Global Endowment Management, LP Activity Q4 2010-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
BND	Sell	VANGUARD BD INDEX FDStotal bnd mrkt	$220,079,142	-7.1%	3,153,900	-3.3%	23.55%	-16.3%
VXUS	Buy	VANGUARD STAR FDSvg tl intl stk f	$115,145,390	-3.8%	2,151,446	+0.8%	12.32%	-13.3%
VTI	Buy	VANGUARD INDEX FDStotal stk mkt	$92,331,441	-3.6%	434,685	+0.0%	9.88%	-13.1%
	New	TXO PARTNERS LP	$61,808,042	–	3,043,232	–	6.61%	–
BBRE	Buy	J P MORGAN EXCHANGE TRADED Fbetbuld msci	$52,007,286	+11.4%	668,646	+20.9%	5.57%	+0.4%
VOO	Sell	VANGUARD INDEX FDS	$12,976,379	-4.3%	33,044	-0.7%	1.39%	-13.7%
VNQ	Buy	VANGUARD INDEX FDSreal estate etf	$11,815,293	-1.2%	156,163	+9.1%	1.26%	-11.0%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$9,908,936	+52.9%	28,287	+48.9%	1.06%	+37.8%
IEI	Buy	ISHARES TR3 7 yr treas bd	$9,863,026	+198.2%	87,160	+203.7%	1.06%	+168.4%
AAPL	Buy	APPLE INC	$9,838,583	+399.0%	57,465	+465.3%	1.05%	+350.0%
SHY	New	ISHARES TR1 3 yr treas bd	$9,007,913	–	111,250	–	0.96%	–
TIP	Sell	ISHARES TRtips bd etf	$7,758,256	-27.6%	74,800	-24.9%	0.83%	-34.7%
AAXJ	Sell	ISHARES TRmsci ac asia etf	$6,761,036	-5.5%	106,473	-1.1%	0.72%	-14.7%
FB	Buy	META PLATFORMS INCcl a	$6,482,134	+184.0%	21,592	+171.5%	0.69%	+156.1%
QQQM	New	INVESCO EXCH TRADED FD TR IInasdaq 100 etf	$5,911,141	–	40,100	–	0.63%	–
AMZN	Buy	AMAZON COM INC	$5,901,292	+181.9%	46,423	+189.1%	0.63%	+153.8%
MSFT	Buy	MICROSOFT CORP	$4,440,709	+126.2%	14,064	+143.9%	0.48%	+103.9%
GOOGL	Buy	ALPHABET INCcap stk cl a	$4,255,175	+152.1%	32,517	+130.6%	0.46%	+127.5%
EWU	Sell	ISHARES TRmsci uk etf new	$3,891,720	-14.1%	123,000	-12.1%	0.42%	-22.7%
HYG	Buy	ISHARES TRiboxx hi yd etf	$3,640,294	+26.3%	49,380	+28.7%	0.39%	+14.0%
VAW	Buy	VANGUARD WORLD FDSmaterials etf	$3,329,636	+6.9%	19,300	+12.7%	0.36%	-3.8%
ALLY	New	ALLY FINL INC	$3,061,930	–	114,765	–	0.33%	–
TLT	Sell	ISHARES TR20 yr tr bd etf	$3,014,573	-61.0%	33,990	-54.7%	0.32%	-64.8%
IEF	Sell	ISHARES TR7-10 yr trsy bd	$2,679,923	-62.9%	29,260	-60.9%	0.29%	-66.6%
SJNK	New	SPDR SER TRbloomberg sht te	$2,348,160	–	96,000	–	0.25%	–
CACC	New	CREDIT ACCEP CORP MICH	$2,159,343	–	4,693	–	0.23%	–
TLH	New	ISHARES TR10-20 yr trs etf	$1,990,079	–	20,210	–	0.21%	–
EWZ	Buy	ISHARES INCmsci brazil etf	$1,993,550	+18.2%	65,000	+25.0%	0.21%	+6.5%
EWS	New	ISHARES INCmsci singpor etf	$1,835,000	–	100,000	–	0.20%	–
CD	New	CHINDATA GROUP HLDGS LTDads	$1,810,047	–	218,078	–	0.19%	–
FCNCA	New	FIRST CTZNS BANCSHARES INC Ncl a	$1,758,247	–	1,274	–	0.19%	–
MELI	New	MERCADOLIBRE INC	$1,653,316	–	1,304	–	0.18%	–
CPNG	New	COUPANG INCcl a	$1,640,109	–	96,477	–	0.18%	–
CRM	New	SALESFORCE INC	$1,622,646	–	8,002	–	0.17%	–
KKR	New	KKR & CO INC	$1,434,972	–	23,295	–	0.15%	–
	New	BROOKFIELD CORPcl a ltd vt sh	$1,328,600	–	42,488	–	0.14%	–
TDG	New	TRANSDIGM GROUP INC	$1,299,263	–	1,541	–	0.14%	–
WDAY	New	WORKDAY INCcl a	$1,292,752	–	6,017	–	0.14%	–
ILF	New	ISHARES TRlatn amer 40 etf	$1,278,000	–	50,000	–	0.14%	–
	New	GENERAL ELECTRIC CO	$1,131,479	–	10,235	–	0.12%	–
V	New	VISA INC	$1,107,958	–	4,817	–	0.12%	–
EWP	Sell	ISHARES INCmsci spain etf	$1,100,000	-40.5%	40,000	-37.5%	0.12%	-46.4%
T	New	AT&T INC	$1,050,769	–	69,958	–	0.11%	–
CCOI	New	COGENT COMMUNICATIONS HLDGS	$1,047,658	–	16,925	–	0.11%	–
OWL	New	BLUE OWL CAPITAL INC	$1,037,759	–	80,074	–	0.11%	–
CXM	New	SPRINKLR INCcl a	$992,882	–	71,740	–	0.11%	–
EQH	New	EQUITABLE HLDGS INC	$979,512	–	34,502	–	0.10%	–
ESGR	New	ENSTAR GROUP LIMITED	$957,594	–	3,957	–	0.10%	–
PGJ	New	INVESCO EXCHANGE TRADED FD Tglobal drgn cn	$947,100	–	35,000	–	0.10%	–
ENVA	New	ENOVA INTL INC	$928,072	–	18,244	–	0.10%	–
STLA	New	STELLANTIS N.V	$891,420	–	46,598	–	0.10%	–
K	New	KELLANOVA	$885,449	–	14,879	–	0.10%	–
SAVE	New	SPIRIT AIRLS INC	$843,035	–	51,093	–	0.09%	–
	New	FRONTLINE PLC	$836,611	–	44,548	–	0.09%	–
	New	WARNER BROS DISCOVERY INC	$830,475	–	76,471	–	0.09%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$828,367	–	9,550	–	0.09%	–
IBKR	New	INTERACTIVE BROKERS GROUP IN	$794,794	–	9,182	–	0.08%	–
IAC	New	IAC INC	$749,954	–	14,883	–	0.08%	–
EOG	New	EOG RES INC	$737,997	–	5,822	–	0.08%	–
RGLD	New	ROYAL GOLD INC	$723,895	–	6,808	–	0.08%	–
SHYG	Sell	ISHARES TR0-5yr hi yl cp	$696,484	-77.3%	16,975	-77.1%	0.08%	-79.5%
UPWK	New	UPWORK INC	$670,785	–	59,048	–	0.07%	–
HYB	New	NEW AMER HIGH INCOME FD INC	$648,000	–	100,000	–	0.07%	–
ULCC	New	FRONTIER GROUP HLDGS INC	$608,262	–	125,674	–	0.06%	–
ASHR	Sell	DBX ETF TRxtrack hrvst csi	$520,200	-52.4%	20,000	-51.0%	0.06%	-56.9%
PLD	Sell	PROLOGIS INC.	$343,250	-14.7%	3,059	-6.8%	0.04%	-22.9%
PEAK	Buy	HEALTHPEAK PROPERTIES INC	$337,897	+7.8%	18,404	+18.0%	0.04%	-2.7%
GVI	Sell	ISHARES TRintrm gov cr etf	$308,347	-2.3%	3,043	-0.8%	0.03%	-10.8%
EWI	Sell	ISHARES INCmsci italy etf	$304,200	-79.2%	10,000	-78.2%	0.03%	-81.0%
FR	New	FIRST INDL RLTY TR INC	$294,772	–	6,194	–	0.03%	–
CPT	Sell	CAMDEN PPTY TRsh ben int	$291,968	-21.5%	3,087	-9.6%	0.03%	-29.5%
DOC	Buy	PHYSICIANS RLTY TR	$234,633	-7.8%	19,248	+5.8%	0.02%	-16.7%
JEQ	Buy	ABRDN JAPAN EQUITY FUND INC	$115,084	-10.1%	21,511	+2.0%	0.01%	-20.0%
NEM	Exit	NEWMONT CORP	$0	–	-4,858	–	-0.02%	–
FEZ	Exit	SPDR INDEX SHS FDSeuro stoxx 50	$0	–	-5,000	–	-0.03%	–
AIRC	Exit	APARTMENT INCOME REIT CORP	$0	–	-9,094	–	-0.04%	–
AMH	Exit	AMERICAN HOMES 4 RENTcl a	$0	–	-9,928	–	-0.04%	–
PFIX	Exit	SIMPLIFY EXCHANGE TRADED FUNsimplify interst	$0	–	-6,000	–	-0.04%	–
HTGC	Exit	HERCULES CAPITAL INC	$0	–	-50,000	–	-0.09%	–
EWG	Exit	ISHARES INCmsci germany etf	$0	–	-63,220	–	-0.22%	–
MBB	Exit	ISHARES TRmbs etf	$0	–	-64,100	–	-0.71%	–
RPV	Exit	INVESCO EXCHANGE TRADED FD Ts&p500 pur val	$0	–	-107,267	–	-0.99%	–

Q2 2023

			Value		Shares		↓ Weighting
BND	New	VANGUARD BD INDEX FDStotal bnd mrkt	$236,962,131	–	3,259,900	–	28.14%	–
VXUS	New	VANGUARD STAR FDSvg tl intl stk f	$119,684,366	–	2,134,172	–	14.21%	–
VTI	New	VANGUARD INDEX FDStotal stk mkt	$95,734,789	–	434,605	–	11.37%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$65,162,160	–	147,000	–	7.74%	–
BBRE	New	J P MORGAN EXCHANGE TRADED Fbetbuld msci	$46,697,304	–	553,089	–	5.55%	–
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$25,217,107	–	189,988	–	3.00%	–
XLP	New	SELECT SECTOR SPDR TRsbi cons stpls	$24,703,579	–	333,067	–	2.93%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$14,144,436	–	347,700	–	1.68%	–
VOO	New	VANGUARD INDEX FDS	$13,552,649	–	33,276	–	1.61%	–
VT	New	VANGUARD INTL EQUITY INDEX Ftt wrld st etf	$13,179,582	–	135,900	–	1.56%	–
VNQ	New	VANGUARD INDEX FDSreal estate etf	$11,962,700	–	143,163	–	1.42%	–
DXJ	New	WISDOMTREE TRjapn hedge eqt	$10,834,155	–	130,140	–	1.29%	–
TIP	New	ISHARES TRtips bd etf	$10,713,571	–	99,550	–	1.27%	–
MLPX	New	GLOBAL X FDSglb x mlp enrg i	$8,937,550	–	215,000	–	1.06%	–
RPV	New	INVESCO EXCHANGE TRADED FD Ts&p500 pur val	$8,318,556	–	107,267	–	0.99%	–
VEA	New	VANGUARD TAX-MANAGED FDSvan ftse dev mkt	$7,772,094	–	168,300	–	0.92%	–
TLT	New	ISHARES TR20 yr tr bd etf	$7,720,500	–	75,000	–	0.92%	–
IEF	New	ISHARES TR7-10 yr trsy bd	$7,232,442	–	74,870	–	0.86%	–
AAXJ	New	ISHARES TRmsci ac asia etf	$7,152,665	–	107,656	–	0.85%	–
PHYS	New	SPROTT PHYSICAL GOLD TRunit	$7,101,920	–	476,000	–	0.84%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$6,479,000	–	19,000	–	0.77%	–
MBB	New	ISHARES TRmbs etf	$5,978,287	–	64,100	–	0.71%	–
EWJ	New	ISHARES INCmsci jpn etf new	$5,571,000	–	90,000	–	0.66%	–
EWU	New	ISHARES TRmsci uk etf new	$4,529,000	–	140,000	–	0.54%	–
GLD	New	SPDR GOLD TR	$3,565,400	–	20,000	–	0.42%	–
IEI	New	ISHARES TR3 7 yr treas bd	$3,307,962	–	28,700	–	0.39%	–
VWOB	New	VANGUARD WHITEHALL FDSem mk gov bd etf	$3,238,040	–	52,000	–	0.38%	–
EIRL	New	ISHARES TRmsci ireland etf	$3,134,381	–	54,400	–	0.37%	–
VAW	New	VANGUARD WORLD FDSmaterials etf	$3,115,326	–	17,120	–	0.37%	–
SHYG	New	ISHARES TR0-5yr hi yl cp	$3,071,901	–	74,111	–	0.36%	–
HYG	New	ISHARES TRiboxx hi yd etf	$2,881,187	–	38,380	–	0.34%	–
DBC	New	INVESCO DB COMMDY INDX TRCKunit	$2,565,100	–	113,000	–	0.30%	–
VTIP	New	VANGUARD MALVERN FDSstrm infproidx	$2,371,000	–	50,000	–	0.28%	–
FB	New	META PLATFORMS INCcl a	$2,282,639	–	7,954	–	0.27%	–
BKLN	New	INVESCO EXCH TRADED FD TR IIsr ln etf	$2,104,000	–	100,000	–	0.25%	–
AMZN	New	AMAZON COM INC	$2,093,582	–	16,060	–	0.25%	–
EWC	New	ISHARES INCmsci cda etf	$2,093,802	–	59,840	–	0.25%	–
INDA	New	ISHARES TRmsci india etf	$2,022,130	–	46,273	–	0.24%	–
	New	KRANESHARES TRcalifornia carb	$2,012,095	–	79,154	–	0.24%	–
AAPL	New	APPLE INC	$1,971,705	–	10,165	–	0.23%	–
MSFT	New	MICROSOFT CORP	$1,963,554	–	5,766	–	0.23%	–
EWA	New	ISHARES INCmsci aust etf	$1,853,430	–	82,192	–	0.22%	–
EWP	New	ISHARES INCmsci spain etf	$1,848,733	–	63,970	–	0.22%	–
EWG	New	ISHARES INCmsci germany etf	$1,806,195	–	63,220	–	0.22%	–
EWZ	New	ISHARES INCmsci brazil etf	$1,686,360	–	52,000	–	0.20%	–
GOOGL	New	ALPHABET INCcap stk cl a	$1,687,770	–	14,100	–	0.20%	–
EWW	New	ISHARES INCmsci mexico etf	$1,554,500	–	25,000	–	0.18%	–
XOP	New	SPDR SER TRs&p oilgas exp	$1,545,960	–	12,000	–	0.18%	–
EWY	New	ISHARES INCmsci sth kor etf	$1,489,430	–	23,500	–	0.18%	–
EWI	New	ISHARES INCmsci italy etf	$1,463,225	–	45,970	–	0.17%	–
ANGL	New	VANECK ETF TRUSTfallen angel hg	$1,388,500	–	50,000	–	0.16%	–
NIE	New	VIRTUS EQUITY & CONV INCM FD	$1,269,000	–	60,000	–	0.15%	–
ASHR	New	DBX ETF TRxtrack hrvst csi	$1,091,808	–	40,800	–	0.13%	–
ADX	New	ADAMS DIVERSIFIED EQUITY FD	$1,070,410	–	63,677	–	0.13%	–
KRBN	New	KRANESHARES TRglobal carb stra	$948,000	–	25,000	–	0.11%	–
ARGT	New	GLOBAL X FDSgb msci ar etf	$854,255	–	18,660	–	0.10%	–
HTGC	New	HERCULES CAPITAL INC	$740,000	–	50,000	–	0.09%	–
EWL	New	ISHARES INCmsci switzerland	$739,360	–	16,000	–	0.09%	–
GBDC	New	GOLUB CAP BDC INC	$675,000	–	50,000	–	0.08%	–
XLC	New	SELECT SECTOR SPDR TR	$650,800	–	10,000	–	0.08%	–
XLF	New	SELECT SECTOR SPDR TRfinancial	$641,501	–	19,030	–	0.08%	–
GDX	New	VANECK ETF TRUSTgold miners etf	$602,200	–	20,000	–	0.07%	–
XHE	New	SPDR SER TRhlth cr equip	$565,800	–	5,750	–	0.07%	–
XSW	New	SPDR SER TR	$533,397	–	4,000	–	0.06%	–
XBI	New	SPDR SER TRs&p biotech	$432,640	–	5,200	–	0.05%	–
ECH	New	ISHARES INCmsci chile etf	$408,520	–	14,000	–	0.05%	–
PLD	New	PROLOGIS INC.	$402,472	–	3,282	–	0.05%	–
EWH	New	ISHARES INCmsci hong kg etf	$386,600	–	20,000	–	0.05%	–
PFIX	New	SIMPLIFY EXCHANGE TRADED FUNsimplify interst	$376,680	–	6,000	–	0.04%	–
CPT	New	CAMDEN PPTY TRsh ben int	$371,900	–	3,416	–	0.04%	–
AMH	New	AMERICAN HOMES 4 RENTcl a	$351,948	–	9,928	–	0.04%	–
VNM	New	VANECK ETF TRUSTvaneck vietnam	$350,056	–	26,320	–	0.04%	–
KBND	New	KRANESHARES TRbloomberg chiina	$325,602	–	10,658	–	0.04%	–
EWT	New	ISHARES INCmsci taiwan etf	$329,140	–	7,000	–	0.04%	–
AIRC	New	APARTMENT INCOME REIT CORP	$328,202	–	9,094	–	0.04%	–
PEAK	New	HEALTHPEAK PROPERTIES INC	$313,520	–	15,598	–	0.04%	–
GVI	New	ISHARES TRintrm gov cr etf	$315,697	–	3,068	–	0.04%	–
DOC	New	PHYSICIANS RLTY TR	$254,562	–	18,196	–	0.03%	–
EIDO	New	ISHARES TRmsci indonia etf	$239,720	–	10,400	–	0.03%	–
FEZ	New	SPDR INDEX SHS FDSeuro stoxx 50	$229,900	–	5,000	–	0.03%	–
NEM	New	NEWMONT CORP	$207,242	–	4,858	–	0.02%	–
GOLD	New	BARRICK GOLD CORP	$184,876	–	10,920	–	0.02%	–
BXMX	New	NUVEEN S&P 500 BUY-WRITE INC	$133,700	–	10,000	–	0.02%	–
JEQ	New	ABRDN JAPAN EQUITY FUND INC	$128,004	–	21,088	–	0.02%	–
JQC	New	NUVEEN CR STRATEGIES INCOME	$101,000	–	20,000	–	0.01%	–

Q4 2022

			Value		Shares		↓ Weighting
JEQ	Exit	ABRDN JAPAN EQUITY FUND INC	$0	–	-20,000	–	-0.01%	–
JQC	Exit	NUVEEN CR STRATEGIES INCOME	$0	–	-20,000	–	-0.01%	–
BXMX	Exit	NUVEEN S&P 500 BUY-WRITE INC	$0	–	-10,000	–	-0.01%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-10,920	–	-0.02%	–
NEM	Exit	NEWMONT CORP	$0	–	-4,858	–	-0.02%	–
GVI	Exit	ISHARES TRintrm gov cr etf	$0	–	-2,275	–	-0.02%	–
CRBN	Exit	ISHARES TRmsci lw crb tg	$0	–	-1,871	–	-0.02%	–
EIDO	Exit	ISHARES TRmsci indonia etf	$0	–	-10,400	–	-0.02%	–
EWT	Exit	ISHARES INCmsci taiwan etf	$0	–	-7,000	–	-0.03%	–
AVB	Exit	AVALONBAY CMNTYS INC	$0	–	-1,688	–	-0.03%	–
EQR	Exit	EQUITY RESIDENTIALsh ben int	$0	–	-4,684	–	-0.03%	–
KBND	Exit	KRANESHARES TRbloomberg chiina	$0	–	-10,658	–	-0.03%	–
ECH	Exit	ISHARES INCmsci chile etf	$0	–	-14,000	–	-0.03%	–
VNM	Exit	VANECK ETF TRUSTvaneck vietnam	$0	–	-26,320	–	-0.04%	–
EWH	Exit	ISHARES INCmsci hong kg etf	$0	–	-20,000	–	-0.04%	–
PFIX	Exit	SIMPLIFY EXCHANGE TRADED FUNsimplify interst	$0	–	-6,000	–	-0.04%	–
XSW	Exit	SPDR SER TR	$0	–	-4,000	–	-0.04%	–
XLC	Exit	SELECT SECTOR SPDR TR	$0	–	-10,000	–	-0.05%	–
OIH	Exit	VANECK ETF TRUSToil services etf	$0	–	-2,300	–	-0.05%	–
GDX	Exit	VANECK ETF TRUSTgold miners etf	$0	–	-20,000	–	-0.05%	–
XLV	Exit	SELECT SECTOR SPDR TRsbi healthcare	$0	–	-4,000	–	-0.05%	–
EWI	Exit	ISHARES INCmsci italy etf	$0	–	-22,650	–	-0.05%	–
XHE	Exit	SPDR SER TRhlth cr equip	$0	–	-5,750	–	-0.05%	–
DOC	Exit	PHYSICIANS RLTY TR	$0	–	-34,497	–	-0.05%	–
ARGT	Exit	GLOBAL X FDSgb msci ar etf	$0	–	-18,660	–	-0.05%	–
VYGG	Exit	VY GLOBAL GROWTH	$0	–	-54,610	–	-0.06%	–
XLF	Exit	SELECT SECTOR SPDR TRfinancial	$0	–	-19,030	–	-0.06%	–
EWL	Exit	ISHARES INCmsci switzerland	$0	–	-16,000	–	-0.06%	–
CVNA	Exit	CARVANA COcl a	$0	–	-30,128	–	-0.06%	–
JBGS	Exit	JBG SMITH PPTYS	$0	–	-33,833	–	-0.06%	–
GBDC	Exit	GOLUB CAP BDC INC	$0	–	-50,000	–	-0.06%	–
INVH	Exit	INVITATION HOMES INC	$0	–	-19,519	–	-0.07%	–
CPT	Exit	CAMDEN PPTY TRsh ben int	$0	–	-5,545	–	-0.07%	–
AMH	Exit	AMERICAN HOMES 4 RENTcl a	$0	–	-20,586	–	-0.07%	–
VYGGU	Exit	VY GLOBAL GROWTHunit 99/99/9999	$0	–	-70,000	–	-0.07%	–
AIRC	Exit	APARTMENT INCOME REIT CORP	$0	–	-18,135	–	-0.07%	–
EWP	Exit	ISHARES INCmsci spain etf	$0	–	-37,000	–	-0.07%	–
MCW	Exit	MISTER CAR WASH INC	$0	–	-92,570	–	-0.08%	–
FEZ	Exit	SPDR INDEX SHS FDSeuro stoxx 50	$0	–	-26,000	–	-0.08%	–
ADX	Exit	ADAMS DIVERSIFIED EQUITY FD	$0	–	-60,000	–	-0.09%	–
SDACU	Exit	SUSTAINABLE DEVELP ACQU I COunit 02/04/2026	$0	–	-100,000	–	-0.10%	–
APP	Exit	APPLOVIN CORP	$0	–	-51,673	–	-0.10%	–
XLE	Exit	SELECT SECTOR SPDR TRenergy	$0	–	-15,000	–	-0.11%	–
EWW	Exit	ISHARES INCmsci mexico etf	$0	–	-25,000	–	-0.11%	–
EWY	Exit	ISHARES INCmsci sth kor etf	$0	–	-23,500	–	-0.11%	–
ZROZ	Exit	PIMCO ETF TR25yr+ zero u s	$0	–	-12,000	–	-0.11%	–
NIE	Exit	VIRTUS EQUITY & CONV INCM FD	$0	–	-60,000	–	-0.12%	–
MBB	Exit	ISHARES TRmbs etf	$0	–	-13,300	–	-0.12%	–
EWG	Exit	ISHARES INCmsci germany etf	$0	–	-63,220	–	-0.13%	–
ANGL	Exit	VANECK ETF TRUSTfallen angel hg	$0	–	-50,000	–	-0.13%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-2,543	–	-0.14%	–
XBI	Exit	SPDR SER TRs&p biotech	$0	–	-17,000	–	-0.14%	–
ARCE	Exit	ARCO PLATFORM LTD	$0	–	-162,351	–	-0.18%	–
EWC	Exit	ISHARES INCmsci cda etf	$0	–	-59,840	–	-0.19%	–
KRBN	Exit	KRANESHARES TRglobal carb stra	$0	–	-50,000	–	-0.19%	–
XOP	Exit	SPDR SER TRs&p oilgas exp	$0	–	-16,000	–	-0.20%	–
EIRL	Exit	ISHARES TRmsci ireland etf	$0	–	-54,400	–	-0.20%	–
WIX	Exit	WIX COM LTD	$0	–	-27,336	–	-0.22%	–
JAMF	Exit	JAMF HLDG CORP	$0	–	-99,265	–	-0.22%	–
	Exit	KRANESHARES TRcalifornia carb	$0	–	-105,000	–	-0.23%	–
VTIP	Exit	VANGUARD MALVERN FDSstrm infproidx	$0	–	-50,000	–	-0.24%	–
GDDY	Exit	GODADDY INCcl a	$0	–	-35,039	–	-0.25%	–
SMAR	Exit	SMARTSHEET INC	$0	–	-73,141	–	-0.25%	–
ZG	Exit	ZILLOW GROUP INCcl a	$0	–	-89,010	–	-0.26%	–
DT	Exit	DYNATRACE INC	$0	–	-73,967	–	-0.26%	–
INDA	Exit	ISHARES TRmsci india etf	$0	–	-64,180	–	-0.26%	–
VAW	Exit	VANGUARD WORLD FDSmaterials etf	$0	–	-18,400	–	-0.28%	–
EMXC	Exit	ISHARES INCmsci emrg chn	$0	–	-63,900	–	-0.28%	–
CRM	Exit	SALESFORCE INC	$0	–	-19,767	–	-0.29%	–
VWOB	Exit	VANGUARD WHITEHALL FDSem mk gov bd etf	$0	–	-52,000	–	-0.30%	–
GLD	Exit	SPDR GOLD TR	$0	–	-20,000	–	-0.31%	–
IEI	Exit	ISHARES TR3 7 yr treas bd	$0	–	-28,700	–	-0.33%	–
SHYG	Exit	ISHARES TR0-5yr hi yl cp	$0	–	-83,380	–	-0.34%	–
WDAY	Exit	WORKDAY INCcl a	$0	–	-22,055	–	-0.34%	–
DBC	Exit	INVESCO DB COMMDY INDX TRCKunit	$0	–	-150,000	–	-0.36%	–
PING	Exit	PING IDENTITY HLDG CORP	$0	–	-142,529	–	-0.40%	–
EWA	Exit	ISHARES INCmsci aust etf	$0	–	-213,600	–	-0.42%	–
EWJ	Exit	ISHARES INCmsci jpn etf new	$0	–	-85,960	–	-0.42%	–
AAXJ	Exit	ISHARES TRmsci ac asia etf	$0	–	-79,201	–	-0.47%	–
EWU	Exit	ISHARES TRmsci uk etf new	$0	–	-180,000	–	-0.48%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-33,660	–	-0.49%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-19,000	–	-0.51%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-83,710	–	-0.52%	–
Z	Exit	ZILLOW GROUP INCcl c cap stk	$0	–	-201,562	–	-0.58%	–
PHYS	Exit	SPROTT PHYSICAL GOLD TRunit	$0	–	-476,000	–	-0.62%	–
VEA	Exit	VANGUARD TAX-MANAGED FDSvan ftse dev mkt	$0	–	-168,300	–	-0.62%	–
DXJ	Exit	WISDOMTREE TRjapn hedge eqt	$0	–	-100,000	–	-0.62%	–
CACC	Exit	CREDIT ACCEP CORP MICH	$0	–	-14,388	–	-0.64%	–
SSNC	Exit	SS&C TECHNOLOGIES HLDGS INC	$0	–	-149,776	–	-0.72%	–
IEF	Exit	ISHARES TR7-10 yr trsy bd	$0	–	-74,870	–	-0.72%	–
TLT	Exit	ISHARES TR20 yr tr bd etf	$0	–	-75,000	–	-0.78%	–
VOO	Exit	VANGUARD INDEX FDS	$0	–	-24,628	–	-0.82%	–
KKR	Exit	KKR & CO INC	$0	–	-213,057	–	-0.92%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-242,113	–	-1.00%	–
VNQ	Exit	VANGUARD INDEX FDSreal estate etf	$0	–	-127,600	–	-1.03%	–
TIP	Exit	ISHARES TRtips bd etf	$0	–	-99,550	–	-1.05%	–
VT	Exit	VANGUARD INTL EQUITY INDEX Ftt wrld st etf	$0	–	-135,900	–	-1.08%	–
MLPX	Exit	GLOBAL X FDSglb x mlp enrg i	$0	–	-301,700	–	-1.14%	–
RPV	Exit	INVESCO EXCHANGE TRADED FD Ts&p500 pur val	$0	–	-170,000	–	-1.20%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-337,700	–	-1.24%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-67,859	–	-1.60%	–
AAPL	Exit	APPLE INC	$0	–	-130,835	–	-1.82%	–
FB	Exit	META PLATFORMS INCcl a	$0	–	-139,346	–	-1.91%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-218,460	–	-2.11%	–
BBRE	Exit	J P MORGAN EXCHANGE TRADED Fbetbuld msci	$0	–	-531,890	–	-4.21%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-147,000	–	-5.30%	–
VXUS	Exit	VANGUARD STAR FDSvg tl intl stk f	$0	–	-1,347,940	–	-6.22%	–
MGC	Exit	VANGUARD WORLD FDmega cap index	$0	–	-547,941	–	-6.90%	–
VTI	Exit	VANGUARD INDEX FDStotal stk mkt	$0	–	-508,200	–	-9.20%	–
AMZN	Exit	AMAZON COM INC	$0	–	-916,484	–	-10.45%	–
BND	Exit	VANGUARD BD INDEX FDStotal bnd mrkt	$0	–	-3,125,300	–	-22.49%	–

Q3 2022

			Value		Shares		↓ Weighting
BND	Buy	VANGUARD BD INDEX FDStotal bnd mrkt	$222,927,000	+6.2%	3,125,300	+12.0%	22.49%	+22.3%
AMZN	Buy	AMAZON COM INC	$103,563,000	+6.5%	916,484	+0.1%	10.45%	+22.6%
MGC	Sell	VANGUARD WORLD FDmega cap index	$68,394,000	-24.6%	547,941	-20.3%	6.90%	-13.1%
VXUS	Buy	VANGUARD STAR FDSvg tl intl stk f	$61,695,000	-8.7%	1,347,940	+2.9%	6.22%	+5.2%
GOOGL	Buy	ALPHABET INCcap stk cl a	$20,896,000	-17.3%	218,460	+1784.6%	2.11%	-4.7%
FB	Sell	META PLATFORMS INCcl a	$18,906,000	-19.8%	139,346	-4.7%	1.91%	-7.6%
RPV	Buy	INVESCO EXCHANGE TRADED FD Ts&p500 pur val	$11,873,000	+10.0%	170,000	+18.3%	1.20%	+26.8%
MLPX	Sell	GLOBAL X FDSglb x mlp enrg i	$11,308,000	-4.3%	301,700	-2.7%	1.14%	+10.2%
VNQ	Sell	VANGUARD INDEX FDSreal estate etf	$10,230,000	-75.4%	127,600	-72.0%	1.03%	-71.6%
BAM	Buy	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$9,900,000	+6.1%	242,113	+15.4%	1.00%	+22.3%
KKR	Buy	KKR & CO INC	$9,161,000	-0.8%	213,057	+6.8%	0.92%	+14.2%
VOO	Sell	VANGUARD INDEX FDS	$8,085,000	-6.3%	24,628	-1.0%	0.82%	+7.9%
TLT	Buy	ISHARES TR20 yr tr bd etf	$7,684,000	+32.5%	75,000	+48.5%	0.78%	+52.6%
SSNC	Buy	SS&C TECHNOLOGIES HLDGS INC	$7,151,000	-12.4%	149,776	+6.5%	0.72%	+1.0%
CACC	Sell	CREDIT ACCEP CORP MICH	$6,302,000	-43.3%	14,388	-38.7%	0.64%	-34.7%
DXJ	Buy	WISDOMTREE TRjapn hedge eqt	$6,168,000	+64.7%	100,000	+66.6%	0.62%	+89.6%
VEA	Sell	VANGUARD TAX-MANAGED FDSvan ftse dev mkt	$6,119,000	-33.9%	168,300	-25.8%	0.62%	-23.9%
Z	Sell	ZILLOW GROUP INCcl c cap stk	$5,766,000	-54.9%	201,562	-50.0%	0.58%	-48.1%
EWU	Buy	ISHARES TRmsci uk etf new	$4,718,000	+12.5%	180,000	+28.6%	0.48%	+29.7%
AAXJ	Sell	ISHARES TRmsci ac asia etf	$4,636,000	-16.1%	79,201	-0.8%	0.47%	-3.3%
PING	Sell	PING IDENTITY HLDG CORP	$4,001,000	-58.8%	142,529	-73.4%	0.40%	-52.5%
WDAY	Buy	WORKDAY INCcl a	$3,357,000	+163.7%	22,055	+141.9%	0.34%	+202.7%
GLD	Sell	SPDR GOLD TR	$3,093,000	-38.8%	20,000	-33.3%	0.31%	-29.6%
VWOB	Sell	VANGUARD WHITEHALL FDSem mk gov bd etf	$2,989,000	-53.1%	52,000	-50.0%	0.30%	-45.9%
CRM	Sell	SALESFORCE INC	$2,844,000	-33.7%	19,767	-23.9%	0.29%	-23.7%
VAW	Buy	VANGUARD WORLD FDSmaterials etf	$2,731,000	+8.7%	18,400	+17.3%	0.28%	+25.5%
DT	Sell	DYNATRACE INC	$2,575,000	-65.4%	73,967	-60.8%	0.26%	-60.1%
ZG	Sell	ZILLOW GROUP INCcl a	$2,548,000	-55.0%	89,010	-50.0%	0.26%	-48.2%
SMAR	Sell	SMARTSHEET INC	$2,513,000	-56.4%	73,141	-60.1%	0.25%	-49.7%
GDDY	Sell	GODADDY INCcl a	$2,483,000	-73.0%	35,039	-73.5%	0.25%	-68.9%
VTIP	New	VANGUARD MALVERN FDSstrm infproidx	$2,406,000	–	50,000	–	0.24%	–
JAMF	New	JAMF HLDG CORP	$2,200,000	–	99,265	–	0.22%	–
WIX	Sell	WIX COM LTD	$2,138,000	-21.7%	27,336	-34.3%	0.22%	-9.6%
XOP	Buy	SPDR SER TRs&p oilgas exp	$1,996,000	+21.8%	16,000	+16.6%	0.20%	+39.6%
ARCE	Sell	ARCO PLATFORM LTD	$1,752,000	-81.1%	162,351	-73.8%	0.18%	-78.2%
TDG	Sell	TRANSDIGM GROUP INC	$1,334,000	-9.1%	2,543	-7.1%	0.14%	+4.7%
EWY	Sell	ISHARES INCmsci sth kor etf	$1,113,000	-48.1%	23,500	-36.2%	0.11%	-40.4%
APP	Sell	APPLOVIN CORP	$1,007,000	-89.7%	51,673	-81.8%	0.10%	-88.1%
FEZ	Sell	SPDR INDEX SHS FDSeuro stoxx 50	$800,000	-80.3%	26,000	-77.7%	0.08%	-77.2%
MCW	Buy	MISTER CAR WASH INC	$794,000	-14.1%	92,570	+9.1%	0.08%	-1.2%
AIRC	Buy	APARTMENT INCOME REIT CORP	$700,000	+0.3%	18,135	+8.1%	0.07%	+16.4%
AMH	Buy	AMERICAN HOMES 4 RENTcl a	$675,000	-6.8%	20,586	+0.8%	0.07%	+7.9%
CPT	Buy	CAMDEN PPTY TRsh ben int	$662,000	+1.7%	5,545	+14.6%	0.07%	+17.5%
INVH	New	INVITATION HOMES INC	$659,000	–	19,519	–	0.07%	–
JBGS	Sell	JBG SMITH PPTYS	$629,000	-33.0%	33,833	-14.8%	0.06%	-23.2%
GBDC	Sell	GOLUB CAP BDC INC	$620,000	-56.5%	50,000	-54.5%	0.06%	-49.6%
CVNA	Sell	CARVANA COcl a	$611,000	-49.8%	30,128	-44.0%	0.06%	-42.1%
EWL	Sell	ISHARES INCmsci switzerland	$599,000	-51.8%	16,000	-46.6%	0.06%	-45.0%
DOC	Sell	PHYSICIANS RLTY TR	$519,000	-21.2%	34,497	-8.7%	0.05%	-10.3%
OIH	New	VANECK ETF TRUSToil services etf	$486,000	–	2,300	–	0.05%	–
GDX	Sell	VANECK ETF TRUSTgold miners etf	$482,000	-56.0%	20,000	-50.0%	0.05%	-49.0%
XLC	Sell	SELECT SECTOR SPDR TR	$479,000	-55.9%	10,000	-50.0%	0.05%	-49.5%
EWH	Sell	ISHARES INCmsci hong kg etf	$365,000	-73.9%	20,000	-68.2%	0.04%	-69.7%
KBND	Sell	KRANESHARES TRbloomberg chiina	$325,000	-50.1%	10,658	-46.7%	0.03%	-42.1%
EQR	New	EQUITY RESIDENTIALsh ben int	$315,000	–	4,684	–	0.03%	–
AVB	New	AVALONBAY CMNTYS INC	$311,000	–	1,688	–	0.03%	–
CRBN	Buy	ISHARES TRmsci lw crb tg	$237,000	-6.0%	1,871	+1.6%	0.02%	+9.1%
GVI	Sell	ISHARES TRintrm gov cr etf	$231,000	-4.1%	2,275	-0.4%	0.02%	+9.5%
VYGGWS	Exit	VY GLOBAL GROWTH*w exp 01/30/203	$0	–	-10,922	–	0.00%	–
LEAP	Exit	RIBBIT LEAP LTD	$0	–	-18,270	–	-0.02%	–
GRN	Exit	BARCLAYS BANK PLCetn 49	$0	–	-13,700	–	-0.04%	–
QQQ	Exit	INVESCO QQQ TRunit ser 1	$0	–	-2,100	–	-0.05%	–
COPX	Exit	GLOBAL X FDSglobal x copper	$0	–	-21,360	–	-0.06%	–
ILF	Exit	ISHARES TRlatn amer 40 etf	$0	–	-29,000	–	-0.06%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-10,000	–	-0.06%	–
IRT	Exit	INDEPENDENCE RLTY TR INC	$0	–	-34,134	–	-0.06%	–
SLV	Exit	ISHARES SILVER TRishares	$0	–	-39,750	–	-0.06%	–
IJR	Exit	ISHARES TRcore s&p scp etf	$0	–	-10,600	–	-0.09%	–
LEAPU	Exit	RIBBIT LEAP LTDunit 99/99/9999	$0	–	-100,000	–	-0.09%	–
EWN	Exit	ISHARES INCmsci netherl etf	$0	–	-30,040	–	-0.09%	–
VGK	Exit	VANGUARD INTL EQUITY INDEX Fftse europe etf	$0	–	-20,000	–	-0.09%	–
EWZ	Exit	ISHARES INCmsci brazil etf	$0	–	-52,530	–	-0.13%	–
NFLX	Exit	NETFLIX INC	$0	–	-10,878	–	-0.17%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-16,220	–	-0.18%	–
HYG	Exit	ISHARES TRiboxx hi yd etf	$0	–	-35,000	–	-0.23%	–
EWQ	Exit	ISHARES INCmsci france etf	$0	–	-89,600	–	-0.24%	–

