	–	-8.10%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-75,616	–	-8.44%	–

Q2 2020

			Value		Shares		↓ Weighting
XLF	New	SELECT SECTOR SPDR TRsbi int-finl	$55,577,000	–	2,401,776	–	30.48%	–
SE	New	SEA LTDsponsored ads	$21,673,000	–	202,091	–	11.89%	–
TDG	New	TRANSDIGM GROUP INC	$17,247,000	–	39,016	–	9.46%	–
OTIS	New	OTIS WORLDWIDE CORP	$15,420,000	–	271,196	–	8.46%	–
MSFT	New	MICROSOFT CORP	$15,389,000	–	75,616	–	8.44%	–
MCO	New	MOODYS CORP	$14,769,000	–	53,758	–	8.10%	–
V	New	VISA INC	$14,307,000	–	74,067	–	7.85%	–
NFLX	New	NETFLIX INC	$14,274,000	–	31,369	–	7.83%	–
FIS	New	FIDELITY NATL INFORMATION SV	$13,660,000	–	101,870	–	7.49%	–
AAL	New	AMERICAN AIRLINES GROUP INC	$22,000	–	1,719	–	0.01%	–

Q4 2019

			Value		Shares		↓ Weighting
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-1,719	–	-0.04%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-17,224	–	-0.85%	–
XLY	Exit	SELECT SECTOR SPDR TRsbi cons discr	$0	–	-25,191	–	-2.32%	–
IWM	Exit	I SHARES TRrussell 2000 etf	$0	–	-22,498	–	-2.60%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-97,807	–	-6.01%	–
XLV	Exit	SELECT SECTOR SPDR TRsbi healthcare	$0	–	-163,258	–	-11.23%	–
XLE	Exit	SELECT SECTOR SPDR TRenergy	$0	–	-300,678	–	-13.58%	–
VOO	Exit	VANGUARD INDEX FDS	$0	–	-83,965	–	-17.46%	–
XLF	Exit	SELECT SECTOR SPDR TRsbi int-finl	$0	–	-2,149,651	–	-45.92%	–

Q3 2019

			Value		Shares		↓ Weighting
XLE	Sell	SELECT SECTOR SPDR TRenergy	$17,800,000	-9.8%	300,678	-23.3%	13.58%	+24.8%
XLV	Sell	SELECT SECTOR SPDR TRsbi healthcare	$14,714,000	-26.8%	163,258	-24.8%	11.23%	+1.2%
XLK	Sell	SELECT SECTOR SPDR TRtechnology	$7,876,000	-37.3%	97,807	-39.3%	6.01%	-13.3%
INDA	Exit	I SHARES TRmsci india etf	$0	–	-28,802	–	-0.56%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-131,156	–	-21.19%	–

Q2 2019

			Value		Shares		↓ Weighting
XLF	New	SELECT SECTOR SPDR TRsbi int-finl	$59,330,000	–	2,149,651	–	32.71%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$38,429,000	–	131,156	–	21.19%	–
VOO	New	VANGUARD INDEX FDS	$22,599,000	–	83,965	–	12.46%	–
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$20,110,000	–	217,079	–	11.09%	–
XLE	New	SELECT SECTOR SPDR TRenergy	$19,737,000	–	391,926	–	10.88%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$12,568,000	–	161,042	–	6.93%	–
IWM	New	I SHARES TRrussel 2000 etf	$3,498,000	–	22,498	–	1.93%	–
XLY	New	SELECT SECTOR SPDR TRsbi cons discr	$3,003,000	–	25,191	–	1.66%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$1,027,000	–	17,224	–	0.57%	–
INDA	New	I SHARES TRmsci india etf	$1,017,000	–	28,802	–	0.56%	–
AAL	New	AMERICAN AIRLS GROUP INC	$56,000	–	1,719	–	0.03%	–

Q4 2018

			Value		Shares		↓ Weighting
VWO	Exit	VANGUARD INTL EQUITY INDEXftse emr mkt etf	$0	–	-23,759	–	-0.52%	–
VEA	Exit	VANGUARD TAX MANAGED INTL FUNDftse dev mkt etf	$0	–	-53,167	–	-1.24%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-42,986	–	-1.74%	–
IWM	Exit	I SHARES TRrussell 2000 etf	$0	–	-19,261	–	-1.74%	–
XLF	Exit	SELECT SECTOR SPDR TRsbi int-finl	$0	–	-761,117	–	-11.27%	–
XLE	Exit	SELECT SECTOR SPDR TRenergy	$0	–	-587,960	–	-23.91%	–
VOO	Exit	VANGUARD INDEX FDS	$0	–	-415,437	–	-59.58%	–