Q2 2022

			Value		Shares		↓ Weighting
BND	New	VANGUARD BD INDEX FDStotal bnd mrkt	$209,975,000	–	2,790,000	–	18.39%	–
AMZN	New	AMAZON COM INC	$97,271,000	–	915,819	–	8.52%	–
VTI	New	VANGUARD INDEX FDStotal stk mkt	$95,857,000	–	508,200	–	8.40%	–
MGC	New	VANGUARD WORLD FDmega cap index	$90,662,000	–	687,821	–	7.94%	–
VXUS	New	VANGUARD STAR FDSvg tl intl stk f	$67,575,000	–	1,309,340	–	5.92%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$55,456,000	–	147,000	–	4.86%	–
BBRE	New	J P MORGAN EXCHANGE TRADED Fbetbuld msci	$46,716,000	–	531,890	–	4.09%	–
VNQ	New	VANGUARD INDEX FDSreal estate etf	$41,519,000	–	455,700	–	3.64%	–
GOOGL	New	ALPHABET INCcap stk cl a	$25,261,000	–	11,592	–	2.21%	–
FB	New	META PLATFORMS INCcl a	$23,573,000	–	146,190	–	2.06%	–
AAPL	New	APPLE INC	$17,888,000	–	130,835	–	1.57%	–
MSFT	New	MICROSOFT CORP	$17,428,000	–	67,859	–	1.53%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$14,066,000	–	337,700	–	1.23%	–
Z	New	ZILLOW GROUP INCcl c cap stk	$12,798,000	–	403,107	–	1.12%	–
MLPX	New	GLOBAL X FDSglb x mlp enrg i	$11,814,000	–	310,000	–	1.04%	–
VT	New	VANGUARD INTL EQUITY INDEX Ftt wrld st etf	$11,598,000	–	135,900	–	1.02%	–
TIP	New	ISHARES TRtips bd etf	$11,339,000	–	99,550	–	0.99%	–
CACC	New	CREDIT ACCEP CORP MICH	$11,118,000	–	23,484	–	0.97%	–
RPV	New	INVESCO EXCHANGE TRADED FD Ts&p500 pur val	$10,791,000	–	143,710	–	0.94%	–
APP	New	APPLOVIN CORP	$9,793,000	–	284,343	–	0.86%	–
PING	New	PING IDENTITY HLDG CORP	$9,704,000	–	534,988	–	0.85%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$9,331,000	–	209,828	–	0.82%	–
ARCE	New	ARCO PLATFORM LTD	$9,264,000	–	620,457	–	0.81%	–
VEA	New	VANGUARD TAX-MANAGED INTL FDvan ftse dev mkt	$9,257,000	–	226,880	–	0.81%	–
KKR	New	KKR & CO INC	$9,232,000	–	199,430	–	0.81%	–
GDDY	New	GODADDY INCcl a	$9,211,000	–	132,422	–	0.81%	–
VOO	New	VANGUARD INDEX FDS	$8,627,000	–	24,871	–	0.76%	–
SSNC	New	SS&C TECHNOLOGIES HLDGS INC	$8,166,000	–	140,612	–	0.72%	–
IEF	New	ISHARES TR7-10 yr trsy bd	$7,659,000	–	74,870	–	0.67%	–
DT	New	DYNATRACE INC	$7,438,000	–	188,571	–	0.65%	–
PHYS	New	SPROTT PHYSICAL GOLD TRunit	$6,750,000	–	476,000	–	0.59%	–
VWOB	New	VANGUARD WHITEHALL FDSem mk gov bd etf	$6,375,000	–	104,000	–	0.56%	–
TLT	New	ISHARES TR20 yr tr bd etf	$5,801,000	–	50,500	–	0.51%	–
SMAR	New	SMARTSHEET INC	$5,768,000	–	183,521	–	0.50%	–
ZG	New	ZILLOW GROUP INCcl a	$5,662,000	–	178,010	–	0.50%	–
AAXJ	New	ISHARES TRmsci ac asia etf	$5,525,000	–	79,843	–	0.48%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$5,187,000	–	19,000	–	0.45%	–
GLD	New	SPDR GOLD TR	$5,054,000	–	30,000	–	0.44%	–
OXY	New	OCCIDENTAL PETE CORP	$4,928,000	–	83,710	–	0.43%	–
CVX	New	CHEVRON CORP NEW	$4,874,000	–	33,660	–	0.43%	–
EWJ	New	ISHARES INCmsci jpn etf new	$4,541,000	–	85,960	–	0.40%	–
EWA	New	ISHARES INCmsci aust etf	$4,533,000	–	213,600	–	0.40%	–
CRM	New	SALESFORCE INC	$4,288,000	–	25,984	–	0.38%	–
EWU	New	ISHARES TRmsci uk etf new	$4,194,000	–	140,000	–	0.37%	–
FEZ	New	SPDR INDEX SHS FDSeuro stoxx 50	$4,065,000	–	116,840	–	0.36%	–
DBC	New	INVESCO DB COMMDY INDX TRCKunit	$3,996,000	–	150,000	–	0.35%	–
DXJ	New	WISDOMTREE TRjapn hedge eqt	$3,746,000	–	60,010	–	0.33%	–
IEI	New	ISHARES TR3 7 yr treas bd	$3,425,000	–	28,700	–	0.30%	–
SHYG	New	ISHARES TR0-5yr hi yl cp	$3,381,000	–	83,380	–	0.30%	–
EMXC	New	ISHARES INCmsci emrg chn	$3,052,000	–	63,900	–	0.27%	–
WIX	New	WIX COM LTD	$2,729,000	–	41,633	–	0.24%	–
	New	KRANESHARES TRcalifornia carb	$2,729,000	–	105,000	–	0.24%	–
EWQ	New	ISHARES INCmsci france etf	$2,689,000	–	89,600	–	0.24%	–
HYG	New	ISHARES TRiboxx hi yd etf	$2,576,000	–	35,000	–	0.23%	–
INDA	New	ISHARES TRmsci india etf	$2,527,000	–	64,180	–	0.22%	–
VAW	New	VANGUARD WORLD FDSmaterials etf	$2,512,000	–	15,680	–	0.22%	–
KRBN	New	KRANESHARES TRglobal carb stra	$2,462,000	–	50,000	–	0.22%	–
EIRL	New	ISHARES TRmsci ireland etf	$2,186,000	–	54,400	–	0.19%	–
EWY	New	ISHARES INCmsci sth kor etf	$2,143,000	–	36,820	–	0.19%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$2,062,000	–	16,220	–	0.18%	–
EWC	New	ISHARES INCmsci cda etf	$2,015,000	–	59,840	–	0.18%	–
NFLX	New	NETFLIX INC	$1,902,000	–	10,878	–	0.17%	–
XOP	New	SPDR SER TRs&p oilgas exp	$1,639,000	–	13,720	–	0.14%	–
TDG	New	TRANSDIGM GROUP INC	$1,468,000	–	2,736	–	0.13%	–
EWG	New	ISHARES INCmsci germany etf	$1,455,000	–	63,220	–	0.13%	–
EWZ	New	ISHARES INCmsci brazil etf	$1,439,000	–	52,530	–	0.13%	–
GBDC	New	GOLUB CAP BDC INC	$1,426,000	–	110,000	–	0.12%	–
EWH	New	ISHARES INCmsci hong kg etf	$1,397,000	–	62,940	–	0.12%	–
ANGL	New	VANECK ETF TRUSTfallen angel hg	$1,351,000	–	50,000	–	0.12%	–
MBB	New	ISHARES TRmbs etf	$1,297,000	–	13,300	–	0.11%	–
ZROZ	New	PIMCO ETF TR25yr+ zero u s	$1,300,000	–	12,000	–	0.11%	–
WDAY	New	WORKDAY INCcl a	$1,273,000	–	9,119	–	0.11%	–
XBI	New	SPDR SER TRs&p biotech	$1,263,000	–	17,000	–	0.11%	–
EWL	New	ISHARES INCmsci switzerland	$1,244,000	–	29,950	–	0.11%	–
NIE	New	VIRTUS EQUITY & CONV INCM FD	$1,245,000	–	60,000	–	0.11%	–
CVNA	New	CARVANA COcl a	$1,216,000	–	53,810	–	0.11%	–
EWW	New	ISHARES INCmsci mexico etf	$1,165,000	–	25,000	–	0.10%	–
GDX	New	VANECK ETF TRUSTgold miners etf	$1,095,000	–	40,000	–	0.10%	–
XLC	New	SELECT SECTOR SPDR TR	$1,085,000	–	20,000	–	0.10%	–
XLE	New	SELECT SECTOR SPDR TRenergy	$1,073,000	–	15,000	–	0.09%	–
VGK	New	VANGUARD INTL EQUITY INDEX Fftse europe etf	$1,056,000	–	20,000	–	0.09%	–
EWN	New	ISHARES INCmsci netherl etf	$1,053,000	–	30,040	–	0.09%	–
LEAPU	New	RIBBIT LEAP LTDunit 99/99/9999	$995,000	–	100,000	–	0.09%	–
SDACU	New	SUSTAINABLE DEVELP ACQU I COunit 02/04/2026	$982,000	–	100,000	–	0.09%	–
IJR	New	ISHARES TRcore s&p scp etf	$980,000	–	10,600	–	0.09%	–
JBGS	New	JBG SMITH PPTYS	$939,000	–	39,723	–	0.08%	–
MCW	New	MISTER CAR WASH INC	$924,000	–	84,876	–	0.08%	–
ADX	New	ADAMS DIVERSIFIED EQUITY FD	$920,000	–	60,000	–	0.08%	–
EWP	New	ISHARES INCmsci spain etf	$863,000	–	37,000	–	0.08%	–
SLV	New	ISHARES SILVER TRishares	$741,000	–	39,750	–	0.06%	–
AMH	New	AMERICAN HOMES 4 RENTcl a	$724,000	–	20,417	–	0.06%	–
IRT	New	INDEPENDENCE RLTY TR INC	$708,000	–	34,134	–	0.06%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$701,000	–	10,000	–	0.06%	–
VYGGU	New	VY GLOBAL GROWTHunit 99/99/9999	$694,000	–	70,000	–	0.06%	–
AIRC	New	APARTMENT INCOME REIT CORP	$698,000	–	16,775	–	0.06%	–
DOC	New	PHYSICIANS RLTY TR	$659,000	–	37,793	–	0.06%	–
CPT	New	CAMDEN PPTY TRsh ben int	$651,000	–	4,840	–	0.06%	–
ILF	New	ISHARES TRlatn amer 40 etf	$654,000	–	29,000	–	0.06%	–
KBND	New	KRANESHARES TRbloomberg chiina	$651,000	–	20,000	–	0.06%	–
COPX	New	GLOBAL X FDSglobal x copper	$649,000	–	21,360	–	0.06%	–
QQQ	New	INVESCO QQQ TRunit ser 1	$589,000	–	2,100	–	0.05%	–
XLF	New	SELECT SECTOR SPDR TRfinancial	$598,000	–	19,030	–	0.05%	–
EWI	New	ISHARES INCmsci italy etf	$545,000	–	22,650	–	0.05%	–
VYGG	New	VY GLOBAL GROWTH	$540,000	–	54,610	–	0.05%	–
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$513,000	–	4,000	–	0.04%	–
XHE	New	SPDR SER TRhlth cr equip	$488,000	–	5,750	–	0.04%	–
GRN	New	BARCLAYS BANK PLCetn 49	$480,000	–	13,700	–	0.04%	–
ARGT	New	GLOBAL X FDSgb msci ar etf	$463,000	–	18,660	–	0.04%	–
XSW	New	SPDR SER TR	$444,000	–	4,000	–	0.04%	–
VNM	New	VANECK ETF TRUSTvaneck vietnam	$379,000	–	26,320	–	0.03%	–
EWT	New	ISHARES INCmsci taiwan etf	$353,000	–	7,000	–	0.03%	–
ECH	New	ISHARES INCmsci chile etf	$337,000	–	14,000	–	0.03%	–
PFIX	New	SIMPLIFY EXCHANGE TRADED FUNsimplify interst	$339,000	–	6,000	–	0.03%	–
NEM	New	NEWMONT CORP	$290,000	–	4,858	–	0.02%	–
CRBN	New	ISHARES TRmsci lw crb tg	$252,000	–	1,842	–	0.02%	–
GVI	New	ISHARES TRintrm gov cr etf	$241,000	–	2,284	–	0.02%	–
EIDO	New	ISHARES TRmsci indonia etf	$233,000	–	10,400	–	0.02%	–
GOLD	New	BARRICK GOLD CORP	$193,000	–	10,920	–	0.02%	–
LEAP	New	RIBBIT LEAP LTD	$181,000	–	18,270	–	0.02%	–
BXMX	New	NUVEEN S&P 500 BUY-WRITE INC	$124,000	–	10,000	–	0.01%	–
JEQ	New	ABRDN JAPAN EQUITY FUND INC	$111,000	–	20,000	–	0.01%	–
JQC	New	NUVEEN CR STRATEGIES INCOME	$104,000	–	20,000	–	0.01%	–
VYGGWS	New	VY GLOBAL GROWTH*w exp 01/30/203	$3,000	–	10,922	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
VYGGWS	Exit	VY GLOBAL GROWTH*w exp 01/30/203	$0	–	-10,922	–	-0.00%	–
JQC	Exit	NUVEEN CR STRATEGIES INCOME	$0	–	-20,000	–	-0.01%	–
BXMX	Exit	NUVEEN S&P 500 BUY-WRITE INC	$0	–	-10,000	–	-0.01%	–
LEAP	Exit	RIBBIT LEAP LTD	$0	–	-18,270	–	-0.01%	–
JEQ	Exit	ABERDEEN JAPAN EQUITY FD INC	$0	–	-20,000	–	-0.01%	–
EIDO	Exit	ISHARES TRmsci indonia etf	$0	–	-10,400	–	-0.02%	–
XHB	Exit	SPDR SER TRs&p homebuild	$0	–	-3,160	–	-0.02%	–
CRBN	Exit	ISHARES TRmsci lw crb tg	$0	–	-1,769	–	-0.02%	–
GRN	Exit	BARCLAYS BK PLCetn 49	$0	–	-13,700	–	-0.02%	–
ECH	Exit	ISHARES INCmsci chile etf	$0	–	-14,000	–	-0.02%	–
IBB	Exit	ISHARES TRishares biotech	$0	–	-2,400	–	-0.03%	–
EWT	Exit	ISHARES INCmsci taiwan etf	$0	–	-7,000	–	-0.03%	–
EWH	Exit	ISHARES INCmsci hong kg etf	$0	–	-20,000	–	-0.03%	–
VNM	Exit	VANECK ETF TRUSTvaneck vietnam	$0	–	-26,320	–	-0.03%	–
VYGG	Exit	VY GLOBAL GROWTH	$0	–	-54,610	–	-0.04%	–
SLV	Exit	ISHARES SILVER TRishares	$0	–	-28,000	–	-0.04%	–
COPX	Exit	GLOBAL X FDSglobal x copper	$0	–	-17,300	–	-0.04%	–
EWN	Exit	ISHARES INCmsci netherl etf	$0	–	-12,010	–	-0.04%	–
VYGGU	Exit	VY GLOBAL GROWTHunit 99/99/9999	$0	–	-70,000	–	-0.05%	–
XLE	Exit	SELECT SECTOR SPDR TRenergy	$0	–	-13,500	–	-0.05%	–
XLF	Exit	SELECT SECTOR SPDR TRfinancial	$0	–	-19,030	–	-0.05%	–
ILF	Exit	ISHARES TRlatn amer 40 etf	$0	–	-29,000	–	-0.05%	–
XLC	Exit	SELECT SECTOR SPDR TR	$0	–	-10,910	–	-0.06%	–
SHYG	Exit	ISHARES TR0-5yr hi yl cp	$0	–	-19,395	–	-0.06%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-5,980	–	-0.06%	–
ICLN	Exit	ISHARES TRgl clean ene etf	$0	–	-44,000	–	-0.06%	–
ECC	Exit	EAGLE PT CR CO LLC	$0	–	-70,000	–	-0.06%	–
ZG	Exit	ZILLOW GROUP INCcl a	$0	–	-10,884	–	-0.06%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-15,500	–	-0.06%	–
KRBN	Exit	KRANESHARES TRglobal carbon	$0	–	-24,300	–	-0.07%	–
IGR	Exit	CBRE CLARION GLOBAL REAL EST	$0	–	-120,000	–	-0.07%	–
EWP	Exit	ISHARES INCmsci spain etf	$0	–	-37,000	–	-0.07%	–
SDACU	Exit	SUSTAINABLE DEVELP ACQU I COunit 02/04/2026	$0	–	-100,000	–	-0.07%	–
AMH	Exit	AMERICAN HOMES 4 RENTcl a	$0	–	-27,298	–	-0.07%	–
LEAPU	Exit	RIBBIT LEAP LTDunit 99/99/9999	$0	–	-100,000	–	-0.07%	–
INVH	Exit	INVITATION HOMES INC	$0	–	-27,716	–	-0.07%	–
AIRC	Exit	APARTMENT INCOME REIT CORP	$0	–	-22,391	–	-0.07%	–
ADX	Exit	ADAMS DIVERSIFIED EQUITY FD	$0	–	-60,000	–	-0.08%	–
DXJ	Exit	WISDOMTREE TRjapn hedge eqt	$0	–	-18,645	–	-0.08%	–
EWW	Exit	ISHARES INCmsci mexico etf	$0	–	-25,000	–	-0.08%	–
EMXC	Exit	ISHARES INCmsci emrg chn	$0	–	-20,000	–	-0.08%	–
EWU	Exit	ISHARES TRmsci uk etf new	$0	–	-40,000	–	-0.08%	–
EWZ	Exit	ISHARES INCmsci brazil etf	$0	–	-40,000	–	-0.08%	–
HTA	Exit	HEALTHCARE TR AMER INCcl a new	$0	–	-45,213	–	-0.09%	–
EWL	Exit	ISHARES INCmsci switzerland	$0	–	-29,950	–	-0.09%	–
Z	Exit	ZILLOW GROUP INCcl c cap stk	$0	–	-15,818	–	-0.09%	–
EWG	Exit	ISHARES INCmsci germany etf	$0	–	-46,460	–	-0.10%	–
EWC	Exit	ISHARES INCmsci cda etf	$0	–	-43,700	–	-0.10%	–
EIC	Exit	EAGLE POINT INCOME COMPANY I	$0	–	-93,652	–	-0.11%	–
ANGL	Exit	VANECK ETF TRUSTfallen angel hg	$0	–	-50,000	–	-0.11%	–
GBDC	Exit	GOLUB CAP BDC INC	$0	–	-110,000	–	-0.12%	–
NIE	Exit	VIRTUS ALLIANZGI EQUITY & CO	$0	–	-60,000	–	-0.12%	–
CPT	Exit	CAMDEN PPTY TRsh ben int	$0	–	-12,095	–	-0.12%	–
HDB	Exit	HDFC BANK LTDsponsored ads	$0	–	-25,589	–	-0.12%	–
JBGS	Exit	JBG SMITH PPTYS	$0	–	-64,036	–	-0.12%	–
EWY	Exit	ISHARES INCmsci sth kor etf	$0	–	-23,500	–	-0.12%	–
ASHR	Exit	DBX ETF TRxtrack hrvst csi	$0	–	-50,000	–	-0.13%	–
INDA	Exit	ISHARES TRmsci india etf	$0	–	-40,000	–	-0.13%	–
GVIP	Exit	GOLDMAN SACHS ETF TRhedge ind etf	$0	–	-21,600	–	-0.14%	–
EWA	Exit	ISHARES INCmsci aust etf	$0	–	-90,600	–	-0.15%	–
VAW	Exit	VANGUARD WORLD FDSmaterials etf	$0	–	-14,400	–	-0.16%	–
BKLN	Exit	INVESCO EXCH TRADED FD TR IIsr ln etf	$0	–	-142,800	–	-0.21%	–
EIRL	Exit	ISHARES TRmsci ireland etf	$0	–	-54,400	–	-0.21%	–
AAXJ	Exit	ISHARES TRmsci ac asia etf	$0	–	-41,793	–	-0.23%	–
IEI	Exit	ISHARES TR3 7 yr treas bd	$0	–	-28,700	–	-0.25%	–
TLT	Exit	ISHARES TR20 yr tr bd etf	$0	–	-27,010	–	-0.26%	–
EWJ	Exit	ISHARES INCmsci jpn etf new	$0	–	-60,000	–	-0.28%	–
GLD	Exit	SPDR GOLD TR	$0	–	-30,000	–	-0.32%	–
VOO	Exit	VANGUARD INDEX FDS	$0	–	-13,257	–	-0.34%	–
PHYS	Exit	SPROTT PHYSICAL GOLD TRunit	$0	–	-380,000	–	-0.35%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-40,686	–	-0.40%	–
AMZN	Exit	AMAZON COM INC	$0	–	-1,923	–	-0.42%	–
MLPX	Exit	GLOBAL X FDSglb x mlp enrg i	$0	–	-199,600	–	-0.47%	–
TRU	Exit	TRANSUNION	$0	–	-67,242	–	-0.50%	–
FEZ	Exit	SPDR INDEX SHS FDSeuro stoxx 50	$0	–	-169,500	–	-0.51%	–
VWOB	Exit	VANGUARD WHITEHALL FDSemerg mkt bd etf	$0	–	-104,000	–	-0.54%	–
RPV	Exit	INVESCO EXCHANGE TRADED FD Ts&p500 pur val	$0	–	-109,000	–	-0.54%	–
VEA	Exit	VANGUARD TAX-MANAGED INTL FDftse dev mkt etf	$0	–	-168,300	–	-0.56%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-42,914	–	-0.57%	–
IEF	Exit	ISHARES TRbarclays 7 10 yr	$0	–	-74,870	–	-0.57%	–
SSNC	Exit	SS&C TECHNOLOGIES HLDGS INC	$0	–	-128,390	–	-0.59%	–
ARCE	Exit	ARCO PLATFORM LTD	$0	–	-414,630	–	-0.59%	–
WIX	Exit	WIX COM LTD	$0	–	-48,446	–	-0.63%	–
PING	Exit	PING IDENTITY HLDG CORP	$0	–	-393,265	–	-0.64%	–
ABT	Exit	ABBOTT LABS	$0	–	-83,876	–	-0.65%	–
APP	Exit	APPLOVIN CORP	$0	–	-160,595	–	-0.77%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-55,379	–	-0.77%	–
AON	Exit	AON PLC	$0	–	-42,603	–	-0.80%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-18,323	–	-0.88%	–
TIP	Exit	ISHARES TRtips bd etf	$0	–	-105,200	–	-0.88%	–
MNTV	Exit	MOMENTIVE GLOBAL INC	$0	–	-696,299	–	-0.90%	–
FISV	Exit	FISERV INC	$0	–	-128,124	–	-0.92%	–
KKR	Exit	KKR & CO INC	$0	–	-229,612	–	-0.92%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-337,700	–	-1.11%	–
NFLX	Exit	NETFLIX INC	$0	–	-32,468	–	-1.31%	–
CACC	Exit	CREDIT ACCEP CORP MICH	$0	–	-34,521	–	-1.33%	–
VNQ	Exit	VANGUARD INDEX FDSreal estate etf	$0	–	-211,930	–	-1.42%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-78,144	–	-1.45%	–
GDX	Exit	VANECK ETF TRUSTgold miners etf	$0	–	-758,000	–	-1.47%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-86,403	–	-1.54%	–
BBRE	Exit	J P MORGAN EXCHANGE-TRADED Fbetbuld msci	$0	–	-293,290	–	-1.86%	–
G	Exit	GENPACT LIMITED	$0	–	-630,950	–	-1.98%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-11,783	–	-2.08%	–
GDDY	Exit	GODADDY INCcl a	$0	–	-493,016	–	-2.26%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-126,003	–	-2.82%	–
VXUS	Exit	VANGUARD STAR FDSvg tl intl stk f	$0	–	-739,500	–	-3.08%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-147,000	–	-4.16%	–
MGC	Exit	VANGUARD WORLD FDmega cap index	$0	–	-943,750	–	-9.48%	–
VTI	Exit	VANGUARD INDEX FDStotal stk mkt	$0	–	-797,500	–	-11.67%	–
BND	Exit	VANGUARD BD INDEX FDStotal bnd mrkt	$0	–	-2,555,600	–	-14.39%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-830,545	–	-14.94%	–

Q3 2021

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$226,689,000	-28.7%	830,545	-27.4%	14.94%	-16.5%
BND	Buy	VANGUARD BD INDEX FDStotal bnd mrkt	$218,376,000	+11.6%	2,555,600	+12.2%	14.39%	+30.6%
VTI	Sell	VANGUARD INDEX FDStotal stk mkt	$177,093,000	-9.6%	797,500	-9.3%	11.67%	+5.8%
MGC	Sell	VANGUARD WORLD FDmega cap index	$143,818,000	-29.0%	943,750	-29.1%	9.48%	-17.0%
VXUS	Buy	VANGUARD STAR FDSvg tl intl stk f	$46,781,000	+18.1%	739,500	+22.6%	3.08%	+38.3%
FB	Sell	FACEBOOK INCcl a	$42,763,000	-9.2%	126,003	-7.0%	2.82%	+6.3%
GDDY	Sell	GODADDY INCcl a	$34,364,000	-23.1%	493,016	-4.1%	2.26%	-10.0%
GOOGL	Buy	ALPHABET INCcap stk cl a	$31,502,000	+24.5%	11,783	+13.7%	2.08%	+45.7%
BBRE	Sell	J P MORGAN EXCHANGE-TRADED Fbetbuld msci	$28,204,000	-20.1%	293,290	-20.3%	1.86%	-6.4%
CRM	Buy	SALESFORCE COM INC	$23,434,000	+44.4%	86,403	+30.1%	1.54%	+69.0%
GDX	Buy	VANECK ETF TRUSTgold miners etf	$22,338,000	-12.1%	758,000	+1.3%	1.47%	+2.9%
MSFT	Buy	MICROSOFT CORP	$22,032,000	+15.2%	78,144	+10.7%	1.45%	+34.8%
VNQ	Sell	VANGUARD INDEX FDSreal estate etf	$21,571,000	-45.1%	211,930	-45.1%	1.42%	-35.8%
CACC	Sell	CREDIT ACCEP CORP MICH	$20,205,000	+24.7%	34,521	-3.3%	1.33%	+45.9%
NFLX	Buy	NETFLIX INC	$19,817,000	+143.3%	32,468	+110.5%	1.31%	+184.5%
KKR	Sell	KKR & CO INC	$13,979,000	-19.6%	229,612	-21.8%	0.92%	-6.0%
FISV	Buy	FISERV INC	$13,902,000	+32.9%	128,124	+30.9%	0.92%	+55.5%
MNTV	Sell	MOMENTIVE GLOBAL INC	$13,647,000	-21.7%	696,299	-15.8%	0.90%	-8.4%
TIP	Buy	ISHARES TRtips bd etf	$13,433,000	+9.3%	105,200	+9.5%	0.88%	+27.9%
CHTR	Sell	CHARTER COMMUNICATIONS INC Ncl a	$13,330,000	-15.6%	18,323	-16.3%	0.88%	-1.1%
AON	Sell	AON PLC	$12,175,000	+16.8%	42,603	-2.4%	0.80%	+36.6%
DG	Sell	DOLLAR GEN CORP NEW	$11,748,000	-5.4%	55,379	-3.5%	0.77%	+10.6%
APP	New	APPLOVIN CORP	$11,622,000	–	160,595	–	0.77%	–
ABT	New	ABBOTT LABS	$9,907,000	–	83,876	–	0.65%	–
PING	Sell	PING IDENTITY HLDG CORP	$9,662,000	-2.9%	393,265	-9.5%	0.64%	+13.5%
WIX	Sell	WIX COM LTD	$9,494,000	-34.0%	48,446	-2.2%	0.63%	-22.7%
ARCE	Buy	ARCO PLATFORM LTD	$8,998,000	-27.8%	414,630	+2.1%	0.59%	-15.4%
SSNC	Sell	SS&C TECHNOLOGIES HLDGS INC	$8,911,000	-6.0%	128,390	-2.4%	0.59%	+9.9%
ADP	Sell	AUTOMATIC DATA PROCESSING IN	$8,580,000	-15.3%	42,914	-15.9%	0.57%	-0.9%
TRU	Sell	TRANSUNION	$7,552,000	-32.1%	67,242	-33.6%	0.50%	-20.4%
MLPX	Sell	GLOBAL X FDSglb x mlp enrg i	$7,164,000	-8.5%	199,600	-7.3%	0.47%	+7.0%
AMZN	Sell	AMAZON COM INC	$6,317,000	-13.5%	1,923	-9.4%	0.42%	+1.2%
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$6,024,000	-38.7%	40,686	-6.1%	0.40%	-28.3%
VOO	Sell	VANGUARD INDEX FDS	$5,229,000	-0.6%	13,257	-0.8%	0.34%	+16.6%
AAXJ	Sell	ISHARES TRmsci ac asia etf	$3,549,000	-11.1%	41,793	-1.1%	0.23%	+4.0%
BKLN	Sell	INVESCO EXCH TRADED FD TR IIsr ln etf	$3,157,000	-8.3%	142,800	-8.2%	0.21%	+7.2%
VAW	Sell	VANGUARD WORLD FDSmaterials etf	$2,494,000	-32.4%	14,400	-29.4%	0.16%	-21.2%
ASHR	Buy	DBX ETF TRxtrack hrvst csi	$1,906,000	+3.9%	50,000	+10.5%	0.13%	+22.3%
JBGS	Buy	JBG SMITH PPTYS	$1,896,000	-0.5%	64,036	+5.8%	0.12%	+16.8%
HDB	Buy	HDFC BANK LTDsponsored ads	$1,870,000	+0.2%	25,589	+0.2%	0.12%	+17.1%
CPT	Sell	CAMDEN PPTY TRsh ben int	$1,784,000	-12.7%	12,095	-21.5%	0.12%	+2.6%
HTA	New	HEALTHCARE TR AMER INCcl a new	$1,341,000	–	45,213	–	0.09%	–
AIRC	Buy	APARTMENT INCOME REIT CORP	$1,093,000	+3.9%	22,391	+1.0%	0.07%	+22.0%
INVH	Buy	INVITATION HOMES INC	$1,062,000	+44.9%	27,716	+40.9%	0.07%	+70.7%
AMH	Buy	AMERICAN HOMES 4 RENTcl a	$1,041,000	+41.1%	27,298	+43.8%	0.07%	+64.3%
KRBN	Buy	KRANESHARES TRglobal carbon	$998,000	+232.7%	24,300	+200.0%	0.07%	+288.2%
ICLN	New	ISHARES TRgl clean ene etf	$953,000	–	44,000	–	0.06%	–
ILF	New	ISHARES TRlatn amer 40 etf	$770,000	–	29,000	–	0.05%	–
VYGG	New	VY GLOBAL GROWTH	$536,000	–	54,610	–	0.04%	–
EWH	Sell	ISHARES INCmsci hong kg etf	$480,000	-40.1%	20,000	-33.3%	0.03%	-28.9%
CRBN	Buy	ISHARES TRmsci lw crb tg	$291,000	-0.3%	1,769	+0.7%	0.02%	+18.8%
EIDO	New	ISHARES TRmsci indonia etf	$226,000	–	10,400	–	0.02%	–
LEAP	New	RIBBIT LEAP LTD	$185,000	–	18,270	–	0.01%	–
VYGGWS	New	VY GLOBAL GROWTH*w exp 01/30/203	$15,000	–	10,922	–	0.00%	–
ROOT	Exit	ROOT INC	$0	–	-21,000	–	-0.01%	–
PPLT	Exit	ABERDEEN STD PLATINUM ETF TR	$0	–	-4,500	–	-0.02%	–
KWEB	Exit	KRANESHARES TRcsi chi internet	$0	–	-7,050	–	-0.03%	–
CQQQ	Exit	INVESCO EXCH TRADED FD TR IIchina technlgy	$0	–	-5,900	–	-0.03%	–
ARGT	Exit	GLOBAL X FDSgb msci ar etf	$0	–	-18,660	–	-0.03%	–
QTS	Exit	QTS RLTY TR INC	$0	–	-16,249	–	-0.07%	–
MCHI	Exit	ISHARES TRmsci china etf	$0	–	-19,070	–	-0.09%	–
QQQ	Exit	INVESCO QQQ TRunit ser 1	$0	–	-5,200	–	-0.10%	–
FXI	Exit	ISHARES TRchina lg-cap etf	$0	–	-47,000	–	-0.12%	–
WORK	Exit	SLACK TECHNOLOGIES INC	$0	–	-176,878	–	-0.44%	–
SGMS	Exit	SCIENTIFIC GAMES CORP	$0	–	-1,160,713	–	-5.06%	–

Q2 2021

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$317,884,000	–	1,143,795	–	17.90%	–
MGC	New	VANGUARD WORLD FDmega cap index	$202,703,000	–	1,330,600	–	11.42%	–
VTI	New	VANGUARD INDEX FDStotal stk mkt	$195,930,000	–	879,320	–	11.03%	–
BND	New	VANGUARD BD INDEX FDStotal bnd mrkt	$195,683,000	–	2,278,300	–	11.02%	–
SGMS	New	SCIENTIFIC GAMES CORP	$89,886,000	–	1,160,713	–	5.06%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$62,925,000	–	147,000	–	3.54%	–
FB	New	FACEBOOK INCcl a	$47,102,000	–	135,461	–	2.65%	–
GDDY	New	GODADDY INCcl a	$44,715,000	–	514,189	–	2.52%	–
VXUS	New	VANGUARD STAR FDSvg tl intl stk f	$39,605,000	–	603,000	–	2.23%	–
VNQ	New	VANGUARD INDEX FDSreal estate etf	$39,312,000	–	386,200	–	2.21%	–
BBRE	New	J P MORGAN EXCHANGE-TRADED Fbetbuld msci	$35,283,000	–	368,190	–	1.99%	–
G	New	GENPACT LIMITED	$28,664,000	–	630,950	–	1.61%	–
GDX	New	VANECK VECTORS ETF TRgold miners etf	$25,417,000	–	748,000	–	1.43%	–
GOOGL	New	ALPHABET INCcap stk cl a	$25,297,000	–	10,360	–	1.42%	–
MSFT	New	MICROSOFT CORP	$19,129,000	–	70,616	–	1.08%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$18,340,000	–	337,700	–	1.03%	–
MNTV	New	MOMENTIVE GLOBAL INC	$17,431,000	–	827,289	–	0.98%	–
KKR	New	KKR & CO INC	$17,396,000	–	293,664	–	0.98%	–
CRM	New	SALESFORCE COM INC	$16,226,000	–	66,430	–	0.91%	–
CACC	New	CREDIT ACCEP CORP MICH	$16,208,000	–	35,694	–	0.91%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$15,788,000	–	21,885	–	0.89%	–
WIX	New	WIX COM LTD	$14,374,000	–	49,520	–	0.81%	–
ARCE	New	ARCO PLATFORM LTD	$12,456,000	–	406,273	–	0.70%	–
DG	New	DOLLAR GEN CORP NEW	$12,422,000	–	57,405	–	0.70%	–
TIP	New	ISHARES TRtips bd etf	$12,293,000	–	96,030	–	0.69%	–
TRU	New	TRANSUNION	$11,120,000	–	101,265	–	0.63%	–
FISV	New	FISERV INC	$10,459,000	–	97,850	–	0.59%	–
AON	New	AON PLC	$10,422,000	–	43,656	–	0.59%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$10,131,000	–	51,009	–	0.57%	–
PING	New	PING IDENTITY HLDG CORP	$9,953,000	–	434,668	–	0.56%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$9,832,000	–	43,352	–	0.55%	–
SSNC	New	SS&C TECHNOLOGIES HLDGS INC	$9,480,000	–	131,545	–	0.53%	–
VEA	New	VANGUARD TAX-MANAGED INTL FDftse dev mkt etf	$8,671,000	–	168,300	–	0.49%	–
IEF	New	ISHARES TRbarclays 7 10 yr	$8,647,000	–	74,870	–	0.49%	–
RPV	New	INVESCO EXCHANGE TRADED FD Ts&p500 pur val	$8,412,000	–	109,000	–	0.47%	–
VWOB	New	VANGUARD WHITEHALL FDSemerg mkt bd etf	$8,302,000	–	104,000	–	0.47%	–
NFLX	New	NETFLIX INC	$8,146,000	–	15,422	–	0.46%	–
FEZ	New	SPDR INDEX SHS FDSeuro stoxx 50	$7,938,000	–	169,500	–	0.45%	–
WORK	New	SLACK TECHNOLOGIES INC	$7,835,000	–	176,878	–	0.44%	–
MLPX	New	GLOBAL X FDSglb x mlp enrg i	$7,828,000	–	215,400	–	0.44%	–
AMZN	New	AMAZON COM INC	$7,303,000	–	2,123	–	0.41%	–
PHYS	New	SPROTT PHYSICAL GOLD TRunit	$5,332,000	–	380,000	–	0.30%	–
VOO	New	VANGUARD INDEX FDS	$5,258,000	–	13,362	–	0.30%	–
GLD	New	SPDR GOLD TR	$4,969,000	–	30,000	–	0.28%	–
EWJ	New	ISHARES INCmsci jpn etf new	$4,052,000	–	60,000	–	0.23%	–
AAXJ	New	ISHARES TRmsci ac asia etf	$3,994,000	–	42,264	–	0.22%	–
TLT	New	ISHARES TR20 yr tr bd etf	$3,899,000	–	27,010	–	0.22%	–
IEI	New	ISHARES TR3 7 yr treas bd	$3,746,000	–	28,700	–	0.21%	–
VAW	New	VANGUARD WORLD FDSmaterials etf	$3,688,000	–	20,400	–	0.21%	–
BKLN	New	INVESCO EXCH TRADED FD TR IIsr ln etf	$3,444,000	–	155,500	–	0.19%	–
EIRL	New	ISHARES TRmsci ireland etf	$3,123,000	–	54,400	–	0.18%	–
EWA	New	ISHARES INCmsci aust etf	$2,354,000	–	90,600	–	0.13%	–
GVIP	New	GOLDMAN SACHS ETF TRhedge ind etf	$2,196,000	–	21,600	–	0.12%	–
EWY	New	ISHARES INCmsci sth kor etf	$2,190,000	–	23,500	–	0.12%	–
FXI	New	ISHARES TRchina lg-cap etf	$2,178,000	–	47,000	–	0.12%	–
CPT	New	CAMDEN PPTY TRsh ben int	$2,044,000	–	15,404	–	0.12%	–
Z	New	ZILLOW GROUP INCcl c cap stk	$1,933,000	–	15,818	–	0.11%	–
JBGS	New	JBG SMITH PPTYS	$1,906,000	–	60,503	–	0.11%	–
HDB	New	HDFC BANK LTDsponsored ads	$1,866,000	–	25,532	–	0.10%	–
QQQ	New	INVESCO QQQ TRunit ser 1	$1,843,000	–	5,200	–	0.10%	–
ASHR	New	DBX ETF TRxtrack hrvst csi	$1,835,000	–	45,260	–	0.10%	–
NIE	New	VIRTUS ALLIANZGI EQUITY & CO	$1,814,000	–	60,000	–	0.10%	–
INDA	New	ISHARES TRmsci india etf	$1,770,000	–	40,000	–	0.10%	–
GBDC	New	GOLUB CAP BDC INC	$1,696,000	–	110,000	–	0.10%	–
ANGL	New	VANECK VECTORS ETF TRfallen angel hg	$1,645,000	–	50,000	–	0.09%	–
EWC	New	ISHARES INCmsci cda etf	$1,629,000	–	43,700	–	0.09%	–
EWG	New	ISHARES INCmsci germany etf	$1,608,000	–	46,460	–	0.09%	–
EWZ	New	ISHARES INCmsci brazil etf	$1,622,000	–	40,000	–	0.09%	–
MCHI	New	ISHARES TRmsci china etf	$1,572,000	–	19,070	–	0.09%	–
EIC	New	EAGLE POINT INCOME COMPANY I	$1,515,000	–	93,652	–	0.08%	–
EWL	New	ISHARES INCmsci switzerland	$1,456,000	–	29,950	–	0.08%	–
ZG	New	ZILLOW GROUP INCcl a	$1,334,000	–	10,884	–	0.08%	–
EWU	New	ISHARES TRmsci uk etf new	$1,308,000	–	40,000	–	0.07%	–
QTS	New	QTS RLTY TR INC	$1,256,000	–	16,249	–	0.07%	–
EMXC	New	ISHARES INCmsci emrg chn	$1,247,000	–	20,000	–	0.07%	–
EWW	New	ISHARES INCmsci mexico etf	$1,200,000	–	25,000	–	0.07%	–
ADX	New	ADAMS DIVERSIFIED EQUITY FD	$1,186,000	–	60,000	–	0.07%	–
DXJ	New	WISDOMTREE TRjapn hedge eqt	$1,138,000	–	18,645	–	0.06%	–
LEAPU	New	RIBBIT LEAP LTDunit 99/99/9999	$1,111,000	–	100,000	–	0.06%	–
IGR	New	CBRE CLARION GLOBAL REAL EST	$1,057,000	–	120,000	–	0.06%	–
EWP	New	ISHARES INCmsci spain etf	$1,052,000	–	37,000	–	0.06%	–
AIRC	New	APARTMENT INCOME REIT CORP	$1,052,000	–	22,179	–	0.06%	–
SDACU	New	SUSTAINABLE DEVELP ACQU I COunit 02/04/2026	$1,018,000	–	100,000	–	0.06%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$980,000	–	15,500	–	0.06%	–
ECC	New	EAGLE PT CR CO LLC	$949,000	–	70,000	–	0.05%	–
SHYG	New	ISHARES TR0-5yr hi yl cp	$893,000	–	19,395	–	0.05%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$883,000	–	5,980	–	0.05%	–
XLC	New	SELECT SECTOR SPDR TR	$883,000	–	10,910	–	0.05%	–
EWH	New	ISHARES INCmsci hong kg etf	$802,000	–	30,000	–	0.04%	–
AMH	New	AMERICAN HOMES 4 RENTcl a	$738,000	–	18,987	–	0.04%	–
VYGGU	New	VY GLOBAL GROWTHunit 99/99/9999	$725,000	–	70,000	–	0.04%	–
XLE	New	SELECT SECTOR SPDR TRenergy	$727,000	–	13,500	–	0.04%	–
INVH	New	INVITATION HOMES INC	$733,000	–	19,665	–	0.04%	–
XLF	New	SELECT SECTOR SPDR TRfinancial	$698,000	–	19,030	–	0.04%	–
SLV	New	ISHARES SILVER TRishares	$678,000	–	28,000	–	0.04%	–
COPX	New	GLOBAL X FDSglobal x copper	$643,000	–	17,300	–	0.04%	–
EWN	New	ISHARES INCmsci netherl etf	$582,000	–	12,010	–	0.03%	–
ARGT	New	GLOBAL X FDSgb msci ar etf	$578,000	–	18,660	–	0.03%	–
VNM	New	VANECK VECTORS ETF TRvietnam etf	$547,000	–	26,320	–	0.03%	–
CQQQ	New	INVESCO EXCH TRADED FD TR IIchina technlgy	$497,000	–	5,900	–	0.03%	–
KWEB	New	KRANESHARES TRcsi chi internet	$492,000	–	7,050	–	0.03%	–
PPLT	New	ABERDEEN STD PLATINUM ETF TR	$451,000	–	4,500	–	0.02%	–
EWT	New	ISHARES INCmsci taiwan etf	$448,000	–	7,000	–	0.02%	–
ECH	New	ISHARES INCmsci chile etf	$406,000	–	14,000	–	0.02%	–
IBB	New	ISHARES TRishares biotech	$393,000	–	2,400	–	0.02%	–
KRBN	New	KRANESHARES TRglobal carbon	$300,000	–	8,100	–	0.02%	–
GRN	New	BARCLAYS BK PLCetn 49	$309,000	–	13,700	–	0.02%	–
CRBN	New	ISHARES TRmsci lw crb tg	$292,000	–	1,757	–	0.02%	–
ROOT	New	ROOT INC	$227,000	–	21,000	–	0.01%	–
XHB	New	SPDR SER TRs&p homebuild	$231,000	–	3,160	–	0.01%	–
JEQ	New	ABERDEEN JAPAN EQUITY FD INC	$176,000	–	20,000	–	0.01%	–
BXMX	New	NUVEEN S&P 500 BUY-WRITE INC	$144,000	–	10,000	–	0.01%	–
JQC	New	NUVEEN CR STRATEGIES INCOME	$135,000	–	20,000	–	0.01%	–

Q4 2020

			Value		Shares		↓ Weighting
JEQ	Exit	ABERDEEN JAPAN EQUITY FD INC	$0	–	-20,000	–	-0.01%	–
HRB	Exit	BLOCK H & R INC	$0	–	-12,720	–	-0.02%	–
IBB	Exit	ISHARES TRnasdaq biotech	$0	–	-1,540	–	-0.02%	–
XHB	Exit	SPDR SER TRs&p homebuild	$0	–	-4,200	–	-0.02%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-5,755	–	-0.02%	–
DISCA	Exit	DISCOVERY INC	$0	–	-11,305	–	-0.02%	–
CRBN	Exit	ISHARES TRmsci lw crb tg	$0	–	-1,857	–	-0.02%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-3,900	–	-0.02%	–
CQQQ	Exit	INVESCO EXCH TRADED FD TR IIchina technlgy	$0	–	-4,000	–	-0.02%	–
KWEB	Exit	KRANESHARES TRcsi chi internet	$0	–	-4,000	–	-0.02%	–
LEA	Exit	LEAR CORP	$0	–	-2,655	–	-0.02%	–
ABBV	Exit	ABBVIE INC	$0	–	-3,367	–	-0.02%	–
FFIV	Exit	F5 NETWORKS INC	$0	–	-2,438	–	-0.02%	–
ORCL	Exit	ORACLE CORP	$0	–	-5,051	–	-0.02%	–
HRL	Exit	HORMEL FOODS CORP	$0	–	-6,183	–	-0.02%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-4,980	–	-0.02%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-1,844	–	-0.02%	–
KLAC	Exit	KLA CORP	$0	–	-1,676	–	-0.03%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-2,187	–	-0.03%	–
CLX	Exit	CLOROX CO DEL	$0	–	-1,542	–	-0.03%	–
ECH	Exit	ISHARES INCmsci chile etf	$0	–	-14,000	–	-0.03%	–
XLE	Exit	SELECT SECTOR SPDR TRenergy	$0	–	-11,500	–	-0.03%	–
DIS	Exit	DISNEY WALT CO	$0	–	-2,896	–	-0.03%	–
AZO	Exit	AUTOZONE INC	$0	–	-312	–	-0.03%	–
VVR	Exit	INVESCO SR INCOME TR	$0	–	-100,000	–	-0.03%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-980	–	-0.03%	–
VNM	Exit	VANECK VECTORS ETF TRvietnam etf	$0	–	-26,320	–	-0.03%	–
PKG	Exit	PACKAGING CORP AMER	$0	–	-3,546	–	-0.03%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-2,869	–	-0.03%	–
EWN	Exit	ISHARES INCmsci netherl etf	$0	–	-12,010	–	-0.03%	–
AME	Exit	AMETEK INC	$0	–	-4,268	–	-0.03%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-1,916	–	-0.03%	–
ARGT	Exit	GLOBAL X FDSgb msci ar etf	$0	–	-18,660	–	-0.03%	–
HD	Exit	HOME DEPOT INC	$0	–	-1,622	–	-0.04%	–
COLD	Exit	AMERICOLD RLTY TR	$0	–	-14,100	–	-0.04%	–
PPLT	Exit	ABERDEEN STD PLATINUM ETF TR	$0	–	-6,000	–	-0.04%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-4,590	–	-0.04%	–
XLP	Exit	SELECT SECTOR SPDR TRsbi cons stpls	$0	–	-9,230	–	-0.05%	–
EWH	Exit	ISHARES INCmsci hong kg etf	$0	–	-30,000	–	-0.05%	–
CPT	Exit	CAMDEN PPTY TRsh ben int	$0	–	-7,570	–	-0.05%	–
XLI	Exit	SELECT SECTOR SPDR TRsbi int-inds	$0	–	-8,700	–	-0.05%	–
AAPL	Exit	APPLE INC	$0	–	-5,844	–	-0.05%	–
SRVR	Exit	PACER FDS TRbnchmrk infra	$0	–	-20,000	–	-0.06%	–
IGR	Exit	CBRE CLARION GLOBAL REAL EST	$0	–	-119,000	–	-0.06%	–
EWW	Exit	ISHARES INCmsci mexico etf	$0	–	-25,000	–	-0.07%	–
SHYG	Exit	ISHARES TR0-5yr hi yl cp	$0	–	-19,395	–	-0.07%	–
PHYS	Exit	SPROTT PHYSICAL GOLD TRunit	$0	–	-60,000	–	-0.07%	–
XLV	Exit	SELECT SECTOR SPDR TRsbi healthcare	$0	–	-8,630	–	-0.07%	–
DXJ	Exit	WISDOMTREE TRjapn hedge eqt	$0	–	-18,645	–	-0.07%	–
VAW	Exit	VANGUARD WORLD FDSmaterials etf	$0	–	-6,800	–	-0.07%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-15,500	–	-0.07%	–
QTS	Exit	QTS RLTY TR INC	$0	–	-14,820	–	-0.07%	–
DEA	Exit	EASTERLY GOVT PPTYS INC	$0	–	-41,840	–	-0.07%	–
EWY	Exit	ISHARES INCmsci sth kor etf	$0	–	-15,000	–	-0.08%	–
ADX	Exit	ADAMS DIVERSIFIED EQUITY FD	$0	–	-60,000	–	-0.08%	–
VWOB	Exit	VANGUARD WHITEHALL FDSemerg mkt bd etf	$0	–	-12,500	–	-0.08%	–
EWU	Exit	ISHARES TRmsci uk etf new	$0	–	-40,000	–	-0.08%	–
SLV	Exit	ISHARES SILVER TRishares	$0	–	-51,330	–	-0.09%	–
XLC	Exit	SELECT SECTOR SPDR TR	$0	–	-19,800	–	-0.09%	–
ECC	Exit	EAGLE PT CR CO LLC	$0	–	-138,319	–	-0.09%	–
EWC	Exit	ISHARES INCmsci cda etf	$0	–	-43,700	–	-0.10%	–
EWL	Exit	ISHARES INCmsci switzerland	$0	–	-29,950	–	-0.10%	–
GBDC	Exit	GOLUB CAP BDC INC	$0	–	-100,000	–	-0.10%	–
JBGS	Exit	JBG SMITH PPTYS	$0	–	-50,340	–	-0.11%	–
EWG	Exit	ISHARES INCmsci germany etf	$0	–	-46,460	–	-0.11%	–
NIE	Exit	ALLIANZGI EQUITY & CONV INCO	$0	–	-60,000	–	-0.12%	–
ZG	Exit	ZILLOW GROUP INCcl a	$0	–	-14,384	–	-0.12%	–
EIC	Exit	EAGLE POINT INCOME COMPANY I	$0	–	-111,367	–	-0.12%	–
ASHR	Exit	DBX ETF TRxtrack hrvst csi	$0	–	-45,260	–	-0.12%	–
HDB	Exit	HDFC BANK LTDsponsored ads	$0	–	-35,554	–	-0.14%	–
EWA	Exit	ISHARES INCmsci aust etf	$0	–	-90,600	–	-0.14%	–
CAF	Exit	MORGAN STANLEY CHINA A SH FD	$0	–	-86,500	–	-0.14%	–
INDA	Exit	ISHARES TRmsci india etf	$0	–	-56,750	–	-0.15%	–
LQD	Exit	ISHARES TRiboxx inv cp etf	$0	–	-14,500	–	-0.15%	–
MCHI	Exit	ISHARES TRmsci china etf	$0	–	-26,670	–	-0.16%	–
EIRL	Exit	ISHARES TRmsci ireland etf	$0	–	-54,400	–	-0.17%	–
GVIP	Exit	GOLDMAN SACHS ETF TRhedge ind etf	$0	–	-28,390	–	-0.17%	–
FXI	Exit	ISHARES TRchina lg-cap etf	$0	–	-55,000	–	-0.18%	–
LEAPU	Exit	RIBBIT LEAP LTDunit 99/99/9999	$0	–	-200,000	–	-0.21%	–
Z	Exit	ZILLOW GROUP INCcl c cap stk	$0	–	-28,768	–	-0.23%	–
EWJ	Exit	ISHARES INCmsci jpn etf new	$0	–	-50,000	–	-0.23%	–
RPV	Exit	INVESCO EXCHANGE TRADED FD Ts&p500 pur val	$0	–	-70,000	–	-0.27%	–
IEI	Exit	ISHARES TR3 7 yr treas bd	$0	–	-28,700	–	-0.30%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-31,440	–	-0.35%	–
TLT	Exit	ISHARES TR20 yr tr bd etf	$0	–	-27,010	–	-0.35%	–
MLPX	Exit	GLOBAL X FDSglb x mlp enrg i	$0	–	-208,533	–	-0.36%	–
AGNC	Exit	AGNC INVT CORP	$0	–	-351,000	–	-0.39%	–
FISV	Exit	FISERV INC	$0	–	-48,320	–	-0.39%	–
TJX	Exit	TJX COS INC NEW	$0	–	-95,540	–	-0.42%	–
GLD	Exit	SPDR GOLD TR	$0	–	-30,000	–	-0.42%	–
ANGL	Exit	VANECK VECTORS ETF TRfallen angel hg	$0	–	-194,650	–	-0.46%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-28,336	–	-0.47%	–
GDDY	Exit	GODADDY INCcl a	$0	–	-81,300	–	-0.49%	–
SYK	Exit	STRYKER CORPORATION	$0	–	-30,480	–	-0.50%	–
RYAAY	Exit	RYANAIR HOLDINGS PLCsponsored ads	$0	–	-79,262	–	-0.51%	–
FEZ	Exit	SPDR INDEX SHS FDSeuro stoxx 50	$0	–	-184,160	–	-0.53%	–
AON	Exit	AON PLC	$0	–	-35,170	–	-0.57%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-50,370	–	-0.59%	–
VEA	Exit	VANGUARD TAX-MANAGED INTL FDftse dev mkt etf	$0	–	-187,800	–	-0.61%	–
IEF	Exit	ISHARES TRbarclays 7 10 yr	$0	–	-74,870	–	-0.72%	–
V	Exit	VISA INC	$0	–	-51,079	–	-0.81%	–
KKR	Exit	KKR & CO INC	$0	–	-347,070	–	-0.94%	–
TIP	Exit	ISHARES TRtips bd etf	$0	–	-96,030	–	-0.96%	–
CACC	Exit	CREDIT ACCEP CORP MICH	$0	–	-36,461	–	-0.98%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-10,674	–	-1.24%	–
WIX	Exit	WIX COM LTD	$0	–	-62,229	–	-1.25%	–
VCSH	Exit	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$0	–	-220,700	–	-1.45%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-428,000	–	-1.46%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-29,878	–	-1.48%	–
G	Exit	GENPACT LIMITED	$0	–	-630,950	–	-1.94%	–
GDX	Exit	VANECK VECTORS ETF TRgold miners etf	$0	–	-630,000	–	-1.95%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-105,789	–	-2.19%	–
VNQ	Exit	VANGUARD INDEX FDSreal estate etf	$0	–	-495,900	–	-3.10%	–
BBRE	Exit	J P MORGAN EXCHANGE-TRADED Fbetbuld msci	$0	–	-548,055	–	-3.12%	–
VXUS	Exit	VANGUARD STAR FDSvg tl intl stk f	$0	–	-828,161	–	-3.42%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-147,000	–	-3.89%	–
MGC	Exit	VANGUARD WORLD FDmega cap index	$0	–	-1,128,500	–	-10.70%	–
BND	Exit	VANGUARD BD INDEX FDStotal bnd mrkt	$0	–	-1,735,640	–	-12.11%	–
VTI	Exit	VANGUARD INDEX FDStotal stk mkt	$0	–	-981,400	–	-13.22%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-1,155,695	–	-19.46%	–

Q3 2020

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$246,094,000	+3.8%	1,155,695	-13.0%	19.46%	+9.7%
VTI	Sell	VANGUARD INDEX FDStotal stk mkt	$167,142,000	+5.8%	981,400	-2.7%	13.22%	+11.9%
MGC	Sell	VANGUARD WORLD FDmega cap index	$135,307,000	-12.4%	1,128,500	-20.0%	10.70%	-7.3%
VXUS	Sell	VANGUARD STAR FDSvg tl intl stk f	$43,205,000	-7.8%	828,161	-13.1%	3.42%	-2.5%
BBRE	Buy	J P MORGAN EXCHANGE-TRADED Fbetbuld msci	$39,433,000	+16.2%	548,055	+15.2%	3.12%	+22.9%
VNQ	Buy	VANGUARD INDEX FDSreal estate etf	$39,156,000	+87.8%	495,900	+86.8%	3.10%	+98.6%
FB	Sell	FACEBOOK INCcl a	$27,706,000	-40.9%	105,789	-48.8%	2.19%	-37.5%
CHTR	Buy	CHARTER COMMUNICATIONS INC Ncl a	$18,655,000	+88.4%	29,878	+53.9%	1.48%	+99.3%
VCSH	Buy	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$18,285,000	+66.7%	220,700	+66.3%	1.45%	+76.3%
WIX	Sell	WIX COM LTD	$15,860,000	-65.0%	62,229	-64.8%	1.25%	-63.0%
GOOGL	Buy	ALPHABET INCcap stk cl a	$15,643,000	+23.3%	10,674	+19.3%	1.24%	+30.3%
CACC	Sell	CREDIT ACCEP CORP MICH	$12,347,000	-73.5%	36,461	-67.2%	0.98%	-72.0%
TIP	Buy	ISHARES TRtips bd etf	$12,148,000	+99.4%	96,030	+93.9%	0.96%	+110.5%
KKR	Buy	KKR & CO INC	$11,918,000	+65.3%	347,070	+48.7%	0.94%	+74.8%
V	Sell	VISA INC	$10,215,000	+2.4%	51,079	-1.0%	0.81%	+8.3%
VEA	Buy	VANGUARD TAX-MANAGED INTL FDftse dev mkt etf	$7,681,000	+33.1%	187,800	+26.2%	0.61%	+40.5%
FIS	New	FIDELITY NATL INFORMATION SV	$7,416,000	–	50,370	–	0.59%	–
AON	New	AON PLC	$7,255,000	–	35,170	–	0.57%	–
RYAAY	Sell	RYANAIR HOLDINGS PLCsponsored ads	$6,481,000	+3.2%	79,262	-16.3%	0.51%	+8.9%
SYK	New	STRYKER CORPORATION	$6,352,000	–	30,480	–	0.50%	–
GDDY	New	GODADDY INCcl a	$6,176,000	–	81,300	–	0.49%	–
MSFT	New	MICROSOFT CORP	$5,960,000	–	28,336	–	0.47%	–
TJX	New	TJX COS INC NEW	$5,317,000	–	95,540	–	0.42%	–
FISV	New	FISERV INC	$4,979,000	–	48,320	–	0.39%	–
MLPX	Buy	GLOBAL X FDSglb x mlp enrg i	$4,604,000	+34.5%	208,533	+51.6%	0.36%	+42.2%
ADP	New	AUTOMATIC DATA PROCESSING IN	$4,385,000	–	31,440	–	0.35%	–
RPV	Buy	INVESCO EXCHANGE TRADED FD Ts&p500 pur val	$3,431,000	+104.2%	70,000	+98.9%	0.27%	+115.1%
LEAPU	New	RIBBIT LEAP LTDunit 99/99/9999	$2,600,000	–	200,000	–	0.21%	–
EIRL	Buy	ISHARES TRmsci ireland etf	$2,179,000	+95.8%	54,400	+85.0%	0.17%	+107.2%
EWA	New	ISHARES INCmsci aust etf	$1,787,000	–	90,600	–	0.14%	–
HDB	Sell	HDFC BANK LTDsponsored ads	$1,776,000	+7.5%	35,554	-2.2%	0.14%	+12.9%
ASHR	Buy	DBX ETF TRxtrack hrvst csi	$1,561,000	+73.6%	45,260	+49.6%	0.12%	+83.6%
EIC	Sell	EAGLE POINT INCOME COMPANY I	$1,462,000	-16.2%	111,367	-17.3%	0.12%	-10.8%
GBDC	Sell	GOLUB CAP BDC INC	$1,324,000	-9.1%	100,000	-20.0%	0.10%	-3.7%
EWU	Sell	ISHARES TRmsci uk etf new	$1,020,000	-84.3%	40,000	-84.1%	0.08%	-83.3%
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$920,000	–	15,500	–	0.07%	–
VAW	New	VANGUARD WORLD FDSmaterials etf	$915,000	–	6,800	–	0.07%	–
XLV	Buy	SELECT SECTOR SPDR TRsbi healthcare	$910,000	+13.3%	8,630	+7.6%	0.07%	+20.0%
EWW	New	ISHARES INCmsci mexico etf	$834,000	–	25,000	–	0.07%	–
SRVR	Buy	PACER FDS TRbnchmrk infra	$707,000	+98.6%	20,000	+100.0%	0.06%	+107.4%
IGR	New	CBRE CLARION GLOBAL REAL EST	$712,000	–	119,000	–	0.06%	–
AAPL	Buy	APPLE INC	$677,000	+27.0%	5,844	+300.0%	0.05%	+35.0%
XLI	Buy	SELECT SECTOR SPDR TRsbi int-inds	$670,000	+35.6%	8,700	+21.0%	0.05%	+43.2%
XLK	Sell	SELECT SECTOR SPDR TRtechnology	$536,000	-39.2%	4,590	-45.6%	0.04%	-36.4%
PPLT	New	ABERDEEN STD PLATINUM ETF TR	$504,000	–	6,000	–	0.04%	–
VVR	New	INVESCO SR INCOME TR	$366,000	–	100,000	–	0.03%	–
XLE	Sell	SELECT SECTOR SPDR TRenergy	$344,000	-61.0%	11,500	-50.6%	0.03%	-59.1%
CQQQ	New	INVESCO EXCH TRADED FD TR IIchina technlgy	$277,000	–	4,000	–	0.02%	–
KWEB	New	KRANESHARES TRcsi chi internet	$273,000	–	4,000	–	0.02%	–
CRBN	Sell	ISHARES TRmsci lw crb tg	$243,000	+5.2%	1,857	-2.7%	0.02%	+11.8%
XHB	New	SPDR SER TRs&p homebuild	$226,000	–	4,200	–	0.02%	–
TRUP	Exit	TRUPANION INC	$0	–	-300,000	–	-0.96%	–
AMZN	Exit	AMAZON COM INC	$0	–	-35,460	–	-7.32%	–