Q3 2018

			Value		Shares		↓ Weighting
VOO	Sell	VANGUARD INDEX FDS	$110,942,000	-20.6%	415,437	-25.8%	59.58%	-8.2%
XLE	Buy	SELECT SECTOR SPDR TRenergy	$44,532,000	+2.3%	587,960	+2.6%	23.91%	+18.2%
XLF	Buy	SELECT SECTOR SPDR TRsbi int-finl	$20,991,000	+22.0%	761,117	+17.6%	11.27%	+41.0%
IWM	New	I SHARES TRrussell 2000 etf	$3,246,000	–	19,261	–	1.74%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$3,238,000	–	42,986	–	1.74%	–
VEA	Sell	VANGUARD TAX MANAGED INTL FUNDftse dev mkt etf	$2,300,000	-84.1%	53,167	-84.2%	1.24%	-81.6%
VWO	New	VANGUARD INTL EQUITY INDEXftse emr mkt etf	$974,000	–	23,759	–	0.52%	–
CTMX	Exit	CYTOMX THERAPEUTICS INC	$0	–	-11,313	–	-0.15%	–

Q2 2018

			Value		Shares		↓ Weighting
VOO	New	VANGUARD INDEX FDS	$139,664,000	–	559,752	–	64.91%	–
XLE	New	SELECT SECTOR SPDR TRenergy	$43,514,000	–	573,000	–	20.22%	–
XLF	New	SELECT SECTOR SPDR TRsbi int-finl	$17,204,000	–	647,000	–	8.00%	–
VEA	New	VANGUARD TAX MANAGED INTL FDftse europe etf	$14,451,000	–	336,843	–	6.72%	–
CTMX	New	CYTOMX THERAPEUTICS INC	$320,000	–	11,313	–	0.15%	–

Q4 2017

			Value		Shares		↓ Weighting
CRSP	Exit	CRISPR THERAPEUTICSnamen akt	$0	–	-28,244	–	-0.32%	–
XLK	Exit	SPDR SERIES TRUSTtechnology	$0	–	-17,500	–	-0.65%	–
XBI	Exit	SPDR SERIES TRUSTs&p biotech	$0	–	-12,750	–	-0.69%	–
VHT	Exit	VANGUARD WORLD FDShealth car etf	$0	–	-12,120	–	-1.15%	–
DXJ	Exit	WISDOMTREE TRjapn hedge eqt	$0	–	-38,250	–	-1.31%	–
XLF	Exit	SELECT SECTOR SPDR TR SBI INT-FINLsbi int-finl	$0	–	-793,740	–	-12.82%	–
XLE	Exit	SELECT SECTOR SPDR TR ENERGYenergy	$0	–	-649,565	–	-27.77%	–
VGK	Exit	VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETFftse europe etf	$0	–	-1,518,700	–	-55.31%	–

Q3 2017

			Value		Shares		↓ Weighting
VGK	Buy	VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETFftse europe etf	$88,586,000	+80.8%	1,518,700	+70.9%	55.31%	+69.0%
XLE	Buy	SELECT SECTOR SPDR TR ENERGYenergy	$44,482,000	+19.6%	649,565	+13.4%	27.77%	+11.8%
XLF	Sell	SELECT SECTOR SPDR TR SBI INT-FINLsbi int-finl	$20,526,000	-67.6%	793,740	-69.1%	12.82%	-69.7%
DXJ	New	WISDOMTREE TRjapn hedge eqt	$2,092,000	–	38,250	–	1.31%	–
VHT	New	VANGUARD WORLD FDShealth car etf	$1,846,000	–	12,120	–	1.15%	–
XBI	New	SPDR SERIES TRUSTs&p biotech	$1,104,000	–	12,750	–	0.69%	–
XLK	New	SPDR SERIES TRUSTtechnology	$1,034,000	–	17,500	–	0.65%	–
CRSP	New	CRISPR THERAPEUTICSnamen akt	$505,000	–	28,244	–	0.32%	–
CPAAW	Exit	CONYERS PK ACQUISITION W EXP 07/20/202w exp 07/20/202	$0	–	-24,837	–	-0.04%	–
	Exit	TERRAVIA HLDGS INC NOTE 5.000 percent 10/0note 5.000%10/0	$0	–	-501,400	–	-0.12%	–