Q2 2020

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$237,186,000	–	1,328,695	–	17.74%	–
VTI	New	VANGUARD INDEX FDStotal stk mkt	$157,959,000	–	1,009,127	–	11.81%	–
MGC	New	VANGUARD WORLD FDmega cap index	$154,380,000	–	1,410,500	–	11.55%	–
BND	New	VANGUARD BD INDEX FDStotal bnd mrkt	$153,326,000	–	1,735,640	–	11.47%	–
AMZN	New	AMAZON COM INC	$97,829,000	–	35,460	–	7.32%	–
FB	New	FACEBOOK INCcl a	$46,887,000	–	206,484	–	3.51%	–
VXUS	New	VANGUARD STAR FDSvg tl intl stk f	$46,847,000	–	952,761	–	3.50%	–
CACC	New	CREDIT ACCEP CORP MICH	$46,625,000	–	111,271	–	3.49%	–
WIX	New	WIX COM LTD	$45,355,000	–	177,019	–	3.39%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$45,329,000	–	147,000	–	3.39%	–
BBRE	New	J P MORGAN EXCHANGE-TRADED Fbetbuld msci	$33,928,000	–	475,655	–	2.54%	–
GDX	New	VANECK VECTORS ETF TRgold miners etf	$23,109,000	–	630,000	–	1.73%	–
G	New	GENPACT LIMITED	$23,043,000	–	630,950	–	1.72%	–
VNQ	New	VANGUARD INDEX FDSreal estate etf	$20,847,000	–	265,470	–	1.56%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$16,953,000	–	428,000	–	1.27%	–
TRUP	New	TRUPANION INC	$12,807,000	–	300,000	–	0.96%	–
GOOGL	New	ALPHABET INCcap stk cl a	$12,683,000	–	8,944	–	0.95%	–
VCSH	New	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$10,969,000	–	132,700	–	0.82%	–
V	New	VISA INC	$9,971,000	–	51,619	–	0.75%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$9,900,000	–	19,408	–	0.74%	–
IEF	New	ISHARES TRbarclays 7 10 yr	$9,124,000	–	74,870	–	0.68%	–
KKR	New	KKR & CO INC	$7,210,000	–	233,460	–	0.54%	–
FEZ	New	SPDR INDEX SHS FDSeuro stoxx 50	$6,543,000	–	184,160	–	0.49%	–
EWU	New	ISHARES TRmsci uk etf new	$6,489,000	–	251,900	–	0.48%	–
RYAAY	New	RYANAIR HOLDINGS PLCsponsored ads	$6,279,000	–	94,650	–	0.47%	–
TIP	New	ISHARES TRtips bd etf	$6,093,000	–	49,530	–	0.46%	–
VEA	New	VANGUARD TAX-MANAGED FDSftse dev mkt etf	$5,772,000	–	148,800	–	0.43%	–
ANGL	New	VANECK VECTORS ETF TRfallen angel hg	$5,586,000	–	194,650	–	0.42%	–
GLD	New	SPDR GOLD TR	$5,021,000	–	30,000	–	0.38%	–
AGNC	New	AGNC INVT CORP	$4,528,000	–	351,000	–	0.34%	–
TLT	New	ISHARES TR20 yr tr bd etf	$4,428,000	–	27,010	–	0.33%	–
IEI	New	ISHARES TR3 7 yr treas bd	$3,836,000	–	28,700	–	0.29%	–
MLPX	New	GLOBAL X FDSglb x mlp enrg i	$3,422,000	–	137,533	–	0.26%	–
EWJ	New	ISHARES INCmsci jpn etf new	$2,746,000	–	50,000	–	0.20%	–
FXI	New	ISHARES TRchina lg-cap etf	$2,184,000	–	55,000	–	0.16%	–
LQD	New	ISHARES TRiboxx inv cp etf	$1,950,000	–	14,500	–	0.15%	–
GVIP	New	GOLDMAN SACHS ETF TRhedge ind etf	$1,866,000	–	28,390	–	0.14%	–
MCHI	New	ISHARES TRmsci china etf	$1,746,000	–	26,670	–	0.13%	–
EIC	New	EAGLE POINT INCOME COMPANY I	$1,744,000	–	134,637	–	0.13%	–
RPV	New	INVESCO EXCHANGE TRADED FD Ts&p500 pur val	$1,680,000	–	35,200	–	0.13%	–
CAF	New	MORGAN STANLEY CHINA A SH FD	$1,688,000	–	86,500	–	0.13%	–
HDB	New	HDFC BANK LTDsponsored ads	$1,652,000	–	36,340	–	0.12%	–
Z	New	ZILLOW GROUP INCcl c cap stk	$1,657,000	–	28,768	–	0.12%	–
INDA	New	ISHARES TRmsci india etf	$1,647,000	–	56,750	–	0.12%	–
JBGS	New	JBG SMITH PPTYS	$1,489,000	–	50,340	–	0.11%	–
GBDC	New	GOLUB CAP BDC INC	$1,456,000	–	124,999	–	0.11%	–
NIE	New	ALLIANZGI EQUITY & CONV INCO	$1,349,000	–	60,000	–	0.10%	–
EWG	New	ISHARES INCmsci germany etf	$1,260,000	–	46,460	–	0.09%	–
EWL	New	ISHARES INCmsci switzerland	$1,167,000	–	29,950	–	0.09%	–
EWC	New	ISHARES INCmsci cda etf	$1,131,000	–	43,700	–	0.08%	–
EIRL	New	ISHARES TRmsci ireland etf	$1,113,000	–	29,400	–	0.08%	–
XLC	New	SELECT SECTOR SPDR TR	$1,070,000	–	19,800	–	0.08%	–
ECC	New	EAGLE PT CR CO LLC	$983,000	–	138,319	–	0.07%	–
VWOB	New	VANGUARD WHITEHALL FDSemerg mkt bd etf	$972,000	–	12,500	–	0.07%	–
DEA	New	EASTERLY GOVT PPTYS INC	$967,000	–	41,840	–	0.07%	–
QTS	New	QTS RLTY TR INC	$950,000	–	14,820	–	0.07%	–
ASHR	New	DBX ETF TRxtrack hrvst csi	$899,000	–	30,260	–	0.07%	–
ADX	New	ADAMS DIVERSIFIED EQUITY FD	$895,000	–	60,000	–	0.07%	–
DXJ	New	WISDOMTREE TRjapn hedge eqt	$877,000	–	18,645	–	0.07%	–
XLE	New	SELECT SECTOR SPDR TRenergy	$882,000	–	23,300	–	0.07%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$881,000	–	8,430	–	0.07%	–
SLV	New	ISHARES SILVER TRishares	$873,000	–	51,330	–	0.06%	–
PHYS	New	SPROTT PHYSICAL GOLD TRunit	$859,000	–	60,000	–	0.06%	–
EWY	New	ISHARES INCmsci sth kor etf	$857,000	–	15,000	–	0.06%	–
ZG	New	ZILLOW GROUP INCcl a	$827,000	–	14,384	–	0.06%	–
SHYG	New	ISHARES TR0-5yr hi yl cp	$832,000	–	19,395	–	0.06%	–
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$803,000	–	8,020	–	0.06%	–
CPT	New	CAMDEN PPTY TRsh ben int	$691,000	–	7,570	–	0.05%	–
EWH	New	ISHARES INCmsci hong kg etf	$641,000	–	30,000	–	0.05%	–
XLP	New	SELECT SECTOR SPDR TRsbi cons stpls	$541,000	–	9,230	–	0.04%	–
AAPL	New	APPLE INC	$533,000	–	1,461	–	0.04%	–
COLD	New	AMERICOLD RLTY TR	$512,000	–	14,100	–	0.04%	–
XLI	New	SELECT SECTOR SPDR TRsbi int-inds	$494,000	–	7,190	–	0.04%	–
ARGT	New	GLOBAL X FDSgb msci ar etf	$447,000	–	18,660	–	0.03%	–
ACN	New	ACCENTURE PLC IRELAND	$411,000	–	1,916	–	0.03%	–
HD	New	HOME DEPOT INC	$406,000	–	1,622	–	0.03%	–
EWN	New	ISHARES INCmsci netherl etf	$393,000	–	12,010	–	0.03%	–
AME	New	AMETEK INC	$381,000	–	4,268	–	0.03%	–
LMT	New	LOCKHEED MARTIN CORP	$358,000	–	980	–	0.03%	–
SRVR	New	PACER FDS TRbnchmrk infra	$356,000	–	10,000	–	0.03%	–
TXN	New	TEXAS INSTRS INC	$364,000	–	2,869	–	0.03%	–
PKG	New	PACKAGING CORP AMER	$354,000	–	3,546	–	0.03%	–
AZO	New	AUTOZONE INC	$352,000	–	312	–	0.03%	–
ECH	New	ISHARES INCmsci chile etf	$353,000	–	14,000	–	0.03%	–
VNM	New	VANECK VECTORS ETF TRvietnam etf	$354,000	–	26,320	–	0.03%	–
ABBV	New	ABBVIE INC	$331,000	–	3,367	–	0.02%	–
FFIV	New	F5 NETWORKS INC	$340,000	–	2,438	–	0.02%	–
CLX	New	CLOROX CO DEL	$338,000	–	1,542	–	0.02%	–
DIS	New	DISNEY WALT CO	$323,000	–	2,896	–	0.02%	–
KLAC	New	KLA CORP	$326,000	–	1,676	–	0.02%	–
KMB	New	KIMBERLY CLARK CORP	$309,000	–	2,187	–	0.02%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$293,000	–	4,980	–	0.02%	–
LEA	New	LEAR CORP	$289,000	–	2,655	–	0.02%	–
HRL	New	HORMEL FOODS CORP	$298,000	–	6,183	–	0.02%	–
ORCL	New	ORACLE CORP	$279,000	–	5,051	–	0.02%	–
HON	New	HONEYWELL INTL INC	$267,000	–	1,844	–	0.02%	–
DISCA	New	DISCOVERY INC	$239,000	–	11,305	–	0.02%	–
EMR	New	EMERSON ELEC CO	$242,000	–	3,900	–	0.02%	–
MO	New	ALTRIA GROUP INC	$226,000	–	5,755	–	0.02%	–
CRBN	New	ISHARES TRmsci lw crb tg	$231,000	–	1,909	–	0.02%	–
IBB	New	ISHARES TRnasdaq biotech	$211,000	–	1,540	–	0.02%	–
HRB	New	BLOCK H & R INC	$182,000	–	12,720	–	0.01%	–
JEQ	New	ABERDEEN JAPAN EQUITY FD INC	$155,000	–	20,000	–	0.01%	–

Q4 2019

			Value		Shares		↓ Weighting
JEQ	Exit	ABERDEEN JAPAN EQUITY FD INC	$0	–	-20,000	–	-0.01%	–
PEO	Exit	ADAM NAT RES FD INC	$0	–	-11,870	–	-0.02%	–
CRBN	Exit	ISHARES TRmsci lw crb tg	$0	–	-1,708	–	-0.02%	–
NMY	Exit	NUVEEN MARYLAND QLT MUN INC	$0	–	-15,000	–	-0.02%	–
MMM	Exit	3M CO	$0	–	-1,319	–	-0.02%	–
EWH	Exit	ISHARES INCmsci hong kg etf	$0	–	-10,000	–	-0.02%	–
BIIB	Exit	BIOGEN INC	$0	–	-971	–	-0.02%	–
CLX	Exit	CLOROX CO DEL	$0	–	-1,542	–	-0.02%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-5,755	–	-0.02%	–
IBB	Exit	ISHARES TRnasdaq biotech	$0	–	-2,450	–	-0.02%	–
FFIV	Exit	F5 NETWORKS INC	$0	–	-1,720	–	-0.02%	–
HRL	Exit	HORMEL FOODS CORP	$0	–	-6,183	–	-0.02%	–
ORCL	Exit	ORACLE CORP	$0	–	-5,051	–	-0.02%	–
ADS	Exit	ALLIANCE DATA SYSTEMS CORP	$0	–	-2,174	–	-0.02%	–
EWN	Exit	ISHARES INCmsci netherl etf	$0	–	-9,060	–	-0.02%	–
SLV	Exit	ISHARES SILVER TRUSTishares	$0	–	-17,570	–	-0.02%	–
AMCX	Exit	AMC NETWORKS INCcl a	$0	–	-5,915	–	-0.03%	–
DISCA	Exit	DISCOVERY INC	$0	–	-11,305	–	-0.03%	–
LEA	Exit	LEAR CORP	$0	–	-2,655	–	-0.03%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-1,844	–	-0.03%	–
KDP	Exit	KEURIG DR PEPPER INC	$0	–	-12,205	–	-0.03%	–
VNM	Exit	VANECK VECTORS ETF TRvietnam etf	$0	–	-20,000	–	-0.03%	–
AZO	Exit	AUTOZONE INC	$0	–	-312	–	-0.03%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES N	$0	–	-4,116	–	-0.03%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-1,916	–	-0.03%	–
HD	Exit	HOME DEPOT INC	$0	–	-1,622	–	-0.03%	–
DIS	Exit	DISNEY WALT CO	$0	–	-2,896	–	-0.03%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-2,869	–	-0.03%	–
PKG	Exit	PACKAGING CORP AMER	$0	–	-3,546	–	-0.03%	–
QTS	Exit	QTS RLTY TR INC	$0	–	-7,290	–	-0.03%	–
IQI	Exit	INVESCO QUALITY MUNI INC TRS	$0	–	-29,200	–	-0.03%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-980	–	-0.03%	–
AAPL	Exit	APPLE INC	$0	–	-1,827	–	-0.04%	–
AME	Exit	AMETEK INC NEW	$0	–	-4,766	–	-0.04%	–
XLF	Exit	SELECT SECTOR SPDR TRsbi int-finl	$0	–	-16,900	–	-0.04%	–
CELG	Exit	CELGENE CORP	$0	–	-4,980	–	-0.04%	–
VAW	Exit	VANGUARD WORLD FDSmaterials etf	$0	–	-4,210	–	-0.05%	–
PCY	Exit	INVESCO EXCHNG TRADED FD TRemrng mkt svrg	$0	–	-18,300	–	-0.05%	–
XLP	Exit	SELECT SECTOR SPDR TRsbi cons stpls	$0	–	-9,170	–	-0.05%	–
XLI	Exit	SELECT SECTOR SPDR TRsbi int-inds	$0	–	-9,580	–	-0.06%	–
CAF	Exit	MORGAN STANLEY CHINA A SH FD	$0	–	-40,000	–	-0.07%	–
MCHI	Exit	ISHARES TRmsci china etf	$0	–	-15,000	–	-0.07%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-10,580	–	-0.08%	–
GVIP	Exit	GOLDMAN SACHS ETF TRhedge ind etf	$0	–	-15,850	–	-0.08%	–
EMB	Exit	ISHARES TRjpmorgan usd emg	$0	–	-7,800	–	-0.08%	–
JBGS	Exit	JBG SMITH PPTYS	$0	–	-23,380	–	-0.08%	–
SRC	Exit	SPIRIT RLTY CAP INC NEW	$0	–	-19,300	–	-0.08%	–
EWL	Exit	ISHARES INCmsci switzerland	$0	–	-25,050	–	-0.08%	–
XLC	Exit	SELECT SECTOR SPDR TR	$0	–	-19,900	–	-0.09%	–
LPT	Exit	LIBERTY PPTY TRsh ben int	$0	–	-19,120	–	-0.09%	–
EWY	Exit	ISHARES INCmsci sth kor etf	$0	–	-17,500	–	-0.09%	–
EIRL	Exit	ISHARES TRmsci ireland etf	$0	–	-25,100	–	-0.09%	–
EWG	Exit	ISHARES INCmsci germany etf	$0	–	-39,700	–	-0.09%	–
EWI	Exit	ISHARES INCmsci italy etf	$0	–	-38,775	–	-0.09%	–
ADX	Exit	ADAMS DIVERSIFIED EQUITY FD	$0	–	-72,000	–	-0.10%	–
NAD	Exit	NUVEEN QUALITY MUNCP INCOME	$0	–	-80,000	–	-0.10%	–
AMJ	Exit	JPMORGAN CHASE & COalerian ml etn	$0	–	-49,920	–	-0.10%	–
NIE	Exit	ALLIANZGI EQUITY & CONV INCO	$0	–	-60,000	–	-0.11%	–
INDA	Exit	ISHARES TRmsci india etf	$0	–	-45,400	–	-0.13%	–
EWJ	Exit	ISHARES INCmsci jpn etf new	$0	–	-32,400	–	-0.16%	–
IEI	Exit	ISHARES TR3 7 yr treas bd	$0	–	-15,200	–	-0.17%	–
TLT	Exit	ISHARES TR20 yr tr bd etf	$0	–	-17,550	–	-0.22%	–
HEWU	Exit	ISHARES TRmsci un kngdom	$0	–	-105,000	–	-0.22%	–
EWU	Exit	ISHARES TRmsci uk etf new	$0	–	-81,000	–	-0.22%	–
EIC	Exit	EAGLE POINT INCOME COMPANY I	$0	–	-138,104	–	-0.23%	–
FXI	Exit	ISHARES TRchina lg-cap etf	$0	–	-70,000	–	-0.24%	–
VEA	Exit	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$0	–	-75,400	–	-0.27%	–
MHK	Exit	MOHAWK INDS INC	$0	–	-25,772	–	-0.28%	–
QRTEA	Exit	QURATE RETAIL INC	$0	–	-313,559	–	-0.28%	–
TIP	Exit	ISHARES TRtips bd etf	$0	–	-30,230	–	-0.31%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-28,000	–	-0.34%	–
RYAAY	Exit	RYANAIR HLDGS PLCsponsored ads	$0	–	-63,368	–	-0.37%	–
TCDA	Exit	TRICIDA INC	$0	–	-137,343	–	-0.37%	–
ATMP	Exit	BARCLAYS BK PLCetn sel mlp	$0	–	-254,850	–	-0.41%	–
ZG	Exit	ZILLOW GROUP INCcl a	$0	–	-175,941	–	-0.46%	–
FEZ	Exit	SPDR INDEX SHS FDSeuro stoxx 50	$0	–	-141,420	–	-0.47%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-5,310	–	-0.57%	–
IEF	Exit	ISHARES TRbarclays 7 10 yr	$0	–	-81,700	–	-0.81%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-22,500	–	-0.81%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-53,900	–	-0.84%	–
V	Exit	VISA INC	$0	–	-55,876	–	-0.84%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-278,940	–	-0.99%	–
GDX	Exit	VANECK VECTORS ETF TRgold miners etf	$0	–	-435,110	–	-1.02%	–
Z	Exit	ZILLOW GROUP INCcl c cap stk	$0	–	-390,982	–	-1.02%	–
CACC	Exit	CREDIT ACCEP CORP MICH	$0	–	-33,600	–	-1.36%	–
BOLD	Exit	AUDENTES THERAPEUTICS INC	$0	–	-581,488	–	-1.43%	–
G	Exit	GENPACT LIMITED	$0	–	-581,750	–	-1.98%	–
BBRE	Exit	JP MORGAN EXCHANGE TRADED FDbetbuld msci	$0	–	-348,680	–	-2.76%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-147,000	–	-3.83%	–
AMZN	Exit	AMAZON COM INC	$0	–	-30,500	–	-4.65%	–
VXUS	Exit	VANGUARD STAR FDvg tl intl stk f	$0	–	-1,288,984	–	-5.84%	–
BND	Exit	VANGUARD BD INDEX FD INCtotal bnd mrkt	$0	–	-2,105,138	–	-15.60%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-996,230	–	-18.19%	–
VTI	Exit	VANGUARD INDEX FDStotal stk mkt	$0	–	-2,228,473	–	-29.53%	–

Q3 2019

			Value		Shares		↓ Weighting
VTI	Buy	VANGUARD INDEX FDStotal stk mkt	$336,499,000	+123.5%	2,228,473	+122.1%	29.53%	+104.2%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$207,236,000	+9.3%	996,230	+12.0%	18.19%	-0.1%
BND	Sell	VANGUARD BD INDEX FD INCtotal bnd mrkt	$177,737,000	-1.5%	2,105,138	-3.1%	15.60%	-10.0%
VXUS	Buy	VANGUARD STAR FDvg tl intl stk f	$66,589,000	+5.4%	1,288,984	+7.6%	5.84%	-3.7%
AMZN	Sell	AMAZON COM INC	$52,945,000	-33.7%	30,500	-27.6%	4.65%	-39.4%
BBRE	Buy	JP MORGAN EXCHANGE TRADED FDbetbuld msci	$31,406,000	+83.2%	348,680	+70.9%	2.76%	+67.4%
BOLD	Buy	AUDENTES THERAPEUTICS INC	$16,334,000	-4.1%	581,488	+29.2%	1.43%	-12.3%
CACC	Sell	CREDIT ACCEP CORP MICH	$15,500,000	-8.3%	33,600	-3.8%	1.36%	-16.2%
GDX	Buy	VANECK VECTORS ETF TRgold miners etf	$11,622,000	+7.0%	435,110	+2.4%	1.02%	-2.2%
VWO	Sell	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$11,230,000	-9.2%	278,940	-4.1%	0.99%	-17.0%
V	Sell	VISA INC	$9,611,000	-4.5%	55,876	-3.6%	0.84%	-12.7%
FB	Sell	FACEBOOK INCcl a	$9,598,000	-13.6%	53,900	-6.3%	0.84%	-21.0%
CHTR	Buy	CHARTER COMMUNICATIONS INC Ncl a	$9,273,000	+4.7%	22,500	+0.4%	0.81%	-4.2%
GOOGL	Sell	ALPHABET INCcap stk cl a	$6,484,000	+7.9%	5,310	-4.3%	0.57%	-1.4%
FEZ	Sell	SPDR INDEX SHS FDSeuro stoxx 50	$5,337,000	-21.7%	141,420	-20.6%	0.47%	-28.5%
ATMP	Buy	BARCLAYS BK PLCetn sel mlp	$4,679,000	+1.7%	254,850	+11.9%	0.41%	-7.0%
TCDA	Sell	TRICIDA INC	$4,240,000	-67.8%	137,343	-58.8%	0.37%	-70.5%
RYAAY	Buy	RYANAIR HLDGS PLCsponsored ads	$4,206,000	+11.3%	63,368	+7.6%	0.37%	+1.7%
TIP	Buy	ISHARES TRtips bd etf	$3,515,000	+17.0%	30,230	+16.3%	0.31%	+6.9%
QRTEA	Sell	QURATE RETAIL INC	$3,234,000	-23.5%	313,559	-8.1%	0.28%	-30.0%
MHK	Buy	MOHAWK INDS INC	$3,198,000	+17.8%	25,772	+40.0%	0.28%	+7.7%
VEA	Sell	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$3,097,000	-34.1%	75,400	-33.0%	0.27%	-39.7%
EIC	New	EAGLE POINT INCOME COMPANY I	$2,672,000	–	138,104	–	0.23%	–
EWU	Sell	ISHARES TRmsci uk etf new	$2,546,000	-18.8%	81,000	-16.5%	0.22%	-25.9%
HEWU	New	ISHARES TRmsci un kngdom	$2,522,000	–	105,000	–	0.22%	–
EWJ	Sell	ISHARES INCmsci jpn etf new	$1,838,000	-51.4%	32,400	-53.2%	0.16%	-55.6%
AMJ	Sell	JPMORGAN CHASE & COalerian ml etn	$1,162,000	-53.8%	49,920	-50.2%	0.10%	-57.9%
LPT	Sell	LIBERTY PPTY TRsh ben int	$981,000	-13.3%	19,120	-15.5%	0.09%	-21.1%
XLC	Buy	SELECT SECTOR SPDR TR	$985,000	+46.6%	19,900	+45.7%	0.09%	+32.3%
SRC	Sell	SPIRIT RLTY CAP INC NEW	$924,000	+7.2%	19,300	-4.5%	0.08%	-2.4%
JBGS	Sell	JBG SMITH PPTYS	$917,000	-22.6%	23,380	-22.3%	0.08%	-29.8%
EMB	New	ISHARES TRjpmorgan usd emg	$884,000	–	7,800	–	0.08%	–
GVIP	New	GOLDMAN SACHS ETF TRhedge ind etf	$882,000	–	15,850	–	0.08%	–
XLK	Buy	SELECT SECTOR SPDR TRtechnology	$852,000	+28.5%	10,580	+24.6%	0.08%	+17.2%
XLP	Sell	SELECT SECTOR SPDR TRsbi cons stpls	$563,000	-36.2%	9,170	-39.7%	0.05%	-42.4%
PCY	New	INVESCO EXCHNG TRADED FD TRemrng mkt svrg	$533,000	–	18,300	–	0.05%	–
CELG	Sell	CELGENE CORP	$495,000	-4.3%	4,980	-10.9%	0.04%	-14.0%
XLF	Sell	SELECT SECTOR SPDR TRsbi int-finl	$473,000	-36.9%	16,900	-37.8%	0.04%	-41.7%
AME	Sell	AMETEK INC NEW	$438,000	-46.3%	4,766	-46.9%	0.04%	-51.3%
AAPL	Sell	APPLE INC	$409,000	+0.7%	1,827	-10.9%	0.04%	-7.7%
LMT	Sell	LOCKHEED MARTIN CORP	$382,000	-4.5%	980	-10.9%	0.03%	-10.5%
HD	Sell	HOME DEPOT INC	$376,000	-0.8%	1,622	-10.9%	0.03%	-8.3%
TXN	Sell	TEXAS INSTRS INC	$371,000	+0.3%	2,869	-10.9%	0.03%	-8.3%
PKG	Sell	PACKAGING CORP AMER	$376,000	-0.8%	3,546	-10.9%	0.03%	-8.3%
QTS	Sell	QTS RLTY TR INC	$375,000	-17.9%	7,290	-26.4%	0.03%	-25.0%
DIS	Sell	DISNEY WALT CO	$377,000	-17.0%	2,896	-10.9%	0.03%	-25.0%
LYB	Sell	LYONDELLBASELL INDUSTRIES N	$368,000	-7.5%	4,116	-10.9%	0.03%	-15.8%
ACN	Sell	ACCENTURE PLC IRELAND	$369,000	-54.6%	1,916	-56.5%	0.03%	-59.0%
AZO	Sell	AUTOZONE INC	$338,000	-12.2%	312	-10.9%	0.03%	-18.9%
KDP	Sell	KEURIG DR PEPPER INC	$333,000	-15.9%	12,205	-10.9%	0.03%	-23.7%
HON	Sell	HONEYWELL INTL INC	$312,000	-13.6%	1,844	-10.9%	0.03%	-22.9%
LEA	Sell	LEAR CORP	$313,000	-24.6%	2,655	-10.9%	0.03%	-32.5%
DISCA	Sell	DISCOVERY INC	$301,000	-22.8%	11,305	-10.9%	0.03%	-29.7%
AMCX	Sell	AMC NETWORKS INCcl a	$291,000	-19.6%	5,915	-10.9%	0.03%	-25.7%
SLV	New	ISHARES SILVER TRUSTishares	$280,000	–	17,570	–	0.02%	–
ORCL	Sell	ORACLE CORP	$278,000	-13.9%	5,051	-10.9%	0.02%	-22.6%
HRL	Sell	HORMEL FOODS CORP	$270,000	-3.9%	6,183	-10.9%	0.02%	-11.1%
ADS	Sell	ALLIANCE DATA SYSTEMS CORP	$279,000	-60.1%	2,174	-56.4%	0.02%	-64.2%
CLX	Sell	CLOROX CO DEL	$234,000	-11.7%	1,542	-10.9%	0.02%	-16.0%
MO	Sell	ALTRIA GROUP INC	$235,000	-23.2%	5,755	-10.9%	0.02%	-27.6%
FFIV	Sell	F5 NETWORKS INC	$242,000	-13.9%	1,720	-10.9%	0.02%	-22.2%
BIIB	Sell	BIOGEN INC	$226,000	-88.9%	971	-88.8%	0.02%	-89.7%
MMM	Sell	3M CO	$217,000	-15.6%	1,319	-10.9%	0.02%	-24.0%
CRBN	Buy	ISHARES TRmsci lw crb tg	$205,000	+1.0%	1,708	+0.9%	0.02%	-5.3%
KBE	Exit	SPDR SERIES TRUSTs&p bk etf	$0	–	-5,290	–	-0.02%	–
GTTN	Exit	GTT COMMUNICATIONS INC	$0	–	-13,510	–	-0.02%	–
XHS	Exit	SPDR SERIES TRUSThlth care svcs	$0	–	-3,790	–	-0.02%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-6,030	–	-0.02%	–
GWRE	Exit	GUIDEWIRE SOFTWARE INC	$0	–	-2,570	–	-0.02%	–
SPOT	Exit	SPOTIFY TECHNOLOGY S A	$0	–	-1,840	–	-0.03%	–
SPB	Exit	SPECTRUM BRANDS HLDGS INC NE	$0	–	-5,000	–	-0.03%	–
CDAY	Exit	CERIDIAN HCM HLDG INC	$0	–	-5,480	–	-0.03%	–
GPORQ	Exit	GULFPORT ENERGY CORP	$0	–	-56,410	–	-0.03%	–
MNRO	Exit	MONRO INC	$0	–	-3,320	–	-0.03%	–
VSAT	Exit	VIASAT INC	$0	–	-3,530	–	-0.03%	–
EQT	Exit	EQT CORP	$0	–	-17,920	–	-0.03%	–
MPLX	Exit	MPLX LP	$0	–	-9,130	–	-0.03%	–
TME	Exit	TENCENT MUSIC ENTMT GROUPspon ads	$0	–	-19,580	–	-0.03%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-1,220	–	-0.03%	–
FDX	Exit	FEDEX CORP	$0	–	-1,830	–	-0.03%	–
ASIX	Exit	ADVANSIX INC	$0	–	-12,950	–	-0.03%	–
HLF	Exit	HERBALIFE NUTRITION LTD	$0	–	-7,690	–	-0.03%	–
LSXMK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-8,380	–	-0.03%	–
KKR	Exit	KKR & CO INCcl a	$0	–	-12,920	–	-0.03%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-2,920	–	-0.03%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-1,350	–	-0.03%	–
CMPR	Exit	CIMPRESS N V	$0	–	-3,690	–	-0.03%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-2,540	–	-0.03%	–
NFLX	Exit	NETFLIX INC	$0	–	-970	–	-0.03%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-13,440	–	-0.04%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-2,190	–	-0.04%	–
TRUP	Exit	TRUPANION INC	$0	–	-10,350	–	-0.04%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-6,880	–	-0.04%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-3,890	–	-0.04%	–
OTEX	Exit	OPEN TEXT CORP	$0	–	-9,880	–	-0.04%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-2,040	–	-0.04%	–
MANH	Exit	MANHATTAN ASSOCS INC	$0	–	-5,990	–	-0.04%	–
PTC	Exit	PTC INC	$0	–	-4,620	–	-0.04%	–
LRCX	Exit	LAM RESEARCH CORP	$0	–	-2,200	–	-0.04%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-7,150	–	-0.04%	–
VRNT	Exit	VERINT SYS INC	$0	–	-8,160	–	-0.04%	–
CDW	Exit	CDW CORP	$0	–	-3,970	–	-0.04%	–
DATA	Exit	TABLEAU SOFTWARE INCcl a	$0	–	-2,700	–	-0.04%	–
FAST	Exit	FASTENAL CO	$0	–	-14,060	–	-0.04%	–
W	Exit	WAYFAIR INCcl a	$0	–	-3,170	–	-0.04%	–
KMX	Exit	CARMAX INC	$0	–	-5,380	–	-0.04%	–
AABA	Exit	ALTABA INC	$0	–	-6,760	–	-0.04%	–
DE	Exit	DEERE & CO	$0	–	-2,920	–	-0.05%	–
XLV	Exit	SELECT SECTOR SPDR TRsbi healthcare	$0	–	-5,330	–	-0.05%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-23,260	–	-0.05%	–
GM	Exit	GENERAL MTRS CO	$0	–	-12,960	–	-0.05%	–
C	Exit	CITIGROUP INC	$0	–	-7,380	–	-0.05%	–
ACGL	Exit	ARCH CAP GROUP LTDord	$0	–	-14,190	–	-0.05%	–
POST	Exit	POST HLDGS INC	$0	–	-5,130	–	-0.05%	–
ZBRA	Exit	ZEBRA TECHNOLOGIES CORPcl a	$0	–	-2,650	–	-0.05%	–
XPO	Exit	XPO LOGISTICS INC	$0	–	-9,650	–	-0.05%	–
WRLD	Exit	WORLD ACCEP CORP DEL	$0	–	-3,540	–	-0.06%	–
BAC	Exit	BANK AMER CORP	$0	–	-22,960	–	-0.06%	–
NOW	Exit	SERVICENOW INC	$0	–	-2,570	–	-0.07%	–
BKNG	Exit	BOOKING HLDGS INC	$0	–	-410	–	-0.07%	–
GLIBA	Exit	GCI LIBERTY INC	$0	–	-12,880	–	-0.08%	–
TWLO	Exit	TWILIO INCcl a	$0	–	-5,850	–	-0.08%	–
CSOD	Exit	CORNERSTONE ONDEMAND INC	$0	–	-14,090	–	-0.08%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-1,750	–	-0.08%	–
EXPE	Exit	EXPEDIA GROUP INC	$0	–	-7,070	–	-0.09%	–
CVNA	Exit	CARVANA COcl a	$0	–	-17,180	–	-0.10%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-1,310	–	-0.14%	–
UAL	Exit	UNITED CONTL HLDGS INC	$0	–	-18,130	–	-0.15%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-36,700	–	-0.16%	–
K	Exit	KELLOGG CO	$0	–	-32,600	–	-0.17%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-11,500	–	-0.17%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-26,100	–	-0.17%	–
WU	Exit	WESTERN UN CO	$0	–	-90,200	–	-0.17%	–
D	Exit	DOMINION ENERGY INC	$0	–	-23,200	–	-0.17%	–
CMP	Exit	COMPASS MINERALS INTL INC	$0	–	-32,500	–	-0.17%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-22,800	–	-0.17%	–
ZBH	Exit	ZIMMER BIOMET HLDGS INC	$0	–	-15,300	–	-0.17%	–
PII	Exit	POLARIS INDS INC	$0	–	-19,800	–	-0.17%	–
STT	Exit	STATE STR CORP	$0	–	-32,700	–	-0.18%	–
INTC	Exit	INTEL CORP	$0	–	-38,200	–	-0.18%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-13,500	–	-0.18%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-27,600	–	-0.18%	–
MCHP	Exit	MICROCHIP TECHNOLOGY INC	$0	–	-21,300	–	-0.18%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-15,330	–	-0.19%	–
DJP	Exit	BARCLAYS BK PLCdjubs cmdt etn36	$0	–	-100,260	–	-0.21%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-52,790	–	-0.24%	–
SCHW	Exit	THE CHARLES SCHWAB CORPORATI	$0	–	-62,810	–	-0.24%	–
DXJ	Exit	WISDOMTREE TRjapn hedge eqt	$0	–	-62,800	–	-0.29%	–

Q2 2019

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$189,568,000	–	889,280	–	18.20%	–
BND	New	VANGUARD BD INDEX FD INCtotal bnd mrkt	$180,431,000	–	2,172,038	–	17.33%	–
VTI	New	VANGUARD INDEX FDStotal stk mkt	$150,581,000	–	1,003,273	–	14.46%	–
AMZN	New	AMAZON COM INC	$79,809,000	–	42,147	–	7.66%	–
VXUS	New	VANGUARD STAR FDvg tl intl stk f	$63,167,000	–	1,197,484	–	6.07%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$43,071,000	–	147,000	–	4.14%	–
G	New	GENPACT LIMITED	$22,159,000	–	581,750	–	2.13%	–
Z	New	ZILLOW GROUP INCcl c cap stk	$18,138,000	–	390,982	–	1.74%	–
BBRE	New	JP MORGAN EXCHANGE TRADED FDbetbuld msci	$17,141,000	–	204,000	–	1.65%	–
BOLD	New	AUDENTES THERAPEUTICS INC	$17,036,000	–	449,965	–	1.64%	–
CACC	New	CREDIT ACCEP CORP MICH	$16,905,000	–	34,940	–	1.62%	–
TCDA	New	TRICIDA INC	$13,149,000	–	333,217	–	1.26%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$12,374,000	–	290,940	–	1.19%	–
FB	New	FACEBOOK INCcl a	$11,105,000	–	57,540	–	1.07%	–
GDX	New	VANECK VECTORS ETF TRgold miners etf	$10,863,000	–	425,000	–	1.04%	–
V	New	VISA INC	$10,064,000	–	57,990	–	0.97%	–
IEF	New	ISHARES TRbarclays 7 10 yr	$8,989,000	–	81,700	–	0.86%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$8,856,000	–	22,410	–	0.85%	–
ZG	New	ZILLOW GROUP INCcl a	$8,051,000	–	175,941	–	0.77%	–
FEZ	New	SPDR INDEX SHS FDSeuro stoxx 50	$6,817,000	–	178,000	–	0.66%	–
GOOGL	New	ALPHABET INCcap stk cl a	$6,009,000	–	5,550	–	0.58%	–
VEA	New	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$4,697,000	–	112,600	–	0.45%	–
ATMP	New	BARCLAYS BK PLCetn sel mlp	$4,599,000	–	227,780	–	0.44%	–
QRTEA	New	QURATE RETAIL INC	$4,226,000	–	341,079	–	0.41%	–
RYAAY	New	RYANAIR HLDGS PLCsponsored ads	$3,778,000	–	58,896	–	0.36%	–
EWJ	New	ISHARES INCmsci jpn etf new	$3,782,000	–	69,300	–	0.36%	–
GLD	New	SPDR GOLD TRUST	$3,730,000	–	28,000	–	0.36%	–
EWU	New	ISHARES TRmsci uk etf new	$3,135,000	–	97,000	–	0.30%	–
DXJ	New	WISDOMTREE TRjapn hedge eqt	$3,058,000	–	62,800	–	0.29%	–
TIP	New	ISHARES TRtips bd etf	$3,003,000	–	26,000	–	0.29%	–
FXI	New	ISHARES TRchina lg-cap etf	$2,994,000	–	70,000	–	0.29%	–
MHK	New	MOHAWK INDS INC	$2,715,000	–	18,410	–	0.26%	–
SCHW	New	THE CHARLES SCHWAB CORPORATI	$2,523,000	–	62,810	–	0.24%	–
AMJ	New	JPMORGAN CHASE & COalerian ml etn	$2,517,000	–	100,240	–	0.24%	–
WFC	New	WELLS FARGO CO NEW	$2,497,000	–	52,790	–	0.24%	–
TLT	New	ISHARES TR20 yr tr bd etf	$2,331,000	–	17,550	–	0.22%	–
DJP	New	BARCLAYS BK PLCdjubs cmdt etn36	$2,230,000	–	100,260	–	0.21%	–
BIIB	New	BIOGEN INC	$2,033,000	–	8,690	–	0.20%	–
UTX	New	UNITED TECHNOLOGIES CORP	$1,997,000	–	15,330	–	0.19%	–
IEI	New	ISHARES TR3 7 yr treas bd	$1,912,000	–	15,200	–	0.18%	–
EMR	New	EMERSON ELEC CO	$1,841,000	–	27,600	–	0.18%	–
MCHP	New	MICROCHIP TECHNOLOGY INC	$1,847,000	–	21,300	–	0.18%	–
CAT	New	CATERPILLAR INC DEL	$1,840,000	–	13,500	–	0.18%	–
INTC	New	INTEL CORP	$1,829,000	–	38,200	–	0.18%	–
STT	New	STATE STR CORP	$1,833,000	–	32,700	–	0.18%	–
ZBH	New	ZIMMER BIOMET HLDGS INC	$1,801,000	–	15,300	–	0.17%	–
PII	New	POLARIS INDS INC	$1,806,000	–	19,800	–	0.17%	–
D	New	DOMINION ENERGY INC	$1,794,000	–	23,200	–	0.17%	–
PM	New	PHILIP MORRIS INTL INC	$1,790,000	–	22,800	–	0.17%	–
WU	New	WESTERN UN CO	$1,794,000	–	90,200	–	0.17%	–
CMP	New	COMPASS MINERALS INTL INC	$1,786,000	–	32,500	–	0.17%	–
GILD	New	GILEAD SCIENCES INC	$1,764,000	–	26,100	–	0.17%	–
CRM	New	SALESFORCE COM INC	$1,745,000	–	11,500	–	0.17%	–
K	New	KELLOGG CO	$1,746,000	–	32,600	–	0.17%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$1,665,000	–	36,700	–	0.16%	–
INDA	New	ISHARES TRmsci india etf	$1,603,000	–	45,400	–	0.15%	–
UAL	New	UNITED CONTL HLDGS INC	$1,587,000	–	18,130	–	0.15%	–
GOOG	New	ALPHABET INCcap stk cl c	$1,416,000	–	1,310	–	0.14%	–
NIE	New	ALLIANZGI EQUITY & CONV INCO	$1,298,000	–	60,000	–	0.12%	–
JBGS	New	JBG SMITH PPTYS	$1,184,000	–	30,090	–	0.11%	–
LPT	New	LIBERTY PPTY TRsh ben int	$1,132,000	–	22,630	–	0.11%	–
NAD	New	NUVEEN QUALITY MUNCP INCOME	$1,120,000	–	80,000	–	0.11%	–
EWG	New	ISHARES INCmsci germany etf	$1,114,000	–	39,700	–	0.11%	–
ADX	New	ADAMS DIVERSIFIED EQUITY FD	$1,114,000	–	72,000	–	0.11%	–
CVNA	New	CARVANA COcl a	$1,076,000	–	17,180	–	0.10%	–
EWI	New	ISHARES INCmsci italy etf	$1,068,000	–	38,775	–	0.10%	–
EWY	New	ISHARES INCmsci sth kor etf	$1,048,000	–	17,500	–	0.10%	–
EIRL	New	ISHARES TRmsci ireland etf	$1,044,000	–	25,100	–	0.10%	–
EWL	New	ISHARES INCmsci switzerland	$941,000	–	25,050	–	0.09%	–
EXPE	New	EXPEDIA GROUP INC	$941,000	–	7,070	–	0.09%	–
MCHI	New	ISHARES TRmsci china etf	$892,000	–	15,000	–	0.09%	–
XLP	New	SELECT SECTOR SPDR TRsbi cons stpls	$883,000	–	15,200	–	0.08%	–
CAF	New	MORGAN STANLEY CHINA A SH FD	$870,000	–	40,000	–	0.08%	–
SRC	New	SPIRIT RLTY CAP INC NEW	$862,000	–	20,210	–	0.08%	–
TDG	New	TRANSDIGM GROUP INC	$847,000	–	1,750	–	0.08%	–
ACN	New	ACCENTURE PLC IRELAND	$813,000	–	4,400	–	0.08%	–
CSOD	New	CORNERSTONE ONDEMAND INC	$816,000	–	14,090	–	0.08%	–
AME	New	AMETEK INC NEW	$815,000	–	8,970	–	0.08%	–
TWLO	New	TWILIO INCcl a	$797,000	–	5,850	–	0.08%	–
GLIBA	New	GCI LIBERTY INC	$792,000	–	12,880	–	0.08%	–
BKNG	New	BOOKING HLDGS INC	$768,000	–	410	–	0.07%	–
XLF	New	SELECT SECTOR SPDR TRsbi int-finl	$750,000	–	27,180	–	0.07%	–
XLI	New	SELECT SECTOR SPDR TRsbi int-inds	$742,000	–	9,580	–	0.07%	–
NOW	New	SERVICENOW INC	$706,000	–	2,570	–	0.07%	–
ADS	New	ALLIANCE DATA SYSTEMS CORP	$699,000	–	4,990	–	0.07%	–
XLC	New	SELECT SECTOR SPDR TR	$672,000	–	13,660	–	0.06%	–
BAC	New	BANK AMER CORP	$666,000	–	22,960	–	0.06%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$663,000	–	8,490	–	0.06%	–
WRLD	New	WORLD ACCEP CORP DEL	$581,000	–	3,540	–	0.06%	–
XPO	New	XPO LOGISTICS INC	$558,000	–	9,650	–	0.05%	–
ZBRA	New	ZEBRA TECHNOLOGIES CORPcl a	$555,000	–	2,650	–	0.05%	–
VAW	New	VANGUARD WORLD FDSmaterials etf	$540,000	–	4,210	–	0.05%	–
ACGL	New	ARCH CAP GROUP LTDord	$527,000	–	14,190	–	0.05%	–
POST	New	POST HLDGS INC	$534,000	–	5,130	–	0.05%	–
CELG	New	CELGENE CORP	$517,000	–	5,590	–	0.05%	–
C	New	CITIGROUP INC	$516,000	–	7,380	–	0.05%	–
GM	New	GENERAL MTRS CO	$500,000	–	12,960	–	0.05%	–
KMI	New	KINDER MORGAN INC DEL	$485,000	–	23,260	–	0.05%	–
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$494,000	–	5,330	–	0.05%	–
DE	New	DEERE & CO	$484,000	–	2,920	–	0.05%	–
KMX	New	CARMAX INC	$467,000	–	5,380	–	0.04%	–
AABA	New	ALTABA INC	$469,000	–	6,760	–	0.04%	–
QTS	New	QTS RLTY TR INC	$457,000	–	9,900	–	0.04%	–
W	New	WAYFAIR INCcl a	$463,000	–	3,170	–	0.04%	–
FAST	New	FASTENAL CO	$458,000	–	14,060	–	0.04%	–
DIS	New	DISNEY WALT CO	$454,000	–	3,250	–	0.04%	–
DATA	New	TABLEAU SOFTWARE INCcl a	$449,000	–	2,700	–	0.04%	–
CDW	New	CDW CORP	$441,000	–	3,970	–	0.04%	–
VRNT	New	VERINT SYS INC	$439,000	–	8,160	–	0.04%	–
CCK	New	CROWN HOLDINGS INC	$437,000	–	7,150	–	0.04%	–
LEA	New	LEAR CORP	$415,000	–	2,980	–	0.04%	–
LRCX	New	LAM RESEARCH CORP	$413,000	–	2,200	–	0.04%	–
GS	New	GOLDMAN SACHS GROUP INC	$418,000	–	2,040	–	0.04%	–
MANH	New	MANHATTAN ASSOCS INC	$415,000	–	5,990	–	0.04%	–
PTC	New	PTC INC	$415,000	–	4,620	–	0.04%	–
LBRDK	New	LIBERTY BROADBAND CORP	$406,000	–	3,890	–	0.04%	–
AAPL	New	APPLE INC	$406,000	–	2,050	–	0.04%	–
OTEX	New	OPEN TEXT CORP	$407,000	–	9,880	–	0.04%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$398,000	–	4,620	–	0.04%	–
DAL	New	DELTA AIR LINES INC DEL	$391,000	–	6,880	–	0.04%	–
KDP	New	KEURIG DR PEPPER INC	$396,000	–	13,700	–	0.04%	–
LMT	New	LOCKHEED MARTIN CORP	$400,000	–	1,100	–	0.04%	–
AZO	New	AUTOZONE INC	$385,000	–	350	–	0.04%	–
DISCA	New	DISCOVERY INC	$390,000	–	12,690	–	0.04%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$371,000	–	2,190	–	0.04%	–
HD	New	HOME DEPOT INC	$379,000	–	1,820	–	0.04%	–
TRUP	New	TRUPANION INC	$374,000	–	10,350	–	0.04%	–
PKG	New	PACKAGING CORP AMER	$379,000	–	3,980	–	0.04%	–
TXN	New	TEXAS INSTRS INC	$370,000	–	3,220	–	0.04%	–
IQI	New	INVESCO QUALITY MUNI INC TRS	$363,000	–	29,200	–	0.04%	–
AMCX	New	AMC NETWORKS INCcl a	$362,000	–	6,640	–	0.04%	–
LBTYA	New	LIBERTY GLOBAL PLC	$362,000	–	13,440	–	0.04%	–
HON	New	HONEYWELL INTL INC	$361,000	–	2,070	–	0.04%	–
NFLX	New	NETFLIX INC	$356,000	–	970	–	0.03%	–
MSFT	New	MICROSOFT CORP	$341,000	–	2,540	–	0.03%	–
CMPR	New	CIMPRESS N V	$335,000	–	3,690	–	0.03%	–
ORCL	New	ORACLE CORP	$323,000	–	5,670	–	0.03%	–
CP	New	CANADIAN PAC RY LTD	$318,000	–	1,350	–	0.03%	–
HLF	New	HERBALIFE NUTRITION LTD	$328,000	–	7,690	–	0.03%	–
LSXMK	New	LIBERTY MEDIA CORP DELAWARE	$318,000	–	8,380	–	0.03%	–
KKR	New	KKR & CO INCcl a	$327,000	–	12,920	–	0.03%	–
JPM	New	JPMORGAN CHASE & CO	$326,000	–	2,920	–	0.03%	–
VNM	New	VANECK VECTORS ETF TRvietnam etf	$320,000	–	20,000	–	0.03%	–
ASIX	New	ADVANSIX INC	$316,000	–	12,950	–	0.03%	–
MO	New	ALTRIA GROUP INC	$306,000	–	6,460	–	0.03%	–
FDX	New	FEDEX CORP	$300,000	–	1,830	–	0.03%	–
UNH	New	UNITEDHEALTH GROUP INC	$298,000	–	1,220	–	0.03%	–
TME	New	TENCENT MUSIC ENTMT GROUPspon ads	$293,000	–	19,580	–	0.03%	–
MPLX	New	MPLX LP	$294,000	–	9,130	–	0.03%	–
MNRO	New	MONRO INC	$283,000	–	3,320	–	0.03%	–
EWN	New	ISHARES INCmsci netherl etf	$279,000	–	9,060	–	0.03%	–
HRL	New	HORMEL FOODS CORP	$281,000	–	6,940	–	0.03%	–
GPORQ	New	GULFPORT ENERGY CORP	$277,000	–	56,410	–	0.03%	–
VSAT	New	VIASAT INC	$285,000	–	3,530	–	0.03%	–
FFIV	New	F5 NETWORKS INC	$281,000	–	1,930	–	0.03%	–
EQT	New	EQT CORP	$283,000	–	17,920	–	0.03%	–
SPB	New	SPECTRUM BRANDS HLDGS INC NE	$268,000	–	5,000	–	0.03%	–
CDAY	New	CERIDIAN HCM HLDG INC	$275,000	–	5,480	–	0.03%	–
IBB	New	ISHARES TRnasdaq biotech	$267,000	–	2,450	–	0.03%	–
SPOT	New	SPOTIFY TECHNOLOGY S A	$269,000	–	1,840	–	0.03%	–
GWRE	New	GUIDEWIRE SOFTWARE INC	$261,000	–	2,570	–	0.02%	–
CLX	New	CLOROX CO DEL	$265,000	–	1,730	–	0.02%	–
MMM	New	3M CO	$257,000	–	1,480	–	0.02%	–
EWH	New	ISHARES INCmsci hong kg etf	$259,000	–	10,000	–	0.02%	–
XHS	New	SPDR SERIES TRUSThlth care svcs	$252,000	–	3,790	–	0.02%	–
CMCSA	New	COMCAST CORP NEWcl a	$255,000	–	6,030	–	0.02%	–
GTTN	New	GTT COMMUNICATIONS INC	$237,000	–	13,510	–	0.02%	–
KBE	New	SPDR SERIES TRUSTs&p bk etf	$229,000	–	5,290	–	0.02%	–
PEO	New	ADAM NAT RES FD INC	$196,000	–	11,870	–	0.02%	–
CRBN	New	ISHARES TRmsci lw crb tg	$203,000	–	1,692	–	0.02%	–
NMY	New	NUVEEN MARYLAND QLT MUN INC	$194,000	–	15,000	–	0.02%	–
JEQ	New	ABERDEEN JAPAN EQUITY FD INC	$140,000	–	20,000	–	0.01%	–