Q2 2017

			Value		Shares		↓ Weighting
XLF	New	SELECT SECTOR SPDR TR SBI INT-FINLsbi int-finl	$63,328,000	–	2,567,000	–	42.28%	–
VGK	New	VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETFftse europe etf	$49,002,000	–	888,686	–	32.72%	–
XLE	New	SELECT SECTOR SPDR TR ENERGYenergy	$37,199,000	–	573,000	–	24.84%	–
	New	TERRAVIA HLDGS INC NOTE 5.000 percent 10/0note 5.000%10/0	$181,000	–	501,400	–	0.12%	–
CPAAW	New	CONYERS PK ACQUISITION W EXP 07/20/202w exp 07/20/202	$65,000	–	24,837	–	0.04%	–

Q4 2016

			Value		Shares		↓ Weighting
VEA	Exit	VANGUARD TAX MANAGED INTL FD FTSE DEV MKT ETFftse dev mkt etf	$0	–	-438,418	–	-16.99%	–
VGK	Exit	VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETFftse europe etf	$0	–	-1,644,528	–	-83.01%	–

Q3 2016

			Value		Shares		↓ Weighting
VGK	Buy	VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETFftse europe etf	$80,137,000	+37.5%	1,644,528	+31.7%	83.01%	+46.4%
VEA	Sell	VANGUARD TAX MANAGED INTL FD FTSE DEV MKT ETFftse dev mkt etf	$16,401,000	-63.2%	438,418	-65.2%	16.99%	-60.8%

Q2 2016

			Value		Shares		↓ Weighting
VGK	New	VANGUARD INTL EQUITY INDEXftse europe etf	$58,278,000	–	1,249,000	–	56.68%	–
VEA	New	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$44,533,000	–	1,259,418	–	43.32%	–

Q4 2015

			Value		Shares		↓ Weighting
VPL	Exit	VANGUARD INTL EQUITY INDEX Fftse pacific etf	$0	–	-340,070	–	-9.91%	–
VEA	Exit	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$0	–	-4,655,504	–	-90.09%	–

Q3 2015

			Value		Shares		↓ Weighting
VEA	Buy	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$165,922,000	+17.1%	4,655,504	+30.3%	90.09%	+58.9%
VPL	Sell	VANGUARD INTL EQUITY INDEX Fftse pacific etf	$18,258,000	-12.0%	340,070	-0.0%	9.91%	+19.4%
VWO	Exit	VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETFftse emr mkt etf	$0	–	-2,140,874	–	-35.01%	–

Q2 2015

			Value		Shares		↓ Weighting
VEA	New	VANGUARD TAX MANAGED INTL FD FTSE DEV MKT ETFftse dev mkt etf	$141,690,000	–	3,573,504	–	56.68%	–
VWO	New	VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETFftse emr mkt etf	$87,519,000	–	2,140,874	–	35.01%	–
VPL	New	VANGUARD INTL EQUITY INDEX F FTSE PACIFIC ETFftse pacific etf	$20,754,000	–	340,080	–	8.30%	–

Q4 2014

			Value		Shares		↓ Weighting
VEU	Exit	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$0	–	-913,340	–	-14.40%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-2,874,707	–	-38.40%	–
VEA	Exit	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$0	–	-3,708,139	–	-47.20%	–

Q3 2014

			Value		Shares		↓ Weighting
VEA	Sell	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$147,398,000	-20.1%	3,708,139	-14.4%	47.20%	-16.2%
VWO	Buy	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$119,904,000	+25.6%	2,874,707	+29.9%	38.40%	+31.8%

Q2 2014

			Value		Shares		↓ Weighting
VEA	New	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$184,513,000	–	4,332,300	–	56.30%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$95,450,000	–	2,213,100	–	29.12%	–
VEU	New	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$47,759,000	–	913,340	–	14.57%	–