Q4 2018

			Value		Shares		↓ Weighting
GREK	Exit	GLOBAL X FDSmsci greece etf	$0	–	-20,000	–	-0.02%	–
NMY	Exit	NUVEEN MARYLAND QLT MUN INC	$0	–	-15,000	–	-0.02%	–
CBPX	Exit	CONTINENTAL BLDG PRODS INC	$0	–	-5,600	–	-0.03%	–
TAP	Exit	MOLSON COORS BREWING COcl b	$0	–	-3,400	–	-0.03%	–
VNM	Exit	VANECK VECTORS ETF TRvietnam etf	$0	–	-14,000	–	-0.03%	–
IQI	Exit	INVESCO QUALITY MUNI INC TRS	$0	–	-20,000	–	-0.03%	–
EWH	Exit	ISHARES INCmsci hong kg etf	$0	–	-10,000	–	-0.03%	–
TUR	Exit	ISHARES INCmsci turkey etf	$0	–	-10,000	–	-0.03%	–
MPLX	Exit	MPLX LP	$0	–	-7,430	–	-0.03%	–
COMM	Exit	COMMSCOPE HLDG CO INC	$0	–	-8,830	–	-0.04%	–
EWN	Exit	ISHARES INCmsci netherl etf	$0	–	-9,060	–	-0.04%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-1,050	–	-0.04%	–
AME	Exit	AMETEK INC NEW	$0	–	-3,610	–	-0.04%	–
OZK	Exit	BANK OZK	$0	–	-7,680	–	-0.04%	–
TWO	Exit	TWO HBRS INVT CORP	$0	–	-20,000	–	-0.04%	–
EPHE	Exit	ISHARES TRmsci philips etf	$0	–	-10,000	–	-0.04%	–
FWONK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-8,400	–	-0.04%	–
TYL	Exit	TYLER TECHNOLOGIES INC	$0	–	-1,290	–	-0.04%	–
SCOR	Exit	COMSCORE INC	$0	–	-17,400	–	-0.04%	–
EQT	Exit	EQT CORP	$0	–	-7,380	–	-0.04%	–
QCOM	Exit	QUALCOMM INC	$0	–	-4,504	–	-0.04%	–
WAIR	Exit	WESCO AIRCRAFT HLDGS INC	$0	–	-29,120	–	-0.04%	–
FDX	Exit	FEDEX CORP	$0	–	-1,390	–	-0.04%	–
MOO	Exit	VANECK VECTORS ETF TRagribusiness etf	$0	–	-5,000	–	-0.04%	–
PAH	Exit	PLATFORM SPECIALTY PRODS COR	$0	–	-27,400	–	-0.04%	–
XME	Exit	SPDR SERIES TRUSTs&p metals mng	$0	–	-10,000	–	-0.04%	–
VSAT	Exit	VIASAT INC	$0	–	-5,500	–	-0.05%	–
MTW	Exit	MANITOWOC CO INC	$0	–	-15,010	–	-0.05%	–
EWD	Exit	ISHARES INCmsci sweden etf	$0	–	-11,090	–	-0.05%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-10,250	–	-0.05%	–
LSXMK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-8,460	–	-0.05%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-3,720	–	-0.05%	–
CLX	Exit	CLOROX CO DEL	$0	–	-2,450	–	-0.05%	–
ASIX	Exit	ADVANSIX INC	$0	–	-10,800	–	-0.05%	–
TRIP	Exit	TRIPADVISOR INC	$0	–	-7,300	–	-0.05%	–
FCEA	Exit	FOREST CITY RLTY TR INC	$0	–	-15,000	–	-0.05%	–
EZA	Exit	ISHARES INCmsci sth afr etf	$0	–	-7,000	–	-0.05%	–
IT	Exit	GARTNER INC	$0	–	-2,430	–	-0.05%	–
LB	Exit	L BRANDS INC	$0	–	-12,800	–	-0.05%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-6,660	–	-0.05%	–
ZBRA	Exit	ZEBRA TECHNOLOGIES CORPcl a	$0	–	-2,170	–	-0.05%	–
GLIBA	Exit	GCI LIBERTY INC	$0	–	-7,470	–	-0.05%	–
MANH	Exit	MANHATTAN ASSOCS INC	$0	–	-7,200	–	-0.05%	–
CDW	Exit	CDW CORP	$0	–	-4,450	–	-0.05%	–
IMPV	Exit	IMPERVA INC	$0	–	-8,400	–	-0.05%	–
GM	Exit	GENERAL MTRS CO	$0	–	-11,700	–	-0.05%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES N	$0	–	-3,830	–	-0.05%	–
CSGP	Exit	COSTAR GROUP INC	$0	–	-940	–	-0.05%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-1,750	–	-0.05%	–
DATA	Exit	TABLEAU SOFTWARE INCcl a	$0	–	-3,550	–	-0.05%	–
ORCL	Exit	ORACLE CORP	$0	–	-7,710	–	-0.05%	–
JBGS	Exit	JBG SMITH PPTYS	$0	–	-11,000	–	-0.05%	–
EWI	Exit	ISHARES INCmsci italy etf	$0	–	-14,895	–	-0.06%	–
GRUB	Exit	GRUBHUB INC	$0	–	-3,000	–	-0.06%	–
OAK	Exit	OAKTREE CAP GROUP LLCunit cl a	$0	–	-10,000	–	-0.06%	–
ACGL	Exit	ARCH CAP GROUP LTDord	$0	–	-14,030	–	-0.06%	–
GPORQ	Exit	GULFPORT ENERGY CORP	$0	–	-41,670	–	-0.06%	–
BAC	Exit	BANK AMER CORP	$0	–	-14,910	–	-0.06%	–
KMX	Exit	CARMAX INC	$0	–	-5,840	–	-0.06%	–
FAST	Exit	FASTENAL CO	$0	–	-7,530	–	-0.06%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-15,650	–	-0.06%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-7,570	–	-0.06%	–
C	Exit	CITIGROUP INC	$0	–	-6,360	–	-0.06%	–
MMM	Exit	3M CO	$0	–	-2,210	–	-0.06%	–
SRC	Exit	SPIRIT RLTY CAP INC NEW	$0	–	-58,000	–	-0.06%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-26,610	–	-0.06%	–
IVR	Exit	INVESCO MORTGAGE CAPITAL INC	$0	–	-30,000	–	-0.06%	–
BKNG	Exit	BOOKING HLDGS INC	$0	–	-240	–	-0.06%	–
EFC	Exit	ELLINGTON FINANCIAL LLC	$0	–	-30,000	–	-0.06%	–
COL	Exit	ROCKWELL COLLINS INC	$0	–	-3,550	–	-0.07%	–
CMPR	Exit	CIMPRESS N V	$0	–	-3,650	–	-0.07%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-3,000	–	-0.07%	–
VRNT	Exit	VERINT SYS INC	$0	–	-10,180	–	-0.07%	–
HRL	Exit	HORMEL FOODS CORP	$0	–	-13,040	–	-0.07%	–
AZO	Exit	AUTOZONE INC	$0	–	-680	–	-0.07%	–
XHB	Exit	SPDR SERIES TRUSTs&p homebuild	$0	–	-14,100	–	-0.07%	–
MAC	Exit	MACERICH CO	$0	–	-10,000	–	-0.07%	–
ADS	Exit	ALLIANCE DATA SYSTEMS CORP	$0	–	-2,370	–	-0.07%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-20,180	–	-0.08%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-10,710	–	-0.08%	–
KBE	Exit	SPDR SERIES TRUSTs&p bk etf	$0	–	-12,260	–	-0.08%	–
MAA	Exit	MID AMER APT CMNTYS INC	$0	–	-5,780	–	-0.08%	–
XLF	Exit	SELECT SECTOR SPDR TRsbi int-finl	$0	–	-21,000	–	-0.08%	–
WRI	Exit	WEINGARTEN RLTY INVSsh ben int	$0	–	-19,900	–	-0.08%	–
POST	Exit	POST HLDGS INC	$0	–	-6,170	–	-0.08%	–
PLD	Exit	PROLOGIS INC	$0	–	-9,027	–	-0.08%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-5,670	–	-0.08%	–
PTC	Exit	PTC INC	$0	–	-5,800	–	-0.08%	–
NEBLQ	Exit	NOBLE CORP PLC	$0	–	-87,500	–	-0.08%	–
IBB	Exit	ISHARES TRnasdaq biotech	$0	–	-5,125	–	-0.08%	–
XLV	Exit	SELECT SECTOR SPDR TRsbi healthcare	$0	–	-6,690	–	-0.08%	–
ARGT	Exit	GLOBAL X FDSgb msci ar etf	$0	–	-24,000	–	-0.08%	–
RSX	Exit	VANECK VECTORS ETF TRrussia etf	$0	–	-30,000	–	-0.09%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-1,930	–	-0.09%	–
HD	Exit	HOME DEPOT INC	$0	–	-3,330	–	-0.09%	–
XLC	Exit	SELECT SECTOR SPDR TR	$0	–	-14,000	–	-0.09%	–
AAPL	Exit	APPLE INC	$0	–	-3,070	–	-0.09%	–
IBKR	Exit	INTERACTIVE BROKERS GROUP IN	$0	–	-12,790	–	-0.09%	–
EWQ	Exit	ISHARES INCmsci france etf	$0	–	-22,570	–	-0.09%	–
EWC	Exit	ISHARES INCmsci cda etf	$0	–	-24,890	–	-0.10%	–
FFIV	Exit	F5 NETWORKS INC	$0	–	-3,700	–	-0.10%	–
JPC	Exit	NUVEEN PFD & INCM OPPORTNYS	$0	–	-80,000	–	-0.10%	–
SLRC	Exit	SOLAR CAP LTD	$0	–	-35,000	–	-0.10%	–
EXPE	Exit	EXPEDIA GROUP INC	$0	–	-5,930	–	-0.10%	–
NAD	Exit	NUVEEN QUALITY MUNCP INCOME	$0	–	-60,000	–	-0.10%	–
AABA	Exit	ALTABA INC	$0	–	-11,660	–	-0.10%	–
EWS	Exit	ISHARES INCmsci singpor etf	$0	–	-33,600	–	-0.11%	–
XLP	Exit	SELECT SECTOR SPDR TRsbi cons stpls	$0	–	-15,700	–	-0.11%	–
ASHR	Exit	DBX ETF TRxtrack hrvst csi	$0	–	-33,400	–	-0.11%	–
TPX	Exit	TEMPUR SEALY INTL INC	$0	–	-16,180	–	-0.11%	–
CAF	Exit	MORGAN STANLEY CHINA A SH FD	$0	–	-40,000	–	-0.11%	–
GPMT	Exit	GRANITE PT MTG TR INC	$0	–	-45,000	–	-0.12%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW	$0	–	-17,810	–	-0.12%	–
MCHI	Exit	ISHARES TRmsci china etf	$0	–	-15,000	–	-0.12%	–
CSOD	Exit	CORNERSTONE ONDEMAND INC	$0	–	-15,760	–	-0.12%	–
XES	Exit	SPDR SERIES TRUSToilgas equip	$0	–	-56,000	–	-0.12%	–
XOP	Exit	SPDR SERIES TRUSTs&p oilgas exp	$0	–	-22,000	–	-0.13%	–
FRT	Exit	FEDERAL REALTY INVT TRsh ben int new	$0	–	-7,700	–	-0.13%	–
EWL	Exit	ISHARES INCmsci switzerland	$0	–	-27,950	–	-0.13%	–
AVB	Exit	AVALONBAY CMNTYS INC	$0	–	-5,400	–	-0.13%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-2,660	–	-0.13%	–
DRE	Exit	DUKE REALTY CORP	$0	–	-35,200	–	-0.13%	–
RYAAY	Exit	RYANAIR HLDGS PLCsponsored adr ne	$0	–	-11,076	–	-0.14%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-6,300	–	-0.14%	–
EIRL	Exit	ISHARES TRmsci ireland etf	$0	–	-25,100	–	-0.15%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-3,470	–	-0.15%	–
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-16,580	–	-0.15%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-15,485	–	-0.16%	–
HEDJ	Exit	WISDOMTREE TReurope hedged eq	$0	–	-19,000	–	-0.16%	–
ADX	Exit	ADAMS DIVERSIFIED EQUITY FD	$0	–	-72,000	–	-0.16%	–
TLT	Exit	ISHARES TR20 yr tr bd etf	$0	–	-10,300	–	-0.16%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcl a	$0	–	-26,240	–	-0.16%	–
DFE	Exit	WISDOMTREE TReurope smcp dv	$0	–	-19,400	–	-0.16%	–
EWT	Exit	ISHARES INCmsci taiwan etf	$0	–	-32,800	–	-0.16%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-1,050	–	-0.17%	–
EWY	Exit	ISHARES INCmsci sth kor etf	$0	–	-19,500	–	-0.18%	–
NIE	Exit	ALLIANZGI EQUITY & CONV INCO	$0	–	-60,000	–	-0.18%	–
VAW	Exit	VANGUARD WORLD FDSmaterials etf	$0	–	-10,900	–	-0.19%	–
VTR	Exit	VENTAS INC	$0	–	-27,300	–	-0.20%	–
BKLN	Exit	INVESCO EXCHNG TRADED FD TRsr ln etf	$0	–	-65,000	–	-0.20%	–
BDN	Exit	BRANDYWINE RLTY TRsh ben int new	$0	–	-97,600	–	-0.20%	–
AMH	Exit	AMERICAN HOMES 4 RENTcl a	$0	–	-70,400	–	-0.20%	–
CUBE	Exit	CUBESMART	$0	–	-53,900	–	-0.20%	–
ESRT	Exit	EMPIRE ST RLTY TR INCcl a	$0	–	-93,000	–	-0.20%	–
HTA	Exit	HEALTHCARE TR AMER INCcl a new	$0	–	-58,160	–	-0.21%	–
STOR	Exit	STORE CAP CORP	$0	–	-55,800	–	-0.21%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-8,800	–	-0.21%	–
UE	Exit	URBAN EDGE PPTYS	$0	–	-71,200	–	-0.21%	–
COR	Exit	CORESITE RLTY CORP	$0	–	-14,090	–	-0.21%	–
SHO	Exit	SUNSTONE HOTEL INVS INC NEW	$0	–	-96,500	–	-0.21%	–
LPT	Exit	LIBERTY PPTY TRsh ben int	$0	–	-37,400	–	-0.21%	–
OFC	Exit	CORPORATE OFFICE PPTYS TRsh ben int	$0	–	-52,900	–	-0.21%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-10,900	–	-0.21%	–
SKT	Exit	TANGER FACTORY OUTLET CTRS I	$0	–	-69,300	–	-0.21%	–
HST	Exit	HOST HOTELS & RESORTS INC	$0	–	-75,160	–	-0.21%	–
KRC	Exit	KILROY RLTY CORP	$0	–	-22,300	–	-0.21%	–
ARE	Exit	ALEXANDRIA REAL ESTATE EQ IN	$0	–	-12,700	–	-0.21%	–
UAL	Exit	UNITED CONTL HLDGS INC	$0	–	-17,960	–	-0.21%	–
REG	Exit	REGENCY CTRS CORP	$0	–	-24,690	–	-0.21%	–
OHI	Exit	OMEGA HEALTHCARE INVS INC	$0	–	-49,200	–	-0.21%	–
SUI	Exit	SUN CMNTYS INC	$0	–	-15,880	–	-0.21%	–
AIV	Exit	APARTMENT INVT & MGMT COcl a	$0	–	-36,700	–	-0.22%	–
IEI	Exit	ISHARES TR3 7 yr treas bd	$0	–	-15,200	–	-0.24%	–
EWG	Exit	ISHARES INCmsci germany etf	$0	–	-63,730	–	-0.25%	–
INDA	Exit	ISHARES TRmsci india etf	$0	–	-59,700	–	-0.26%	–
EWP	Exit	ISHARES INCmsci spain etf	$0	–	-66,500	–	-0.26%	–
EQIX	Exit	EQUINIX INC	$0	–	-4,630	–	-0.27%	–
EWJ	Exit	ISHARES INCmsci jpn etf new	$0	–	-37,300	–	-0.30%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-20,000	–	-0.30%	–
IVE	Exit	ISHARES TRs&p 500 val etf	$0	–	-19,700	–	-0.30%	–
IEF	Exit	ISHARES TRbarclays 7 10 yr	$0	–	-23,300	–	-0.31%	–
DBA	Exit	INVESCO DB MLTI SECTR CMMTYagriculture fd	$0	–	-140,000	–	-0.31%	–
EWW	Exit	ISHARES INCmsci mexico etf	$0	–	-50,000	–	-0.34%	–
TIP	Exit	ISHARES TRtips bd etf	$0	–	-26,000	–	-0.38%	–
QRTEA	Exit	QURATE RETAIL INC	$0	–	-135,778	–	-0.40%	–
ATMP	Exit	BARCLAYS BK PLCetn+ sel mlp	$0	–	-155,400	–	-0.43%	–
DJP	Exit	BARCLAYS BK PLCdjubs cmdt etn36	$0	–	-151,300	–	-0.48%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-70,000	–	-0.49%	–
EWU	Exit	ISHARES TRmsci uk etf new	$0	–	-109,500	–	-0.50%	–
VNQ	Exit	VANGUARD INDEX FDSreal estate etf	$0	–	-57,900	–	-0.62%	–
SHAK	Exit	SHAKE SHACK INCcl a	$0	–	-90,000	–	-0.75%	–
CPB	Exit	CAMPBELL SOUP CO	$0	–	-165,200	–	-0.80%	–
FEZ	Exit	SPDR INDEX SHS FDSeuro stoxx 50	$0	–	-164,000	–	-0.83%	–
MCHP	Exit	MICROCHIP TECHNOLOGY INC	$0	–	-80,400	–	-0.84%	–
GIS	Exit	GENERAL MLS INC	$0	–	-149,000	–	-0.85%	–
BLK	Exit	BLACKROCK INC	$0	–	-13,600	–	-0.85%	–
KLAC	Exit	KLA-TENCOR CORP	$0	–	-63,300	–	-0.85%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-77,900	–	-0.86%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-168,200	–	-0.86%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-151,700	–	-0.86%	–
CMP	Exit	COMPASS MINERALS INTL INC	$0	–	-97,600	–	-0.87%	–
D	Exit	DOMINION ENERGY INC	$0	–	-93,800	–	-0.87%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-122,600	–	-0.88%	–
INTC	Exit	INTEL CORP	$0	–	-140,600	–	-0.88%	–
AGN	Exit	ALLERGAN PLC	$0	–	-34,940	–	-0.88%	–
WU	Exit	WESTERN UN CO	$0	–	-350,600	–	-0.89%	–
AMJ	Exit	JPMORGAN CHASE & COalerian ml etn	$0	–	-243,700	–	-0.89%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-87,200	–	-0.89%	–
DIS	Exit	DISNEY WALT CO	$0	–	-58,520	–	-0.91%	–
ABC	Exit	AMERISOURCEBERGEN CORP	$0	–	-74,200	–	-0.91%	–
MCK	Exit	MCKESSON CORP	$0	–	-52,270	–	-0.92%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-85,440	–	-0.92%	–
BIIB	Exit	BIOGEN INC	$0	–	-20,080	–	-0.94%	–
ZG	Exit	ZILLOW GROUP INCcl a	$0	–	-175,941	–	-1.03%	–
GDX	Exit	VANECK VECTORS ETF TRgold miners etf	$0	–	-425,000	–	-1.04%	–
VEA	Exit	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$0	–	-195,100	–	-1.12%	–
TRUP	Exit	TRUPANION INC	$0	–	-238,400	–	-1.13%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-220,000	–	-1.20%	–
BND	Exit	VANGUARD BD INDEX FD INCtotal bnd mrkt	$0	–	-132,400	–	-1.38%	–
V	Exit	VISA INC	$0	–	-73,530	–	-1.46%	–
DXJ	Exit	WISDOMTREE TRjapn hedge eqt	$0	–	-265,000	–	-2.04%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-14,010	–	-2.24%	–
G	Exit	GENPACT LIMITED	$0	–	-581,750	–	-2.36%	–
Z	Exit	ZILLOW GROUP INCcl c cap stk	$0	–	-414,642	–	-2.43%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-115,000	–	-2.51%	–
CACC	Exit	CREDIT ACCEP CORP MICH	$0	–	-86,280	–	-5.01%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-132,000	–	-5.09%	–
AMZN	Exit	AMAZON COM INC	$0	–	-23,775	–	-6.31%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-752,870	–	-21.37%	–

Q3 2018

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$161,198,000	+14.7%	752,870	-0.0%	21.37%	+16.1%
AMZN	Sell	AMAZON COM INC	$47,621,000	-41.1%	23,775	-50.0%	6.31%	-40.3%
CACC	Sell	CREDIT ACCEP CORP MICH	$37,796,000	+23.7%	86,280	-0.2%	5.01%	+25.2%
FB	Buy	FACEBOOK INCcl a	$18,913,000	+2.5%	115,000	+21.1%	2.51%	+3.8%
Z	Buy	ZILLOW GROUP INCcl c cap stk	$18,348,000	-23.7%	414,642	+1.8%	2.43%	-22.8%
V	Sell	VISA INC	$11,036,000	-8.5%	73,530	-19.2%	1.46%	-7.3%
VWO	Buy	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$9,020,000	+8.3%	220,000	+11.5%	1.20%	+9.7%
GDX	Buy	VANECK VECTORS ETF TRgold miners etf	$7,871,000	+90.7%	425,000	+129.7%	1.04%	+93.1%
BIIB	Sell	BIOGEN INC	$7,095,000	+10.7%	20,080	-9.1%	0.94%	+12.0%
PM	Buy	PHILIP MORRIS INTL INC	$6,967,000	+4.7%	85,440	+3.6%	0.92%	+6.0%
MCK	Buy	MCKESSON CORP	$6,933,000	+16.1%	52,270	+16.8%	0.92%	+17.5%
DIS	Sell	DISNEY WALT CO	$6,843,000	+10.8%	58,520	-0.7%	0.91%	+12.3%
ABC	Buy	AMERISOURCEBERGEN CORP	$6,843,000	+18.7%	74,200	+9.8%	0.91%	+20.3%
GILD	New	GILEAD SCIENCES INC	$6,733,000	–	87,200	–	0.89%	–
WU	New	WESTERN UN CO	$6,682,000	–	350,600	–	0.89%	–
AGN	Sell	ALLERGAN PLC	$6,656,000	+7.8%	34,940	-5.7%	0.88%	+9.2%
INTC	New	INTEL CORP	$6,649,000	–	140,600	–	0.88%	–
CAH	Buy	CARDINAL HEALTH INC	$6,620,000	+15.8%	122,600	+4.7%	0.88%	+17.2%
D	New	DOMINION ENERGY INC	$6,592,000	–	93,800	–	0.87%	–
CMP	Buy	COMPASS MINERALS INTL INC	$6,559,000	+4.2%	97,600	+2.0%	0.87%	+5.5%
MDLZ	Sell	MONDELEZ INTL INCcl a	$6,517,000	+1.1%	151,700	-3.5%	0.86%	+2.4%
AMAT	New	APPLIED MATLS INC	$6,501,000	–	168,200	–	0.86%	–
PG	Sell	PROCTER AND GAMBLE CO	$6,484,000	+0.2%	77,900	-6.0%	0.86%	+1.4%
KLAC	New	KLA-TENCOR CORP	$6,438,000	–	63,300	–	0.85%	–
BLK	New	BLACKROCK INC	$6,410,000	–	13,600	–	0.85%	–
GIS	Buy	GENERAL MLS INC	$6,395,000	+2.3%	149,000	+5.5%	0.85%	+3.7%
MCHP	New	MICROCHIP TECHNOLOGY INC	$6,344,000	–	80,400	–	0.84%	–
CPB	Sell	CAMPBELL SOUP CO	$6,052,000	-13.7%	165,200	-4.5%	0.80%	-12.5%
VNQ	Buy	VANGUARD INDEX FDSreal estate etf	$4,671,000	+12.4%	57,900	+13.5%	0.62%	+13.8%
XLU	Sell	SELECT SECTOR SPDR TRsbi int-utils	$3,686,000	-27.8%	70,000	-28.8%	0.49%	-26.9%
DJP	Sell	BARCLAYS BK PLCdjubs cmdt etn36	$3,595,000	-38.4%	151,300	-36.8%	0.48%	-37.5%
QRTEA	Buy	QURATE RETAIL INC	$3,016,000	+21.0%	135,778	+15.6%	0.40%	+22.7%
AIV	Buy	APARTMENT INVT & MGMT COcl a	$1,619,000	+175.3%	36,700	+164.0%	0.22%	+179.2%
OHI	New	OMEGA HEALTHCARE INVS INC	$1,613,000	–	49,200	–	0.21%	–
SUI	Buy	SUN CMNTYS INC	$1,612,000	+7.1%	15,880	+3.3%	0.21%	+8.6%
KRC	New	KILROY RLTY CORP	$1,599,000	–	22,300	–	0.21%	–
REG	Sell	REGENCY CTRS CORP	$1,596,000	+1.2%	24,690	-2.8%	0.21%	+2.9%
UAL	Sell	UNITED CONTL HLDGS INC	$1,599,000	+12.1%	17,960	-12.2%	0.21%	+13.4%
ARE	Buy	ALEXANDRIA REAL ESTATE EQ IN	$1,598,000	+5.5%	12,700	+5.8%	0.21%	+7.1%
AMT	Buy	AMERICAN TOWER CORP NEW	$1,584,000	+2.7%	10,900	+1.9%	0.21%	+4.0%
HST	Buy	HOST HOTELS & RESORTS INC	$1,586,000	+7.5%	75,160	+7.3%	0.21%	+8.8%
SKT	Buy	TANGER FACTORY OUTLET CTRS I	$1,585,000	+0.6%	69,300	+3.3%	0.21%	+1.9%
OFC	New	CORPORATE OFFICE PPTYS TRsh ben int	$1,579,000	–	52,900	–	0.21%	–
SHO	Buy	SUNSTONE HOTEL INVS INC NEW	$1,579,000	+8.0%	96,500	+9.8%	0.21%	+9.4%
LPT	Buy	LIBERTY PPTY TRsh ben int	$1,580,000	+5.8%	37,400	+11.0%	0.21%	+6.6%
COR	Buy	CORESITE RLTY CORP	$1,566,000	+1.8%	14,090	+1.4%	0.21%	+3.5%
UE	New	URBAN EDGE PPTYS	$1,572,000	–	71,200	–	0.21%	–
STOR	Sell	STORE CAP CORP	$1,551,000	+0.6%	55,800	-0.9%	0.21%	+2.0%
SPG	Sell	SIMON PPTY GROUP INC NEW	$1,555,000	+0.4%	8,800	-3.3%	0.21%	+1.5%
HTA	Buy	HEALTHCARE TR AMER INCcl a new	$1,551,000	+0.1%	58,160	+1.2%	0.21%	+1.5%
ESRT	Buy	EMPIRE ST RLTY TR INCcl a	$1,545,000	+2.7%	93,000	+5.7%	0.20%	+4.1%
AMH	Buy	AMERICAN HOMES 4 RENTcl a	$1,541,000	+164.3%	70,400	+167.7%	0.20%	+168.4%
CUBE	Buy	CUBESMART	$1,538,000	-0.1%	53,900	+12.8%	0.20%	+1.0%
BDN	Buy	BRANDYWINE RLTY TRsh ben int new	$1,534,000	-0.1%	97,600	+7.3%	0.20%	+1.0%
VTR	Buy	VENTAS INC	$1,484,000	-3.5%	27,300	+1.1%	0.20%	-2.0%
GOOG	Sell	ALPHABET INCcap stk cl c	$1,253,000	-2.3%	1,050	-8.7%	0.17%	-1.2%
FOXA	Buy	TWENTY FIRST CENTY FOX INCcl a	$1,216,000	+60.6%	26,240	+72.2%	0.16%	+62.6%
XLK	Sell	SELECT SECTOR SPDR TRtechnology	$1,166,000	-25.3%	15,485	-31.1%	0.16%	-24.0%
SIX	Sell	SIX FLAGS ENTMT CORP NEW	$1,157,000	-2.8%	16,580	-2.4%	0.15%	-1.9%
CHTR	Buy	CHARTER COMMUNICATIONS INC Ncl a	$1,131,000	+44.6%	3,470	+30.0%	0.15%	+47.1%
ACN	Sell	ACCENTURE PLC IRELAND	$1,072,000	+2.3%	6,300	-1.6%	0.14%	+3.6%
DRE	New	DUKE REALTY CORP	$999,000	–	35,200	–	0.13%	–
TDG	Buy	TRANSDIGM GROUP INC	$990,000	+12.1%	2,660	+3.9%	0.13%	+12.9%
AVB	New	AVALONBAY CMNTYS INC	$979,000	–	5,400	–	0.13%	–
FRT	New	FEDERAL REALTY INVT TRsh ben int new	$974,000	–	7,700	–	0.13%	–
XOP	Sell	SPDR SERIES TRUSTs&p oilgas exp	$952,000	-54.0%	22,000	-54.3%	0.13%	-53.5%
XES	Sell	SPDR SERIES TRUSToilgas equip	$936,000	-48.1%	56,000	-47.3%	0.12%	-47.5%
CSOD	Sell	CORNERSTONE ONDEMAND INC	$895,000	+7.4%	15,760	-10.3%	0.12%	+9.2%
MCHI	New	ISHARES TRmsci china etf	$898,000	–	15,000	–	0.12%	–
SCHW	Sell	SCHWAB CHARLES CORP NEW	$875,000	-4.4%	17,810	-0.6%	0.12%	-3.3%
TPX	Sell	TEMPUR SEALY INTL INC	$856,000	+9.3%	16,180	-0.6%	0.11%	+10.8%
XLP	Buy	SELECT SECTOR SPDR TRsbi cons stpls	$847,000	+40.5%	15,700	+34.2%	0.11%	+41.8%
AABA	Sell	ALTABA INC	$794,000	-32.9%	11,660	-27.8%	0.10%	-32.3%
IBKR	Buy	INTERACTIVE BROKERS GROUP IN	$707,000	+2.6%	12,790	+19.6%	0.09%	+4.4%
XLC	Buy	SELECT SECTOR SPDR TR	$686,000	+48.8%	14,000	+50.5%	0.09%	+51.7%
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$637,000	–	6,690	–	0.08%	–
NEBLQ	New	NOBLE CORP PLC	$615,000	–	87,500	–	0.08%	–
PTC	Buy	PTC INC	$616,000	+15.1%	5,800	+1.8%	0.08%	+17.1%
PLD	New	PROLOGIS INC	$612,000	–	9,027	–	0.08%	–
POST	Sell	POST HLDGS INC	$605,000	+12.0%	6,170	-1.6%	0.08%	+12.7%
WRI	Sell	WEINGARTEN RLTY INVSsh ben int	$592,000	-62.0%	19,900	-60.7%	0.08%	-61.8%
MAA	Sell	MID AMER APT CMNTYS INC	$579,000	-63.1%	5,780	-62.9%	0.08%	-62.4%
KBE	New	SPDR SERIES TRUSTs&p bk etf	$571,000	–	12,260	–	0.08%	–
LBTYK	Buy	LIBERTY GLOBAL PLC	$568,000	+7.4%	20,180	+1.5%	0.08%	+8.7%
WFC	Buy	WELLS FARGO CO NEW	$563,000	+28.2%	10,710	+35.4%	0.08%	+31.6%
ADS	Buy	ALLIANCE DATA SYSTEMS CORP	$559,000	+21.8%	2,370	+20.3%	0.07%	+23.3%
VRNT	Buy	VERINT SYS INC	$510,000	+16.4%	10,180	+3.0%	0.07%	+19.3%
CMPR	Sell	CIMPRESS N V	$498,000	-13.1%	3,650	-7.6%	0.07%	-12.0%
KMI	Buy	KINDER MORGAN INC DEL	$472,000	+13.2%	26,610	+12.7%	0.06%	+14.5%
C	Buy	CITIGROUP INC	$457,000	+24.9%	6,360	+16.5%	0.06%	+27.1%
LBTYA	Buy	LIBERTY GLOBAL PLC	$453,000	+18.6%	15,650	+13.0%	0.06%	+20.0%
FAST	Sell	FASTENAL CO	$437,000	-30.9%	7,530	-42.7%	0.06%	-30.1%
GPORQ	Buy	GULFPORT ENERGY CORP	$434,000	-11.6%	41,670	+6.7%	0.06%	-9.4%
KMX	Buy	CARMAX INC	$436,000	+14.1%	5,840	+11.5%	0.06%	+16.0%
BAC	Buy	BANK AMER CORP	$439,000	+18.0%	14,910	+12.9%	0.06%	+18.4%
ACGL	Sell	ARCH CAP GROUP LTDord	$419,000	+3.5%	14,030	-8.5%	0.06%	+5.7%
GRUB	Sell	GRUBHUB INC	$415,000	-38.2%	3,000	-53.1%	0.06%	-37.5%
DATA	Buy	TABLEAU SOFTWARE INCcl a	$396,000	+28.6%	3,550	+12.7%	0.05%	+30.0%
GM	New	GENERAL MTRS CO	$394,000	–	11,700	–	0.05%	–
MANH	New	MANHATTAN ASSOCS INC	$394,000	–	7,200	–	0.05%	–
CSGP	Sell	COSTAR GROUP INC	$396,000	-7.7%	940	-9.6%	0.05%	-7.1%
IMPV	New	IMPERVA INC	$390,000	–	8,400	–	0.05%	–
CDW	Sell	CDW CORP	$396,000	+5.3%	4,450	-4.3%	0.05%	+6.1%
GS	Sell	GOLDMAN SACHS GROUP INC	$392,000	-3.9%	1,750	-5.4%	0.05%	-1.9%
ZBRA	Sell	ZEBRA TECHNOLOGIES CORPcl a	$384,000	+0.5%	2,170	-18.7%	0.05%	+2.0%
DAL	Sell	DELTA AIR LINES INC DEL	$386,000	+13.5%	6,660	-2.9%	0.05%	+13.3%
IT	Buy	GARTNER INC	$385,000	+24.2%	2,430	+4.3%	0.05%	+24.4%
GLIBA	Sell	GCI LIBERTY INC	$381,000	-46.4%	7,470	-52.6%	0.05%	-45.2%
LB	Sell	L BRANDS INC	$388,000	-94.0%	12,800	-92.7%	0.05%	-94.0%
EZA	New	ISHARES INCmsci sth afr etf	$376,000	–	7,000	–	0.05%	–
ASIX	Buy	ADVANSIX INC	$367,000	+0.3%	10,800	+8.0%	0.05%	+2.1%
LSXMK	Buy	LIBERTY MEDIA CORP DELAWARE	$367,000	-2.1%	8,460	+2.4%	0.05%	0.0%
TRIP	New	TRIPADVISOR INC	$373,000	–	7,300	–	0.05%	–
CMCSA	Sell	COMCAST CORP NEWcl a	$363,000	-94.4%	10,250	-94.8%	0.05%	-94.3%
MTW	Buy	MANITOWOC CO INC	$360,000	-0.8%	15,010	+7.1%	0.05%	0.0%
VSAT	New	VIASAT INC	$352,000	–	5,500	–	0.05%	–
PAH	New	PLATFORM SPECIALTY PRODS COR	$341,000	–	27,400	–	0.04%	–
WAIR	Sell	WESCO AIRCRAFT HLDGS INC	$327,000	-9.9%	29,120	-9.6%	0.04%	-10.4%
EQT	Buy	EQT CORP	$326,000	-6.1%	7,380	+17.5%	0.04%	-4.4%
TYL	Sell	TYLER TECHNOLOGIES INC	$317,000	+2.6%	1,290	-7.2%	0.04%	+5.0%
SCOR	New	COMSCORE INC	$317,000	–	17,400	–	0.04%	–
FWONK	New	LIBERTY MEDIA CORP DELAWARE	$313,000	–	8,400	–	0.04%	–
OZK	New	BANK OZK	$292,000	–	7,680	–	0.04%	–
COMM	Sell	COMMSCOPE HLDG CO INC	$272,000	-59.5%	8,830	-61.7%	0.04%	-59.1%
MPLX	Sell	MPLX LP	$258,000	-6.2%	7,430	-7.5%	0.03%	-5.6%
TUR	New	ISHARES INCmsci turkey etf	$238,000	–	10,000	–	0.03%	–
CBPX	New	CONTINENTAL BLDG PRODS INC	$210,000	–	5,600	–	0.03%	–
TAP	New	MOLSON COORS BREWING COcl b	$209,000	–	3,400	–	0.03%	–
BACWSA	Exit	BANK AMER CORP*w exp 01/16/201	$0	–	-11,640	–	-0.02%	–
MNRO	Exit	MONRO INC	$0	–	-3,600	–	-0.03%	–
IAU	Exit	ISHARES GOLD TRUSTishares	$0	–	-19,300	–	-0.03%	–
OZRK	Exit	BANK OF THE OZARKS	$0	–	-6,280	–	-0.04%	–
LRCX	Exit	LAM RESEARCH CORP	$0	–	-1,750	–	-0.04%	–
NATI	Exit	NATIONAL INSTRS CORP	$0	–	-7,330	–	-0.04%	–
SBAC	Exit	SBA COMMUNICATIONS CORP NEWcl a	$0	–	-1,860	–	-0.04%	–
KRE	Exit	SPDR SERIES TRUSTs&p regl bkg	$0	–	-5,000	–	-0.04%	–
AXTA	Exit	AXALTA COATING SYS LTD	$0	–	-10,230	–	-0.04%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-3,140	–	-0.04%	–
HLF	Exit	HERBALIFE NUTRITION LTD	$0	–	-6,050	–	-0.04%	–
ACXM	Exit	ACXIOM CORP	$0	–	-12,210	–	-0.05%	–
DE	Exit	DEERE & CO	$0	–	-2,680	–	-0.05%	–
DPS	Exit	DR PEPPER SNAPPLE GROUP INC	$0	–	-3,820	–	-0.06%	–
XLY	Exit	SELECT SECTOR SPDR TRsbi cons discr	$0	–	-5,340	–	-0.08%	–
DCT	Exit	DCT INDUSTRIAL TRUST INC	$0	–	-8,850	–	-0.08%	–
FR	Exit	FIRST INDUSTRIAL REALTY TRUS	$0	–	-27,800	–	-0.12%	–
UDR	Exit	UDR INC	$0	–	-25,100	–	-0.12%	–
INVH	Exit	INVITATION HOMES INC	$0	–	-41,713	–	-0.13%	–
CN	Exit	DBX ETF TRxtrack msci chna	$0	–	-15,000	–	-0.13%	–
PEI	Exit	PENNSYLVANIA RL ESTATE INVTsh ben int	$0	–	-136,110	–	-0.20%	–
ACC	Exit	AMERICAN CAMPUS CMNTYS INC	$0	–	-36,100	–	-0.20%	–
HIW	Exit	HIGHWOODS PPTYS INC	$0	–	-30,700	–	-0.20%	–
RPAI	Exit	RETAIL PPTYS AMER INCcl a	$0	–	-122,400	–	-0.20%	–
TCO	Exit	TAUBMAN CTRS INC	$0	–	-26,800	–	-0.21%	–
VDE	Exit	VANGUARD WORLD FDSenergy etf	$0	–	-25,971	–	-0.36%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-10	–	-0.37%	–
QQQ	Exit	INVESCO QQQ TRunit ser 1	$0	–	-16,900	–	-0.38%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-91,500	–	-0.77%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-78,410	–	-0.79%	–
HSY	Exit	HERSHEY CO	$0	–	-68,300	–	-0.83%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-117,000	–	-0.85%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-482,300	–	-0.86%	–
DM	Exit	DOMINION ENERGY MIDSTRM PRTN	$0	–	-96,700	–	-0.86%	–