Q4 2013

			Value		Shares		↓ Weighting
SVU	Exit	SUPERVALU INC	$0	–	-2,000	–	-0.01%	–
SAN	Exit	BANCO SANTANDER SAadr	$0	–	-2,488	–	-0.01%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-400	–	-0.01%	–
XCO	Exit	EXCO RESOURCES INC	$0	–	-3,900	–	-0.01%	–
X	Exit	UNITED STATES STL CORP NEW	$0	–	-1,700	–	-0.02%	–
WPZ	Exit	WILLIAMS PARTNERS L P	$0	–	-700	–	-0.02%	–
VNO	Exit	VORNADO RLTY TRsh ben int	$0	–	-500	–	-0.02%	–
DELL	Exit	DELL INC	$0	–	-3,100	–	-0.02%	–
LVNTA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-524	–	-0.02%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-600	–	-0.02%	–
INFY	Exit	INFOSYS LTDsponsored adr	$0	–	-1,000	–	-0.02%	–
FRC	Exit	FIRST REP BK SAN FRANCISCO C	$0	–	-1,100	–	-0.02%	–
4305PS	Exit	ALCATEL-LUCENTsponsored adr	$0	–	-15,200	–	-0.02%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-700	–	-0.02%	–
PBI	Exit	PITNEY BOWES INC	$0	–	-3,200	–	-0.03%	–
AMP	Exit	AMERIPRISE FINL INC	$0	–	-700	–	-0.03%	–
VCOYY	Exit	VINA CONCHA Y TORO S Asponsored adr	$0	–	-1,800	–	-0.03%	–
AMTD	Exit	TD AMERITRADE HLDG CORP	$0	–	-2,500	–	-0.03%	–
BHI	Exit	BAKER HUGHES INC	$0	–	-1,400	–	-0.03%	–
DISCK	Exit	DISCOVERY COMMUNICATNS NEW	$0	–	-900	–	-0.03%	–
AOL	Exit	AOL INC	$0	–	-2,300	–	-0.04%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTDadr	$0	–	-2,100	–	-0.04%	–
STX	Exit	SEAGATE TECHNOLOGY PLC	$0	–	-1,900	–	-0.04%	–
PSMT	Exit	PRICESMART INC	$0	–	-1,000	–	-0.04%	–
GA	Exit	GIANT INTERACTIVE GROUP INCadr	$0	–	-10,600	–	-0.04%	–
ZION	Exit	ZIONS BANCORPORATION	$0	–	-3,800	–	-0.05%	–
PFG	Exit	PRINCIPAL FINL GROUP INC	$0	–	-2,500	–	-0.05%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-1,200	–	-0.05%	–
HPQ	Exit	HEWLETT PACKARD CO	$0	–	-5,800	–	-0.05%	–
SHW	Exit	SHERWIN WILLIAMS CO	$0	–	-700	–	-0.06%	–
DISCA	Exit	DISCOVERY COMMUNICATNS NEW	$0	–	-1,500	–	-0.06%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-2,800	–	-0.06%	–
NIHDQ	Exit	NII HLDGS INCcl b new	$0	–	-25,700	–	-0.07%	–
HAL	Exit	HALLIBURTON CO	$0	–	-3,500	–	-0.08%	–
YUM	Exit	YUM BRANDS INC	$0	–	-2,500	–	-0.08%	–
JBHT	Exit	HUNT J B TRANS SVCS INC	$0	–	-2,500	–	-0.08%	–
NTES	Exit	NETEASE INCsponsored adr	$0	–	-2,500	–	-0.08%	–
ERJ	Exit	EMBRAER S A	$0	–	-5,900	–	-0.08%	–
MR	Exit	MINDRAY MEDICAL INTL LTDspon adr	$0	–	-5,200	–	-0.09%	–
LUXTY	Exit	LUXOTTICA GROUP S P Asponsored adr	$0	–	-4,211	–	-0.10%	–
AET	Exit	AETNA INC NEW	$0	–	-3,500	–	-0.10%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-14,300	–	-0.11%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-1,399	–	-0.11%	–
HMA	Exit	HEALTH MGMT ASSOC INC NEWcl a	$0	–	-21,100	–	-0.12%	–
NOC	Exit	NORTHROP GRUMMAN CORP	$0	–	-3,100	–	-0.13%	–
EXPD	Exit	EXPEDITORS INTL WASH INC	$0	–	-6,700	–	-0.13%	–
FHI	Exit	FEDERATED INVS INC PAcl b	$0	–	-11,000	–	-0.13%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-6,700	–	-0.15%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-7,600	–	-0.16%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-15,200	–	-0.16%	–
MCO	Exit	MOODYS CORP	$0	–	-5,100	–	-0.16%	–
AMX	Exit	AMERICA MOVIL SAB DE CV	$0	–	-19,700	–	-0.17%	–
CX	Exit	CEMEX SAB DE CVspon adr new	$0	–	-34,944	–	-0.17%	–
XRX	Exit	XEROX CORP	$0	–	-38,700	–	-0.18%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-14,300	–	-0.22%	–
CBSA	Exit	CBS CORP NEWcl a	$0	–	-10,300	–	-0.25%	–
BMO	Exit	BANK MONTREAL QUE	$0	–	-8,800	–	-0.26%	–
LVLT	Exit	LEVEL 3 COMMUNICATIONS INC	$0	–	-23,000	–	-0.27%	–
TW	Exit	TOWERS WATSON & COcl a	$0	–	-5,799	–	-0.27%	–
A309PS	Exit	DIRECTV	$0	–	-10,600	–	-0.28%	–
WDC	Exit	WESTERN DIGITAL CORP	$0	–	-10,200	–	-0.29%	–
MTB	Exit	M & T BK CORP	$0	–	-5,800	–	-0.29%	–
	Exit	BCE INC	$0	–	-16,000	–	-0.30%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-9,400	–	-0.31%	–
QRTEA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-31,400	–	-0.32%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-30,800	–	-0.32%	–
RTN	Exit	RAYTHEON CO	$0	–	-9,600	–	-0.33%	–
SAPE	Exit	SAPIENT CORP	$0	–	-49,000	–	-0.34%	–
SMG	Exit	SCOTTS MIRACLE GRO COcl a	$0	–	-15,200	–	-0.37%	–
DST	Exit	DST SYS INC DEL	$0	–	-11,400	–	-0.38%	–
RF	Exit	REGIONS FINL CORP NEW	$0	–	-96,000	–	-0.39%	–
CIT	Exit	CIT GROUP INC	$0	–	-20,200	–	-0.44%	–
LSI	Exit	LSI CORPORATION	$0	–	-130,800	–	-0.45%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-12,700	–	-0.48%	–
PBR	Exit	PETROLEO BRASILEIRO SA PETROsponsored adr	$0	–	-73,000	–	-0.50%	–
TWX	Exit	TIME WARNER INC	$0	–	-17,700	–	-0.51%	–
HBAN	Exit	HUNTINGTON BANCSHARES INC	$0	–	-146,300	–	-0.53%	–
MON	Exit	MONSANTO CO NEW	$0	–	-11,600	–	-0.53%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-76,000	–	-0.68%	–
CVC	Exit	CABLEVISION SYS CORPcl a ny cablvs	$0	–	-95,600	–	-0.71%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-21,900	–	-0.73%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-1,900	–	-0.73%	–
LM	Exit	LEGG MASON INC	$0	–	-50,200	–	-0.74%	–
KR	Exit	KROGER CO	$0	–	-42,400	–	-0.76%	–
EBAY	Exit	EBAY INC	$0	–	-31,000	–	-0.76%	–
CBS	Exit	CBS CORP NEWcl b	$0	–	-31,400	–	-0.76%	–
ADS	Exit	ALLIANCE DATA SYSTEMS CORP	$0	–	-8,300	–	-0.77%	–
LAZ	Exit	LAZARD LTD	$0	–	-49,200	–	-0.78%	–
F	Exit	FORD MTR CO DEL	$0	–	-108,400	–	-0.81%	–
CBRE	Exit	CBRE GROUP INCcl a	$0	–	-84,100	–	-0.86%	–
V107SC	Exit	WELLPOINT INC	$0	–	-24,100	–	-0.89%	–
EL	Exit	LAUDER ESTEE COS INCcl a	$0	–	-31,100	–	-0.96%	–
C	Exit	CITIGROUP INC	$0	–	-46,100	–	-0.99%	–
EEM	Exit	ISHARES TRmsci emerg mkt	$0	–	-59,100	–	-1.06%	–
IT	Exit	GARTNER INC	$0	–	-41,000	–	-1.09%	–
SLG	Exit	SL GREEN RLTY CORP	$0	–	-28,400	–	-1.11%	–
PCLN	Exit	PRICELINE COM INC	$0	–	-3,100	–	-1.38%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-41,600	–	-1.38%	–
BAC	Exit	BANK OF AMERICA CORPORATION	$0	–	-228,300	–	-1.39%	–
KSU	Exit	KANSAS CITY SOUTHERN	$0	–	-29,300	–	-1.41%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-29,600	–	-1.48%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-73,400	–	-1.58%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-129,600	–	-1.90%	–
AAPL	Exit	APPLE INC	$0	–	-9,600	–	-2.02%	–
VEU	Exit	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$0	–	-100,000	–	-2.14%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-42,700	–	-2.17%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-62,000	–	-2.17%	–
AMZN	Exit	AMAZON COM INC	$0	–	-18,200	–	-2.51%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-103,200	–	-3.95%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-167,700	–	-6.37%	–
VT	Exit	VANGUARD INTL EQUITY INDEX Ftt wrld st etf	$0	–	-300,000	–	-7.35%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-1,883,000	–	-33.33%	–