Q2 2018

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$140,578,000	–	753,170	–	18.40%	–
AMZN	New	AMAZON COM INC	$80,825,000	–	47,550	–	10.58%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$35,809,000	–	132,000	–	4.69%	–
CACC	New	CREDIT ACCEP CORP MICH	$30,562,000	–	86,480	–	4.00%	–
Z	New	ZILLOW GROUP INCcl c cap stk	$24,057,000	–	407,342	–	3.15%	–
FB	New	FACEBOOK INCcl a	$18,460,000	–	95,000	–	2.42%	–
G	New	GENPACT LIMITED	$16,830,000	–	581,750	–	2.20%	–
GOOGL	New	ALPHABET INCcap stk cl a	$15,821,000	–	14,010	–	2.07%	–
DXJ	New	WISDOMTREE TRjapn hedge eqt	$14,305,000	–	265,000	–	1.87%	–
V	New	VISA INC	$12,057,000	–	91,030	–	1.58%	–
ZG	New	ZILLOW GROUP INCcl a	$10,512,000	–	175,941	–	1.38%	–
BND	New	VANGUARD BD INDEX FD INCtotal bnd mrkt	$10,485,000	–	132,400	–	1.37%	–
TRUP	New	TRUPANION INC	$9,202,000	–	238,400	–	1.20%	–
VEA	New	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$8,370,000	–	195,100	–	1.10%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$8,326,000	–	197,300	–	1.09%	–
CPB	New	CAMPBELL SOUP CO	$7,009,000	–	172,900	–	0.92%	–
PM	New	PHILIP MORRIS INTL INC	$6,656,000	–	82,440	–	0.87%	–
DM	New	DOMINION ENERGY MIDSTRM PRTN	$6,593,000	–	96,700	–	0.86%	–
GE	New	GENERAL ELECTRIC CO	$6,565,000	–	482,300	–	0.86%	–
LB	New	L BRANDS INC	$6,502,000	–	176,300	–	0.85%	–
CMCSA	New	COMCAST CORP NEWcl a	$6,482,000	–	197,550	–	0.85%	–
AMJ	New	JPMORGAN CHASE & COalerian ml etn	$6,478,000	–	243,700	–	0.85%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$6,474,000	–	117,000	–	0.85%	–
PG	New	PROCTER AND GAMBLE CO	$6,471,000	–	82,900	–	0.85%	–
MDLZ	New	MONDELEZ INTL INCcl a	$6,446,000	–	157,200	–	0.84%	–
BIIB	New	BIOGEN INC	$6,408,000	–	22,080	–	0.84%	–
HSY	New	HERSHEY CO	$6,356,000	–	68,300	–	0.83%	–
CMP	New	COMPASS MINERALS INTL INC	$6,292,000	–	95,700	–	0.82%	–
FEZ	New	SPDR INDEX SHS FDSeuro stoxx 50	$6,286,000	–	164,000	–	0.82%	–
GIS	New	GENERAL MLS INC	$6,250,000	–	141,200	–	0.82%	–
DIS	New	DISNEY WALT CO	$6,175,000	–	58,920	–	0.81%	–
AGN	New	ALLERGAN PLC	$6,175,000	–	37,040	–	0.81%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$6,054,000	–	78,410	–	0.79%	–
MCK	New	MCKESSON CORP	$5,973,000	–	44,770	–	0.78%	–
SHAK	New	SHAKE SHACK INCcl a	$5,956,000	–	90,000	–	0.78%	–
CVS	New	CVS HEALTH CORP	$5,888,000	–	91,500	–	0.77%	–
DJP	New	BARCLAYS BK PLCdjubs cmdt etn36	$5,832,000	–	239,500	–	0.76%	–
ABC	New	AMERISOURCEBERGEN CORP	$5,764,000	–	67,600	–	0.75%	–
CAH	New	CARDINAL HEALTH INC	$5,718,000	–	117,100	–	0.75%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$5,108,000	–	98,300	–	0.67%	–
VNQ	New	VANGUARD INDEX FDSreal estate etf	$4,154,000	–	51,000	–	0.54%	–
GDX	New	VANECK VECTORS ETF TRgold miners etf	$4,127,000	–	185,000	–	0.54%	–
EWU	New	ISHARES TRmsci uk etf new	$3,808,000	–	109,500	–	0.50%	–
ATMP	New	BARCLAYS BK PLCetn+ sel mlp	$3,152,000	–	155,400	–	0.41%	–
TIP	New	ISHARES TRtips bd etf	$2,935,000	–	26,000	–	0.38%	–
QQQ	New	INVESCO QQQ TRunit ser 1	$2,901,000	–	16,900	–	0.38%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$2,820,000	–	10	–	0.37%	–
VDE	New	VANGUARD WORLD FDSenergy etf	$2,780,000	–	25,971	–	0.36%	–
DBA	New	INVESCO DB MLTI SECTR CMMTYagriculture fd	$2,524,000	–	140,000	–	0.33%	–
QRTEA	New	QURATE RETAIL INC	$2,492,000	–	117,409	–	0.33%	–
IEF	New	ISHARES TRbarclays 7 10 yr	$2,388,000	–	23,300	–	0.31%	–
GLD	New	SPDR GOLD TRUST	$2,373,000	–	20,000	–	0.31%	–
EWW	New	ISHARES INCmsci mexico etf	$2,357,000	–	50,000	–	0.31%	–
IVE	New	ISHARES TRs&p 500 val etf	$2,170,000	–	19,700	–	0.28%	–
EWJ	New	ISHARES INCmsci jpn etf new	$2,160,000	–	37,300	–	0.28%	–
XOP	New	SPDR SERIES TRUSTs&p oilgas exp	$2,071,000	–	48,100	–	0.27%	–
EWP	New	ISHARES INCmsci spain etf	$2,018,000	–	66,500	–	0.26%	–
EQIX	New	EQUINIX INC	$1,991,000	–	4,630	–	0.26%	–
INDA	New	ISHARES TRmsci india etf	$1,987,000	–	59,700	–	0.26%	–
EWG	New	ISHARES INCmsci germany etf	$1,911,000	–	63,730	–	0.25%	–
IEI	New	ISHARES TR3 7 yr treas bd	$1,824,000	–	15,200	–	0.24%	–
XES	New	SPDR SERIES TRUSToilgas equip	$1,803,000	–	106,300	–	0.24%	–
TCO	New	TAUBMAN CTRS INC	$1,575,000	–	26,800	–	0.21%	–
SKT	New	TANGER FACTORY OUTLET CTRS I	$1,576,000	–	67,100	–	0.21%	–
REG	New	REGENCY CTRS CORP	$1,577,000	–	25,390	–	0.21%	–
MAA	New	MID AMER APT CMNTYS INC	$1,569,000	–	15,580	–	0.20%	–
RPAI	New	RETAIL PPTYS AMER INCcl a	$1,564,000	–	122,400	–	0.20%	–
HIW	New	HIGHWOODS PPTYS INC	$1,557,000	–	30,700	–	0.20%	–
WRI	New	WEINGARTEN RLTY INVSsh ben int	$1,558,000	–	50,600	–	0.20%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$1,561,000	–	22,465	–	0.20%	–
HTA	New	HEALTHCARE TR AMER INCcl a new	$1,549,000	–	57,460	–	0.20%	–
SPG	New	SIMON PPTY GROUP INC NEW	$1,549,000	–	9,100	–	0.20%	–
AMT	New	AMERICAN TOWER CORP NEW	$1,542,000	–	10,700	–	0.20%	–
STOR	New	STORE CAP CORP	$1,542,000	–	56,300	–	0.20%	–
CUBE	New	CUBESMART	$1,540,000	–	47,800	–	0.20%	–
ACC	New	AMERICAN CAMPUS CMNTYS INC	$1,547,000	–	36,100	–	0.20%	–
BDN	New	BRANDYWINE RLTY TRsh ben int new	$1,535,000	–	91,000	–	0.20%	–
COR	New	CORESITE RLTY CORP	$1,539,000	–	13,890	–	0.20%	–
VTR	New	VENTAS INC	$1,538,000	–	27,000	–	0.20%	–
ARE	New	ALEXANDRIA REAL ESTATE EQ IN	$1,514,000	–	12,000	–	0.20%	–
ESRT	New	EMPIRE ST RLTY TR INCcl a	$1,504,000	–	88,000	–	0.20%	–
SUI	New	SUN CMNTYS INC	$1,505,000	–	15,380	–	0.20%	–
PEI	New	PENNSYLVANIA RL ESTATE INVTsh ben int	$1,496,000	–	136,110	–	0.20%	–
LPT	New	LIBERTY PPTY TRsh ben int	$1,494,000	–	33,700	–	0.20%	–
BKLN	New	INVESCO EXCHNG TRADED FD TRsr ln etf	$1,489,000	–	65,000	–	0.20%	–
HST	New	HOST HOTELS & RESORTS INC	$1,476,000	–	70,060	–	0.19%	–
SHO	New	SUNSTONE HOTEL INVS INC NEW	$1,462,000	–	87,900	–	0.19%	–
VAW	New	VANGUARD WORLD FDSmaterials etf	$1,434,000	–	10,900	–	0.19%	–
UAL	New	UNITED CONTL HLDGS INC	$1,426,000	–	20,460	–	0.19%	–
NIE	New	ALLIANZGI EQUITY & CONV INCO	$1,335,000	–	60,000	–	0.18%	–
EWY	New	ISHARES INCmsci sth kor etf	$1,320,000	–	19,500	–	0.17%	–
GOOG	New	ALPHABET INCcap stk cl c	$1,283,000	–	1,150	–	0.17%	–
RYAAY	New	RYANAIR HLDGS PLCsponsored adr ne	$1,265,000	–	11,076	–	0.17%	–
DFE	New	WISDOMTREE TReurope smcp dv	$1,266,000	–	19,400	–	0.17%	–
TLT	New	ISHARES TR20 yr tr bd etf	$1,254,000	–	10,300	–	0.16%	–
HEDJ	New	WISDOMTREE TReurope hedged eq	$1,200,000	–	19,000	–	0.16%	–
SIX	New	SIX FLAGS ENTMT CORP NEW	$1,190,000	–	16,980	–	0.16%	–
AABA	New	ALTABA INC	$1,183,000	–	16,160	–	0.16%	–
EWT	New	ISHARES INCmsci taiwan etf	$1,181,000	–	32,800	–	0.16%	–
EIRL	New	ISHARES TRmsci ireland etf	$1,188,000	–	25,100	–	0.16%	–
ADX	New	ADAMS DIVERSIFIED EQUITY FD	$1,110,000	–	72,000	–	0.14%	–
ACN	New	ACCENTURE PLC IRELAND	$1,048,000	–	6,400	–	0.14%	–
CN	New	DBX ETF TRxtrack msci chna	$969,000	–	15,000	–	0.13%	–
INVH	New	INVITATION HOMES INC	$962,000	–	41,713	–	0.13%	–
UDR	New	UDR INC	$942,000	–	25,100	–	0.12%	–
CAF	New	MORGAN STANLEY CHINA A SH FD	$923,000	–	40,000	–	0.12%	–
FR	New	FIRST INDUSTRIAL REALTY TRUS	$927,000	–	27,800	–	0.12%	–
SCHW	New	SCHWAB CHARLES CORP NEW	$915,000	–	17,910	–	0.12%	–
EWL	New	ISHARES INCmsci switzerland	$911,000	–	27,950	–	0.12%	–
TDG	New	TRANSDIGM GROUP INC	$883,000	–	2,560	–	0.12%	–
ASHR	New	DBX ETF TRxtrack hrvst csi	$886,000	–	33,400	–	0.12%	–
CSOD	New	CORNERSTONE ONDEMAND INC	$833,000	–	17,560	–	0.11%	–
GPMT	New	GRANITE PT MTG TR INC	$826,000	–	45,000	–	0.11%	–
EWS	New	ISHARES INCmsci singpor etf	$806,000	–	33,600	–	0.10%	–
NAD	New	NUVEEN QUALITY MUNCP INCOME	$798,000	–	60,000	–	0.10%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$782,000	–	2,670	–	0.10%	–
TPX	New	TEMPUR SEALY INTL INC	$783,000	–	16,280	–	0.10%	–
FOXA	New	TWENTY FIRST CENTY FOX INCcl a	$757,000	–	15,240	–	0.10%	–
JPC	New	NUVEEN PFD & INCM OPPORTNYS	$746,000	–	80,000	–	0.10%	–
SLRC	New	SOLAR CAP LTD	$715,000	–	35,000	–	0.09%	–
EXPE	New	EXPEDIA GROUP INC	$713,000	–	5,930	–	0.09%	–
EWC	New	ISHARES INCmsci cda etf	$710,000	–	24,890	–	0.09%	–
GLIBA	New	GCI LIBERTY INC	$711,000	–	15,770	–	0.09%	–
IBKR	New	INTERACTIVE BROKERS GROUP IN	$689,000	–	10,690	–	0.09%	–
EWQ	New	ISHARES INCmsci france etf	$689,000	–	22,570	–	0.09%	–
COMM	New	COMMSCOPE HLDG CO INC	$672,000	–	23,030	–	0.09%	–
GRUB	New	GRUBHUB INC	$671,000	–	6,400	–	0.09%	–
ARGT	New	GLOBAL X FDSgb msci ar etf	$647,000	–	24,000	–	0.08%	–
HD	New	HOME DEPOT INC	$650,000	–	3,330	–	0.08%	–
FFIV	New	F5 NETWORKS INC	$638,000	–	3,700	–	0.08%	–
RSX	New	VANECK VECTORS ETF TRrussia etf	$637,000	–	30,000	–	0.08%	–
FAST	New	FASTENAL CO	$632,000	–	13,130	–	0.08%	–
TXN	New	TEXAS INSTRS INC	$625,000	–	5,670	–	0.08%	–
XLP	New	SELECT SECTOR SPDR TRsbi cons stpls	$603,000	–	11,700	–	0.08%	–
AIV	New	APARTMENT INVT & MGMT COcl a	$588,000	–	13,900	–	0.08%	–
DCT	New	DCT INDUSTRIAL TRUST INC	$591,000	–	8,850	–	0.08%	–
XLY	New	SELECT SECTOR SPDR TRsbi cons discr	$584,000	–	5,340	–	0.08%	–
AMH	New	AMERICAN HOMES 4 RENTcl a	$583,000	–	26,300	–	0.08%	–
CMPR	New	CIMPRESS N V	$573,000	–	3,950	–	0.08%	–
LMT	New	LOCKHEED MARTIN CORP	$570,000	–	1,930	–	0.08%	–
MAC	New	MACERICH CO	$568,000	–	10,000	–	0.07%	–
AAPL	New	APPLE INC	$568,000	–	3,070	–	0.07%	–
IBB	New	ISHARES TRnasdaq biotech	$563,000	–	5,125	–	0.07%	–
XHB	New	SPDR SERIES TRUSTs&p homebuild	$558,000	–	14,100	–	0.07%	–
XLF	New	SELECT SECTOR SPDR TRsbi int-finl	$558,000	–	21,000	–	0.07%	–
POST	New	POST HLDGS INC	$540,000	–	6,270	–	0.07%	–
PTC	New	PTC INC	$535,000	–	5,700	–	0.07%	–
LBTYK	New	LIBERTY GLOBAL PLC	$529,000	–	19,880	–	0.07%	–
GPORQ	New	GULFPORT ENERGY CORP	$491,000	–	39,070	–	0.06%	–
BKNG	New	BOOKING HLDGS INC	$487,000	–	240	–	0.06%	–
COL	New	ROCKWELL COLLINS INC	$478,000	–	3,550	–	0.06%	–
HRL	New	HORMEL FOODS CORP	$485,000	–	13,040	–	0.06%	–
IVR	New	INVESCO MORTGAGE CAPITAL INC	$477,000	–	30,000	–	0.06%	–
DPS	New	DR PEPPER SNAPPLE GROUP INC	$466,000	–	3,820	–	0.06%	–
EFC	New	ELLINGTON FINANCIAL LLC	$468,000	–	30,000	–	0.06%	–
SRC	New	SPIRIT RLTY CAP INC NEW	$466,000	–	58,000	–	0.06%	–
AZO	New	AUTOZONE INC	$456,000	–	680	–	0.06%	–
XLC	New	SELECT SECTOR SPDR TR	$461,000	–	9,300	–	0.06%	–
ADS	New	ALLIANCE DATA SYSTEMS CORP	$459,000	–	1,970	–	0.06%	–
WFC	New	WELLS FARGO CO NEW	$439,000	–	7,910	–	0.06%	–
MMM	New	3M CO	$435,000	–	2,210	–	0.06%	–
HON	New	HONEYWELL INTL INC	$432,000	–	3,000	–	0.06%	–
VRNT	New	VERINT SYS INC	$438,000	–	9,880	–	0.06%	–
MO	New	ALTRIA GROUP INC	$430,000	–	7,570	–	0.06%	–
CSGP	New	COSTAR GROUP INC	$429,000	–	1,040	–	0.06%	–
EWI	New	ISHARES INCmsci italy etf	$430,000	–	14,895	–	0.06%	–
KMI	New	KINDER MORGAN INC DEL	$417,000	–	23,610	–	0.06%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$421,000	–	3,830	–	0.06%	–
GS	New	GOLDMAN SACHS GROUP INC	$408,000	–	1,850	–	0.05%	–
OAK	New	OAKTREE CAP GROUP LLCunit cl a	$407,000	–	10,000	–	0.05%	–
ACGL	New	ARCH CAP GROUP LTDord	$405,000	–	15,330	–	0.05%	–
JBGS	New	JBG SMITH PPTYS	$401,000	–	11,000	–	0.05%	–
KMX	New	CARMAX INC	$382,000	–	5,240	–	0.05%	–
LBTYA	New	LIBERTY GLOBAL PLC	$382,000	–	13,850	–	0.05%	–
ZBRA	New	ZEBRA TECHNOLOGIES CORPcl a	$382,000	–	2,670	–	0.05%	–
LSXMK	New	LIBERTY MEDIA CORP DELAWARE	$375,000	–	8,260	–	0.05%	–
CDW	New	CDW CORP	$376,000	–	4,650	–	0.05%	–
DE	New	DEERE & CO	$375,000	–	2,680	–	0.05%	–
BAC	New	BANK AMER CORP	$372,000	–	13,210	–	0.05%	–
ACXM	New	ACXIOM CORP	$365,000	–	12,210	–	0.05%	–
C	New	CITIGROUP INC	$366,000	–	5,460	–	0.05%	–
MTW	New	MANITOWOC CO INC	$363,000	–	14,010	–	0.05%	–
WAIR	New	WESCO AIRCRAFT HLDGS INC	$363,000	–	32,220	–	0.05%	–
ASIX	New	ADVANSIX INC	$366,000	–	10,000	–	0.05%	–
XME	New	SPDR SERIES TRUSTs&p metals mng	$355,000	–	10,000	–	0.05%	–
FCEA	New	FOREST CITY RLTY TR INC	$342,000	–	15,000	–	0.04%	–
GPC	New	GENUINE PARTS CO	$341,000	–	3,720	–	0.04%	–
DAL	New	DELTA AIR LINES INC DEL	$340,000	–	6,860	–	0.04%	–
EQT	New	EQT CORP	$347,000	–	6,280	–	0.04%	–
ORCL	New	ORACLE CORP	$340,000	–	7,710	–	0.04%	–
EWD	New	ISHARES INCmsci sweden etf	$338,000	–	11,090	–	0.04%	–
CLX	New	CLOROX CO DEL	$331,000	–	2,450	–	0.04%	–
HLF	New	HERBALIFE NUTRITION LTD	$325,000	–	6,050	–	0.04%	–
JPM	New	JPMORGAN CHASE & CO	$327,000	–	3,140	–	0.04%	–
AXTA	New	AXALTA COATING SYS LTD	$310,000	–	10,230	–	0.04%	–
TWO	New	TWO HBRS INVT CORP	$316,000	–	20,000	–	0.04%	–
IT	New	GARTNER INC	$310,000	–	2,330	–	0.04%	–
MOO	New	VANECK VECTORS ETF TRagribusiness etf	$311,000	–	5,000	–	0.04%	–
FDX	New	FEDEX CORP	$315,000	–	1,390	–	0.04%	–
DATA	New	TABLEAU SOFTWARE INCcl a	$308,000	–	3,150	–	0.04%	–
SBAC	New	SBA COMMUNICATIONS CORP NEWcl a	$307,000	–	1,860	–	0.04%	–
EPHE	New	ISHARES TRmsci philips etf	$302,000	–	10,000	–	0.04%	–
NATI	New	NATIONAL INSTRS CORP	$307,000	–	7,330	–	0.04%	–
KRE	New	SPDR SERIES TRUSTs&p regl bkg	$305,000	–	5,000	–	0.04%	–
LRCX	New	LAM RESEARCH CORP	$302,000	–	1,750	–	0.04%	–
TYL	New	TYLER TECHNOLOGIES INC	$309,000	–	1,390	–	0.04%	–
OZRK	New	BANK OF THE OZARKS	$283,000	–	6,280	–	0.04%	–
EWN	New	ISHARES INCmsci netherl etf	$276,000	–	9,060	–	0.04%	–
MPLX	New	MPLX LP	$275,000	–	8,030	–	0.04%	–
UNH	New	UNITEDHEALTH GROUP INC	$258,000	–	1,050	–	0.03%	–
AME	New	AMETEK INC NEW	$261,000	–	3,610	–	0.03%	–
QCOM	New	QUALCOMM INC	$253,000	–	4,504	–	0.03%	–
EWH	New	ISHARES INCmsci hong kg etf	$242,000	–	10,000	–	0.03%	–
IQI	New	INVESCO QUALITY MUNI INC TRS	$238,000	–	20,000	–	0.03%	–
IAU	New	ISHARES GOLD TRUSTishares	$232,000	–	19,300	–	0.03%	–
VNM	New	VANECK VECTORS ETF TRvietnam etf	$224,000	–	14,000	–	0.03%	–
MNRO	New	MONRO INC	$209,000	–	3,600	–	0.03%	–
BACWSA	New	BANK AMER CORP*w exp 01/16/201	$190,000	–	11,640	–	0.02%	–
NMY	New	NUVEEN MARYLAND QLT MUN INC	$182,000	–	15,000	–	0.02%	–
GREK	New	GLOBAL X FDSmsci greece etf	$183,000	–	20,000	–	0.02%	–

Q4 2017

			Value		Shares		↓ Weighting
CVNA	Exit	CARVANA COcl a	$0	–	-12,800	–	-0.03%	–
GREK	Exit	GLOBAL X FDSmsci greece etf	$0	–	-20,000	–	-0.03%	–
BACWSA	Exit	BANK AMER CORP*w exp 01/16/201	$0	–	-15,200	–	-0.03%	–
VNM	Exit	VANECK VECTORS ETF TRvietnam etf	$0	–	-14,000	–	-0.03%	–
EWH	Exit	ISHARES INCmsci hong kg etf	$0	–	-10,000	–	-0.04%	–
CI	Exit	CIGNA CORPORATION	$0	–	-1,310	–	-0.04%	–
DATA	Exit	TABLEAU SOFTWARE INCcl a	$0	–	-3,380	–	-0.04%	–
ITA	Exit	ISHARES TRus aer def etf	$0	–	-1,500	–	-0.04%	–
EWN	Exit	ISHARES INCmsci netherl etf	$0	–	-9,060	–	-0.04%	–
ZAYO	Exit	ZAYO GROUP HLDGS INC	$0	–	-8,210	–	-0.04%	–
VNO	Exit	VORNADO RLTY TRsh ben int	$0	–	-3,700	–	-0.04%	–
XLI	Exit	SELECT SECTOR SPDR TRsbi int-inds	$0	–	-4,000	–	-0.04%	–
KRE	Exit	SPDR SERIES TRUSTs&p regl bkg	$0	–	-5,000	–	-0.04%	–
MAC	Exit	MACERICH CO	$0	–	-5,300	–	-0.04%	–
RNR	Exit	RENAISSANCERE HOLDINGS LTD	$0	–	-2,140	–	-0.04%	–
FCEA	Exit	FOREST CITY RLTY TR INC	$0	–	-11,700	–	-0.04%	–
AME	Exit	AMETEK INC NEW	$0	–	-4,500	–	-0.04%	–
MOO	Exit	VANECK VECTORS ETF TRagribusiness etf	$0	–	-5,000	–	-0.04%	–
TWO	Exit	TWO HBRS INVT CORP	$0	–	-30,000	–	-0.04%	–
BIIB	Exit	BIOGEN INC	$0	–	-980	–	-0.04%	–
PCLN	Exit	PRICELINE GRP INC	$0	–	-170	–	-0.04%	–
QCOM	Exit	QUALCOMM INC	$0	–	-5,970	–	-0.04%	–
XLF	Exit	SELECT SECTOR SPDR TRsbi int-finl	$0	–	-12,000	–	-0.04%	–
SOXX	Exit	ISHARES TRphlx semicnd etf	$0	–	-2,000	–	-0.04%	–
EFC	Exit	ELLINGTON FINANCIAL LLC	$0	–	-20,000	–	-0.04%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-9,660	–	-0.05%	–
GRUB	Exit	GRUBHUB INC	$0	–	-6,220	–	-0.05%	–
CLX	Exit	CLOROX CO DEL	$0	–	-2,450	–	-0.05%	–
LUK	Exit	LEUCADIA NATL CORP	$0	–	-13,380	–	-0.05%	–
DPS	Exit	DR PEPPER SNAPPLE GROUP INC	$0	–	-3,820	–	-0.05%	–
IVR	Exit	INVESCO MORTGAGE CAPITAL INC	$0	–	-20,000	–	-0.05%	–
SBAC	Exit	SBA COMMUNICATIONS CORP NEWcl a	$0	–	-2,370	–	-0.05%	–
AN	Exit	AUTONATION INC	$0	–	-7,400	–	-0.05%	–
UA	Exit	UNDER ARMOUR INCcl c	$0	–	-23,400	–	-0.05%	–
LSXMK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-8,300	–	-0.05%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-3,720	–	-0.05%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-7,310	–	-0.05%	–
EPHE	Exit	ISHARES TRmsci philips etf	$0	–	-10,000	–	-0.05%	–
ORCL	Exit	ORACLE CORP	$0	–	-7,710	–	-0.05%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES N	$0	–	-3,830	–	-0.05%	–
TSG	Exit	STARS GROUP INC	$0	–	-18,390	–	-0.05%	–
MTW	Exit	MANITOWOC INC	$0	–	-42,500	–	-0.05%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-4,080	–	-0.06%	–
EWO	Exit	ISHARES INCaustria capd etf	$0	–	-17,000	–	-0.06%	–
EWD	Exit	ISHARES INCmsci sweden etf	$0	–	-11,090	–	-0.06%	–
RVT	Exit	ROYCE VALUE TR INC	$0	–	-25,000	–	-0.06%	–
AZO	Exit	AUTOZONE INC	$0	–	-680	–	-0.06%	–
AXTA	Exit	AXALTA COATING SYS LTD	$0	–	-13,900	–	-0.06%	–
DE	Exit	DEERE & CO	$0	–	-3,190	–	-0.06%	–
FDX	Exit	FEDEX CORP	$0	–	-1,800	–	-0.06%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-10,640	–	-0.06%	–
GPORQ	Exit	GULFPORT ENERGY CORP	$0	–	-29,000	–	-0.06%	–
HRL	Exit	HORMEL FOODS CORP	$0	–	-13,040	–	-0.06%	–
FAST	Exit	FASTENAL CO	$0	–	-9,260	–	-0.06%	–
TUR	Exit	ISHARES INCmsci turkey etf	$0	–	-10,000	–	-0.06%	–
XPH	Exit	SPDR SERIES TRUSTs&p pharmac	$0	–	-10,000	–	-0.06%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-3,000	–	-0.06%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-2,940	–	-0.06%	–
OZRK	Exit	BANK OF THE OZARKS	$0	–	-8,980	–	-0.06%	–
ZBRA	Exit	ZEBRA TECHNOLOGIES CORPcl a	$0	–	-4,000	–	-0.06%	–
WAIR	Exit	WESCO AIRCRAFT HLDGS INC	$0	–	-46,840	–	-0.06%	–
VRNT	Exit	VERINT SYS INC	$0	–	-10,440	–	-0.06%	–
FFIV	Exit	F5 NETWORKS INC	$0	–	-3,700	–	-0.06%	–
CDW	Exit	CDW CORP	$0	–	-6,780	–	-0.06%	–
MMM	Exit	3M CO	$0	–	-2,210	–	-0.06%	–
LRCX	Exit	LAM RESEARCH CORP	$0	–	-2,500	–	-0.06%	–
EWI	Exit	ISHARES INCmsci itl etf new	$0	–	-14,895	–	-0.07%	–
POST	Exit	POST HLDGS INC	$0	–	-5,330	–	-0.07%	–
PTC	Exit	PTC INC	$0	–	-8,400	–	-0.07%	–
PAH	Exit	PLATFORM SPECIALTY PRODS COR	$0	–	-42,500	–	-0.07%	–
AAPL	Exit	APPLE INC	$0	–	-3,070	–	-0.07%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-7,570	–	-0.07%	–
C	Exit	CITIGROUP INC	$0	–	-6,640	–	-0.07%	–
SRC	Exit	SPIRIT RLTY CAP INC NEW	$0	–	-57,000	–	-0.07%	–
ACXM	Exit	ACXIOM CORP	$0	–	-19,960	–	-0.07%	–
IBB	Exit	ISHARES TRnasdaq biotech	$0	–	-1,500	–	-0.07%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-2,140	–	-0.07%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-5,670	–	-0.07%	–
BCX	Exit	BLACKROCK RES & COMM STRAT T	$0	–	-58,880	–	-0.07%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-3,960	–	-0.08%	–
PRGS	Exit	PROGRESS SOFTWARE CORP	$0	–	-14,270	–	-0.08%	–
HD	Exit	HOME DEPOT INC	$0	–	-3,330	–	-0.08%	–
ACGL	Exit	ARCH CAP GROUP LTDord	$0	–	-5,670	–	-0.08%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-580	–	-0.08%	–
ASIX	Exit	ADVANSIX INC	$0	–	-14,300	–	-0.08%	–
ENBL	Exit	ENABLE MIDSTREAM PARTNERS LP	$0	–	-35,500	–	-0.08%	–
DKL	Exit	DELEK LOGISTICS PARTNERS LP	$0	–	-18,700	–	-0.08%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-1,930	–	-0.08%	–
TGE	Exit	TALLGRASS ENERGY GP LP	$0	–	-21,260	–	-0.08%	–
BAC	Exit	BANK AMER CORP	$0	–	-24,450	–	-0.09%	–
SIG	Exit	SIGNET JEWELERS LIMITED	$0	–	-9,240	–	-0.09%	–
RICE	Exit	RICE ENERGY INC	$0	–	-22,070	–	-0.09%	–
RSX	Exit	VANECK VECTORS ETF TRrussia etf	$0	–	-30,000	–	-0.09%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-20,550	–	-0.10%	–
EWQ	Exit	ISHARES INCmsci france etf	$0	–	-22,570	–	-0.10%	–
EWC	Exit	ISHARES INCmsci cda etf	$0	–	-24,890	–	-0.10%	–
XLY	Exit	SELECT SECTOR SPDR TRsbi cons discr	$0	–	-8,000	–	-0.10%	–
EWS	Exit	ISHARES INCmsci singpor etf	$0	–	-30,000	–	-0.10%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-2,920	–	-0.10%	–
CMPR	Exit	CIMPRESS N V	$0	–	-7,680	–	-0.11%	–
LVNTA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-13,360	–	-0.11%	–
SHLX	Exit	SHELL MIDSTREAM PARTNERS L Punit ltd int	$0	–	-27,520	–	-0.11%	–
ARGT	Exit	GLOBAL X FDSgb msci ar etf	$0	–	-24,000	–	-0.11%	–
HLF	Exit	HERBALIFE LTD	$0	–	-11,480	–	-0.11%	–
NAD	Exit	NUVEEN QUALITY MUNCP INCOME	$0	–	-55,295	–	-0.11%	–
JPC	Exit	NUVEEN PFD & INCM OPPORTNYS	$0	–	-75,800	–	-0.11%	–
TEP	Exit	TALLGRASS ENERGY PARTNERS LP	$0	–	-17,090	–	-0.12%	–
SLRC	Exit	SOLAR CAP LTD	$0	–	-40,000	–	-0.12%	–
PSXP	Exit	PHILLIPS 66 PARTNERS LP	$0	–	-16,630	–	-0.12%	–
EWL	Exit	ISHARES INCmsci sz cap etf	$0	–	-25,050	–	-0.12%	–
COL	Exit	ROCKWELL COLLINS INC	$0	–	-6,850	–	-0.13%	–
TRP	Exit	TRANSCANADA CORP	$0	–	-18,400	–	-0.13%	–
DBA	Exit	POWERSHS DB MULTI SECT COMMps db agricul fd	$0	–	-50,000	–	-0.13%	–
CAF	Exit	MORGAN STANLEY CHINA A SH FD	$0	–	-40,000	–	-0.13%	–
XLV	Exit	SELECT SECTOR SPDR TRsbi healthcare	$0	–	-12,000	–	-0.14%	–
CSOD	Exit	CORNERSTONE ONDEMAND INC	$0	–	-25,240	–	-0.14%	–
TCP	Exit	TC PIPELINES LP	$0	–	-19,850	–	-0.15%	–
COMM	Exit	COMMSCOPE HLDG CO INC	$0	–	-31,620	–	-0.15%	–
WES	Exit	WESTERN GAS PARTNERS LP	$0	–	-20,530	–	-0.15%	–
TPX	Exit	TEMPUR SEALY INTL INC	$0	–	-16,410	–	-0.15%	–
EIRL	Exit	ISHARES TRireland capd etf	$0	–	-23,000	–	-0.15%	–
CFX	Exit	COLFAX CORP	$0	–	-25,660	–	-0.15%	–
EEQ	Exit	ENBRIDGE ENERGY MANAGEMENT L	$0	–	-69,277	–	-0.15%	–
ATMP	Exit	BARCLAYS BK PLCetn+ sel mlp	$0	–	-50,000	–	-0.15%	–
ANDX	Exit	ANDEAVOR LOGISTICS LP	$0	–	-21,490	–	-0.15%	–
EWT	Exit	ISHARES INCmsci taiwan etf	$0	–	-30,000	–	-0.15%	–
ADX	Exit	ADAMS DIVERSIFIED EQUITY FD	$0	–	-72,000	–	-0.15%	–
HEP	Exit	HOLLY ENERGY PARTNERS L P	$0	–	-33,030	–	-0.16%	–
ETP	Exit	ENERGY TRANSFER PARTNERS LPunit ltd prt int	$0	–	-61,650	–	-0.16%	–
IBKR	Exit	INTERACTIVE BROKERS GROUP IN	$0	–	-25,180	–	-0.16%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-3,240	–	-0.17%	–
TLT	Exit	ISHARES TR20 yr tr bd etf	$0	–	-9,500	–	-0.17%	–
SHO	Exit	SUNSTONE HOTEL INVS INC NEW	$0	–	-75,200	–	-0.17%	–
EWY	Exit	ISHARES INCmsci sth kor etf	$0	–	-17,500	–	-0.17%	–
NIE	Exit	ALLIANZGI EQUITY & CONV INCO	$0	–	-60,000	–	-0.18%	–
DFE	Exit	WISDOMTREE TReurope smcp dv	$0	–	-18,000	–	-0.18%	–
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-20,860	–	-0.18%	–
AABA	Exit	ALTABA INC	$0	–	-19,300	–	-0.18%	–
EXPE	Exit	EXPEDIA INC DEL	$0	–	-9,020	–	-0.18%	–
UAL	Exit	UNITED CONTL HLDGS INC	$0	–	-21,900	–	-0.19%	–
BKLN	Exit	POWERSHARES ETF TRUST IIsenior ln port	$0	–	-61,300	–	-0.20%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW	$0	–	-32,720	–	-0.20%	–
SEP	Exit	SPECTRA ENERGY PARTNERS LP	$0	–	-32,680	–	-0.20%	–
EQM	Exit	EQT MIDSTREAM PARTNERS LPunit ltd partn	$0	–	-19,510	–	-0.21%	–
RYAAY	Exit	RYANAIR HLDGS PLCsponsored adr ne	$0	–	-15,000	–	-0.22%	–
DJP	Exit	BARCLAYS BK PLCdjubs cmdt etn36	$0	–	-70,000	–	-0.23%	–
EWW	Exit	ISHARES INCmsci mex cap etf	$0	–	-30,000	–	-0.23%	–
IEI	Exit	ISHARES TR3 7 yr treas bd	$0	–	-13,500	–	-0.24%	–
WPZ	Exit	WILLIAMS PARTNERS L P NEW	$0	–	-43,000	–	-0.24%	–
PAA	Exit	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$0	–	-82,300	–	-0.25%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-30,000	–	-0.25%	–
INDA	Exit	ISHARES TRmsci india etf	$0	–	-54,000	–	-0.25%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-16,140	–	-0.25%	–
EWJ	Exit	ISHARES INCmsci jpn etf new	$0	–	-32,400	–	-0.25%	–
DRH	Exit	DIAMONDROCK HOSPITALITY CO	$0	–	-167,300	–	-0.26%	–
EWG	Exit	ISHARES INCmsci germany etf	$0	–	-57,530	–	-0.26%	–
OKE	Exit	ONEOK INC NEW	$0	–	-33,687	–	-0.26%	–
HEDJ	Exit	WISDOMTREE TReurope hedged eq	$0	–	-30,000	–	-0.27%	–
AMJ	Exit	JPMORGAN CHASE & COalerian ml etn	$0	–	-70,000	–	-0.28%	–
MPLX	Exit	MPLX LP	$0	–	-56,863	–	-0.28%	–
QQQ	Exit	POWERSHARES QQQ TRUSTunit ser 1	$0	–	-15,000	–	-0.31%	–
TIP	Exit	ISHARES TRtips bd etf	$0	–	-20,000	–	-0.32%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-20,000	–	-0.34%	–
EWP	Exit	ISHARES INCmsci span cp etf	$0	–	-73,000	–	-0.35%	–
HCP	Exit	HCP INC	$0	–	-93,810	–	-0.37%	–
IEF	Exit	ISHARES TRbarclays 7 10 yr	$0	–	-25,000	–	-0.38%	–
PEI	Exit	PENNSYLVANIA RL ESTATE INVTsh ben int	$0	–	-257,910	–	-0.38%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-105,688	–	-0.39%	–
MMP	Exit	MAGELLAN MIDSTREAM PRTNRS LP	$0	–	-38,850	–	-0.39%	–
QRTEA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-117,480	–	-0.39%	–
EDR	Exit	EDUCATION RLTY TR INC	$0	–	-77,580	–	-0.39%	–
OFC	Exit	CORPORATE OFFICE PPTYS TRsh ben int	$0	–	-86,300	–	-0.40%	–
KRC	Exit	KILROY RLTY CORP	$0	–	-40,370	–	-0.40%	–
HTA	Exit	HEALTHCARE TR AMER INCcl a new	$0	–	-96,560	–	-0.41%	–
UDR	Exit	UDR INC	$0	–	-77,500	–	-0.42%	–
REG	Exit	REGENCY CTRS CORP	$0	–	-47,790	–	-0.42%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-18,500	–	-0.42%	–
SUI	Exit	SUN CMNTYS INC	$0	–	-34,780	–	-0.42%	–
ESRT	Exit	EMPIRE ST RLTY TR INCcl a	$0	–	-145,800	–	-0.42%	–
HST	Exit	HOST HOTELS & RESORTS INC	$0	–	-162,160	–	-0.42%	–
UE	Exit	URBAN EDGE PPTYS	$0	–	-124,800	–	-0.42%	–
VER	Exit	VEREIT INC	$0	–	-364,800	–	-0.43%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-57,000	–	-0.43%	–
AIV	Exit	APARTMENT INVT & MGMT COcl a	$0	–	-70,600	–	-0.44%	–
CMP	Exit	COMPASS MINERALS INTL INC	$0	–	-48,100	–	-0.44%	–
CUZ	Exit	COUSINS PPTYS INC	$0	–	-341,190	–	-0.45%	–
AGN	Exit	ALLERGAN PLC	$0	–	-15,540	–	-0.45%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-41,500	–	-0.46%	–
CUBE	Exit	CUBESMART	$0	–	-125,910	–	-0.46%	–
PLD	Exit	PROLOGIS INC	$0	–	-51,600	–	-0.46%	–
DCT	Exit	DCT INDUSTRIAL TRUST INC	$0	–	-56,660	–	-0.46%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-40,600	–	-0.46%	–
COR	Exit	CORESITE RLTY CORP	$0	–	-29,590	–	-0.47%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcl a	$0	–	-126,600	–	-0.47%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-83,100	–	-0.48%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-140,300	–	-0.48%	–
PFE	Exit	PFIZER INC	$0	–	-95,100	–	-0.48%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-51,100	–	-0.48%	–
SRCL	Exit	STERICYCLE INC	$0	–	-48,080	–	-0.48%	–
LOW	Exit	LOWES COS INC	$0	–	-43,600	–	-0.49%	–
PDCO	Exit	PATTERSON COMPANIES INC	$0	–	-90,500	–	-0.49%	–
RPAI	Exit	RETAIL PPTYS AMER INCcl a	$0	–	-266,720	–	-0.49%	–
ABC	Exit	AMERISOURCEBERGEN CORP	$0	–	-42,500	–	-0.50%	–
LB	Exit	L BRANDS INC	$0	–	-86,000	–	-0.50%	–
DIS	Exit	DISNEY WALT CO	$0	–	-36,810	–	-0.51%	–
MRK	Exit	MERCK & CO INC	$0	–	-57,180	–	-0.52%	–
MCK	Exit	MCKESSON CORP	$0	–	-24,590	–	-0.53%	–
EWU	Exit	ISHARES TRmsci uk etf new	$0	–	-110,000	–	-0.54%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-61,560	–	-0.55%	–
SHAK	Exit	SHAKE SHACK INCcl a	$0	–	-120,400	–	-0.56%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-72,700	–	-0.56%	–
KMX	Exit	CARMAX INC	$0	–	-56,120	–	-0.60%	–
YUMC	Exit	YUM CHINA HLDGS INC	$0	–	-115,600	–	-0.65%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-20	–	-0.77%	–
FEZ	Exit	SPDR INDEX SHS FDSeuro stoxx 50	$0	–	-140,000	–	-0.81%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-36,000	–	-0.87%	–
TRUP	Exit	TRUPANION INC	$0	–	-238,400	–	-0.89%	–
VNQ	Exit	VANGUARD INDEX FDSreit etf	$0	–	-84,350	–	-0.99%	–
ZG	Exit	ZILLOW GROUP INCcl a	$0	–	-175,941	–	-1.00%	–
VEA	Exit	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$0	–	-181,500	–	-1.11%	–
V	Exit	VISA INC	$0	–	-78,330	–	-1.16%	–
NVO	Exit	NOVO-NORDISK A Sadr	$0	–	-175,830	–	-1.19%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-204,000	–	-1.25%	–
BND	Exit	VANGUARD BD INDEX FD INCtotal bnd mrkt	$0	–	-130,000	–	-1.50%	–
DXJ	Exit	WISDOMTREE TRjapn hedge eqt	$0	–	-265,000	–	-2.04%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-16,110	–	-2.21%	–
Z	Exit	ZILLOW GROUP INCcl c cap stk	$0	–	-416,672	–	-2.36%	–
G	Exit	GENPACT LIMITED	$0	–	-706,750	–	-2.86%	–
OAK	Exit	OAKTREE CAP GROUP LLCunit cl a	$0	–	-489,940	–	-3.25%	–
CACC	Exit	CREDIT ACCEP CORP MICH	$0	–	-102,180	–	-4.04%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-132,000	–	-4.67%	–
AMZN	Exit	AMAZON COM INC	$0	–	-51,100	–	-6.92%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-754,630	–	-19.50%	–

Q3 2017

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$138,339,000	+8.1%	754,630	-0.1%	19.50%	+11.9%
AMZN	Buy	AMAZON COM INC	$49,124,000	+7.2%	51,100	+7.9%	6.92%	+11.0%
CACC	Buy	CREDIT ACCEP CORP MICH	$28,628,000	+21.4%	102,180	+11.5%	4.04%	+25.7%
OAK	Sell	OAKTREE CAP GROUP LLCunit cl a	$23,052,000	-49.1%	489,940	-49.6%	3.25%	-47.3%
Z	Buy	ZILLOW GROUP INCcl c cap stk	$16,755,000	-17.7%	416,672	+0.3%	2.36%	-14.8%
GOOGL	Sell	ALPHABET INCcap stk cl a	$15,687,000	-16.1%	16,110	-19.9%	2.21%	-13.1%
BND	Sell	VANGUARD BD INDEX FD INCtotal bnd mrkt	$10,655,000	-18.6%	130,000	-18.8%	1.50%	-15.8%
NVO	Buy	NOVO-NORDISK A Sadr	$8,466,000	+35.5%	175,830	+20.7%	1.19%	+40.4%
V	Buy	VISA INC	$8,244,000	+14.9%	78,330	+2.4%	1.16%	+18.9%
VNQ	New	VANGUARD INDEX FDSreit etf	$7,009,000	–	84,350	–	0.99%	–
KMX	Buy	CARMAX INC	$4,255,000	+21.5%	56,120	+1.1%	0.60%	+25.8%
WFC	Sell	WELLS FARGO CO NEW	$4,009,000	-13.0%	72,700	-12.6%	0.56%	-10.0%
SHAK	New	SHAKE SHACK INCcl a	$4,001,000	–	120,400	–	0.56%	–
ESRX	Buy	EXPRESS SCRIPTS HLDG CO	$3,898,000	+6.5%	61,560	+7.3%	0.55%	+10.2%
MCK	Buy	MCKESSON CORP	$3,778,000	+14.3%	24,590	+22.4%	0.53%	+18.2%
MRK	Buy	MERCK & CO INC	$3,662,000	+856.1%	57,180	+856.2%	0.52%	+892.3%
DIS	Buy	DISNEY WALT CO	$3,629,000	+0.7%	36,810	+8.6%	0.51%	+4.1%
LB	Buy	L BRANDS INC	$3,579,000	+5.6%	86,000	+36.7%	0.50%	+9.1%
ABC	New	AMERISOURCEBERGEN CORP	$3,517,000	–	42,500	–	0.50%	–
RPAI	Buy	RETAIL PPTYS AMER INCcl a	$3,502,000	+31.7%	266,720	+22.4%	0.49%	+36.5%
PDCO	New	PATTERSON COMPANIES INC	$3,498,000	–	90,500	–	0.49%	–
LOW	Buy	LOWES COS INC	$3,486,000	+11.8%	43,600	+8.5%	0.49%	+15.8%
SRCL	Buy	STERICYCLE INC	$3,443,000	+9.6%	48,080	+16.8%	0.48%	+13.3%
CAH	New	CARDINAL HEALTH INC	$3,419,000	–	51,100	–	0.48%	–
PFE	Sell	PFIZER INC	$3,395,000	+2.9%	95,100	-3.2%	0.48%	+6.7%
GE	New	GENERAL ELECTRIC CO	$3,392,000	–	140,300	–	0.48%	–
MDLZ	New	MONDELEZ INTL INCcl a	$3,378,000	–	83,100	–	0.48%	–
FOXA	Buy	TWENTY FIRST CENTY FOX INCcl a	$3,339,000	+0.4%	126,600	+7.9%	0.47%	+4.0%
COR	Sell	CORESITE RLTY CORP	$3,312,000	0.0%	29,590	-7.5%	0.47%	+3.5%
CVS	Sell	CVS HEALTH CORP	$3,301,000	-1.8%	40,600	-2.9%	0.46%	+1.5%
DCT	Sell	DCT INDUSTRIAL TRUST INC	$3,281,000	+3.4%	56,660	-4.5%	0.46%	+6.9%
PLD	New	PROLOGIS INC	$3,275,000	–	51,600	–	0.46%	–
CUBE	Buy	CUBESMART	$3,269,000	+21.8%	125,910	+12.7%	0.46%	+26.0%
MDT	New	MEDTRONIC PLC	$3,228,000	–	41,500	–	0.46%	–
AGN	Buy	ALLERGAN PLC	$3,185,000	-4.0%	15,540	+13.9%	0.45%	-0.4%
CUZ	Sell	COUSINS PPTYS INC	$3,187,000	+4.5%	341,190	-1.6%	0.45%	+8.2%
CMP	Sell	COMPASS MINERALS INTL INC	$3,122,000	-5.0%	48,100	-4.4%	0.44%	-1.6%
AIV	New	APARTMENT INVT & MGMT COcl a	$3,096,000	–	70,600	–	0.44%	–
VER	New	VEREIT INC	$3,025,000	–	364,800	–	0.43%	–
UE	New	URBAN EDGE PPTYS	$3,009,000	–	124,800	–	0.42%	–
HST	Buy	HOST HOTELS & RESORTS INC	$2,998,000	+640.2%	162,160	+631.8%	0.42%	+669.1%
ESRT	New	EMPIRE ST RLTY TR INCcl a	$2,994,000	–	145,800	–	0.42%	–
SPG	New	SIMON PPTY GROUP INC NEW	$2,979,000	–	18,500	–	0.42%	–
SUI	Sell	SUN CMNTYS INC	$2,980,000	-5.5%	34,780	-3.3%	0.42%	-2.3%
REG	Buy	REGENCY CTRS CORP	$2,965,000	+7.9%	47,790	+8.9%	0.42%	+11.8%
UDR	New	UDR INC	$2,948,000	–	77,500	–	0.42%	–
HTA	Buy	HEALTHCARE TR AMER INCcl a new	$2,878,000	+0.8%	96,560	+5.2%	0.41%	+4.4%
KRC	Buy	KILROY RLTY CORP	$2,871,000	-4.6%	40,370	+0.7%	0.40%	-1.2%
OFC	New	CORPORATE OFFICE PPTYS TRsh ben int	$2,833,000	–	86,300	–	0.40%	–
EDR	Buy	EDUCATION RLTY TR INC	$2,788,000	+0.8%	77,580	+8.7%	0.39%	+4.5%
QRTEA	Buy	LIBERTY INTERACTIVE CORP	$2,768,000	+42.0%	117,480	+47.9%	0.39%	+47.2%
PEI	Buy	PENNSYLVANIA RL ESTATE INVTsh ben int	$2,705,000	+22.5%	257,910	+32.2%	0.38%	+26.6%
HCP	Buy	HCP INC	$2,611,000	-12.0%	93,810	+1.1%	0.37%	-8.9%
MPLX	Sell	MPLX LP	$1,991,000	-8.8%	56,863	-13.0%	0.28%	-5.4%
AMJ	New	JPMORGAN CHASE & COalerian ml etn	$1,975,000	–	70,000	–	0.28%	–
OKE	New	ONEOK INC NEW	$1,867,000	–	33,687	–	0.26%	–
DRH	New	DIAMONDROCK HOSPITALITY CO	$1,832,000	–	167,300	–	0.26%	–
PM	Sell	PHILIP MORRIS INTL INC	$1,792,000	-90.6%	16,140	-90.1%	0.25%	-90.3%
SCHW	Buy	SCHWAB CHARLES CORP NEW	$1,431,000	+26.6%	32,720	+24.3%	0.20%	+31.2%
UAL	Buy	UNITED CONTL HLDGS INC	$1,333,000	-8.7%	21,900	+12.9%	0.19%	-5.5%
EXPE	Buy	EXPEDIA INC DEL	$1,299,000	+2.4%	9,020	+5.9%	0.18%	+5.8%
AABA	New	ALTABA INC	$1,278,000	–	19,300	–	0.18%	–
SIX	Sell	SIX FLAGS ENTMT CORP NEW	$1,271,000	-7.6%	20,860	-9.5%	0.18%	-4.3%
SHO	Sell	SUNSTONE HOTEL INVS INC NEW	$1,208,000	-61.0%	75,200	-60.8%	0.17%	-59.7%
CHTR	Sell	CHARTER COMMUNICATIONS INC Ncl a	$1,178,000	-13.4%	3,240	-19.8%	0.17%	-10.3%
IBKR	Sell	INTERACTIVE BROKERS GROUP IN	$1,134,000	+4.9%	25,180	-12.8%	0.16%	+8.8%
ADX	Sell	ADAMS DIVERSIFIED EQUITY FD	$1,095,000	-7.6%	72,000	-13.1%	0.15%	-4.3%
ANDX	New	ANDEAVOR LOGISTICS LP	$1,076,000	–	21,490	–	0.15%	–
EEQ	Buy	ENBRIDGE ENERGY MANAGEMENT L	$1,071,000	+2.6%	69,277	+2.3%	0.15%	+6.3%
ATMP	New	BARCLAYS BK PLCetn+ sel mlp	$1,069,000	–	50,000	–	0.15%	–
CFX	Sell	COLFAX CORP	$1,068,000	-92.2%	25,660	-92.6%	0.15%	-91.9%
TPX	Buy	TEMPUR SEALY INTL INC	$1,059,000	+61.2%	16,410	+33.3%	0.15%	+67.4%
COMM	Buy	COMMSCOPE HLDG CO INC	$1,050,000	-8.6%	31,620	+4.6%	0.15%	-5.1%
CSOD	Buy	CORNERSTONE ONDEMAND INC	$1,025,000	+39.6%	25,240	+22.9%	0.14%	+44.0%
DBA	New	POWERSHS DB MULTI SECT COMMps db agricul fd	$949,000	–	50,000	–	0.13%	–
COL	Sell	ROCKWELL COLLINS INC	$895,000	+19.2%	6,850	-4.2%	0.13%	+23.5%
NAD	Sell	NUVEEN QUALITY MUNCP INCOME	$785,000	-30.3%	55,295	-31.1%	0.11%	-27.5%
HLF	Buy	HERBALIFE LTD	$779,000	+35.0%	11,480	+42.1%	0.11%	+39.2%
LVNTA	Buy	LIBERTY INTERACTIVE CORP	$769,000	+102.4%	13,360	+84.0%	0.11%	+107.7%
CMPR	Buy	CIMPRESS N V	$750,000	+10.5%	7,680	+7.0%	0.11%	+15.2%
TDG	Buy	TRANSDIGM GROUP INC	$747,000	+6.1%	2,920	+11.5%	0.10%	+9.4%
LBTYK	Sell	LIBERTY GLOBAL PLC	$672,000	-0.9%	20,550	-5.5%	0.10%	+3.3%
RICE	Sell	RICE ENERGY INC	$638,000	-7.7%	22,070	-15.0%	0.09%	-4.3%
SIG	Sell	SIGNET JEWELERS LIMITED	$615,000	-31.2%	9,240	-34.7%	0.09%	-28.7%
BAC	Buy	BANK AMER CORP	$619,000	+14.6%	24,450	+9.8%	0.09%	+17.6%
ASIX	Buy	ADVANSIX INC	$569,000	+37.8%	14,300	+8.3%	0.08%	+42.9%
ACGL	Sell	ARCH CAP GROUP LTDord	$559,000	+2.0%	5,670	-3.4%	0.08%	+5.3%
PRGS	Sell	PROGRESS SOFTWARE CORP	$545,000	+14.7%	14,270	-7.2%	0.08%	+18.5%
GS	Sell	GOLDMAN SACHS GROUP INC	$508,000	+2.2%	2,140	-4.5%	0.07%	+5.9%
ACXM	Buy	ACXIOM CORP	$492,000	+2.5%	19,960	+8.1%	0.07%	+6.2%
SRC	New	SPIRIT RLTY CAP INC NEW	$488,000	–	57,000	–	0.07%	–
PAH	Buy	PLATFORM SPECIALTY PRODS COR	$473,000	-9.7%	42,500	+2.9%	0.07%	-5.6%
PTC	Buy	PTC INC	$473,000	+8.5%	8,400	+6.3%	0.07%	+13.6%
POST	Sell	POST HLDGS INC	$471,000	+11.6%	5,330	-1.8%	0.07%	+15.8%
LRCX	Sell	LAM RESEARCH CORP	$463,000	+26.2%	2,500	-3.8%	0.06%	+30.0%
CDW	Sell	CDW CORP	$447,000	+4.0%	6,780	-1.5%	0.06%	+6.8%
WAIR	Buy	WESCO AIRCRAFT HLDGS INC	$440,000	-2.2%	46,840	+12.8%	0.06%	+1.6%
VRNT	Sell	VERINT SYS INC	$437,000	+1.9%	10,440	-0.9%	0.06%	+6.9%
OZRK	Buy	BANK OF THE OZARKS	$431,000	+12.5%	8,980	+9.8%	0.06%	+17.3%
ZBRA	Sell	ZEBRA TECHNOLOGIES CORPcl a	$434,000	+2.8%	4,000	-4.8%	0.06%	+7.0%
PXD	Buy	PIONEER NAT RES CO	$434,000	+16.4%	2,940	+25.6%	0.06%	+19.6%
FAST	Sell	FASTENAL CO	$422,000	+1.4%	9,260	-3.1%	0.06%	+3.5%
GPORQ	New	GULFPORT ENERGY CORP	$416,000	–	29,000	–	0.06%	–
CMCSA	Sell	COMCAST CORP NEWcl a	$410,000	-13.9%	10,640	-13.1%	0.06%	-10.8%
AXTA	Buy	AXALTA COATING SYS LTD	$402,000	-2.0%	13,900	+8.6%	0.06%	+1.8%
DE	Sell	DEERE & CO	$401,000	-4.3%	3,190	-5.9%	0.06%	0.0%
JPM	Sell	JPMORGAN CHASE & CO	$390,000	-2.5%	4,080	-6.8%	0.06%	+1.9%
MTW	New	MANITOWOC INC	$382,000	–	42,500	–	0.05%	–
TSG	New	STARS GROUP INC	$377,000	–	18,390	–	0.05%	–
DAL	Buy	DELTA AIR LINES INC DEL	$352,000	+7.3%	7,310	+19.6%	0.05%	+11.1%
AN	New	AUTONATION INC	$351,000	–	7,400	–	0.05%	–
LSXMK	Sell	LIBERTY MEDIA CORP DELAWARE	$348,000	-12.1%	8,300	-12.6%	0.05%	-9.3%
UA	Buy	UNDER ARMOUR INCcl c	$351,000	-9.8%	23,400	+21.2%	0.05%	-7.5%
IVR	Sell	INVESCO MORTGAGE CAPITAL INC	$343,000	-31.5%	20,000	-33.3%	0.05%	-29.4%
SBAC	Sell	SBA COMMUNICATIONS CORP NEWcl a	$342,000	-17.4%	2,370	-22.8%	0.05%	-14.3%
LUK	Sell	LEUCADIA NATL CORP	$337,000	-14.0%	13,380	-10.7%	0.05%	-11.3%
LBTYA	Sell	LIBERTY GLOBAL PLC	$328,000	-13.0%	9,660	-17.9%	0.05%	-9.8%
GRUB	Buy	GRUBHUB INC	$328,000	+29.1%	6,220	+6.9%	0.05%	+31.4%
EFC	Sell	ELLINGTON FINANCIAL LLC	$316,000	-35.0%	20,000	-33.3%	0.04%	-31.8%
TWO	Sell	TWO HBRS INVT CORP	$302,000	-39.1%	30,000	-40.0%	0.04%	-36.8%
BIIB	Sell	BIOGEN INC	$307,000	-91.6%	980	-92.7%	0.04%	-91.4%
AME	Sell	AMETEK INC NEW	$297,000	+4.6%	4,500	-4.3%	0.04%	+7.7%
FCEA	Sell	FOREST CITY RLTY TR INC	$298,000	-27.8%	11,700	-31.6%	0.04%	-25.0%
MAC	New	MACERICH CO	$291,000	–	5,300	–	0.04%	–
ZAYO	Buy	ZAYO GROUP HLDGS INC	$282,000	+14.2%	8,210	+2.5%	0.04%	+17.6%
VNO	Buy	VORNADO RLTY TRsh ben int	$284,000	+20.9%	3,700	+48.0%	0.04%	+25.0%
CI	Sell	CIGNA CORPORATION	$245,000	-19.1%	1,310	-27.6%	0.04%	-14.6%
BACWSA	Buy	BANK AMER CORP*w exp 01/16/201	$202,000	+19.5%	15,200	+8.6%	0.03%	+21.7%
CVNA	New	CARVANA COcl a	$188,000	–	12,800	–	0.03%	–
MHF	Exit	WESTERN ASSET MUN HI INCM FD	$0	–	-13,425	–	-0.01%	–
DNOW	Exit	NOW INC	$0	–	-11,180	–	-0.02%	–
AGNC	Exit	AGNC INVT CORP	$0	–	-10,000	–	-0.03%	–
NEBLQ	Exit	NOBLE CORP PLC	$0	–	-79,050	–	-0.04%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-3,400	–	-0.04%	–
EHI	Exit	WESTERN ASSET GLB HI INCOME	$0	–	-30,000	–	-0.04%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-4,620	–	-0.04%	–
ENTG	Exit	ENTEGRIS INC	$0	–	-14,630	–	-0.04%	–
ALK	Exit	ALASKA AIR GROUP INC	$0	–	-4,090	–	-0.05%	–
BOE	Exit	BLACKROCK ENHANCED GBL DIV T	$0	–	-30,000	–	-0.05%	–
AYA	Exit	AMAYA INC	$0	–	-23,990	–	-0.06%	–
BGY	Exit	BLACKROCK ENHANCED INTL DIV	$0	–	-70,000	–	-0.06%	–
JMT	Exit	NUVEEN MTG OPPTY TERM FD 2	$0	–	-20,867	–	-0.07%	–
MGU	Exit	MACQUARIE GLBL INFRA TOTL RE	$0	–	-25,000	–	-0.08%	–
USA	Exit	LIBERTY ALL STAR EQUITY FDsh ben int	$0	–	-112,619	–	-0.09%	–
TLLP	Exit	TESORO LOGISTICS LP	$0	–	-21,490	–	-0.15%	–
IGR	Exit	CBRE CLARION GLOBAL REAL EST	$0	–	-170,000	–	-0.18%	–
BTZ	Exit	BLACKROCK CR ALLCTN INC TR	$0	–	-100,000	–	-0.18%	–
OKS	Exit	ONEOK PARTNERS LPunit ltd partn	$0	–	-34,200	–	-0.24%	–
RLJ	Exit	RLJ LODGING TR	$0	–	-108,910	–	-0.30%	–
STOR	Exit	STORE CAP CORP	$0	–	-103,800	–	-0.32%	–
AKR	Exit	ACADIA RLTY TR	$0	–	-96,100	–	-0.36%	–
BXP	Exit	BOSTON PROPERTIES INC	$0	–	-21,850	–	-0.37%	–
AMH	Exit	AMERICAN HOMES 4 RENTcl a	$0	–	-125,920	–	-0.39%	–
OHI	Exit	OMEGA HEALTHCARE INVS INC	$0	–	-87,430	–	-0.39%	–
GGP	Exit	GGP INC	$0	–	-123,350	–	-0.40%	–
MAA	Exit	MID AMER APT CMNTYS INC	$0	–	-28,510	–	-0.41%	–
DRE	Exit	DUKE REALTY CORP	$0	–	-108,120	–	-0.41%	–
EQR	Exit	EQUITY RESIDENTIALsh ben int	$0	–	-46,260	–	-0.42%	–
BDN	Exit	BRANDYWINE RLTY TRsh ben int new	$0	–	-177,630	–	-0.42%	–
CHRW	Exit	C H ROBINSON WORLDWIDE INC	$0	–	-46,500	–	-0.44%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-44,000	–	-0.44%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-59,100	–	-0.45%	–
VFC	Exit	V F CORP	$0	–	-57,340	–	-0.45%	–
AMGN	Exit	AMGEN INC	$0	–	-19,700	–	-0.46%	–
PII	Exit	POLARIS INDS INC	$0	–	-36,900	–	-0.46%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-50,340	–	-0.48%	–