Q3 2013

			Value		Shares		↓ Weighting
LUXTY	Sell	LUXOTTICA GROUP S P Asponsored adr	$221,000	-17.5%	4,211	-20.5%	0.10%	-21.0%

Q2 2013

			Value		Shares		↓ Weighting
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$73,023,000	–	1,883,000	–	33.81%	–
VT	New	VANGUARD INTL EQUITY INDEX Ftt wrld st etf	$15,465,000	–	300,000	–	7.16%	–
XOM	New	EXXON MOBIL CORP	$15,152,000	–	167,700	–	7.02%	–
JNJ	New	JOHNSON & JOHNSON	$8,861,000	–	103,200	–	4.10%	–
AMZN	New	AMAZON COM INC	$5,054,000	–	18,200	–	2.34%	–
COST	New	COSTCO WHSL CORP NEW	$4,721,000	–	42,700	–	2.19%	–
LBTYA	New	LIBERTY GLOBAL PLC	$4,593,000	–	62,000	–	2.13%	–
MSFT	New	MICROSOFT CORP	$4,475,000	–	129,600	–	2.07%	–
VEU	New	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$4,422,000	–	100,000	–	2.05%	–
AAPL	New	APPLE INC	$3,802,000	–	9,600	–	1.76%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$3,313,000	–	29,600	–	1.53%	–
AIG	New	AMERICAN INTL GROUP INC	$3,281,000	–	73,400	–	1.52%	–
KSU	New	KANSAS CITY SOUTHERN	$3,105,000	–	29,300	–	1.44%	–
BAC	New	BANK OF AMERICA CORPORATION	$2,936,000	–	228,300	–	1.36%	–
LBTYK	New	LIBERTY GLOBAL PLC	$2,824,000	–	41,600	–	1.31%	–
PCLN	New	PRICELINE COM INC	$2,564,000	–	3,100	–	1.19%	–
SLG	New	SL GREEN RLTY CORP	$2,505,000	–	28,400	–	1.16%	–
IT	New	GARTNER INC	$2,337,000	–	41,000	–	1.08%	–
EEM	New	ISHARES TRmsci emerg mkt	$2,279,000	–	59,100	–	1.06%	–
C	New	CITIGROUP INC	$2,211,000	–	46,100	–	1.02%	–
EL	New	LAUDER ESTEE COS INCcl a	$2,045,000	–	31,100	–	0.95%	–
V107SC	New	WELLPOINT INC	$1,972,000	–	24,100	–	0.91%	–
CBRE	New	CBRE GROUP INCcl a	$1,965,000	–	84,100	–	0.91%	–
F	New	FORD MTR CO DEL	$1,677,000	–	108,400	–	0.78%	–
GOOGL	New	GOOGLE INCcl a	$1,673,000	–	1,900	–	0.78%	–
AXP	New	AMERICAN EXPRESS CO	$1,637,000	–	21,900	–	0.76%	–
CVC	New	CABLEVISION SYS CORPcl a ny cablvs	$1,608,000	–	95,600	–	0.74%	–
EBAY	New	EBAY INC	$1,603,000	–	31,000	–	0.74%	–
LAZ	New	LAZARD LTD	$1,582,000	–	49,200	–	0.73%	–
LM	New	LEGG MASON INC	$1,557,000	–	50,200	–	0.72%	–
CBS	New	CBS CORP NEWcl b	$1,535,000	–	31,400	–	0.71%	–
ADS	New	ALLIANCE DATA SYSTEMS CORP	$1,503,000	–	8,300	–	0.70%	–
KR	New	KROGER CO	$1,464,000	–	42,400	–	0.68%	–
HBAN	New	HUNTINGTON BANCSHARES INC	$1,153,000	–	146,300	–	0.53%	–
MON	New	MONSANTO CO NEW	$1,146,000	–	11,600	–	0.53%	–