Q2 2017

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$127,947,000	–	755,430	–	17.42%	–
AMZN	New	AMAZON COM INC	$45,835,000	–	47,350	–	6.24%	–
OAK	New	OAKTREE CAP GROUP LLCunit cl a	$45,311,000	–	972,340	–	6.17%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$31,918,000	–	132,000	–	4.34%	–
CACC	New	CREDIT ACCEP CORP MICH	$23,575,000	–	91,680	–	3.21%	–
Z	New	ZILLOW GROUP INCcl c cap stk	$20,352,000	–	415,272	–	2.77%	–
G	New	GENPACT LIMITED	$19,669,000	–	706,750	–	2.68%	–
PM	New	PHILIP MORRIS INTL INC	$19,101,000	–	162,640	–	2.60%	–
GOOGL	New	ALPHABET INCcap stk cl a	$18,696,000	–	20,110	–	2.54%	–
DXJ	New	WISDOMTREE TRjapn hedge eqt	$13,780,000	–	265,000	–	1.88%	–
CFX	New	COLFAX CORP	$13,624,000	–	346,060	–	1.86%	–
BND	New	VANGUARD BD INDEX FD INCtotal bnd mrkt	$13,093,000	–	160,000	–	1.78%	–
ZG	New	ZILLOW GROUP INCcl a	$8,593,000	–	175,941	–	1.17%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$8,329,000	–	204,000	–	1.13%	–
VEA	New	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$7,500,000	–	181,500	–	1.02%	–
V	New	VISA INC	$7,177,000	–	76,530	–	0.98%	–
NVO	New	NOVO-NORDISK A Sadr	$6,246,000	–	145,630	–	0.85%	–
FB	New	FACEBOOK INCcl a	$5,435,000	–	36,000	–	0.74%	–
FEZ	New	SPDR INDEX SHS FDSeuro stoxx 50	$5,386,000	–	140,000	–	0.73%	–
TRUP	New	TRUPANION INC	$5,335,000	–	238,400	–	0.73%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$5,094,000	–	20	–	0.69%	–
WFC	New	WELLS FARGO CO NEW	$4,610,000	–	83,200	–	0.63%	–
YUMC	New	YUM CHINA HLDGS INC	$4,558,000	–	115,600	–	0.62%	–
EWU	New	ISHARES TRmsci uk etf new	$3,666,000	–	110,000	–	0.50%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$3,661,000	–	57,360	–	0.50%	–
BIIB	New	BIOGEN INC	$3,658,000	–	13,480	–	0.50%	–
DIS	New	DISNEY WALT CO	$3,603,000	–	33,910	–	0.49%	–
GILD	New	GILEAD SCIENCES INC	$3,563,000	–	50,340	–	0.48%	–
KMX	New	CARMAX INC	$3,501,000	–	55,520	–	0.48%	–
PII	New	POLARIS INDS INC	$3,403,000	–	36,900	–	0.46%	–
LB	New	L BRANDS INC	$3,390,000	–	62,900	–	0.46%	–
AMGN	New	AMGEN INC	$3,393,000	–	19,700	–	0.46%	–
CVS	New	CVS HEALTH CORP	$3,363,000	–	41,800	–	0.46%	–
FOXA	New	TWENTY FIRST CENTY FOX INCcl a	$3,325,000	–	117,300	–	0.45%	–
AGN	New	ALLERGAN PLC	$3,316,000	–	13,640	–	0.45%	–
COR	New	CORESITE RLTY CORP	$3,312,000	–	31,990	–	0.45%	–
VFC	New	V F CORP	$3,303,000	–	57,340	–	0.45%	–
MCK	New	MCKESSON CORP	$3,305,000	–	20,090	–	0.45%	–
PFE	New	PFIZER INC	$3,298,000	–	98,200	–	0.45%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$3,293,000	–	59,100	–	0.45%	–
CMP	New	COMPASS MINERALS INTL INC	$3,285,000	–	50,300	–	0.45%	–
TROW	New	PRICE T ROWE GROUP INC	$3,266,000	–	44,000	–	0.44%	–
CHRW	New	C H ROBINSON WORLDWIDE INC	$3,194,000	–	46,500	–	0.44%	–
DCT	New	DCT INDUSTRIAL TRUST INC	$3,172,000	–	59,360	–	0.43%	–
SUI	New	SUN CMNTYS INC	$3,155,000	–	35,980	–	0.43%	–
SRCL	New	STERICYCLE INC	$3,142,000	–	41,180	–	0.43%	–
LOW	New	LOWES COS INC	$3,117,000	–	40,200	–	0.42%	–
BDN	New	BRANDYWINE RLTY TRsh ben int new	$3,114,000	–	177,630	–	0.42%	–
SHO	New	SUNSTONE HOTEL INVS INC NEW	$3,096,000	–	192,060	–	0.42%	–
CUZ	New	COUSINS PPTYS INC	$3,049,000	–	346,890	–	0.42%	–
EQR	New	EQUITY RESIDENTIALsh ben int	$3,046,000	–	46,260	–	0.42%	–
DRE	New	DUKE REALTY CORP	$3,022,000	–	108,120	–	0.41%	–
KRC	New	KILROY RLTY CORP	$3,011,000	–	40,070	–	0.41%	–
MAA	New	MID AMER APT CMNTYS INC	$3,005,000	–	28,510	–	0.41%	–
HCP	New	HCP INC	$2,966,000	–	92,810	–	0.40%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$2,962,000	–	57,000	–	0.40%	–
GGP	New	GGP INC	$2,906,000	–	123,350	–	0.40%	–
OHI	New	OMEGA HEALTHCARE INVS INC	$2,887,000	–	87,430	–	0.39%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$2,862,000	–	105,688	–	0.39%	–
HTA	New	HEALTHCARE TR AMER INCcl a new	$2,855,000	–	91,760	–	0.39%	–
AMH	New	AMERICAN HOMES 4 RENTcl a	$2,842,000	–	125,920	–	0.39%	–
MMP	New	MAGELLAN MIDSTREAM PRTNRS LP	$2,769,000	–	38,850	–	0.38%	–
EDR	New	EDUCATION RLTY TR INC	$2,765,000	–	71,380	–	0.38%	–
REG	New	REGENCY CTRS CORP	$2,749,000	–	43,890	–	0.37%	–
BXP	New	BOSTON PROPERTIES INC	$2,689,000	–	21,850	–	0.37%	–
CUBE	New	CUBESMART	$2,685,000	–	111,710	–	0.37%	–
AKR	New	ACADIA RLTY TR	$2,672,000	–	96,100	–	0.36%	–
IEF	New	ISHARES TR7-10yr tr bd etf	$2,665,000	–	25,000	–	0.36%	–
RPAI	New	RETAIL PPTYS AMER INCcl a	$2,659,000	–	217,820	–	0.36%	–
EWP	New	ISHARESmsci span cp etf	$2,397,000	–	73,000	–	0.33%	–
GLD	New	SPDR GOLD TRUST	$2,360,000	–	20,000	–	0.32%	–
STOR	New	STORE CAP CORP	$2,331,000	–	103,800	–	0.32%	–
TIP	New	ISHARES TRtips bd etf	$2,269,000	–	20,000	–	0.31%	–
PEI	New	PENNSYLVANIA RL ESTATE INVTsh ben int	$2,208,000	–	195,110	–	0.30%	–
MPLX	New	MPLX LP	$2,182,000	–	65,323	–	0.30%	–
RLJ	New	RLJ LODGING TR	$2,164,000	–	108,910	–	0.30%	–
PAA	New	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$2,162,000	–	82,300	–	0.29%	–
QQQ	New	POWERSHARES QQQ TRUSTunit ser 1	$2,065,000	–	15,000	–	0.28%	–
QRTEA	New	LIBERTY INTERACTIVE CORP	$1,949,000	–	79,430	–	0.26%	–
HEDJ	New	WISDOMTREE TReurope hedged eq	$1,870,000	–	30,000	–	0.26%	–
OKS	New	ONEOK PARTNERS LPunit ltd partn	$1,747,000	–	34,200	–	0.24%	–
EWG	New	ISHARESmsci germany etf	$1,741,000	–	57,530	–	0.24%	–
EWJ	New	ISHARES INCmsci jpn etf new	$1,738,000	–	32,400	–	0.24%	–
INDA	New	ISHARES TRmsci india etf	$1,733,000	–	54,000	–	0.24%	–
WPZ	New	WILLIAMS PARTNERS L P NEW	$1,725,000	–	43,000	–	0.24%	–
IEI	New	ISHARES TR3-7 yr tr bd etf	$1,668,000	–	13,500	–	0.23%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$1,642,000	–	30,000	–	0.22%	–
RYAAY	New	RYANAIR HLDGS PLCsponsored adr ne	$1,614,000	–	15,000	–	0.22%	–
EWW	New	ISHARESmsci mex cap etf	$1,618,000	–	30,000	–	0.22%	–
DJP	New	BARCLAYS BK PLCdjubs cmdt etn36	$1,587,000	–	70,000	–	0.22%	–
UAL	New	UNITED CONTL HLDGS INC	$1,460,000	–	19,400	–	0.20%	–
EQM	New	EQT MIDSTREAM PARTNERS LPunit ltd partn	$1,456,000	–	19,510	–	0.20%	–
BKLN	New	POWERSHARES ETF TRUST IIsenior ln port	$1,418,000	–	61,300	–	0.19%	–
SEP	New	SPECTRA ENERGY PARTNERS LP	$1,402,000	–	32,680	–	0.19%	–
SIX	New	SIX FLAGS ENTMT CORP NEW	$1,375,000	–	23,060	–	0.19%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$1,361,000	–	4,040	–	0.18%	–
BTZ	New	BLACKROCK CR ALLCTN INC TR	$1,345,000	–	100,000	–	0.18%	–
IGR	New	CBRE CLARION GLOBAL REAL EST	$1,312,000	–	170,000	–	0.18%	–
EXPE	New	EXPEDIA INC DEL	$1,269,000	–	8,520	–	0.17%	–
ETP	New	ENERGY TRANSFER PARTNERS LPunit ltd prt int	$1,257,000	–	61,650	–	0.17%	–
EWY	New	ISHARESmsci sth kor etf	$1,187,000	–	17,500	–	0.16%	–
TLT	New	ISHARES TR20 yr tr bd etf	$1,189,000	–	9,500	–	0.16%	–
ADX	New	ADAMS DIVERSIFIED EQUITY FD	$1,185,000	–	82,900	–	0.16%	–
NIE	New	ALLIANZGI EQUITY & CONV INCO	$1,185,000	–	60,000	–	0.16%	–
DFE	New	WISDOMTREE TReurope smcp dv	$1,162,000	–	18,000	–	0.16%	–
WES	New	WESTERN GAS PARTNERS LP	$1,149,000	–	20,530	–	0.16%	–
COMM	New	COMMSCOPE HLDG CO INC	$1,149,000	–	30,220	–	0.16%	–
SCHW	New	SCHWAB CHARLES CORP NEW	$1,130,000	–	26,320	–	0.15%	–
NAD	New	NUVEEN QUALITY MUNCP INCOME	$1,127,000	–	80,295	–	0.15%	–
TLLP	New	TESORO LOGISTICS LP	$1,111,000	–	21,490	–	0.15%	–
TCP	New	TC PIPELINES LP	$1,092,000	–	19,850	–	0.15%	–
IBKR	New	INTERACTIVE BROKERS GROUP IN	$1,081,000	–	28,880	–	0.15%	–
EWT	New	ISHARES INCmsci taiwan etf	$1,073,000	–	30,000	–	0.15%	–
HEP	New	HOLLY ENERGY PARTNERS L P	$1,073,000	–	33,030	–	0.15%	–
EEQ	New	ENBRIDGE ENERGY MANAGEMENT L	$1,044,000	–	67,736	–	0.14%	–
EIRL	New	ISHARES TRireland capd etf	$1,001,000	–	23,000	–	0.14%	–
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$951,000	–	12,000	–	0.13%	–
SIG	New	SIGNET JEWELERS LIMITED	$894,000	–	14,140	–	0.12%	–
CAF	New	MORGAN STANLEY CHINA A SH FD	$895,000	–	40,000	–	0.12%	–
SLRC	New	SOLAR CAP LTD	$875,000	–	40,000	–	0.12%	–
TRP	New	TRANSCANADA CORP	$877,000	–	18,400	–	0.12%	–
EWL	New	ISHARESmsci sz cap etf	$859,000	–	25,050	–	0.12%	–
TEP	New	TALLGRASS ENERGY PARTNERS LP	$856,000	–	17,090	–	0.12%	–
SHLX	New	SHELL MIDSTREAM PARTNERS L Punit ltd int	$834,000	–	27,520	–	0.11%	–
PSXP	New	PHILLIPS 66 PARTNERS LP	$822,000	–	16,630	–	0.11%	–
JPC	New	NUVEEN PFD INCOME OPPRTNY FD	$788,000	–	75,800	–	0.11%	–
COL	New	ROCKWELL COLLINS INC	$751,000	–	7,150	–	0.10%	–
CSOD	New	CORNERSTONE ONDEMAND INC	$734,000	–	20,540	–	0.10%	–
XLY	New	SELECT SECTOR SPDR TRsbi cons discr	$717,000	–	8,000	–	0.10%	–
EWS	New	ISHARES INCmsci singpor etf	$709,000	–	30,000	–	0.10%	–
ARGT	New	GLOBAL X FDSgb msci ar etf	$703,000	–	24,000	–	0.10%	–
TDG	New	TRANSDIGM GROUP INC	$704,000	–	2,620	–	0.10%	–
RICE	New	RICE ENERGY INC	$691,000	–	25,970	–	0.09%	–
LBTYK	New	LIBERTY GLOBAL PLC	$678,000	–	21,750	–	0.09%	–
CMPR	New	CIMPRESS N V	$679,000	–	7,180	–	0.09%	–
EWC	New	ISHARESmsci cda etf	$666,000	–	24,890	–	0.09%	–
TPX	New	TEMPUR SEALY INTL INC	$657,000	–	12,310	–	0.09%	–
EWQ	New	ISHARESmsci france etf	$649,000	–	22,570	–	0.09%	–
USA	New	LIBERTY ALL STAR EQUITY FDsh ben int	$637,000	–	112,619	–	0.09%	–
MGU	New	MACQUARIE GLBL INFRA TOTL RE	$624,000	–	25,000	–	0.08%	–
DKL	New	DELEK LOGISTICS PARTNERS LP	$612,000	–	18,700	–	0.08%	–
HLF	New	HERBALIFE LTD	$577,000	–	8,080	–	0.08%	–
RSX	New	VANECK VECTORS ETF TRrussia etf	$575,000	–	30,000	–	0.08%	–
ENBL	New	ENABLE MIDSTREAM PARTNERS LP	$566,000	–	35,500	–	0.08%	–
MO	New	ALTRIA GROUP INC	$564,000	–	7,570	–	0.08%	–
ACGL	New	ARCH CAP GROUP LTDord	$548,000	–	5,870	–	0.08%	–
BAC	New	BANK AMER CORP	$540,000	–	22,260	–	0.07%	–
TGE	New	TALLGRASS ENERGY GP LP	$540,000	–	21,260	–	0.07%	–
LMT	New	LOCKHEED MARTIN CORP	$536,000	–	1,930	–	0.07%	–
GOOG	New	ALPHABET INCcap stk cl c	$527,000	–	580	–	0.07%	–
PAH	New	PLATFORM SPECIALTY PRODS COR	$524,000	–	41,300	–	0.07%	–
HD	New	HOME DEPOT INC	$511,000	–	3,330	–	0.07%	–
JMT	New	NUVEEN MTG OPPTY TERM FD 2	$513,000	–	20,867	–	0.07%	–
GS	New	GOLDMAN SACHS GROUP INC	$497,000	–	2,240	–	0.07%	–
IVR	New	INVESCO MORTGAGE CAPITAL INC	$501,000	–	30,000	–	0.07%	–
TWO	New	TWO HBRS INVT CORP	$496,000	–	50,000	–	0.07%	–
ACN	New	ACCENTURE PLC IRELAND	$490,000	–	3,960	–	0.07%	–
EFC	New	ELLINGTON FINANCIAL LLC	$486,000	–	30,000	–	0.07%	–
PRGS	New	PROGRESS SOFTWARE CORP	$475,000	–	15,370	–	0.06%	–
ACXM	New	ACXIOM CORP	$480,000	–	18,460	–	0.06%	–
CMCSA	New	COMCAST CORP NEWcl a	$476,000	–	12,240	–	0.06%	–
BCX	New	BLACKROCK RES & COMM STRAT T	$472,000	–	58,880	–	0.06%	–
FFIV	New	F5 NETWORKS INC	$470,000	–	3,700	–	0.06%	–
MMM	New	3M CO	$460,000	–	2,210	–	0.06%	–
IBB	New	ISHARES TRnasdq biotec etf	$465,000	–	1,500	–	0.06%	–
WAIR	New	WESCO AIRCRAFT HLDGS INC	$450,000	–	41,540	–	0.06%	–
HRL	New	HORMEL FOODS CORP	$445,000	–	13,040	–	0.06%	–
C	New	CITIGROUP INC	$444,000	–	6,640	–	0.06%	–
BGY	New	BLACKROCK ENHANCED INTL DIV	$440,000	–	70,000	–	0.06%	–
AAPL	New	APPLE INC	$442,000	–	3,070	–	0.06%	–
CDW	New	CDW CORP	$430,000	–	6,880	–	0.06%	–
XPH	New	SPDR SERIES TRUSTs&p pharmac	$430,000	–	10,000	–	0.06%	–
TXN	New	TEXAS INSTRS INC	$436,000	–	5,670	–	0.06%	–
PTC	New	PTC INC	$436,000	–	7,900	–	0.06%	–
AYA	New	AMAYA INC	$429,000	–	23,990	–	0.06%	–
VRNT	New	VERINT SYS INC	$429,000	–	10,540	–	0.06%	–
FAST	New	FASTENAL CO	$416,000	–	9,560	–	0.06%	–
DE	New	DEERE & CO	$419,000	–	3,390	–	0.06%	–
TUR	New	ISHARESmsci turkey etf	$415,000	–	10,000	–	0.06%	–
ZBRA	New	ZEBRA TECHNOLOGIES CORPcl a	$422,000	–	4,200	–	0.06%	–
POST	New	POST HLDGS INC	$422,000	–	5,430	–	0.06%	–
FCEA	New	FOREST CITY RLTY TR INC	$413,000	–	17,100	–	0.06%	–
ASIX	New	ADVANSIX INC	$413,000	–	13,200	–	0.06%	–
AXTA	New	AXALTA COATING SYS LTD	$410,000	–	12,800	–	0.06%	–
EWI	New	ISHARES INCmsci itl etf new	$414,000	–	14,895	–	0.06%	–
SBAC	New	SBA COMMUNICATIONS CORP NEWcl a	$414,000	–	3,070	–	0.06%	–
HST	New	HOST HOTELS & RESORTS INC	$405,000	–	22,160	–	0.06%	–
BOE	New	BLACKROCK ENHANCED GBL DIV T	$398,000	–	30,000	–	0.05%	–
LSXMK	New	LIBERTY MEDIA CORP DELAWARE	$396,000	–	9,500	–	0.05%	–
HON	New	HONEYWELL INTL INC	$400,000	–	3,000	–	0.05%	–
JPM	New	JPMORGAN CHASE & CO	$400,000	–	4,380	–	0.05%	–
AZO	New	AUTOZONE INC	$388,000	–	680	–	0.05%	–
LUK	New	LEUCADIA NATL CORP	$392,000	–	14,980	–	0.05%	–
FDX	New	FEDEX CORP	$391,000	–	1,800	–	0.05%	–
UA	New	UNDER ARMOUR INCcl c	$389,000	–	19,300	–	0.05%	–
ORCL	New	ORACLE CORP	$387,000	–	7,710	–	0.05%	–
MRK	New	MERCK & CO INC	$383,000	–	5,980	–	0.05%	–
LVNTA	New	LIBERTY INTERACTIVE CORP	$380,000	–	7,260	–	0.05%	–
OZRK	New	BANK OF THE OZARKS INC	$383,000	–	8,180	–	0.05%	–
LBTYA	New	LIBERTY GLOBAL PLC	$377,000	–	11,760	–	0.05%	–
PXD	New	PIONEER NAT RES CO	$373,000	–	2,340	–	0.05%	–
EWD	New	ISHARESmsci sweden etf	$376,000	–	11,090	–	0.05%	–
RVT	New	ROYCE VALUE TR INC	$365,000	–	25,000	–	0.05%	–
LRCX	New	LAM RESEARCH CORP	$367,000	–	2,600	–	0.05%	–
ALK	New	ALASKA AIR GROUP INC	$367,000	–	4,090	–	0.05%	–
EWO	New	ISHARESaustria capd etf	$361,000	–	17,000	–	0.05%	–
EPHE	New	ISHARES TRmsci philips etf	$358,000	–	10,000	–	0.05%	–
GPC	New	GENUINE PARTS CO	$345,000	–	3,720	–	0.05%	–
DPS	New	DR PEPPER SNAPPLE GROUP INC	$348,000	–	3,820	–	0.05%	–
QCOM	New	QUALCOMM INC	$330,000	–	5,970	–	0.04%	–
DAL	New	DELTA AIR LINES INC DEL	$328,000	–	6,110	–	0.04%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$323,000	–	3,830	–	0.04%	–
ENTG	New	ENTEGRIS INC	$321,000	–	14,630	–	0.04%	–
CLX	New	CLOROX CO DEL	$326,000	–	2,450	–	0.04%	–
PCLN	New	PRICELINE GRP INC	$318,000	–	170	–	0.04%	–
MSFT	New	MICROSOFT CORP	$319,000	–	4,620	–	0.04%	–
EHI	New	WESTERN ASSET GLB HI INCOME	$302,000	–	30,000	–	0.04%	–
CI	New	CIGNA CORPORATION	$303,000	–	1,810	–	0.04%	–
LBRDK	New	LIBERTY BROADBAND CORP	$295,000	–	3,400	–	0.04%	–
RNR	New	RENAISSANCERE HOLDINGS LTD	$297,000	–	2,140	–	0.04%	–
XLF	New	SELECT SECTOR SPDR TRsbi int-finl	$296,000	–	12,000	–	0.04%	–
NEBLQ	New	NOBLE CORP PLC	$286,000	–	79,050	–	0.04%	–
AME	New	AMETEK INC NEW	$284,000	–	4,700	–	0.04%	–
SOXX	New	ISHARES TRphlx semicnd etf	$280,000	–	2,000	–	0.04%	–
XLI	New	SELECT SECTOR SPDR TRsbi int-inds	$272,000	–	4,000	–	0.04%	–
KRE	New	SPDR SERIES TRUSTs&p regl bkg	$275,000	–	5,000	–	0.04%	–
MOO	New	VANECK VECTORS ETF TRagribusiness etf	$275,000	–	5,000	–	0.04%	–
EWN	New	ISHARESmsci netherl etf	$262,000	–	9,060	–	0.04%	–
GRUB	New	GRUBHUB INC	$254,000	–	5,820	–	0.04%	–
ZAYO	New	ZAYO GROUP HLDGS INC	$247,000	–	8,010	–	0.03%	–
ITA	New	ISHARES TRu.s. aer&def etf	$236,000	–	1,500	–	0.03%	–
VNO	New	VORNADO RLTY TRsh ben int	$235,000	–	2,500	–	0.03%	–
EWH	New	ISHARESmsci hong kg etf	$234,000	–	10,000	–	0.03%	–
AGNC	New	AGNC INVT CORP	$213,000	–	10,000	–	0.03%	–
DATA	New	TABLEAU SOFTWARE INCcl a	$207,000	–	3,380	–	0.03%	–
VNM	New	VANECK VECTORS ETF TRvietnam etf	$209,000	–	14,000	–	0.03%	–
GREK	New	GLOBAL X FDSmsci greece etf	$202,000	–	20,000	–	0.03%	–
DNOW	New	NOW INC	$180,000	–	11,180	–	0.02%	–
BACWSA	New	BANK AMER CORP*w exp 01/16/201	$169,000	–	14,000	–	0.02%	–
MHF	New	WESTERN ASSET MUN HI INCM FD	$99,000	–	13,425	–	0.01%	–

Q4 2016

			Value		Shares		↓ Weighting
KMIWS	Exit	KINDER MORGAN INC DEL*w exp 05/25/201	$0	–	-80,586	–	0.00%	–
FCAU	Exit	FIAT CHRYSLER AUTOMOBILES N	$0	–	-11,820	–	-0.01%	–
NEBLQ	Exit	NOBLE CORP PLC	$0	–	-15,830	–	-0.02%	–
MHF	Exit	WESTERN ASSET MUN HI INCM FD	$0	–	-13,425	–	-0.02%	–
MTW	Exit	MANITOWOC INC	$0	–	-22,170	–	-0.02%	–
FSAM	Exit	FIFTH STR ASSET MGMT INC	$0	–	-22,500	–	-0.02%	–
PAH	Exit	PLATFORM SPECIALTY PRODS COR	$0	–	-17,110	–	-0.02%	–
GREK	Exit	GLOBAL X FDSmsci greece etf	$0	–	-20,000	–	-0.02%	–
BAC	Exit	BANK AMER CORP	$0	–	-10,110	–	-0.03%	–
EWM	Exit	ISHARESmsci malaysi etf	$0	–	-20,000	–	-0.03%	–
WAIR	Exit	WESCO AIRCRAFT HLDGS INC	$0	–	-12,330	–	-0.03%	–
MCR	Exit	MFS CHARTER INCOME TRsh ben int	$0	–	-20,000	–	-0.03%	–
BLDR	Exit	BUILDERS FIRSTSOURCE INC	$0	–	-16,460	–	-0.03%	–
CMO	Exit	CAPSTEAD MTG CORP	$0	–	-20,000	–	-0.03%	–
ORBC	Exit	ORBCOMM INC	$0	–	-19,450	–	-0.03%	–
MON	Exit	MONSANTO CO NEW	$0	–	-1,960	–	-0.03%	–
BOE	Exit	BLACKROCK GLOBAL OPP EQTY TR	$0	–	-16,100	–	-0.03%	–
MIC	Exit	MACQUARIE INFRASTRUCTURE COR	$0	–	-2,470	–	-0.03%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-1,150	–	-0.04%	–
EWS	Exit	ISHARESmsci singap etf	$0	–	-19,540	–	-0.04%	–
VNM	Exit	VANECK VECTORS ETF TRvietnam etf	$0	–	-14,000	–	-0.04%	–
RICE	Exit	RICE ENERGY INC	$0	–	-8,560	–	-0.04%	–
PSXP	Exit	PHILLIPS 66 PARTNERS LP	$0	–	-4,630	–	-0.04%	–
EWN	Exit	ISHARESmsci netherl etf	$0	–	-9,060	–	-0.04%	–
XLI	Exit	SELECT SECTOR SPDR TRsbi int-inds	$0	–	-4,000	–	-0.04%	–
MOO	Exit	VANECK VECTORS ETF TRagribusiness etf	$0	–	-5,000	–	-0.04%	–
FIG	Exit	FORTRESS INVESTMENT GROUP LLcl a	$0	–	-50,000	–	-0.04%	–
GRUB	Exit	GRUBHUB INC	$0	–	-5,720	–	-0.04%	–
FSD	Exit	FIRST TR HIGH INCOME L/S FD	$0	–	-16,000	–	-0.04%	–
DSU	Exit	BLACKROCK DEBT STRAT FD INC	$0	–	-70,000	–	-0.04%	–
SHLX	Exit	SHELL MIDSTREAM PARTNERS L Punit ltd int	$0	–	-8,120	–	-0.04%	–
SIG	Exit	SIGNET JEWELERS LIMITED	$0	–	-3,510	–	-0.04%	–
XME	Exit	SPDR SERIES TRUSTs&p metals mng	$0	–	-10,000	–	-0.04%	–
GDX	Exit	VANECK VECTORS ETF TRgold miners etf	$0	–	-10,000	–	-0.04%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-920	–	-0.04%	–
APO	Exit	APOLLO GLOBAL MGMT LLC	$0	–	-15,450	–	-0.05%	–
EWO	Exit	ISHARESaustria capd etf	$0	–	-17,000	–	-0.05%	–
HEP	Exit	HOLLY ENERGY PARTNERS L P	$0	–	-8,230	–	-0.05%	–
BGY	Exit	BLACKROCK INTL GRWTH & INC T	$0	–	-50,000	–	-0.05%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-8,960	–	-0.05%	–
APU	Exit	AMERIGAS PARTNERS L Punit l p int	$0	–	-6,500	–	-0.05%	–
PPG	Exit	PPG INDS INC	$0	–	-2,880	–	-0.05%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW	$0	–	-9,460	–	-0.05%	–
COL	Exit	ROCKWELL COLLINS INC	$0	–	-3,550	–	-0.05%	–
ORCL	Exit	ORACLE CORP	$0	–	-7,710	–	-0.05%	–
EHI	Exit	WESTERN ASSET GLB HI INCOME	$0	–	-30,000	–	-0.05%	–
CLX	Exit	CLOROX CO DEL	$0	–	-2,450	–	-0.05%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES N	$0	–	-3,830	–	-0.05%	–
BIIB	Exit	BIOGEN INC	$0	–	-980	–	-0.05%	–
EWT	Exit	ISHARESmsci taiwan etf	$0	–	-20,500	–	-0.05%	–
EFC	Exit	ELLINGTON FINANCIAL LLC	$0	–	-19,115	–	-0.05%	–
EWD	Exit	ISHARESmsci sweden etf	$0	–	-11,090	–	-0.05%	–
EWI	Exit	ISHARESmsci italcpd etf	$0	–	-29,790	–	-0.05%	–
KKR	Exit	KKR & CO L P DEL	$0	–	-23,440	–	-0.06%	–
WES	Exit	WESTERN GAS PARTNERS LP	$0	–	-6,030	–	-0.06%	–
TRP	Exit	TRANSCANADA CORP	$0	–	-7,080	–	-0.06%	–
FLT	Exit	FLEETCOR TECHNOLOGIES INC	$0	–	-1,940	–	-0.06%	–
AM	Exit	ANTERO MIDSTREAM PARTNERS LPunt ltd partn	$0	–	-12,870	–	-0.06%	–
TEP	Exit	TALLGRASS ENERGY PARTNERS LP	$0	–	-7,190	–	-0.06%	–
SFLY	Exit	SHUTTERFLY INC	$0	–	-8,300	–	-0.06%	–
MRK	Exit	MERCK & CO INC	$0	–	-5,980	–	-0.06%	–
EPHE	Exit	ISHARES TRmsci philips etf	$0	–	-10,000	–	-0.06%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-3,720	–	-0.06%	–
QQQX	Exit	NUVEEN NASDAQ 100 DYNAMIC OV	$0	–	-20,000	–	-0.06%	–
XLF	Exit	SELECT SECTOR SPDR TRsbi int-finl	$0	–	-20,000	–	-0.06%	–
MMM	Exit	3M CO	$0	–	-2,210	–	-0.06%	–
BCR	Exit	BARD C R INC	$0	–	-1,750	–	-0.06%	–
SE	Exit	SPECTRA ENERGY CORP	$0	–	-9,170	–	-0.06%	–
TGE	Exit	TALLGRASS ENERGY GP LP	$0	–	-16,460	–	-0.07%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-5,670	–	-0.07%	–
JQC	Exit	NUVEEN CR STRATEGIES INCM FD	$0	–	-50,000	–	-0.07%	–
HD	Exit	HOME DEPOT INC	$0	–	-3,330	–	-0.07%	–
UTF	Exit	COHEN & STEERS INFRASTRUCTUR	$0	–	-20,000	–	-0.07%	–
TLLP	Exit	TESORO LOGISTICS LP	$0	–	-9,390	–	-0.08%	–
VKQ	Exit	INVESCO MUN TR	$0	–	-32,602	–	-0.08%	–
FFIV	Exit	F5 NETWORKS INC	$0	–	-3,700	–	-0.08%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-1,930	–	-0.08%	–
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-8,810	–	-0.08%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-7,570	–	-0.08%	–
AAPL	Exit	APPLE INC	$0	–	-4,270	–	-0.08%	–
BCX	Exit	BLACKROCK RES & COMM STRAT T	$0	–	-58,880	–	-0.08%	–
EWW	Exit	ISHARESmsci mex cap etf	$0	–	-10,000	–	-0.08%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-3,960	–	-0.08%	–
QCOM	Exit	QUALCOMM INC	$0	–	-7,140	–	-0.08%	–
HRL	Exit	HORMEL FOODS CORP	$0	–	-13,040	–	-0.08%	–
GOVT	Exit	ISHARES TRcore us tr bd	$0	–	-20,000	–	-0.09%	–
AZO	Exit	AUTOZONE INC	$0	–	-680	–	-0.09%	–
EEP	Exit	ENBRIDGE ENERGY PARTNERS L P	$0	–	-21,450	–	-0.09%	–
MGU	Exit	MACQUARIE GLBL INFRA TOTL RE	$0	–	-25,000	–	-0.09%	–
EWQ	Exit	ISHARESmsci france etf	$0	–	-22,570	–	-0.09%	–
TLT	Exit	ISHARES TR20 yr tr bd etf	$0	–	-4,000	–	-0.09%	–
JMT	Exit	NUVEEN MTG OPPTY TERM FD 2	$0	–	-23,300	–	-0.09%	–
NVG	Exit	NUVEEN ENHANCED AMT FREE MUN	$0	–	-34,843	–	-0.09%	–
ARGT	Exit	GLOBAL X FDSgb msci ar etf	$0	–	-24,000	–	-0.10%	–
GLO	Exit	CLOUGH GLOBAL OPPORTUNITIESsh ben int	$0	–	-60,000	–	-0.10%	–
PPT	Exit	PUTNAM PREMIER INCOME TRsh ben int	$0	–	-120,000	–	-0.10%	–
USA	Exit	LIBERTY ALL STAR EQUITY FDsh ben int	$0	–	-112,619	–	-0.10%	–
TCP	Exit	TC PIPELINES LP	$0	–	-10,550	–	-0.10%	–
IVR	Exit	INVESCO MORTGAGE CAPITAL INC	$0	–	-40,000	–	-0.10%	–
SEP	Exit	SPECTRA ENERGY PARTNERS LP	$0	–	-14,380	–	-0.10%	–
XLE	Exit	SELECT SECTOR SPDR TRsbi int-energy	$0	–	-9,000	–	-0.10%	–
XLY	Exit	SELECT SECTOR SPDR TRsbi cons discr	$0	–	-8,000	–	-0.11%	–
EWC	Exit	ISHARESmsci cda etf	$0	–	-24,890	–	-0.11%	–
GEL	Exit	GENESIS ENERGY L Punit ltd partn	$0	–	-17,630	–	-0.11%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-30,150	–	-0.12%	–
EQM	Exit	EQT MIDSTREAM PARTNERS LPunit ltd partn	$0	–	-9,510	–	-0.12%	–
CAF	Exit	MORGAN STANLEY CHINA A SH FD	$0	–	-40,000	–	-0.12%	–
JPC	Exit	NUVEEN PFD INCOME OPPRTNY FD	$0	–	-75,800	–	-0.13%	–
FXI	Exit	ISHARES TRchina lg-cap etf	$0	–	-20,000	–	-0.13%	–
EWL	Exit	ISHARESmsci sz cap etf	$0	–	-25,050	–	-0.13%	–
INDA	Exit	ISHARES TRmsci india etf	$0	–	-27,000	–	-0.13%	–
XLV	Exit	SELECT SECTOR SPDR TRsbi healthcare	$0	–	-12,000	–	-0.14%	–
IBB	Exit	ISHARES TRnasdq biotec etf	$0	–	-3,000	–	-0.14%	–
OKS	Exit	ONEOK PARTNERS LPunit ltd partn	$0	–	-21,680	–	-0.14%	–
PPS	Exit	POST PPTYS INC	$0	–	-13,270	–	-0.15%	–
EQY	Exit	EQUITY ONE	$0	–	-29,000	–	-0.15%	–
ADX	Exit	ADAMS DIVERSIFIED EQUITY FD	$0	–	-70,000	–	-0.15%	–
ETP	Exit	ENERGY TRANSFER PRTNRS L Punit ltd partn	$0	–	-25,160	–	-0.15%	–
MPLX	Exit	MPLX LP	$0	–	-28,063	–	-0.16%	–
PAA	Exit	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$0	–	-30,500	–	-0.16%	–
DFE	Exit	WISDOMTREE TReurope smcp dv	$0	–	-18,000	–	-0.16%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-4,460	–	-0.16%	–
STOR	Exit	STORE CAP CORP	$0	–	-34,100	–	-0.17%	–
DLR	Exit	DIGITAL RLTY TR INC	$0	–	-10,500	–	-0.17%	–
EWP	Exit	ISHARESmsci span cp etf	$0	–	-38,300	–	-0.17%	–
DCT	Exit	DCT INDUSTRIAL TRUST INC	$0	–	-21,300	–	-0.17%	–
GGP	Exit	GENERAL GROWTH PPTYS INC NEW	$0	–	-38,610	–	-0.18%	–
EQR	Exit	EQUITY RESIDENTIALsh ben int	$0	–	-16,660	–	-0.18%	–
FRT	Exit	FEDERAL REALTY INVT TRsh ben int new	$0	–	-6,940	–	-0.18%	–
RYAAY	Exit	RYANAIR HLDGS PLCsponsored adr ne	$0	–	-14,500	–	-0.18%	–
SLRC	Exit	SOLAR CAP LTD	$0	–	-53,000	–	-0.18%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-5,270	–	-0.18%	–
OFC	Exit	CORPORATE OFFICE PPTYS TRsh ben int	$0	–	-39,260	–	-0.18%	–
NIE	Exit	ALLIANZGI EQUITY & CONV INCO	$0	–	-60,000	–	-0.19%	–
NNN	Exit	NATIONAL RETAIL PPTYS INC	$0	–	-22,150	–	-0.19%	–
ACC	Exit	AMERICAN CAMPUS CMNTYS INC	$0	–	-22,170	–	-0.19%	–
WELL	Exit	WELLTOWER INC	$0	–	-15,160	–	-0.19%	–
DRH	Exit	DIAMONDROCK HOSPITALITY CO	$0	–	-126,470	–	-0.19%	–
HTA	Exit	HEALTHCARE TR AMER INCcl a new	$0	–	-35,500	–	-0.19%	–
AAT	Exit	AMERICAN ASSETS TR INC	$0	–	-27,010	–	-0.19%	–
SUI	Exit	SUN CMNTYS INC	$0	–	-15,050	–	-0.20%	–
AIV	Exit	APARTMENT INVT & MGMT COcl a	$0	–	-25,830	–	-0.20%	–
EQC	Exit	EQUITY COMWLTH	$0	–	-39,400	–	-0.20%	–
BXP	Exit	BOSTON PROPERTIES INC	$0	–	-8,710	–	-0.20%	–
SRC	Exit	SPIRIT RLTY CAP INC NEW	$0	–	-89,890	–	-0.20%	–
SHO	Exit	SUNSTONE HOTEL INVS INC NEW	$0	–	-94,630	–	-0.20%	–
NAD	Exit	NUVEEN QUALITY MUNCP INCOME	$0	–	-80,295	–	-0.20%	–
EGP	Exit	EASTGROUP PPTY INC	$0	–	-16,620	–	-0.20%	–
RPAI	Exit	RETAIL PPTYS AMER INCcl a	$0	–	-75,200	–	-0.21%	–
PLD	Exit	PROLOGIS INC	$0	–	-23,600	–	-0.21%	–
ESRT	Exit	EMPIRE ST RLTY TR INCcl a	$0	–	-60,590	–	-0.21%	–
BTZ	Exit	BLACKROCK CR ALLCTN INC TR	$0	–	-100,000	–	-0.22%	–
TWO	Exit	TWO HBRS INVT CORP	$0	–	-161,500	–	-0.23%	–
IGR	Exit	CBRE CLARION GLOBAL REAL EST	$0	–	-170,000	–	-0.24%	–
BPL	Exit	BUCKEYE PARTNERS L Punit ltd partn	$0	–	-20,290	–	-0.24%	–
MMP	Exit	MAGELLAN MIDSTREAM PRTNRS LP	$0	–	-20,650	–	-0.24%	–
NEA	Exit	NUVEEN AMT FREE QLTY MUN INC	$0	–	-102,670	–	-0.25%	–
NZF	Exit	NUVEEN ENHANCED MUN CREDIT O	$0	–	-95,337	–	-0.25%	–
EWG	Exit	ISHARESmsci germany etf	$0	–	-57,530	–	-0.25%	–
GDV	Exit	GABELLI DIVD & INCOME TR	$0	–	-80,000	–	-0.26%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-57,288	–	-0.26%	–
EWJ	Exit	ISHARESmsci japan etf	$0	–	-129,600	–	-0.27%	–
IEF	Exit	ISHARES TR7-10 y tr bd etf	$0	–	-14,850	–	-0.28%	–
IEI	Exit	ISHARES TR3-7 yr tr bd etf	$0	–	-13,500	–	-0.28%	–
QQQ	Exit	POWERSHARES QQQ TRUSTunit ser 1	$0	–	-15,000	–	-0.30%	–
RVT	Exit	ROYCE VALUE TR INC	$0	–	-150,953	–	-0.32%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-16,000	–	-0.33%	–
EWU	Exit	ISHARES TRmsci utd kngdm	$0	–	-135,120	–	-0.36%	–
TIP	Exit	ISHARES TRtips bd etf	$0	–	-20,000	–	-0.39%	–
LQD	Exit	ISHARES TRiboxx inv cp etf	$0	–	-20,000	–	-0.41%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-55,000	–	-0.44%	–
KMX	Exit	CARMAX INC	$0	–	-51,300	–	-0.45%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-63,000	–	-0.51%	–
AGN	Exit	ALLERGAN PLC	$0	–	-14,740	–	-0.56%	–
CBRE	Exit	CBRE GROUP INCcl a	$0	–	-126,450	–	-0.59%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-49,630	–	-0.59%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-65,880	–	-0.59%	–
VFC	Exit	V F CORP	$0	–	-64,140	–	-0.60%	–
JLL	Exit	JONES LANG LASALLE INC	$0	–	-31,750	–	-0.60%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-45,940	–	-0.60%	–
DIS	Exit	DISNEY WALT CO	$0	–	-39,120	–	-0.60%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-52,010	–	-0.61%	–
MCK	Exit	MCKESSON CORP	$0	–	-21,990	–	-0.61%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcl a	$0	–	-151,600	–	-0.61%	–
TIF	Exit	TIFFANY & CO NEW	$0	–	-50,500	–	-0.61%	–
LLY	Exit	LILLY ELI & CO	$0	–	-45,830	–	-0.61%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-83,290	–	-0.61%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-36,400	–	-0.61%	–
SRCL	Exit	STERICYCLE INC	$0	–	-46,480	–	-0.62%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-70,860	–	-0.64%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-102,290	–	-0.68%	–
PII	Exit	POLARIS INDS INC	$0	–	-53,220	–	-0.68%	–
NVO	Exit	NOVO-NORDISK A Sadr	$0	–	-115,000	–	-0.79%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-25	–	-0.90%	–
ZG	Exit	ZILLOW GROUP INCcl a	$0	–	-182,356	–	-1.04%	–
VEA	Exit	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$0	–	-181,500	–	-1.12%	–
DXJ	Exit	WISDOMTREE TRjapn hedge eqt	$0	–	-170,000	–	-1.21%	–
TRUP	Exit	TRUPANION INC	$0	–	-438,700	–	-1.23%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-204,000	–	-1.27%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-28,470	–	-1.27%	–
BX	Exit	BLACKSTONE GROUP L P	$0	–	-318,100	–	-1.35%	–
V	Exit	VISA INC	$0	–	-104,790	–	-1.44%	–
CFX	Exit	COLFAX CORP	$0	–	-340,300	–	-1.77%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-70,600	–	-2.13%	–
Z	Exit	ZILLOW GROUP INCcl c cap stk	$0	–	-398,542	–	-2.29%	–
BND	Exit	VANGUARD BD INDEX FD INCtotal bnd mrkt	$0	–	-170,000	–	-2.37%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-160,640	–	-2.59%	–
G	Exit	GENPACT LIMITED	$0	–	-706,750	–	-2.80%	–
CACC	Exit	CREDIT ACCEP CORP MICH	$0	–	-86,280	–	-2.88%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-31,800	–	-4.24%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-132,000	–	-4.73%	–
OAK	Exit	OAKTREE CAP GROUP LLCunit cl a	$0	–	-712,340	–	-5.00%	–
AMZN	Exit	AMAZON COM INC	$0	–	-45,900	–	-6.37%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-784,000	–	-18.77%	–

Q3 2016

			Value		Shares		↓ Weighting
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$113,264,000	+15.0%	784,000	+15.3%	18.77%	-10.6%
OAK	Buy	OAKTREE CAP GROUP LLCunit cl a	$30,203,000	+13.9%	712,340	+20.3%	5.00%	-11.5%
GOOGL	Buy	ALPHABET INCcap stk cl a	$25,569,000	+101.9%	31,800	+76.7%	4.24%	+56.9%
CACC	Buy	CREDIT ACCEP CORP MICH	$17,349,000	+87.5%	86,280	+72.6%	2.88%	+45.7%
Z	Sell	ZILLOW GROUP INCcl c cap stk	$13,810,000	-5.7%	398,542	-1.2%	2.29%	-26.7%
BIDU	Buy	BAIDU INCspon adr rep a	$12,854,000	+94.6%	70,600	+76.5%	2.13%	+51.2%
CFX	Sell	COLFAX CORP	$10,696,000	+16.7%	340,300	-1.8%	1.77%	-9.3%
V	New	VISA INC	$8,666,000	–	104,790	–	1.44%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$7,686,000	–	28,470	–	1.27%	–
VWO	Buy	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$7,677,000	+32.5%	204,000	+24.0%	1.27%	+3.0%
DXJ	Buy	WISDOMTREE TRjapn hedge eqt	$7,295,000	+21.7%	170,000	+10.0%	1.21%	-5.4%
ZG	Buy	ZILLOW GROUP INCcl a	$6,283,000	-5.2%	182,356	+0.8%	1.04%	-26.4%
NVO	New	NOVO-NORDISK A Sadr	$4,783,000	–	115,000	–	0.79%	–
PII	Buy	POLARIS INDS INC	$4,121,000	+1676.3%	53,220	+1773.9%	0.68%	+1293.9%
BK	Buy	BANK NEW YORK MELLON CORP	$4,079,000	+767.9%	102,290	+745.4%	0.68%	+576.0%
EMR	New	EMERSON ELEC CO	$3,863,000	–	70,860	–	0.64%	–
SRCL	New	STERICYCLE INC	$3,725,000	–	46,480	–	0.62%	–
MA	New	MASTERCARD INCORPORATEDcl a	$3,704,000	–	36,400	–	0.61%	–
WFC	Buy	WELLS FARGO & CO NEW	$3,689,000	+1369.7%	83,290	+1471.5%	0.61%	+1031.5%
LLY	New	LILLY ELI & CO	$3,678,000	–	45,830	–	0.61%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$3,668,000	–	52,010	–	0.61%	–
MCK	New	MCKESSON CORP	$3,667,000	–	21,990	–	0.61%	–
FOXA	New	TWENTY FIRST CENTY FOX INCcl a	$3,671,000	–	151,600	–	0.61%	–
TIF	New	TIFFANY & CO NEW	$3,668,000	–	50,500	–	0.61%	–
DIS	New	DISNEY WALT CO	$3,632,000	–	39,120	–	0.60%	–
GILD	New	GILEAD SCIENCES INC	$3,635,000	–	45,940	–	0.60%	–
JLL	New	JONES LANG LASALLE INC	$3,613,000	–	31,750	–	0.60%	–
VFC	New	V F CORP	$3,595,000	–	64,140	–	0.60%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$3,552,000	–	65,880	–	0.59%	–
CRM	New	SALESFORCE COM INC	$3,540,000	–	49,630	–	0.59%	–
CBRE	New	CBRE GROUP INCcl a	$3,538,000	–	126,450	–	0.59%	–
AGN	New	ALLERGAN PLC	$3,395,000	–	14,740	–	0.56%	–
XLU	Sell	SELECT SECTOR SPDR TRsbi int-utils	$3,086,000	-26.5%	63,000	-21.2%	0.51%	-42.9%
KMX	Buy	CARMAX INC	$2,737,000	+11.6%	51,300	+2.6%	0.45%	-13.2%
TIP	Buy	ISHARES TRtips bd etf	$2,330,000	+232.9%	20,000	+233.3%	0.39%	+159.1%
NEA	Buy	NUVEEN AMT FREE QLTY MUN INC	$1,499,000	+186.6%	102,670	+194.5%	0.25%	+121.4%
ESRT	Buy	EMPIRE ST RLTY TR INCcl a	$1,269,000	+259.5%	60,590	+225.8%	0.21%	+180.0%
RPAI	Sell	RETAIL PPTYS AMER INCcl a	$1,263,000	-4.5%	75,200	-4.0%	0.21%	-25.9%
PLD	New	PROLOGIS INC	$1,264,000	–	23,600	–	0.21%	–
EGP	Sell	EASTGROUP PPTY INC	$1,222,000	-9.5%	16,620	-15.2%	0.20%	-29.5%
NAD	Buy	NUVEEN QUALITY MUNCP INCOME	$1,210,000	+484.5%	80,295	+508.0%	0.20%	+356.8%
SHO	New	SUNSTONE HOTEL INVS INC NEW	$1,210,000	–	94,630	–	0.20%	–
SRC	Sell	SPIRIT RLTY CAP INC NEW	$1,198,000	-6.0%	89,890	-9.8%	0.20%	-26.8%
BXP	New	BOSTON PROPERTIES INC	$1,187,000	–	8,710	–	0.20%	–
EQC	Sell	EQUITY COMWLTH	$1,191,000	+2.0%	39,400	-1.7%	0.20%	-20.9%
AIV	New	APARTMENT INVT & MGMT COcl a	$1,185,000	–	25,830	–	0.20%	–
SUI	Buy	SUN CMNTYS INC	$1,181,000	+234.6%	15,050	+227.2%	0.20%	+161.3%
AAT	New	AMERICAN ASSETS TR INC	$1,172,000	–	27,010	–	0.19%	–
HTA	Sell	HEALTHCARE TR AMER INCcl a new	$1,158,000	-5.8%	35,500	-6.6%	0.19%	-26.7%
DRH	Buy	DIAMONDROCK HOSPITALITY CO	$1,151,000	+11.5%	126,470	+10.6%	0.19%	-13.2%
WELL	Sell	WELLTOWER INC	$1,133,000	-7.6%	15,160	-5.8%	0.19%	-28.0%
NNN	New	NATIONAL RETAIL PPTYS INC	$1,127,000	–	22,150	–	0.19%	–
ACC	Buy	AMERICAN CAMPUS CMNTYS INC	$1,128,000	+204.9%	22,170	+216.7%	0.19%	+136.7%
OFC	Sell	CORPORATE OFFICE PPTYS TRsh ben int	$1,113,000	-21.8%	39,260	-18.4%	0.18%	-39.3%
SPG	Buy	SIMON PPTY GROUP INC NEW	$1,091,000	+30.3%	5,270	+36.5%	0.18%	+1.7%
RYAAY	New	RYANAIR HLDGS PLCsponsored adr ne	$1,088,000	–	14,500	–	0.18%	–
EQR	Buy	EQUITY RESIDENTIALsh ben int	$1,071,000	+5.8%	16,660	+13.4%	0.18%	-18.1%
FRT	Sell	FEDERAL REALTY INVT TRsh ben int new	$1,068,000	-14.0%	6,940	-7.5%	0.18%	-33.2%
GGP	Buy	GENERAL GROWTH PPTYS INC NEW	$1,066,000	-6.2%	38,610	+1.3%	0.18%	-26.9%
DLR	Sell	DIGITAL RLTY TR INC	$1,020,000	-32.7%	10,500	-24.5%	0.17%	-47.7%
STOR	Sell	STORE CAP CORP	$1,005,000	-27.2%	34,100	-27.3%	0.17%	-43.2%
PSA	Buy	PUBLIC STORAGE	$995,000	-11.6%	4,460	+1.4%	0.16%	-31.2%
EQY	Sell	EQUITY ONE	$888,000	-31.8%	29,000	-28.4%	0.15%	-47.1%
FXI	Sell	ISHARES TRchina lg-cap etf	$760,000	-44.5%	20,000	-50.0%	0.13%	-56.8%
XLE	Sell	SELECT SECTOR SPDR TRsbi int-energy	$635,000	-50.0%	9,000	-51.6%	0.10%	-61.3%
ARGT	New	GLOBAL X FDSgb msci ar etf	$573,000	–	24,000	–	0.10%	–
JMT	Sell	NUVEEN MTG OPPTY TERM FD 2	$553,000	-29.2%	23,300	-33.4%	0.09%	-44.9%
GOVT	Sell	ISHARES TRcore us tr bd	$522,000	-50.3%	20,000	-50.0%	0.09%	-61.2%
QCOM	Buy	QUALCOMM INC	$489,000	+52.8%	7,140	+19.6%	0.08%	+19.1%
SIX	Buy	SIX FLAGS ENTMT CORP NEW	$473,000	+20.1%	8,810	+29.6%	0.08%	-7.1%
XLF	Sell	SELECT SECTOR SPDR TRsbi int-finl	$386,000	-43.6%	20,000	-33.3%	0.06%	-56.2%
SFLY	Sell	SHUTTERFLY INC	$371,000	-12.5%	8,300	-8.8%	0.06%	-32.2%
FLT	Sell	FLEETCOR TECHNOLOGIES INC	$337,000	+7.0%	1,940	-11.8%	0.06%	-16.4%
SCHW	New	SCHWAB CHARLES CORP NEW	$298,000	–	9,460	–	0.05%	–
LBTYK	Sell	LIBERTY GLOBAL PLC	$296,000	-16.6%	8,960	-27.7%	0.05%	-35.5%
TDG	Sell	TRANSDIGM GROUP INC	$266,000	-22.4%	920	-29.2%	0.04%	-39.7%
GDX	Sell	VANECK VECTORS ETF TRgold miners etf	$264,000	-52.3%	10,000	-50.0%	0.04%	-62.7%
SIG	Buy	SIGNET JEWELERS LIMITED	$261,000	-9.4%	3,510	+0.3%	0.04%	-29.5%
GRUB	Sell	GRUBHUB INC	$246,000	+4.2%	5,720	-24.7%	0.04%	-18.0%
RICE	Sell	RICE ENERGY INC	$223,000	-21.5%	8,560	-33.6%	0.04%	-39.3%
PXD	Sell	PIONEER NAT RES CO	$213,000	-21.7%	1,150	-36.1%	0.04%	-39.7%
VNM	New	VANECK VECTORS ETF TRvietnam etf	$211,000	–	14,000	–	0.04%	–
MIC	Sell	MACQUARIE INFRASTRUCTURE COR	$205,000	-23.2%	2,470	-31.4%	0.03%	-40.4%
MON	New	MONSANTO CO NEW	$200,000	–	1,960	–	0.03%	–
ORBC	New	ORBCOMM INC	$200,000	–	19,450	–	0.03%	–
BLDR	Sell	BUILDERS FIRSTSOURCE INC	$189,000	-27.9%	16,460	-29.4%	0.03%	-44.6%
WAIR	Sell	WESCO AIRCRAFT HLDGS INC	$166,000	-38.1%	12,330	-38.4%	0.03%	-50.9%
BAC	New	BANK AMER CORP	$158,000	–	10,110	–	0.03%	–
PAH	Sell	PLATFORM SPECIALTY PRODS COR	$139,000	-27.6%	17,110	-20.8%	0.02%	-43.9%
MTW	New	MANITOWOC INC	$106,000	–	22,170	–	0.02%	–
NEBLQ	New	NOBLE CORP PLC	$100,000	–	15,830	–	0.02%	–
FCAU	New	FIAT CHRYSLER AUTOMOBILES N	$75,000	–	11,820	–	0.01%	–
GLFMQ	Exit	GULFMARK OFFSHORE INCcl a new	$0	–	-48,100	–	-0.03%	–
SEAS	Exit	SEAWORLD ENTMT INC	$0	–	-13,500	–	-0.04%	–
FOX	Exit	TWENTY FIRST CENTY FOX INCcl b	$0	–	-7,800	–	-0.04%	–
TPX	Exit	TEMPUR SEALY INTL INC	$0	–	-3,900	–	-0.05%	–
WMS	Exit	ADVANCED DRAIN SYS INC DEL	$0	–	-8,000	–	-0.05%	–
NOMD	Exit	NOMAD HLDGS LTD	$0	–	-29,700	–	-0.05%	–
AZPN	Exit	ASPEN TECHNOLOGY INC	$0	–	-6,200	–	-0.05%	–
GPORQ	Exit	GULFPORT ENERGY CORP	$0	–	-7,900	–	-0.05%	–
IRM	Exit	IRON MTN INC NEW	$0	–	-6,900	–	-0.06%	–
LRCX	Exit	LAM RESEARCH CORP	$0	–	-3,400	–	-0.06%	–
POST	Exit	POST HLDGS INC	$0	–	-3,600	–	-0.06%	–
HPE	Exit	HEWLETT PACKARD ENTERPRISE C	$0	–	-18,000	–	-0.07%	–
DRE	Exit	DUKE REALTY CORP	$0	–	-14,700	–	-0.08%	–
EXG	Exit	EATON VANCE TAX MNGD GBL DV	$0	–	-50,000	–	-0.09%	–
NPM	Exit	NUVEEN PREM INCOME MUN FD 2	$0	–	-29,722	–	-0.10%	–
AGNC	Exit	AMERICAN CAPITAL AGENCY CORP	$0	–	-25,000	–	-0.11%	–
NQS	Exit	NUVEEN SELECT QUALITY MUN FD	$0	–	-32,565	–	-0.11%	–
NPI	Exit	NUVEEN PREM INCOME MUN FD	$0	–	-33,750	–	-0.11%	–
DSL	Exit	DOUBLELINE INCOME SOLUTIONS	$0	–	-30,000	–	-0.12%	–
NMO	Exit	NUVEEN MUN MKT OPPORTUNITY F	$0	–	-36,675	–	-0.12%	–
PDM	Exit	PIEDMONT OFFICE REALTY TR IN	$0	–	-41,600	–	-0.19%	–
VCLT	Exit	VANGUARD SCOTTSDALE FDSlg-term cor bd	$0	–	-11,000	–	-0.22%	–
LHO	Exit	LASALLE HOTEL PPTYS	$0	–	-46,400	–	-0.23%	–
PEI	Exit	PENNSYLVANIA RL ESTATE INVTsh ben int	$0	–	-52,000	–	-0.24%	–
EXR	Exit	EXTRA SPACE STORAGE INC	$0	–	-12,100	–	-0.24%	–
VNO	Exit	VORNADO RLTY TRsh ben int	$0	–	-11,400	–	-0.24%	–
PCI	Exit	PIMCO DYNAMIC CR INCOME FD	$0	–	-60,000	–	-0.24%	–
CPT	Exit	CAMDEN PPTY TRsh ben int	$0	–	-14,200	–	-0.27%	–
PHYS	Exit	SPROTT PHYSICAL GOLD TRUSTunit	$0	–	-160,000	–	-0.38%	–
JPS	Exit	NUVEEN PREFERRED SECURITIES	$0	–	-243,569	–	-0.48%	–
UBS	Exit	UBS GROUP AG	$0	–	-320,500	–	-0.89%	–

Q2 2016

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$98,471,000	–	680,100	–	21.00%	–
AMZN	New	AMAZON COM INC	$32,846,000	–	45,900	–	7.00%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$27,658,000	–	132,000	–	5.90%	–
OAK	New	OAKTREE CAP GROUP LLCunit cl a	$26,513,000	–	592,340	–	5.65%	–
G	New	GENPACT LIMITED	$18,969,000	–	706,750	–	4.04%	–
PM	New	PHILIP MORRIS INTL INC	$16,340,000	–	160,640	–	3.48%	–
Z	New	ZILLOW GROUP INCcl c cap stk	$14,640,000	–	403,512	–	3.12%	–
BND	New	VANGUARD BD INDEX FD INCtotal bnd mrkt	$14,331,000	–	170,000	–	3.06%	–
GOOGL	New	ALPHABET INCcap stk cl a	$12,664,000	–	18,000	–	2.70%	–
CACC	New	CREDIT ACCEP CORP MICH	$9,254,000	–	50,000	–	1.97%	–
CFX	New	COLFAX CORP	$9,165,000	–	346,400	–	1.95%	–
BX	New	BLACKSTONE GROUP L P	$7,806,000	–	318,100	–	1.66%	–
ZG	New	ZILLOW GROUP INCcl a	$6,630,000	–	180,906	–	1.41%	–
BIDU	New	BAIDU INCspon adr rep a	$6,606,000	–	40,000	–	1.41%	–
VEA	New	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$6,418,000	–	181,500	–	1.37%	–
DXJ	New	WISDOMTREE TRjapn hedge eqt	$5,995,000	–	154,600	–	1.28%	–
TRUP	New	TRUPANION INC	$5,813,000	–	438,700	–	1.24%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$5,794,000	–	164,500	–	1.24%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$5,424,000	–	25	–	1.16%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$4,198,000	–	80,000	–	0.90%	–
UBS	New	UBS GROUP AG	$4,154,000	–	320,500	–	0.89%	–
KMX	New	CARMAX INC	$2,452,000	–	50,000	–	0.52%	–
LQD	New	ISHARES TRiboxx inv cp etf	$2,455,000	–	20,000	–	0.52%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$2,385,000	–	55,000	–	0.51%	–
JPS	New	NUVEEN PREFERRED SECURITIES	$2,253,000	–	243,569	–	0.48%	–
EWU	New	ISHARES TRmsci utd kngdm	$2,077,000	–	135,120	–	0.44%	–
GLD	New	SPDR GOLD TRUST	$2,024,000	–	16,000	–	0.43%	–
RVT	New	ROYCE VALUE TR INC	$1,777,000	–	150,953	–	0.38%	–
PHYS	New	SPROTT PHYSICAL GOLD TRUSTunit	$1,757,000	–	160,000	–	0.38%	–
IEI	New	ISHARES TR3-7 yr tr bd etf	$1,719,000	–	13,500	–	0.37%	–
IEF	New	ISHARES TR7-10 y tr bd etf	$1,678,000	–	14,850	–	0.36%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$1,676,000	–	57,288	–	0.36%	–
QQQ	New	POWERSHARES QQQ TRUSTunit ser 1	$1,613,000	–	15,000	–	0.34%	–
MMP	New	MAGELLAN MIDSTREAM PRTNRS LP	$1,570,000	–	20,650	–	0.34%	–
GDV	New	GABELLI DIVD & INCOME TR	$1,530,000	–	80,000	–	0.33%	–
NZF	New	NUVEEN ENHANCED MUN CREDIT O	$1,518,000	–	95,337	–	0.32%	–
DLR	New	DIGITAL RLTY TR INC	$1,515,000	–	13,900	–	0.32%	–
EWJ	New	ISHARESmsci japan etf	$1,490,000	–	129,600	–	0.32%	–
BPL	New	BUCKEYE PARTNERS L Punit ltd partn	$1,427,000	–	20,290	–	0.30%	–
OFC	New	CORPORATE OFFICE PPTYS TRsh ben int	$1,423,000	–	48,100	–	0.30%	–
IGR	New	CBRE CLARION GLOBAL REAL EST	$1,399,000	–	170,000	–	0.30%	–
EWG	New	ISHARESmsci germany etf	$1,384,000	–	57,530	–	0.30%	–
TWO	New	TWO HBRS INVT CORP	$1,382,000	–	161,500	–	0.30%	–
STOR	New	STORE CAP CORP	$1,381,000	–	46,900	–	0.29%	–
FXI	New	ISHARES TRchina lg-cap etf	$1,369,000	–	40,000	–	0.29%	–
EGP	New	EASTGROUP PPTY INC	$1,351,000	–	19,600	–	0.29%	–
RPAI	New	RETAIL PPTYS AMER INCcl a	$1,323,000	–	78,300	–	0.28%	–
BTZ	New	BLACKROCK CR ALLCTN INC TR	$1,302,000	–	100,000	–	0.28%	–
EQY	New	EQUITY ONE	$1,303,000	–	40,500	–	0.28%	–
SRC	New	SPIRIT RLTY CAP INC NEW	$1,274,000	–	99,700	–	0.27%	–
XLE	New	SELECT SECTOR SPDR TRsbi int-energy	$1,269,000	–	18,600	–	0.27%	–
CPT	New	CAMDEN PPTY TRsh ben int	$1,256,000	–	14,200	–	0.27%	–
FRT	New	FEDERAL REALTY INVT TRsh ben int new	$1,242,000	–	7,500	–	0.26%	–
HTA	New	HEALTHCARE TR AMER INCcl a new	$1,229,000	–	38,000	–	0.26%	–
WELL	New	WELLTOWER INC	$1,226,000	–	16,100	–	0.26%	–
EQC	New	EQUITY COMWLTH	$1,168,000	–	40,100	–	0.25%	–
PCI	New	PIMCO DYNAMIC CR INCOME FD	$1,148,000	–	60,000	–	0.24%	–
VNO	New	VORNADO RLTY TRsh ben int	$1,141,000	–	11,400	–	0.24%	–
GGP	New	GENERAL GROWTH PPTYS INC NEW	$1,136,000	–	38,100	–	0.24%	–
PSA	New	PUBLIC STORAGE	$1,125,000	–	4,400	–	0.24%	–
EXR	New	EXTRA SPACE STORAGE INC	$1,120,000	–	12,100	–	0.24%	–
PEI	New	PENNSYLVANIA RL ESTATE INVTsh ben int	$1,116,000	–	52,000	–	0.24%	–
NIE	New	ALLIANZGI EQUITY & CONV INCO	$1,103,000	–	60,000	–	0.24%	–
LHO	New	LASALLE HOTEL PPTYS	$1,094,000	–	46,400	–	0.23%	–
GOVT	New	ISHARES TRcore us tr bd	$1,050,000	–	40,000	–	0.22%	–
VCLT	New	VANGUARD SCOTTSDALE FDSlg-term cor bd	$1,040,000	–	11,000	–	0.22%	–
DRH	New	DIAMONDROCK HOSPITALITY CO	$1,032,000	–	114,300	–	0.22%	–
DCT	New	DCT INDUSTRIAL TRUST INC	$1,023,000	–	21,300	–	0.22%	–
EQR	New	EQUITY RESIDENTIALsh ben int	$1,012,000	–	14,690	–	0.22%	–
SLRC	New	SOLAR CAP LTD	$1,010,000	–	53,000	–	0.22%	–
ETP	New	ENERGY TRANSFER PRTNRS L Punit ltd partn	$958,000	–	25,160	–	0.20%	–
EWP	New	ISHARESmsci span cp etf	$957,000	–	38,300	–	0.20%	–
MPLX	New	MPLX LP	$944,000	–	28,063	–	0.20%	–
DFE	New	WISDOMTREE TReurope smcp dv	$919,000	–	18,000	–	0.20%	–
PDM	New	PIEDMONT OFFICE REALTY TR IN	$896,000	–	41,600	–	0.19%	–
ADX	New	ADAMS DIVERSIFIED EQUITY FD	$887,000	–	70,000	–	0.19%	–
OKS	New	ONEOK PARTNERS LPunit ltd partn	$868,000	–	21,680	–	0.18%	–
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$861,000	–	12,000	–	0.18%	–
PAA	New	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$838,000	–	30,500	–	0.18%	–
SPG	New	SIMON PPTY GROUP INC NEW	$837,000	–	3,860	–	0.18%	–
PPS	New	POST PPTYS INC	$810,000	–	13,270	–	0.17%	–
JMT	New	NUVEEN MTG OPPTY TERM FD 2	$781,000	–	35,000	–	0.17%	–
IBB	New	ISHARES TRnasdq biotec etf	$772,000	–	3,000	–	0.16%	–
EQM	New	EQT MIDSTREAM PARTNERS LPunit ltd partn	$763,000	–	9,510	–	0.16%	–
JPC	New	NUVEEN PFD INCOME OPPRTNY FD	$760,000	–	75,800	–	0.16%	–
INDA	New	ISHARES TRmsci india etf	$754,000	–	27,000	–	0.16%	–
EWL	New	ISHARESmsci sz cap etf	$743,000	–	25,050	–	0.16%	–
CAF	New	MORGAN STANLEY CHINA A SH FD	$714,000	–	40,000	–	0.15%	–
TIP	New	ISHARES TRtips bd etf	$700,000	–	6,000	–	0.15%	–
XLF	New	SELECT SECTOR SPDR TRsbi int-finl	$685,000	–	30,000	–	0.15%	–
SEP	New	SPECTRA ENERGY PARTNERS LP	$678,000	–	14,380	–	0.14%	–
GEL	New	GENESIS ENERGY L Punit ltd partn	$676,000	–	17,630	–	0.14%	–
XLY	New	SELECT SECTOR SPDR TRsbi cons discr	$624,000	–	8,000	–	0.13%	–
EWC	New	ISHARESmsci cda etf	$610,000	–	24,890	–	0.13%	–
TCP	New	TC PIPELINES LP	$604,000	–	10,550	–	0.13%	–
NVG	New	NUVEEN ENHANCED AMT FREE MUN	$567,000	–	34,843	–	0.12%	–
PPT	New	PUTNAM PREMIER INCOME TRsh ben int	$564,000	–	120,000	–	0.12%	–
USA	New	LIBERTY ALL STAR EQUITY FDsh ben int	$565,000	–	112,619	–	0.12%	–
KMI	New	KINDER MORGAN INC DEL	$565,000	–	30,150	–	0.12%	–
GLO	New	CLOUGH GLOBAL OPPORTUNITIESsh ben int	$560,000	–	60,000	–	0.12%	–
TLT	New	ISHARES TR20 yr tr bd etf	$556,000	–	4,000	–	0.12%	–
NMO	New	NUVEEN MUN MKT OPPORTUNITY F	$553,000	–	36,675	–	0.12%	–
GDX	New	VANECK VECTORS ETF TRgold miners etf	$554,000	–	20,000	–	0.12%	–
IVR	New	INVESCO MORTGAGE CAPITAL INC	$548,000	–	40,000	–	0.12%	–
DSL	New	DOUBLELINE INCOME SOLUTIONS	$551,000	–	30,000	–	0.12%	–
AZO	New	AUTOZONE INC	$540,000	–	680	–	0.12%	–
MGU	New	MACQUARIE GLBL INFRA TOTL RE	$535,000	–	25,000	–	0.11%	–
NEA	New	NUVEEN AMT-FREE MUN INCOME F	$523,000	–	34,867	–	0.11%	–
MO	New	ALTRIA GROUP INC	$522,000	–	7,570	–	0.11%	–
NPI	New	NUVEEN PREM INCOME MUN FD	$521,000	–	33,750	–	0.11%	–
EWQ	New	ISHARESmsci france etf	$516,000	–	22,570	–	0.11%	–
NQS	New	NUVEEN SELECT QUALITY MUN FD	$505,000	–	32,565	–	0.11%	–
EWW	New	ISHARESmsci mex cap etf	$504,000	–	10,000	–	0.11%	–
EEP	New	ENBRIDGE ENERGY PARTNERS L P	$497,000	–	21,450	–	0.11%	–
AGNC	New	AMERICAN CAPITAL AGENCY CORP	$496,000	–	25,000	–	0.11%	–
LMT	New	LOCKHEED MARTIN CORP	$479,000	–	1,930	–	0.10%	–
HRL	New	HORMEL FOODS CORP	$477,000	–	13,040	–	0.10%	–
BK	New	BANK NEW YORK MELLON CORP	$470,000	–	12,100	–	0.10%	–
TLLP	New	TESORO LOGISTICS LP	$465,000	–	9,390	–	0.10%	–
VKQ	New	INVESCO MUN TR	$463,000	–	32,602	–	0.10%	–
NPM	New	NUVEEN PREM INCOME MUN FD 2	$460,000	–	29,722	–	0.10%	–
BCX	New	BLACKROCK RES & COMM STRAT T	$453,000	–	58,880	–	0.10%	–
ACN	New	ACCENTURE PLC IRELAND	$449,000	–	3,960	–	0.10%	–
HD	New	HOME DEPOT INC	$425,000	–	3,330	–	0.09%	–
UTF	New	COHEN & STEERS INFRASTRUCTUR	$428,000	–	20,000	–	0.09%	–
EXG	New	EATON VANCE TAX MNGD GBL DV	$428,000	–	50,000	–	0.09%	–
SFLY	New	SHUTTERFLY INC	$424,000	–	9,100	–	0.09%	–
FFIV	New	F5 NETWORKS INC	$421,000	–	3,700	–	0.09%	–
BCR	New	BARD C R INC	$412,000	–	1,750	–	0.09%	–
AAPL	New	APPLE INC	$408,000	–	4,270	–	0.09%	–
JQC	New	NUVEEN CR STRATEGIES INCM FD	$404,000	–	50,000	–	0.09%	–
DRE	New	DUKE REALTY CORP	$392,000	–	14,700	–	0.08%	–
EPHE	New	ISHARES TRmsci philips etf	$392,000	–	10,000	–	0.08%	–
SIX	New	SIX FLAGS ENTMT CORP NEW	$394,000	–	6,800	–	0.08%	–
MMM	New	3M CO	$387,000	–	2,210	–	0.08%	–
GPC	New	GENUINE PARTS CO	$377,000	–	3,720	–	0.08%	–
ACC	New	AMERICAN CAMPUS CMNTYS INC	$370,000	–	7,000	–	0.08%	–
TGE	New	TALLGRASS ENERGY GP LP	$371,000	–	16,460	–	0.08%	–
TXN	New	TEXAS INSTRS INC	$355,000	–	5,670	–	0.08%	–
QQQX	New	NUVEEN NASDAQ 100 DYNAMIC OV	$357,000	–	20,000	–	0.08%	–
AM	New	ANTERO MIDSTREAM PARTNERS LPunt ltd partn	$358,000	–	12,870	–	0.08%	–
LBTYK	New	LIBERTY GLOBAL PLC	$355,000	–	12,400	–	0.08%	–
ESRT	New	EMPIRE ST RLTY TR INCcl a	$353,000	–	18,600	–	0.08%	–
SUI	New	SUN CMNTYS INC	$353,000	–	4,600	–	0.08%	–
MRK	New	MERCK & CO INC	$345,000	–	5,980	–	0.07%	–
TDG	New	TRANSDIGM GROUP INC	$343,000	–	1,300	–	0.07%	–
CLX	New	CLOROX CO DEL	$339,000	–	2,450	–	0.07%	–
SE	New	SPECTRA ENERGY CORP	$336,000	–	9,170	–	0.07%	–
TEP	New	TALLGRASS ENERGY PARTNERS LP	$331,000	–	7,190	–	0.07%	–
EFC	New	ELLINGTON FINANCIAL LLC	$327,000	–	19,115	–	0.07%	–
HPE	New	HEWLETT PACKARD ENTERPRISE C	$329,000	–	18,000	–	0.07%	–
EWI	New	ISHARESmsci italcpd etf	$323,000	–	29,790	–	0.07%	–
TRP	New	TRANSCANADA CORP	$320,000	–	7,080	–	0.07%	–
QCOM	New	QUALCOMM INC	$320,000	–	5,970	–	0.07%	–
ORCL	New	ORACLE CORP	$316,000	–	7,710	–	0.07%	–
FLT	New	FLEETCOR TECHNOLOGIES INC	$315,000	–	2,200	–	0.07%	–
APU	New	AMERIGAS PARTNERS L Punit l p int	$304,000	–	6,500	–	0.06%	–
EWD	New	ISHARESmsci sweden etf	$303,000	–	11,090	–	0.06%	–
WES	New	WESTERN GAS PARTNERS LP	$304,000	–	6,030	–	0.06%	–
PPG	New	PPG INDS INC	$300,000	–	2,880	–	0.06%	–
POST	New	POST HLDGS INC	$298,000	–	3,600	–	0.06%	–
COL	New	ROCKWELL COLLINS INC	$302,000	–	3,550	–	0.06%	–
EHI	New	WESTERN ASSET GLB HI INCOME	$291,000	–	30,000	–	0.06%	–
KKR	New	KKR & CO L P DEL	$289,000	–	23,440	–	0.06%	–
EWT	New	ISHARESmsci taiwan etf	$288,000	–	20,500	–	0.06%	–
RICE	New	RICE ENERGY INC	$284,000	–	12,900	–	0.06%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$285,000	–	3,830	–	0.06%	–
BGY	New	BLACKROCK INTL GRWTH & INC T	$288,000	–	50,000	–	0.06%	–
HEP	New	HOLLY ENERGY PARTNERS L P	$285,000	–	8,230	–	0.06%	–
LRCX	New	LAM RESEARCH CORP	$286,000	–	3,400	–	0.06%	–
SIG	New	SIGNET JEWELERS LIMITED	$288,000	–	3,500	–	0.06%	–
SHLX	New	SHELL MIDSTREAM PARTNERS L Punit ltd int	$275,000	–	8,120	–	0.06%	–
IRM	New	IRON MTN INC NEW	$275,000	–	6,900	–	0.06%	–
PXD	New	PIONEER NAT RES CO	$272,000	–	1,800	–	0.06%	–
WAIR	New	WESCO AIRCRAFT HLDGS INC	$268,000	–	20,000	–	0.06%	–
MIC	New	MACQUARIE INFRASTRUCTURE COR	$267,000	–	3,600	–	0.06%	–
BLDR	New	BUILDERS FIRSTSOURCE INC	$262,000	–	23,300	–	0.06%	–
PSXP	New	PHILLIPS 66 PARTNERS LP	$258,000	–	4,630	–	0.06%	–
WFC	New	WELLS FARGO & CO NEW	$251,000	–	5,300	–	0.05%	–
DSU	New	BLACKROCK DEBT STRAT FD INC	$247,000	–	70,000	–	0.05%	–
AZPN	New	ASPEN TECHNOLOGY INC	$249,000	–	6,200	–	0.05%	–
GPORQ	New	GULFPORT ENERGY CORP	$247,000	–	7,900	–	0.05%	–
XME	New	SPDR SERIES TRUSTs&p metals mng	$244,000	–	10,000	–	0.05%	–
MOO	New	VANECK VECTORS ETF TRagribusiness etf	$240,000	–	5,000	–	0.05%	–
FSD	New	FIRST TR HIGH INCOME L/S FD	$237,000	–	16,000	–	0.05%	–
NOMD	New	NOMAD HLDGS LTD	$237,000	–	29,700	–	0.05%	–
BIIB	New	BIOGEN INC	$237,000	–	980	–	0.05%	–
EWO	New	ISHARESaustria capd etf	$241,000	–	17,000	–	0.05%	–
APO	New	APOLLO GLOBAL MGMT LLC	$234,000	–	15,450	–	0.05%	–
GRUB	New	GRUBHUB INC	$236,000	–	7,600	–	0.05%	–
PII	New	POLARIS INDS INC	$232,000	–	2,840	–	0.05%	–
XLI	New	SELECT SECTOR SPDR TRsbi int-inds	$224,000	–	4,000	–	0.05%	–
FIG	New	FORTRESS INVESTMENT GROUP LLcl a	$221,000	–	50,000	–	0.05%	–
WMS	New	ADVANCED DRAIN SYS INC DEL	$219,000	–	8,000	–	0.05%	–
TPX	New	TEMPUR SEALY INTL INC	$216,000	–	3,900	–	0.05%	–
EWS	New	ISHARESmsci singap etf	$212,000	–	19,540	–	0.04%	–
FOX	New	TWENTY FIRST CENTY FOX INCcl b	$213,000	–	7,800	–	0.04%	–
EWN	New	ISHARESmsci netherl etf	$210,000	–	9,060	–	0.04%	–
NAD	New	NUVEEN DIVID ADVANTAGE MUN F	$207,000	–	13,206	–	0.04%	–
BOE	New	BLACKROCK GLOBAL OPP EQTY TR	$191,000	–	16,100	–	0.04%	–
PAH	New	PLATFORM SPECIALTY PRODS COR	$192,000	–	21,600	–	0.04%	–
SEAS	New	SEAWORLD ENTMT INC	$193,000	–	13,500	–	0.04%	–
CMO	New	CAPSTEAD MTG CORP	$194,000	–	20,000	–	0.04%	–
MCR	New	MFS CHARTER INCOME TRsh ben int	$169,000	–	20,000	–	0.04%	–
EWM	New	ISHARESmsci malaysi etf	$166,000	–	20,000	–	0.04%	–
GLFMQ	New	GULFMARK OFFSHORE INCcl a new	$151,000	–	48,100	–	0.03%	–
GREK	New	GLOBAL X FDSmsci greece etf	$145,000	–	20,000	–	0.03%	–
MHF	New	WESTERN ASSET MUN HI INCM FD	$111,000	–	13,425	–	0.02%	–
FSAM	New	FIFTH STR ASSET MGMT INC	$91,000	–	22,500	–	0.02%	–
KMIWS	New	KINDER MORGAN INC DEL*w exp 05/25/201	$1,000	–	80,586	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
KMIWS	Exit	KINDER MORGAN INC DEL*w exp 05/25/201	$0	–	-98,586	–	-0.01%	–
GLO	Exit	CLOUGH GLOBAL OPPORTUNITIESsh ben int	$0	–	-10,000	–	-0.02%	–
CXH	Exit	MFS INVT GRADE MUN TRsh ben int	$0	–	-12,000	–	-0.02%	–
MHF	Exit	WESTERN ASSET MUN HI INCM FD	$0	–	-17,900	–	-0.02%	–
EMD	Exit	WESTERN ASSET EMRG MKT DEBT	$0	–	-10,000	–	-0.02%	–
MCR	Exit	MFS CHARTER INCOME TRsh ben int	$0	–	-20,000	–	-0.02%	–
XME	Exit	SPDR SERIES TRUSTs&p metals mng	$0	–	-10,000	–	-0.02%	–
BGY	Exit	BLACKROCK INTL GRWTH & INC T	$0	–	-30,000	–	-0.03%	–
GREK	Exit	GLOBAL X FDSftse greece 20	$0	–	-20,000	–	-0.03%	–
BOE	Exit	BLACKROCK GLOBAL OPP EQTY TR	$0	–	-16,100	–	-0.03%	–
CMO	Exit	CAPSTEAD MTG CORP	$0	–	-20,000	–	-0.03%	–
EWM	Exit	ISHARESmsci malaysi etf	$0	–	-20,000	–	-0.03%	–
XLI	Exit	SELECT SECTOR SPDR TRsbi int-inds	$0	–	-4,000	–	-0.03%	–
EWS	Exit	ISHARESmsci singap etf	$0	–	-19,540	–	-0.03%	–
EWN	Exit	ISHARESmsci netherl etf	$0	–	-9,060	–	-0.03%	–
FSD	Exit	FIRST TR HIGH INCOME L/S FD	$0	–	-16,000	–	-0.03%	–
MOO	Exit	MARKET VECTORS ETF TRagribus etf	$0	–	-5,000	–	-0.03%	–
DSU	Exit	BLACKROCK DEBT STRAT FD INC	$0	–	-70,000	–	-0.04%	–
ACAS	Exit	AMERICAN CAP LTD	$0	–	-20,000	–	-0.04%	–
NAD	Exit	NUVEEN DIVID ADVANTAGE MUN F	$0	–	-17,608	–	-0.04%	–
MSD	Exit	MORGAN STANLEY EMER MKTS DEB	$0	–	-30,000	–	-0.04%	–
PPG	Exit	PPG INDS INC	$0	–	-2,880	–	-0.04%	–
EWO	Exit	ISHARESaustria capd etf	$0	–	-17,000	–	-0.04%	–
BKT	Exit	BLACKROCK INCOME TR INC	$0	–	-41,321	–	-0.04%	–
EHI	Exit	WESTERN ASSET GLB HI INCOME	$0	–	-30,000	–	-0.04%	–
EWT	Exit	ISHARESmsci taiwan etf	$0	–	-20,500	–	-0.04%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-5,670	–	-0.04%	–
BIIB	Exit	BIOGEN INC	$0	–	-980	–	-0.04%	–
COL	Exit	ROCKWELL COLLINS INC	$0	–	-3,550	–	-0.04%	–
ORCL	Exit	ORACLE CORP	$0	–	-8,110	–	-0.04%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-3,720	–	-0.05%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES N	$0	–	-3,830	–	-0.05%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-6,470	–	-0.05%	–
BCR	Exit	BARD C R INC	$0	–	-1,750	–	-0.05%	–
QCOM	Exit	QUALCOMM INC	$0	–	-5,970	–	-0.05%	–
EWD	Exit	ISHARESmsci sweden etf	$0	–	-11,090	–	-0.05%	–
AWF	Exit	ALLIANCEBERNSTEIN GBL HGH IN	$0	–	-30,000	–	-0.05%	–
PII	Exit	POLARIS INDS INC	$0	–	-2,840	–	-0.05%	–
EFC	Exit	ELLINGTON FINANCIAL LLC	$0	–	-19,115	–	-0.05%	–
QQQX	Exit	NUVEEN NASDAQ 100 DYNAMIC OV	$0	–	-20,000	–	-0.05%	–
MMM	Exit	3M CO	$0	–	-2,410	–	-0.05%	–
EPHE	Exit	ISHARES TRmsci philips etf	$0	–	-10,000	–	-0.05%	–
GIM	Exit	TEMPLETON GLOBAL INCOME FD	$0	–	-60,000	–	-0.05%	–
FSL	Exit	FREESCALE SEMICONDUCTOR LTD	$0	–	-10,180	–	-0.06%	–
HD	Exit	HOME DEPOT INC	$0	–	-3,330	–	-0.06%	–
UTF	Exit	COHEN & STEERS INFRASTRUCTUR	$0	–	-20,000	–	-0.06%	–
CCP	Exit	CARE CAP PPTYS INC	$0	–	-11,593	–	-0.06%	–
NXZ	Exit	NUVEEN DIV ADVANTAGE MUN FD	$0	–	-28,700	–	-0.06%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-3,960	–	-0.06%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-1,930	–	-0.06%	–
JQC	Exit	NUVEEN CR STRATEGIES INCM FD	$0	–	-50,000	–	-0.06%	–
HRL	Exit	HORMEL FOODS CORP	$0	–	-6,520	–	-0.06%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-7,570	–	-0.06%	–
EDD	Exit	MORGAN STANLEY EM MKTS DM DE	$0	–	-60,000	–	-0.06%	–
EXG	Exit	EATON VANCE TAX MNGD GBL DV	$0	–	-50,000	–	-0.06%	–
BCX	Exit	BLACKROCK RES & COMM STRAT T	$0	–	-58,880	–	-0.06%	–
EWI	Exit	ISHARESmsci italcpd etf	$0	–	-29,790	–	-0.06%	–
SLRC	Exit	SOLAR CAP LTD	$0	–	-27,200	–	-0.06%	–
AGNC	Exit	AMERICAN CAPITAL AGENCY CORP	$0	–	-25,000	–	-0.07%	–
AAPL	Exit	APPLE INC	$0	–	-4,270	–	-0.07%	–
JHP	Exit	NUVEEN QUALITY PFD INC FD 3	$0	–	-60,000	–	-0.07%	–
AZO	Exit	AUTOZONE INC	$0	–	-680	–	-0.07%	–
IVR	Exit	INVESCO MORTGAGE CAPITAL INC	$0	–	-40,000	–	-0.07%	–
INDA	Exit	ISHARES TRmsci india etf	$0	–	-18,000	–	-0.08%	–
EWW	Exit	ISHARESmsci mex cap etf	$0	–	-10,000	–	-0.08%	–
DSL	Exit	DOUBLELINE INCOME SOLUTIONS	$0	–	-30,000	–	-0.08%	–
VKQ	Exit	INVESCO MUN TR	$0	–	-43,470	–	-0.08%	–
NQU	Exit	NUVEEN QUALITY INCOME MUN FD	$0	–	-39,950	–	-0.08%	–
NPM	Exit	NUVEEN PREM INCOME MUN FD 2	$0	–	-39,630	–	-0.08%	–
EWQ	Exit	ISHARESmsci france etf	$0	–	-22,570	–	-0.08%	–
EWC	Exit	ISHARESmsci cda etf	$0	–	-24,890	–	-0.08%	–
SHO	Exit	SUNSTONE HOTEL INVS INC NEW	$0	–	-43,897	–	-0.09%	–
NQS	Exit	NUVEEN SELECT QUALITY MUN FD	$0	–	-43,420	–	-0.09%	–
PPT	Exit	PUTNAM PREMIER INCOME TRsh ben int	$0	–	-120,000	–	-0.09%	–
XLY	Exit	SELECT SECTOR SPDR TRsbi cons discr	$0	–	-8,000	–	-0.09%	–
NPI	Exit	NUVEEN PREM INCOME MUN FD	$0	–	-45,000	–	-0.09%	–
NEA	Exit	NUVEEN AMT-FREE MUN INCOME F	$0	–	-46,490	–	-0.09%	–
HTS	Exit	HATTERAS FINL CORP	$0	–	-40,000	–	-0.09%	–
VCLT	Exit	VANGUARD SCOTTSDALE FDSlg-term cor bd	$0	–	-7,300	–	-0.09%	–
NMO	Exit	NUVEEN MUN MKT OPPORTUNITY F	$0	–	-48,900	–	-0.10%	–
BEE	Exit	STRATEGIC HOTELS & RESORTS I	$0	–	-46,980	–	-0.10%	–
XLV	Exit	SELECT SECTOR SPDR TRsbi healthcare	$0	–	-10,000	–	-0.10%	–
NMA	Exit	NUVEEN MUN ADVANTAGE FD INC	$0	–	-50,580	–	-0.10%	–
XLF	Exit	SELECT SECTOR SPDR TRsbi int-finl	$0	–	-30,000	–	-0.10%	–
NZF	Exit	NUVEEN DIVID ADV MUN FD 3	$0	–	-50,000	–	-0.10%	–
JPC	Exit	NUVEEN PFD INCOME OPPRTNY FD	$0	–	-75,800	–	-0.10%	–
GRUB	Exit	GRUBHUB INC	$0	–	-31,400	–	-0.11%	–
JMT	Exit	NUVEEN MTG OPPTY TERM FD 2	$0	–	-35,000	–	-0.11%	–
EWL	Exit	ISHARESmsci sz cap etf	$0	–	-25,050	–	-0.11%	–
DFE	Exit	WISDOMTREE TReurope smcp dv	$0	–	-18,000	–	-0.14%	–
TGE	Exit	TALLGRASS ENERGY GP LP	$0	–	-50,500	–	-0.15%	–
DKL	Exit	DELEK LOGISTICS PARTNERS LP	$0	–	-33,700	–	-0.15%	–
NIE	Exit	ALLIANZGI EQUITY & CONV INCO	$0	–	-60,000	–	-0.15%	–
PCI	Exit	PIMCO DYNAMIC CR INCOME FD	$0	–	-60,000	–	-0.16%	–
EWP	Exit	ISHARESmsci span cp etf	$0	–	-38,300	–	-0.17%	–
XLE	Exit	SELECT SECTOR SPDR TRsbi int-energy	$0	–	-18,600	–	-0.17%	–
SEP	Exit	SPECTRA ENERGY PARTNERS LP	$0	–	-30,000	–	-0.18%	–
BTZ	Exit	BLACKROCK CR ALLCTN INC TR	$0	–	-100,000	–	-0.18%	–
TOO	Exit	TEEKAY OFFSHORE PARTNERS L Ppartnership un	$0	–	-87,240	–	-0.19%	–
IGR	Exit	CBRE CLARION GLOBAL REAL EST	$0	–	-170,000	–	-0.19%	–
FXI	Exit	ISHARES TRchina lg-cap etf	$0	–	-40,000	–	-0.21%	–
TWO	Exit	TWO HBRS INVT CORP	$0	–	-161,500	–	-0.21%	–
EWG	Exit	ISHARESmsci germany etf	$0	–	-57,530	–	-0.21%	–
TRGP	Exit	TARGA RES CORP	$0	–	-28,790	–	-0.22%	–
EWJ	Exit	ISHARESmsci japan etf	$0	–	-129,600	–	-0.22%	–
QQQ	Exit	POWERSHARES QQQ TRUSTunit ser 1	$0	–	-15,000	–	-0.23%	–
GTU	Exit	CENTRAL GOLDTRUSTtr unit	$0	–	-40,000	–	-0.24%	–
WNRL	Exit	WESTERN REFNG LOGISTICS LP	$0	–	-76,680	–	-0.24%	–
IEF	Exit	ISHARES TR7-10 y tr bd etf	$0	–	-14,850	–	-0.24%	–
TK	Exit	TEEKAY CORPORATION	$0	–	-54,330	–	-0.24%	–
JPS	Exit	NUVEEN QUALITY PFD INCOME FD	$0	–	-185,000	–	-0.24%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-16,000	–	-0.25%	–
ININ	Exit	INTERACTIVE INTELLIGENCE GRO	$0	–	-58,100	–	-0.26%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-276,000	–	-0.26%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-50,680	–	-0.28%	–
XOOM	Exit	XOOM CORP	$0	–	-75,500	–	-0.28%	–
TRUP	Exit	TRUPANION INC	$0	–	-251,000	–	-0.28%	–
NWSA	Exit	NEWS CORP NEWcl a	$0	–	-151,500	–	-0.28%	–
GM	Exit	GENERAL MTRS CO	$0	–	-64,900	–	-0.29%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-50,000	–	-0.29%	–
RMP	Exit	RICE MIDSTREAM PARTNERS LPunit ltd partn	$0	–	-148,650	–	-0.29%	–
GLFMQ	Exit	GULFMARK OFFSHORE INCcl a new	$0	–	-335,200	–	-0.30%	–
MPLX	Exit	MPLX LP	$0	–	-53,720	–	-0.30%	–
GG	Exit	GOLDCORP INC NEW	$0	–	-166,300	–	-0.31%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Dcl a new	$0	–	-12,100	–	-0.32%	–
MWE	Exit	MARKWEST ENERGY PARTNERS L Punit ltd partn	$0	–	-50,510	–	-0.32%	–
EWU	Exit	ISHARES TRmsci utd kngdm	$0	–	-135,120	–	-0.33%	–
FOX	Exit	TWENTY FIRST CENTY FOX INCcl b	$0	–	-82,600	–	-0.33%	–
HST	Exit	HOST HOTELS & RESORTS INC	$0	–	-142,800	–	-0.34%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW	$0	–	-80,100	–	-0.34%	–
QRTEA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-89,200	–	-0.35%	–
DOOR	Exit	MASONITE INTL CORP NEW	$0	–	-39,000	–	-0.35%	–
TLLP	Exit	TESORO LOGISTICS LP	$0	–	-52,950	–	-0.35%	–
PAGP	Exit	PLAINS GP HLDGS L P	$0	–	-137,170	–	-0.36%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-55,400	–	-0.36%	–
EQM	Exit	EQT MIDSTREAM PARTNERS LPunit ltd partn	$0	–	-36,500	–	-0.36%	–
PEB	Exit	PEBBLEBROOK HOTEL TR	$0	–	-68,600	–	-0.36%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-156,000	–	-0.37%	–
OFC	Exit	CORPORATE OFFICE PPTYS TRsh ben int	$0	–	-122,500	–	-0.38%	–
VTR	Exit	VENTAS INC	$0	–	-46,370	–	-0.39%	–
GPORQ	Exit	GULFPORT ENERGY CORP	$0	–	-89,000	–	-0.39%	–
WES	Exit	WESTERN GAS PARTNERS LP	$0	–	-56,370	–	-0.39%	–
TPX	Exit	TEMPUR SEALY INTL INC	$0	–	-37,300	–	-0.40%	–
SRC	Exit	SPIRIT RLTY CAP INC NEW	$0	–	-298,100	–	-0.40%	–
ACC	Exit	AMERICAN CAMPUS CMNTYS INC	$0	–	-75,400	–	-0.41%	–
ARE	Exit	ALEXANDRIA REAL ESTATE EQ IN	$0	–	-32,800	–	-0.41%	–
PVH	Exit	PVH CORP	$0	–	-27,400	–	-0.41%	–
PGRE	Exit	PARAMOUNT GROUP INC	$0	–	-165,990	–	-0.41%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-23,100	–	-0.42%	–
BXP	Exit	BOSTON PROPERTIES INC	$0	–	-23,920	–	-0.42%	–
LRCX	Exit	LAM RESEARCH CORP	$0	–	-43,600	–	-0.42%	–
RPAI	Exit	RETAIL PPTYS AMER INCcl a	$0	–	-203,560	–	-0.43%	–
ET	Exit	ENERGY TRANSFER EQUITY L P	$0	–	-139,530	–	-0.43%	–
MAC	Exit	MACERICH CO	$0	–	-37,900	–	-0.43%	–
OHI	Exit	OMEGA HEALTHCARE INVS INC	$0	–	-83,520	–	-0.44%	–
KMX	Exit	CARMAX INC	$0	–	-50,000	–	-0.44%	–
NNN	Exit	NATIONAL RETAIL PPTYS INC	$0	–	-82,270	–	-0.44%	–
EQY	Exit	EQUITY ONE	$0	–	-123,000	–	-0.44%	–
ENBL	Exit	ENABLE MIDSTREAM PARTNERS LP	$0	–	-236,940	–	-0.44%	–
AZPN	Exit	ASPEN TECHNOLOGY INC	$0	–	-79,100	–	-0.44%	–
SKT	Exit	TANGER FACTORY OUTLET CTRS I	$0	–	-91,100	–	-0.45%	–
RICE	Exit	RICE ENERGY INC	$0	–	-187,000	–	-0.45%	–
PPS	Exit	POST PPTYS INC	$0	–	-51,954	–	-0.45%	–
EQC	Exit	EQUITY COMWLTH	$0	–	-111,900	–	-0.45%	–
DCT	Exit	DCT INDUSTRIAL TRUST INC	$0	–	-90,900	–	-0.45%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-16,660	–	-0.45%	–
EQR	Exit	EQUITY RESIDENTIALsh ben int	$0	–	-40,730	–	-0.45%	–
WAIR	Exit	WESCO AIRCRAFT HLDGS INC	$0	–	-252,200	–	-0.46%	–
TEP	Exit	TALLGRASS ENERGY PARTNERS LP	$0	–	-78,500	–	-0.46%	–
AVB	Exit	AVALONBAY CMNTYS INC	$0	–	-17,789	–	-0.46%	–
SXL	Exit	SUNOCO LOGISTICS PRTNRS L P	$0	–	-109,186	–	-0.46%	–
FLT	Exit	FLEETCOR TECHNOLOGIES INC	$0	–	-23,000	–	-0.47%	–
RRC	Exit	RANGE RES CORP	$0	–	-99,000	–	-0.47%	–
FR	Exit	FIRST INDUSTRIAL REALTY TRUS	$0	–	-152,900	–	-0.48%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-63,100	–	-0.48%	–
MIC	Exit	MACQUARIE INFRASTRUCTURE COR	$0	–	-43,900	–	-0.49%	–
EQIX	Exit	EQUINIX INC	$0	–	-12,082	–	-0.49%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-15,600	–	-0.49%	–
CUBE	Exit	CUBESMART	$0	–	-122,240	–	-0.49%	–
CAF	Exit	MORGAN STANLEY CHINA A SH FD	$0	–	-150,000	–	-0.50%	–
KIM	Exit	KIMCO RLTY CORP	$0	–	-138,200	–	-0.50%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-141,110	–	-0.52%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-16,700	–	-0.53%	–
ETP	Exit	ENERGY TRANSFER PRTNRS L Punit ltd partn	$0	–	-86,750	–	-0.53%	–
FSAM	Exit	FIFTH STR ASSET MGMT INC	$0	–	-488,926	–	-0.54%	–
OCN	Exit	OCWEN FINL CORP	$0	–	-546,500	–	-0.54%	–
FCAU	Exit	FIAT CHRYSLER AUTOMOBILES N	$0	–	-279,200	–	-0.55%	–
SFLY	Exit	SHUTTERFLY INC	$0	–	-109,100	–	-0.58%	–
LB	Exit	L BRANDS INC	$0	–	-49,800	–	-0.67%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-125,100	–	-0.73%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-190,820	–	-0.78%	–
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-115,500	–	-0.78%	–
APO	Exit	APOLLO GLOBAL MGMT LLC	$0	–	-311,350	–	-0.79%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-164,500	–	-0.81%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-40,000	–	-0.82%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-30	–	-0.87%	–
ALV	Exit	AUTOLIV INC	$0	–	-58,130	–	-0.94%	–
UBS	Exit	UBS GROUP AG	$0	–	-354,400	–	-0.97%	–
TWC	Exit	TIME WARNER CABLE INC	$0	–	-37,200	–	-0.99%	–
BX	Exit	BLACKSTONE GROUP L P	$0	–	-218,900	–	-1.03%	–
ZG	Exit	ZILLOW GROUP INCcl a	$0	–	-273,857	–	-1.17%	–
CACC	Exit	CREDIT ACCEP CORP MICH	$0	–	-40,000	–	-1.17%	–
CLNY	Exit	COLONY CAP INCcl a	$0	–	-409,800	–	-1.19%	–
VEA	Exit	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$0	–	-231,500	–	-1.22%	–
KKR	Exit	KKR & CO L P DEL	$0	–	-509,240	–	-1.27%	–
FIG	Exit	FORTRESS INVESTMENT GROUP LLcl a	$0	–	-1,558,310	–	-1.28%	–
DXJ	Exit	WISDOMTREE TRjapn hedge eqt	$0	–	-182,000	–	-1.31%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-18,000	–	-1.70%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-489,956	–	-1.90%	–
CFX	Exit	COLFAX CORP	$0	–	-435,800	–	-1.93%	–
BND	Exit	VANGUARD BD INDEX FD INCtotal bnd mrkt	$0	–	-185,000	–	-2.25%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-195,830	–	-2.30%	–
Z	Exit	ZILLOW GROUP INCcl c cap stk	$0	–	-584,213	–	-2.34%	–
G	Exit	GENPACT LIMITED	$0	–	-670,000	–	-2.35%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-130,000	–	-3.70%	–
OAK	Exit	OAKTREE CAP GROUP LLCunit cl a	$0	–	-567,000	–	-4.16%	–
AMZN	Exit	AMAZON COM INC	$0	–	-93,850	–	-7.13%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-545,500	–	-10.56%	–