MGM	New	MGM RESORTS INTERNATIONAL	$1,123,000	–	76,000	–	0.52%	–
PM	New	PHILIP MORRIS INTL INC	$1,100,000	–	12,700	–	0.51%	–
TWX	New	TIME WARNER INC	$1,023,000	–	17,700	–	0.47%	–
PBR	New	PETROLEO BRASILEIRO SA PETROsponsored adr	$980,000	–	73,000	–	0.45%	–
CIT	New	CIT GROUP INC	$942,000	–	20,200	–	0.44%	–
LSI	New	LSI CORPORATION	$934,000	–	130,800	–	0.43%	–
RF	New	REGIONS FINL CORP NEW	$915,000	–	96,000	–	0.42%	–
DST	New	DST SYS INC DEL	$745,000	–	11,400	–	0.34%	–
SMG	New	SCOTTS MIRACLE GRO COcl a	$734,000	–	15,200	–	0.34%	–
PG	New	PROCTER & GAMBLE CO	$724,000	–	9,400	–	0.34%	–
QRTEA	New	LIBERTY INTERACTIVE CORP	$723,000	–	31,400	–	0.34%	–
GE	New	GENERAL ELECTRIC CO	$714,000	–	30,800	–	0.33%	–
	New	BCE INC	$656,000	–	16,000	–	0.30%	–
A309PS	New	DIRECTV	$653,000	–	10,600	–	0.30%	–
MTB	New	M & T BK CORP	$648,000	–	5,800	–	0.30%	–
SAPE	New	SAPIENT CORP	$640,000	–	49,000	–	0.30%	–
RTN	New	RAYTHEON CO	$635,000	–	9,600	–	0.29%	–
WDC	New	WESTERN DIGITAL CORP	$633,000	–	10,200	–	0.29%	–
BMO	New	BANK MONTREAL QUE	$511,000	–	8,800	–	0.24%	–
CBSA	New	CBS CORP NEWcl a	$503,000	–	10,300	–	0.23%	–
MO	New	ALTRIA GROUP INC	$500,000	–	14,300	–	0.23%	–
LVLT	New	LEVEL 3 COMMUNICATIONS INC	$485,000	–	23,000	–	0.22%	–
TW	New	TOWERS WATSON & COcl a	$475,000	–	5,799	–	0.22%	–
AMX	New	AMERICA MOVIL SAB DE CV	$428,000	–	19,700	–	0.20%	–
CX	New	CEMEX SAB DE CVspon adr new	$370,000	–	34,944	–	0.17%	–
JPM	New	JPMORGAN CHASE & CO	$354,000	–	6,700	–	0.16%	–
XRX	New	XEROX CORP	$351,000	–	38,700	–	0.16%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$340,000	–	7,600	–	0.16%	–
HMA	New	HEALTH MGMT ASSOC INC NEWcl a	$332,000	–	21,100	–	0.15%	–
MCO	New	MOODYS CORP	$311,000	–	5,100	–	0.14%	–
FHI	New	FEDERATED INVS INC PAcl b	$302,000	–	11,000	–	0.14%	–
DAL	New	DELTA AIR LINES INC DEL	$284,000	–	15,200	–	0.13%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$267,000	–	1,399	–	0.12%	–
LUXTY	New	LUXOTTICA GROUP S P Asponsored adr	$268,000	–	5,300	–	0.12%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$262,000	–	14,300	–	0.12%	–
NOC	New	NORTHROP GRUMMAN CORP	$257,000	–	3,100	–	0.12%	–
EXPD	New	EXPEDITORS INTL WASH INC	$255,000	–	6,700	–	0.12%	–
AET	New	AETNA INC NEW	$222,000	–	3,500	–	0.10%	–
ERJ	New	EMBRAER S A	$218,000	–	5,900	–	0.10%	–
MR	New	MINDRAY MEDICAL INTL LTDspon adr	$195,000	–	5,200	–	0.09%	–
JBHT	New	HUNT J B TRANS SVCS INC	$181,000	–	2,500	–	0.08%	–
YUM	New	YUM BRANDS INC	$173,000	–	2,500	–	0.08%	–
NIHDQ	New	NII HLDGS INCcl b new	$171,000	–	25,700	–	0.08%	–
NTES	New	NETEASE INCsponsored adr	$158,000	–	2,500	–	0.07%	–
HAL	New	HALLIBURTON CO	$146,000	–	3,500	–	0.07%	–
HPQ	New	HEWLETT PACKARD CO	$144,000	–	5,800	–	0.07%	–
MRK	New	MERCK & CO INC NEW	$130,000	–	2,800	–	0.06%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$124,000	–	1,200	–	0.06%	–
SHW	New	SHERWIN WILLIAMS CO	$124,000	–	700	–	0.06%	–
DISCA	New	DISCOVERY COMMUNICATNS NEW	$116,000	–	1,500	–	0.05%	–
ZION	New	ZIONS BANCORPORATION	$110,000	–	3,800	–	0.05%	–
PFG	New	PRINCIPAL FINL GROUP INC	$94,000	–	2,500	–	0.04%	–
PSMT	New	PRICESMART INC	$88,000	–	1,000	–	0.04%	–
GA	New	GIANT INTERACTIVE GROUP INCadr	$85,000	–	10,600	–	0.04%	–
STX	New	SEAGATE TECHNOLOGY PLC	$85,000	–	1,900	–	0.04%	–
AOL	New	AOL INC	$84,000	–	2,300	–	0.04%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDadr	$82,000	–	2,100	–	0.04%	–
VCOYY	New	VINA CONCHA Y TORO S Asponsored adr	$70,000	–	1,800	–	0.03%	–
BHI	New	BAKER HUGHES INC	$65,000	–	1,400	–	0.03%	–
DISCK	New	DISCOVERY COMMUNICATNS NEW	$63,000	–	900	–	0.03%	–
AMTD	New	TD AMERITRADE HLDG CORP	$61,000	–	2,500	–	0.03%	–
AMP	New	AMERIPRISE FINL INC	$57,000	–	700	–	0.03%	–
PBI	New	PITNEY BOWES INC	$47,000	–	3,200	–	0.02%	–
LVNTA	New	LIBERTY INTERACTIVE CORP	$45,000	–	524	–	0.02%	–
NSC	New	NORFOLK SOUTHERN CORP	$44,000	–	600	–	0.02%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$44,000	–	700	–	0.02%	–
VNO	New	VORNADO RLTY TRsh ben int	$41,000	–	500	–	0.02%	–
INFY	New	INFOSYS LTDsponsored adr	$41,000	–	1,000	–	0.02%	–
FRC	New	FIRST REP BK SAN FRANCISCO C	$42,000	–	1,100	–	0.02%	–
DELL	New	DELL INC	$41,000	–	3,100	–	0.02%	–
WPZ	New	WILLIAMS PARTNERS L P	$36,000	–	700	–	0.02%	–
X	New	UNITED STATES STL CORP NEW	$30,000	–	1,700	–	0.01%	–
XCO	New	EXCO RESOURCES INC	$30,000	–	3,900	–	0.01%	–
4305PS	New	ALCATEL-LUCENTsponsored adr	$28,000	–	15,200	–	0.01%	–
DVN	New	DEVON ENERGY CORP NEW	$21,000	–	400	–	0.01%	–
SAN	New	BANCO SANTANDER SAadr	$16,000	–	2,488	–	0.01%	–
SVU	New	SUPERVALU INC	$12,000	–	2,000	–	0.01%	–

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