Q3 2015

			Value		Shares		↓ Weighting
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$71,133,000	+114.2%	545,500	+123.6%	10.56%	+128.8%
OAK	Buy	OAKTREE CAP GROUP LLCunit cl a	$28,067,000	-5.3%	567,000	+1.8%	4.16%	+1.2%
Z	New	ZILLOW GROUP INCcl c cap stk	$15,774,000	–	584,213	–	2.34%	–
PM	Buy	PHILIP MORRIS INTL INC	$15,535,000	-0.4%	195,830	+0.7%	2.30%	+6.4%
BND	Buy	VANGUARD BD INDEX FD INCtotal bnd mrkt	$15,157,000	+14.0%	185,000	+13.0%	2.25%	+21.7%
CFX	Buy	COLFAX CORP	$13,035,000	-32.0%	435,800	+4.9%	1.93%	-27.4%
GOOGL	Buy	GOOGLE INCcl a	$11,491,000	+41.8%	18,000	+20.0%	1.70%	+51.4%
DXJ	Buy	WISDOMTREE TRjapn hedge eqt	$8,856,000	+0.1%	182,000	+17.7%	1.31%	+6.9%
CLNY	Sell	COLONY CAP INCcl a	$8,016,000	-15.9%	409,800	-2.6%	1.19%	-10.2%
CACC	Buy	CREDIT ACCEP CORP MICH	$7,875,000	+6.6%	40,000	+33.3%	1.17%	+13.9%
TWC	Buy	TIME WARNER CABLE INC	$6,673,000	+60.1%	37,200	+59.0%	0.99%	+71.0%
UBS	Sell	UBS GROUP AG	$6,564,000	-16.7%	354,400	-4.7%	0.97%	-11.1%
ALV	Buy	AUTOLIV INC	$6,337,000	+20.5%	58,130	+29.1%	0.94%	+28.8%
BRKA	Buy	BERKSHIRE HATHAWAY INC DELcl a	$5,857,000	+14.4%	30	+20.0%	0.87%	+22.1%
BIDU	Buy	BAIDU INCspon adr rep a	$5,496,000	+10.4%	40,000	+60.0%	0.82%	+17.9%
SIX	Sell	SIX FLAGS ENTMT CORP NEW	$5,288,000	+1.2%	115,500	-0.9%	0.78%	+8.1%
KMI	Buy	KINDER MORGAN INC DEL	$5,282,000	+8.3%	190,820	+50.1%	0.78%	+15.6%
BK	Sell	BANK NEW YORK MELLON CORP	$4,898,000	-7.2%	125,100	-0.5%	0.73%	-0.8%
LB	Sell	L BRANDS INC	$4,488,000	-1.4%	49,800	-6.2%	0.67%	+5.4%
SFLY	Buy	SHUTTERFLY INC	$3,900,000	-25.0%	109,100	+0.3%	0.58%	-19.9%
FCAU	Sell	FIAT CHRYSLER AUTOMOBILES N	$3,688,000	-13.7%	279,200	-5.0%	0.55%	-7.9%
OCN	Buy	OCWEN FINL CORP	$3,667,000	-4.2%	546,500	+45.6%	0.54%	+2.3%
ETP	Buy	ENERGY TRANSFER PRTNRS L Punit ltd partn	$3,563,000	-18.8%	86,750	+3.2%	0.53%	-13.3%
TDG	Sell	TRANSDIGM GROUP INC	$3,547,000	-11.8%	16,700	-6.7%	0.53%	-5.9%
EPD	Buy	ENTERPRISE PRODS PARTNERS L	$3,514,000	+73.2%	141,110	+107.9%	0.52%	+84.8%
KIM	Buy	KIMCO RLTY CORP	$3,376,000	+33.5%	138,200	+23.2%	0.50%	+42.7%
CAF	Buy	MORGAN STANLEY CHINA A SH FD	$3,366,000	+148.0%	150,000	+275.0%	0.50%	+164.0%
CUBE	Buy	CUBESMART	$3,326,000	+306.6%	122,240	+245.9%	0.49%	+333.3%
EQIX	Sell	EQUINIX INC	$3,303,000	-4.9%	12,082	-11.7%	0.49%	+1.4%
PSA	Buy	PUBLIC STORAGE	$3,301,000	+59.9%	15,600	+39.3%	0.49%	+70.7%
MIC	Sell	MACQUARIE INFRASTRUCTURE COR	$3,278,000	-13.0%	43,900	-3.7%	0.49%	-7.3%
WFC	Sell	WELLS FARGO & CO NEW	$3,240,000	-20.3%	63,100	-12.7%	0.48%	-14.9%
FR	New	FIRST INDUSTRIAL REALTY TRUS	$3,204,000	–	152,900	–	0.48%	–
RRC	Buy	RANGE RES CORP	$3,180,000	-4.9%	99,000	+46.2%	0.47%	+1.7%
FLT	Sell	FLEETCOR TECHNOLOGIES INC	$3,165,000	-23.8%	23,000	-13.5%	0.47%	-18.5%
SXL	Buy	SUNOCO LOGISTICS PRTNRS L P	$3,129,000	+35.5%	109,186	+79.8%	0.46%	+44.5%
AVB	Buy	AVALONBAY CMNTYS INC	$3,110,000	+353.4%	17,789	+314.8%	0.46%	+385.3%
TEP	Buy	TALLGRASS ENERGY PARTNERS LP	$3,085,000	+45.7%	78,500	+78.2%	0.46%	+55.8%
WAIR	Buy	WESCO AIRCRAFT HLDGS INC	$3,077,000	-18.0%	252,200	+1.8%	0.46%	-12.3%
EQR	Buy	EQUITY RESIDENTIALsh ben int	$3,059,000	+12.0%	40,730	+4.6%	0.45%	+19.5%
SPG	Buy	SIMON PPTY GROUP INC NEW	$3,061,000	+718.4%	16,660	+671.3%	0.45%	+773.1%
DCT	New	DCT INDUSTRIAL TRUST INC	$3,059,000	–	90,900	–	0.45%	–
EQC	Buy	EQUITY COMWLTH	$3,048,000	+8.5%	111,900	+2.3%	0.45%	+15.9%
PPS	Sell	POST PPTYS INC	$3,028,000	-5.2%	51,954	-11.6%	0.45%	+1.1%
RICE	Buy	RICE ENERGY INC	$3,022,000	-4.8%	187,000	+22.7%	0.45%	+1.6%
SKT	Buy	TANGER FACTORY OUTLET CTRS I	$3,003,000	+16.9%	91,100	+12.5%	0.45%	+24.9%
AZPN	Sell	ASPEN TECHNOLOGY INC	$2,999,000	-28.6%	79,100	-14.2%	0.44%	-23.8%
EQY	Buy	EQUITY ONE	$2,994,000	+55.9%	123,000	+49.5%	0.44%	+66.3%
ENBL	Buy	ENABLE MIDSTREAM PARTNERS LP	$2,995,000	+21.3%	236,940	+53.3%	0.44%	+29.4%
NNN	Buy	NATIONAL RETAIL PPTYS INC	$2,984,000	+15.5%	82,270	+11.5%	0.44%	+23.4%
KMX	Buy	CARMAX INC	$2,966,000	+118.6%	50,000	+143.9%	0.44%	+132.8%
OHI	New	OMEGA HEALTHCARE INVS INC	$2,935,000	–	83,520	–	0.44%	–
MAC	New	MACERICH CO	$2,912,000	–	37,900	–	0.43%	–
ET	Buy	ENERGY TRANSFER EQUITY L P	$2,904,000	-0.6%	139,530	+206.5%	0.43%	+6.2%
RPAI	Buy	RETAIL PPTYS AMER INCcl a	$2,868,000	+14.0%	203,560	+12.7%	0.43%	+21.7%
LRCX	Buy	LAM RESEARCH CORP	$2,848,000	-1.1%	43,600	+23.2%	0.42%	+5.8%
BXP	Buy	BOSTON PROPERTIES INC	$2,832,000	+8.8%	23,920	+11.2%	0.42%	+16.0%
PXD	Buy	PIONEER NAT RES CO	$2,810,000	-4.0%	23,100	+9.5%	0.42%	+2.5%
PGRE	Buy	PARAMOUNT GROUP INC	$2,788,000	+2.5%	165,990	+4.7%	0.41%	+9.5%
PVH	Sell	PVH CORP	$2,793,000	-30.7%	27,400	-21.7%	0.41%	-26.1%
ARE	Buy	ALEXANDRIA REAL ESTATE EQ IN	$2,777,000	+11.4%	32,800	+15.1%	0.41%	+19.1%
ACC	Buy	AMERICAN CAMPUS CMNTYS INC	$2,733,000	+3.9%	75,400	+8.0%	0.41%	+10.9%
SRC	Buy	SPIRIT RLTY CAP INC NEW	$2,725,000	+17.8%	298,100	+24.6%	0.40%	+25.9%
TPX	Sell	TEMPUR SEALY INTL INC	$2,664,000	-3.3%	37,300	-10.8%	0.40%	+3.1%
GPORQ	Buy	GULFPORT ENERGY CORP	$2,642,000	-9.3%	89,000	+22.9%	0.39%	-3.2%
WES	New	WESTERN GAS PARTNERS LP	$2,640,000	–	56,370	–	0.39%	–
VTR	New	VENTAS INC	$2,599,000	–	46,370	–	0.39%	–
OFC	New	CORPORATE OFFICE PPTYS TRsh ben int	$2,576,000	–	122,500	–	0.38%	–
PEB	New	PEBBLEBROOK HOTEL TR	$2,432,000	–	68,600	–	0.36%	–
EQM	New	EQT MIDSTREAM PARTNERS LPunit ltd partn	$2,421,000	–	36,500	–	0.36%	–
PAGP	Buy	PLAINS GP HLDGS L P	$2,400,000	+56.7%	137,170	+131.4%	0.36%	+67.1%
TLLP	Buy	TESORO LOGISTICS LP	$2,383,000	-10.7%	52,950	+13.4%	0.35%	-4.6%
DOOR	Sell	MASONITE INTL CORP NEW	$2,363,000	-17.2%	39,000	-4.2%	0.35%	-11.4%
QRTEA	Sell	LIBERTY INTERACTIVE CORP	$2,340,000	-18.9%	89,200	-14.2%	0.35%	-13.5%
SCHW	Sell	SCHWAB CHARLES CORP NEW	$2,288,000	-22.8%	80,100	-11.8%	0.34%	-17.5%
HST	New	HOST HOTELS & RESORTS INC	$2,258,000	–	142,800	–	0.34%	–
FOX	Sell	TWENTY FIRST CENTY FOX INCcl b	$2,236,000	-28.1%	82,600	-14.4%	0.33%	-23.1%
MWE	Buy	MARKWEST ENERGY PARTNERS L Punit ltd partn	$2,167,000	+0.8%	50,510	+32.5%	0.32%	+7.7%
CHTR	New	CHARTER COMMUNICATIONS INC Dcl a new	$2,128,000	–	12,100	–	0.32%	–
MPLX	Buy	MPLX LP	$2,053,000	+20.8%	53,720	+125.6%	0.30%	+29.2%
GLFMQ	Buy	GULFMARK OFFSHORE INCcl a new	$2,048,000	-11.1%	335,200	+68.8%	0.30%	-5.0%
RMP	New	RICE MIDSTREAM PARTNERS LPunit ltd partn	$1,980,000	–	148,650	–	0.29%	–
GM	Sell	GENERAL MTRS CO	$1,948,000	-13.8%	64,900	-4.3%	0.29%	-8.0%
NWSA	Sell	NEWS CORP NEWcl a	$1,912,000	-33.7%	151,500	-23.3%	0.28%	-29.2%
TRUP	New	TRUPANION INC	$1,895,000	–	251,000	–	0.28%	–
XOOM	Sell	XOOM CORP	$1,878,000	-4.1%	75,500	-18.8%	0.28%	+2.6%
WMB	Sell	WILLIAMS COS INC DEL	$1,867,000	-41.3%	50,680	-8.6%	0.28%	-37.3%
ININ	Sell	INTERACTIVE INTELLIGENCE GRO	$1,726,000	-35.1%	58,100	-2.8%	0.26%	-30.6%
TK	New	TEEKAY CORPORATION	$1,610,000	–	54,330	–	0.24%	–
WNRL	Sell	WESTERN REFNG LOGISTICS LP	$1,600,000	-36.7%	76,680	-10.8%	0.24%	-32.5%
QQQ	Sell	POWERSHARES QQQ TRUSTunit ser 1	$1,526,000	-28.7%	15,000	-25.0%	0.23%	-23.9%
TRGP	New	TARGA RES CORP	$1,483,000	–	28,790	–	0.22%	–
FXI	Sell	ISHARES TRchina lg-cap etf	$1,419,000	-48.7%	40,000	-33.3%	0.21%	-45.1%
TOO	Sell	TEEKAY OFFSHORE PARTNERS L Ppartnership un	$1,255,000	-47.3%	87,240	-25.8%	0.19%	-43.8%
SEP	New	SPECTRA ENERGY PARTNERS LP	$1,207,000	–	30,000	–	0.18%	–
DKL	New	DELEK LOGISTICS PARTNERS LP	$1,018,000	–	33,700	–	0.15%	–
TGE	New	TALLGRASS ENERGY GP LP	$1,003,000	–	50,500	–	0.15%	–
GRUB	Buy	GRUBHUB INC	$764,000	-17.6%	31,400	+15.4%	0.11%	-12.4%
XLF	Sell	SELECT SECTOR SPDR TRsbi int-finl	$680,000	-26.6%	30,000	-21.1%	0.10%	-21.7%
NZF	Sell	NUVEEN DIVID ADV MUN FD 3	$678,000	-74.6%	50,000	-75.0%	0.10%	-72.8%
NMA	Sell	NUVEEN MUN ADVANTAGE FD INC	$673,000	-71.1%	50,580	-71.8%	0.10%	-69.1%
NMO	Sell	NUVEEN MUN MKT OPPORTUNITY F	$641,000	-76.3%	48,900	-76.6%	0.10%	-74.7%
NEA	Sell	NUVEEN AMT-FREE MUN INCOME F	$606,000	-64.1%	46,490	-65.0%	0.09%	-61.7%
HTS	Buy	HATTERAS FINL CORP	$606,000	+85.9%	40,000	+100.0%	0.09%	+100.0%
NPI	Sell	NUVEEN PREM INCOME MUN FD	$603,000	-68.3%	45,000	-69.0%	0.09%	-66.4%
XLY	Sell	SELECT SECTOR SPDR TRsbi cons discr	$594,000	-7.5%	8,000	-4.8%	0.09%	-1.1%
NQS	Sell	NUVEEN SELECT QUALITY MUN FD	$581,000	-77.3%	43,420	-77.6%	0.09%	-75.8%
SHO	Sell	SUNSTONE HOTEL INVS INC NEW	$581,000	-77.8%	43,897	-74.8%	0.09%	-76.4%
NPM	Sell	NUVEEN PREM INCOME MUN FD 2	$541,000	-76.0%	39,630	-76.6%	0.08%	-74.4%
NQU	Sell	NUVEEN QUALITY INCOME MUN FD	$539,000	-66.3%	39,950	-66.7%	0.08%	-64.0%
VKQ	Sell	INVESCO MUN TR	$534,000	-72.4%	43,470	-73.0%	0.08%	-70.6%
INDA	Sell	ISHARES TRmsci india etf	$514,000	-43.5%	18,000	-40.0%	0.08%	-39.7%
IVR	Buy	INVESCO MORTGAGE CAPITAL INC	$490,000	+25.3%	40,000	+46.5%	0.07%	+35.2%
AGNC	New	AMERICAN CAPITAL AGENCY CORP	$468,000	–	25,000	–	0.07%	–
HRL	Buy	HORMEL FOODS CORP	$413,000	+25.2%	6,520	+11.5%	0.06%	+32.6%
MO	Buy	ALTRIA GROUP INC	$412,000	+15.7%	7,570	+4.0%	0.06%	+24.5%
LMT	New	LOCKHEED MARTIN CORP	$400,000	–	1,930	–	0.06%	–
NXZ	Sell	NUVEEN DIV ADVANTAGE MUN FD	$391,000	-84.2%	28,700	-84.4%	0.06%	-83.1%
HD	New	HOME DEPOT INC	$385,000	–	3,330	–	0.06%	–
CCP	New	CARE CAP PPTYS INC	$382,000	–	11,593	–	0.06%	–
FSL	New	FREESCALE SEMICONDUCTOR LTD	$372,000	–	10,180	–	0.06%	–
MMM	Buy	3M CO	$342,000	+24.4%	2,410	+35.4%	0.05%	+34.2%
EFC	New	ELLINGTON FINANCIAL LLC	$342,000	–	19,115	–	0.05%	–
PII	New	POLARIS INDS INC	$340,000	–	2,840	–	0.05%	–
QCOM	New	QUALCOMM INC	$321,000	–	5,970	–	0.05%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$319,000	–	3,830	–	0.05%	–
MRK	New	MERCK & CO INC NEW	$320,000	–	6,470	–	0.05%	–
GPC	New	GENUINE PARTS CO	$308,000	–	3,720	–	0.05%	–
COL	Buy	ROCKWELL COLLINS INC	$291,000	-6.4%	3,550	+5.3%	0.04%	0.0%
ORCL	Buy	ORACLE CORP	$293,000	-6.1%	8,110	+4.6%	0.04%	0.0%
BIIB	New	BIOGEN INC	$286,000	–	980	–	0.04%	–
EHI	Buy	WESTERN ASSET GLB HI INCOME	$269,000	+57.3%	30,000	+81.8%	0.04%	+66.7%
PPG	New	PPG INDS INC	$253,000	–	2,880	–	0.04%	–
NAD	Sell	NUVEEN DIVID ADVANTAGE MUN F	$242,000	-49.3%	17,608	-49.8%	0.04%	-45.5%
FSD	New	FIRST TR HIGH INCOME L/S FD	$225,000	–	16,000	–	0.03%	–
XLI	Sell	SELECT SECTOR SPDR TRsbi int-inds	$200,000	-32.0%	4,000	-26.3%	0.03%	-26.8%
CMO	New	CAPSTEAD MTG CORP	$198,000	–	20,000	–	0.03%	–
GLO	New	CLOUGH GLOBAL OPPORTUNITIESsh ben int	$107,000	–	10,000	–	0.02%	–
TUR	Exit	ISHARESmsci turkey etf	$0	–	-5,000	–	-0.03%	–
FDI	Exit	FORT DEARBORN INCOME SECS IN	$0	–	-17,698	–	-0.03%	–
EIM	Exit	EATON VANCE MUN BD FD	$0	–	-20,000	–	-0.03%	–
CPB	Exit	CAMPBELL SOUP CO	$0	–	-5,390	–	-0.04%	–
SNI	Exit	SCRIPPS NETWORKS INTERACT IN	$0	–	-3,940	–	-0.04%	–
CLX	Exit	CLOROX CO DEL	$0	–	-2,650	–	-0.04%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-1,740	–	-0.04%	–
PRGO	Exit	PERRIGO CO PLC	$0	–	-1,530	–	-0.04%	–
INTC	Exit	INTEL CORP	$0	–	-9,620	–	-0.04%	–
V	Exit	VISA INC	$0	–	-4,520	–	-0.04%	–
ENDP	Exit	ENDO INTL PLC	$0	–	-3,940	–	-0.04%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-3,550	–	-0.05%	–
ABT	Exit	ABBOTT LABS	$0	–	-6,870	–	-0.05%	–
SIAL	Exit	SIGMA ALDRICH CORP	$0	–	-2,650	–	-0.05%	–
NPP	Exit	NUVEEN PERFORMANCE PLUS MUN	$0	–	-27,000	–	-0.05%	–
INTU	Exit	INTUIT	$0	–	-4,040	–	-0.06%	–
NPF	Exit	NUVEEN PREMIER MUN INCOME FD	$0	–	-35,100	–	-0.06%	–
NKX	Exit	NUVEEN CAL AMT-FREE MUN INC	$0	–	-32,304	–	-0.06%	–
PLD	Exit	PROLOGIS INC	$0	–	-12,600	–	-0.06%	–
CLDT	Exit	CHATHAM LODGING TR	$0	–	-20,000	–	-0.07%	–
PMM	Exit	PUTNAM MANAGED MUN INCOM TR	$0	–	-80,000	–	-0.08%	–
ARPI	Exit	AMERICAN RESIDENTIAL PPTYS I	$0	–	-31,000	–	-0.08%	–
LHO	Exit	LASALLE HOTEL PPTYS	$0	–	-17,400	–	-0.09%	–
AAT	Exit	AMERICAN ASSETS TR INC	$0	–	-17,800	–	-0.10%	–
NMY	Exit	NUVEEN MD PREM INCOME MUN FD	$0	–	-58,100	–	-0.10%	–
CTCM	Exit	CTC MEDIA INC	$0	–	-357,000	–	-0.11%	–
COR	Exit	CORESITE RLTY CORP	$0	–	-18,200	–	-0.12%	–
NVG	Exit	NUVEEN DIVID ADVANTAGE MUN I	$0	–	-63,700	–	-0.12%	–
VCV	Exit	INVESCO CALIF VALUE MUN INC	$0	–	-73,781	–	-0.13%	–
MFL	Exit	BLACKROCK MUNIHLDS INVSTM QL	$0	–	-70,000	–	-0.14%	–
VGM	Exit	INVESCO TR INVT GRADE MUNS	$0	–	-102,000	–	-0.18%	–
PMO	Exit	PUTNAM MUN OPPORTUNITIES TRsh ben int	$0	–	-132,000	–	-0.21%	–
SEMG	Exit	SEMGROUP CORPcl a	$0	–	-20,250	–	-0.22%	–
NQI	Exit	NUVEEN QUALITY MUN FD INC	$0	–	-140,087	–	-0.25%	–
VMO	Exit	INVESCO MUN OPPORTUNITY TR	$0	–	-144,830	–	-0.25%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-14,990	–	-0.25%	–
CMLP	Exit	CRESTWOOD MIDSTREAM PARTNERSunit ltd partner	$0	–	-171,990	–	-0.27%	–
AM	Exit	ANTERO MIDSTREAM PARTNERS LPunt ltd partn	$0	–	-67,760	–	-0.27%	–
PAA	Exit	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$0	–	-45,440	–	-0.28%	–
DFT	Exit	DUPONT FABROS TECHNOLOGY INC	$0	–	-67,400	–	-0.28%	–
DRH	Exit	DIAMONDROCK HOSPITALITY CO	$0	–	-155,400	–	-0.28%	–
YNDX	Exit	YANDEX N V	$0	–	-138,000	–	-0.29%	–
HALL	Exit	HALLMARK FINL SVCS INC EC	$0	–	-192,715	–	-0.30%	–
OKS	Exit	ONEOK PARTNERS LPunit ltd partn	$0	–	-67,370	–	-0.32%	–
HME	Exit	HOME PROPERTIES INC	$0	–	-31,700	–	-0.32%	–
HTA	Exit	HEALTHCARE TR AMER INCcl a new	$0	–	-104,960	–	-0.35%	–
GGP	Exit	GENERAL GROWTH PPTYS INC NEW	$0	–	-99,200	–	-0.35%	–
HCN	Exit	HEALTH CARE REIT INC	$0	–	-39,190	–	-0.36%	–
TCO	Exit	TAUBMAN CTRS INC	$0	–	-37,400	–	-0.36%	–
CPT	Exit	CAMDEN PPTY TRsh ben int	$0	–	-35,126	–	-0.36%	–
LQD	Exit	ISHARES TRiboxx inv cp etf	$0	–	-23,000	–	-0.37%	–
EGP	Exit	EASTGROUP PPTY INC	$0	–	-47,500	–	-0.37%	–
WBC	Exit	WABCO HLDGS INC	$0	–	-22,000	–	-0.38%	–
DEI	Exit	DOUGLAS EMMETT INC	$0	–	-106,050	–	-0.40%	–
INFA	Exit	INFORMATICA CORP	$0	–	-66,800	–	-0.45%	–
WPZ	Exit	WILLIAMS PARTNERS L P NEW	$0	–	-80,206	–	-0.54%	–
VMEM	Exit	VIOLIN MEMORY INC	$0	–	-2,347,750	–	-0.80%	–
YDKN	Exit	YADKIN FINL CORP	$0	–	-723,458	–	-2.11%	–

Q2 2015

			Value		Shares		↓ Weighting
AMZN	New	AMAZON COM INC	$40,740,000	–	93,850	–	5.66%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$33,211,000	–	244,000	–	4.61%	–
OAK	New	OAKTREE CAP GROUP LLCunit cl a	$29,627,000	–	557,100	–	4.12%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$26,761,000	–	130,000	–	3.72%	–
ZG	New	ZILLOW GROUP INCcl a	$23,755,000	–	273,857	–	3.30%	–
CFX	New	COLFAX CORP	$19,175,000	–	415,500	–	2.66%	–
JD	New	JD COM INCspon adr cl a	$16,707,000	–	489,956	–	2.32%	–
PM	New	PHILIP MORRIS INTL INC	$15,595,000	–	194,520	–	2.17%	–
YDKN	New	YADKIN FINL CORP	$15,156,000	–	723,458	–	2.11%	–
G	New	GENPACT LIMITED	$14,291,000	–	670,000	–	1.99%	–
BND	New	VANGUARD BD INDEX FD INCtotal bnd mrkt	$13,298,000	–	163,650	–	1.85%	–
KKR	New	KKR & CO L P DEL	$11,637,000	–	509,240	–	1.62%	–
FIG	New	FORTRESS INVESTMENT GROUP LLcl a	$11,375,000	–	1,558,310	–	1.58%	–
CLNY	New	COLONY CAP INCcl a	$9,531,000	–	420,800	–	1.32%	–
VEA	New	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$9,179,000	–	231,500	–	1.28%	–
BX	New	BLACKSTONE GROUP L P	$8,946,000	–	218,900	–	1.24%	–
DXJ	New	WISDOMTREE TRjapn hedge eqt	$8,843,000	–	154,600	–	1.23%	–
GOOGL	New	GOOGLE INCcl a	$8,101,000	–	15,000	–	1.13%	–
UBS	New	UBS GROUP AG	$7,880,000	–	371,700	–	1.10%	–
CACC	New	CREDIT ACCEP CORP MICH	$7,385,000	–	30,000	–	1.03%	–
APO	New	APOLLO GLOBAL MGMT LLC	$6,896,000	–	311,350	–	0.96%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$6,725,000	–	164,500	–	0.93%	–
VMEM	New	VIOLIN MEMORY INC	$5,752,000	–	2,347,750	–	0.80%	–
BK	New	BANK NEW YORK MELLON CORP	$5,276,000	–	125,700	–	0.73%	–
ALV	New	AUTOLIV INC	$5,257,000	–	45,026	–	0.73%	–
SIX	New	SIX FLAGS ENTMT CORP NEW	$5,225,000	–	116,500	–	0.73%	–
SFLY	New	SHUTTERFLY INC	$5,202,000	–	108,800	–	0.72%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$5,121,000	–	25	–	0.71%	–
FSAM	New	FIFTH STR ASSET MGMT INC	$5,026,000	–	488,926	–	0.70%	–
BIDU	New	BAIDU INCspon adr rep a	$4,977,000	–	25,000	–	0.69%	–
KMI	New	KINDER MORGAN INC DEL	$4,879,000	–	127,090	–	0.68%	–
LB	New	L BRANDS INC	$4,552,000	–	53,100	–	0.63%	–
ETP	New	ENERGY TRANSFER PRTNRS L Punit ltd partn	$4,390,000	–	84,100	–	0.61%	–
FCAU	New	FIAT CHRYSLER AUTOMOBILES N	$4,272,000	–	294,000	–	0.59%	–
AZPN	New	ASPEN TECHNOLOGY INC	$4,200,000	–	92,200	–	0.58%	–
TWC	New	TIME WARNER CABLE INC	$4,169,000	–	23,400	–	0.58%	–
FLT	New	FLEETCOR TECHNOLOGIES INC	$4,151,000	–	26,600	–	0.58%	–
WFC	New	WELLS FARGO & CO NEW	$4,066,000	–	72,300	–	0.56%	–
PVH	New	PVH CORP	$4,032,000	–	35,000	–	0.56%	–
TDG	New	TRANSDIGM GROUP INC	$4,022,000	–	17,900	–	0.56%	–
WPZ	New	WILLIAMS PARTNERS L P NEW	$3,884,000	–	80,206	–	0.54%	–
OCN	New	OCWEN FINL CORP	$3,828,000	–	375,300	–	0.53%	–
MIC	New	MACQUARIE INFRASTRUCTURE COR	$3,768,000	–	45,600	–	0.52%	–
WAIR	New	WESCO AIRCRAFT HLDGS INC	$3,753,000	–	247,700	–	0.52%	–
NEM	New	NEWMONT MINING CORP	$3,644,000	–	156,000	–	0.51%	–
EQIX	New	EQUINIX INC	$3,475,000	–	13,682	–	0.48%	–
RRC	New	RANGE RES CORP	$3,343,000	–	67,700	–	0.46%	–
INFA	New	INFORMATICA CORP	$3,238,000	–	66,800	–	0.45%	–
PPS	New	POST PPTYS INC	$3,194,000	–	58,754	–	0.44%	–
WMB	New	WILLIAMS COS INC DEL	$3,182,000	–	55,440	–	0.44%	–
RICE	New	RICE ENERGY INC	$3,174,000	–	152,400	–	0.44%	–
FOX	New	TWENTY FIRST CENTY FOX INCcl b	$3,109,000	–	96,500	–	0.43%	–
SCHW	New	SCHWAB CHARLES CORP NEW	$2,965,000	–	90,800	–	0.41%	–
GOLD	New	BARRICK GOLD CORP	$2,942,000	–	276,000	–	0.41%	–
PXD	New	PIONEER NAT RES CO	$2,926,000	–	21,100	–	0.41%	–
ET	New	ENERGY TRANSFER EQUITY L P	$2,921,000	–	45,530	–	0.41%	–
GPORQ	New	GULFPORT ENERGY CORP	$2,914,000	–	72,400	–	0.40%	–
NWSA	New	NEWS CORP NEWcl a	$2,883,000	–	197,600	–	0.40%	–
QRTEA	New	LIBERTY INTERACTIVE CORP	$2,886,000	–	104,000	–	0.40%	–
LRCX	New	LAM RESEARCH CORP	$2,880,000	–	35,400	–	0.40%	–
DEI	New	DOUGLAS EMMETT INC	$2,857,000	–	106,050	–	0.40%	–
DOOR	New	MASONITE INTL CORP NEW	$2,853,000	–	40,700	–	0.40%	–
EQC	New	EQUITY COMWLTH	$2,809,000	–	109,400	–	0.39%	–
FXI	New	ISHARES TRchina lg-cap etf	$2,766,000	–	60,000	–	0.38%	–
TPX	New	TEMPUR SEALY INTL INC	$2,755,000	–	41,800	–	0.38%	–
EQR	New	EQUITY RESIDENTIALsh ben int	$2,732,000	–	38,930	–	0.38%	–
PGRE	New	PARAMOUNT GROUP INC	$2,721,000	–	158,590	–	0.38%	–
WBC	New	WABCO HLDGS INC	$2,722,000	–	22,000	–	0.38%	–
NMO	New	NUVEEN MUN MKT OPPORTUNITY F	$2,700,000	–	209,288	–	0.38%	–
GG	New	GOLDCORP INC NEW	$2,694,000	–	166,300	–	0.37%	–
EGP	New	EASTGROUP PPTY INC	$2,671,000	–	47,500	–	0.37%	–
NZF	New	NUVEEN DIVID ADV MUN FD 3	$2,672,000	–	200,000	–	0.37%	–
TLLP	New	TESORO LOGISTICS LP	$2,668,000	–	46,710	–	0.37%	–
LQD	New	ISHARES TRiboxx inv cp etf	$2,662,000	–	23,000	–	0.37%	–
ININ	New	INTERACTIVE INTELLIGENCE GRO	$2,659,000	–	59,800	–	0.37%	–
ACC	New	AMERICAN CAMPUS CMNTYS INC	$2,631,000	–	69,800	–	0.37%	–
SHO	New	SUNSTONE HOTEL INVS INC NEW	$2,619,000	–	174,500	–	0.36%	–
BXP	New	BOSTON PROPERTIES INC	$2,604,000	–	21,520	–	0.36%	–
CPT	New	CAMDEN PPTY TRsh ben int	$2,609,000	–	35,126	–	0.36%	–
TCO	New	TAUBMAN CTRS INC	$2,600,000	–	37,400	–	0.36%	–
NNN	New	NATIONAL RETAIL PPTYS INC	$2,583,000	–	73,770	–	0.36%	–
SKT	New	TANGER FACTORY OUTLET CTRS I	$2,568,000	–	81,000	–	0.36%	–
HCN	New	HEALTH CARE REIT INC	$2,572,000	–	39,190	–	0.36%	–
NQS	New	NUVEEN SELECT QUALITY MUN FD	$2,557,000	–	193,420	–	0.36%	–
GGP	New	GENERAL GROWTH PPTYS INC NEW	$2,546,000	–	99,200	–	0.35%	–
WNRL	New	WESTERN REFNG LOGISTICS LP	$2,526,000	–	85,970	–	0.35%	–
KIM	New	KIMCO RLTY CORP	$2,529,000	–	112,200	–	0.35%	–
RPAI	New	RETAIL PPTYS AMER INCcl a	$2,516,000	–	180,660	–	0.35%	–
HTA	New	HEALTHCARE TR AMER INCcl a new	$2,514,000	–	104,960	–	0.35%	–
ARE	New	ALEXANDRIA REAL ESTATE EQ IN	$2,492,000	–	28,500	–	0.35%	–
NXZ	New	NUVEEN DIV ADVANTAGE MUN FD	$2,473,000	–	184,400	–	0.34%	–
EWU	New	ISHARES TRmsci utd kngdm	$2,466,000	–	135,120	–	0.34%	–
ENBL	New	ENABLE MIDSTREAM PARTNERS LP	$2,469,000	–	154,510	–	0.34%	–
TOO	New	TEEKAY OFFSHORE PARTNERS L Ppartnership un	$2,380,000	–	117,630	–	0.33%	–
NMA	New	NUVEEN MUN ADVANTAGE FD INC	$2,332,000	–	179,326	–	0.32%	–
HME	New	HOME PROPERTIES INC	$2,316,000	–	31,700	–	0.32%	–
SRC	New	SPIRIT RLTY CAP INC NEW	$2,313,000	–	239,200	–	0.32%	–
SXL	New	SUNOCO LOGISTICS PRTNRS L P	$2,310,000	–	60,726	–	0.32%	–
GLFMQ	New	GULFMARK OFFSHORE INCcl a new	$2,304,000	–	198,600	–	0.32%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$2,297,000	–	55,400	–	0.32%	–
OKS	New	ONEOK PARTNERS LPunit ltd partn	$2,291,000	–	67,370	–	0.32%	–
GM	New	GENERAL MTRS CO	$2,260,000	–	67,800	–	0.31%	–
NPM	New	NUVEEN PREM INCOME MUN FD 2	$2,252,000	–	169,630	–	0.31%	–
HALL	New	HALLMARK FINL SVCS INC EC	$2,193,000	–	192,715	–	0.30%	–
MWE	New	MARKWEST ENERGY PARTNERS L Punit ltd partn	$2,149,000	–	38,110	–	0.30%	–
QQQ	New	POWERSHARES QQQ TRUSTunit ser 1	$2,141,000	–	20,000	–	0.30%	–
TEP	New	TALLGRASS ENERGY PARTNERS LP	$2,118,000	–	44,050	–	0.29%	–
YNDX	New	YANDEX N V	$2,101,000	–	138,000	–	0.29%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$2,070,000	–	50,000	–	0.29%	–
PSA	New	PUBLIC STORAGE	$2,065,000	–	11,200	–	0.29%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$2,029,000	–	67,880	–	0.28%	–
DRH	New	DIAMONDROCK HOSPITALITY CO	$1,991,000	–	155,400	–	0.28%	–
DFT	New	DUPONT FABROS TECHNOLOGY INC	$1,985,000	–	67,400	–	0.28%	–
PAA	New	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$1,979,000	–	45,440	–	0.28%	–
XOOM	New	XOOM CORP	$1,958,000	–	93,000	–	0.27%	–
AM	New	ANTERO MIDSTREAM PARTNERS LPunt ltd partn	$1,940,000	–	67,760	–	0.27%	–
VKQ	New	INVESCO MUN TR	$1,934,000	–	160,870	–	0.27%	–
CMLP	New	CRESTWOOD MIDSTREAM PARTNERSunit ltd partner	$1,926,000	–	171,990	–	0.27%	–
EQY	New	EQUITY ONE	$1,921,000	–	82,300	–	0.27%	–
NPI	New	NUVEEN PREM INCOME MUN FD	$1,905,000	–	145,000	–	0.26%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$1,809,000	–	14,990	–	0.25%	–
GLD	New	SPDR GOLD TRUST	$1,798,000	–	16,000	–	0.25%	–
NQI	New	NUVEEN QUALITY MUN FD INC	$1,768,000	–	140,087	–	0.25%	–
VMO	New	INVESCO MUN OPPORTUNITY TR	$1,767,000	–	144,830	–	0.25%	–
MPLX	New	MPLX LP	$1,700,000	–	23,810	–	0.24%	–
NEA	New	NUVEEN AMT-FREE MUN INCOME F	$1,690,000	–	132,690	–	0.24%	–
EWJ	New	ISHARESmsci japan etf	$1,660,000	–	129,600	–	0.23%	–
GTU	New	CENTRAL GOLDTRUSTtr unit	$1,642,000	–	40,000	–	0.23%	–
SEMG	New	SEMGROUP CORPcl a	$1,609,000	–	20,250	–	0.22%	–
EWG	New	ISHARESmsci germany etf	$1,604,000	–	57,530	–	0.22%	–
NQU	New	NUVEEN QUALITY INCOME MUN FD	$1,600,000	–	119,950	–	0.22%	–
TWO	New	TWO HBRS INVT CORP	$1,573,000	–	161,500	–	0.22%	–
JPS	New	NUVEEN QUALITY PFD INCOME FD	$1,567,000	–	185,000	–	0.22%	–
IEF	New	ISHARES TR7-10 y tr bd etf	$1,559,000	–	14,850	–	0.22%	–
PAGP	New	PLAINS GP HLDGS L P	$1,532,000	–	59,280	–	0.21%	–
PMO	New	PUTNAM MUN OPPORTUNITIES TRsh ben int	$1,533,000	–	132,000	–	0.21%	–
XLE	New	SELECT SECTOR SPDR TRsbi int-energy	$1,398,000	–	18,600	–	0.19%	–
CAF	New	MORGAN STANLEY CHINA A SH FD	$1,357,000	–	40,000	–	0.19%	–
KMX	New	CARMAX INC	$1,357,000	–	20,500	–	0.19%	–
IGR	New	CBRE CLARION GLOBAL REAL EST	$1,353,000	–	170,000	–	0.19%	–
VGM	New	INVESCO TR INVT GRADE MUNS	$1,294,000	–	102,000	–	0.18%	–
EWP	New	ISHARESmsci span cp etf	$1,285,000	–	38,300	–	0.18%	–
BTZ	New	BLACKROCK CR ALLCTN INC TR	$1,267,000	–	100,000	–	0.18%	–
PCI	New	PIMCO DYNAMIC CR INCOME FD	$1,211,000	–	60,000	–	0.17%	–
NIE	New	ALLIANZGI EQUITY & CONV INCO	$1,155,000	–	60,000	–	0.16%	–
DFE	New	WISDOMTREE TReurope smcp dv	$1,029,000	–	18,000	–	0.14%	–
MFL	New	BLACKROCK MUNIHLDS INVSTM QL	$970,000	–	70,000	–	0.14%	–
GRUB	New	GRUBHUB INC	$927,000	–	27,200	–	0.13%	–
XLF	New	SELECT SECTOR SPDR TRsbi int-finl	$926,000	–	38,000	–	0.13%	–
VCV	New	INVESCO CALIF VALUE MUN INC	$913,000	–	73,781	–	0.13%	–
INDA	New	ISHARES TRmsci india etf	$909,000	–	30,000	–	0.13%	–
NVG	New	NUVEEN DIVID ADVANTAGE MUN I	$864,000	–	63,700	–	0.12%	–
COR	New	CORESITE RLTY CORP	$827,000	–	18,200	–	0.12%	–
EWL	New	ISHARESmsci sz cap etf	$820,000	–	25,050	–	0.11%	–
CUBE	New	CUBESMART	$818,000	–	35,340	–	0.11%	–
CTCM	New	CTC MEDIA INC	$810,000	–	357,000	–	0.11%	–
JMT	New	NUVEEN MTG OPPTY TERM FD 2	$773,000	–	35,000	–	0.11%	–
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$744,000	–	10,000	–	0.10%	–
NMY	New	NUVEEN MD PREM INCOME MUN FD	$712,000	–	58,100	–	0.10%	–
AAT	New	AMERICAN ASSETS TR INC	$698,000	–	17,800	–	0.10%	–
JPC	New	NUVEEN PFD INCOME OPPRTNY FD	$694,000	–	75,800	–	0.10%	–
AVB	New	AVALONBAY CMNTYS INC	$686,000	–	4,289	–	0.10%	–
EWC	New	ISHARESmsci cda etf	$664,000	–	24,890	–	0.09%	–
XLY	New	SELECT SECTOR SPDR TRsbi cons discr	$642,000	–	8,400	–	0.09%	–
VCLT	New	VANGUARD SCOTTSDALE FDSlg-term cor bd	$623,000	–	7,300	–	0.09%	–
LHO	New	LASALLE HOTEL PPTYS	$617,000	–	17,400	–	0.09%	–
PPT	New	PUTNAM PREMIER INCOME TRsh ben int	$612,000	–	120,000	–	0.08%	–
DSL	New	DOUBLELINE INCOME SOLUTIONS	$593,000	–	30,000	–	0.08%	–
EWQ	New	ISHARESmsci france etf	$581,000	–	22,570	–	0.08%	–
ARPI	New	AMERICAN RESIDENTIAL PPTYS I	$574,000	–	31,000	–	0.08%	–
EWW	New	ISHARESmsci mex cap etf	$571,000	–	10,000	–	0.08%	–
BEE	New	STRATEGIC HOTELS & RESORTS I	$569,000	–	46,980	–	0.08%	–
PMM	New	PUTNAM MANAGED MUN INCOM TR	$566,000	–	80,000	–	0.08%	–
BCX	New	BLACKROCK RES & COMM STRAT T	$537,000	–	58,880	–	0.08%	–
AAPL	New	APPLE INC	$536,000	–	4,270	–	0.07%	–
CLDT	New	CHATHAM LODGING TR	$529,000	–	20,000	–	0.07%	–
EDD	New	MORGAN STANLEY EM MKTS DM DE	$519,000	–	60,000	–	0.07%	–
JHP	New	NUVEEN QUALITY PFD INC FD 3	$489,000	–	60,000	–	0.07%	–
SLRC	New	SOLAR CAP LTD	$490,000	–	27,200	–	0.07%	–
EXG	New	EATON VANCE TAX MNGD GBL DV	$485,000	–	50,000	–	0.07%	–
NAD	New	NUVEEN DIVID ADVANTAGE MUN F	$477,000	–	35,100	–	0.07%	–
PLD	New	PROLOGIS INC	$467,000	–	12,600	–	0.06%	–
NKX	New	NUVEEN CAL AMT-FREE MUN INC	$458,000	–	32,304	–	0.06%	–
NPF	New	NUVEEN PREMIER MUN INCOME FD	$453,000	–	35,100	–	0.06%	–
AZO	New	AUTOZONE INC	$453,000	–	680	–	0.06%	–
EWI	New	ISHARESmsci italcpd etf	$444,000	–	29,790	–	0.06%	–
JQC	New	NUVEEN CR STRATEGIES INCM FD	$431,000	–	50,000	–	0.06%	–
GIM	New	TEMPLETON GLOBAL INCOME FD	$422,000	–	60,000	–	0.06%	–
UTF	New	COHEN & STEERS INFRASTRUCTUR	$420,000	–	20,000	–	0.06%	–
INTU	New	INTUIT	$407,000	–	4,040	–	0.06%	–
IVR	New	INVESCO MORTGAGE CAPITAL INC	$391,000	–	27,300	–	0.05%	–
NPP	New	NUVEEN PERFORMANCE PLUS MUN	$379,000	–	27,000	–	0.05%	–
ACN	New	ACCENTURE PLC IRELAND	$383,000	–	3,960	–	0.05%	–
EPHE	New	ISHARES TRmsci philips etf	$385,000	–	10,000	–	0.05%	–
SPG	New	SIMON PPTY GROUP INC NEW	$374,000	–	2,160	–	0.05%	–
QQQX	New	NUVEEN NASDAQ 100 DYNAMIC OV	$369,000	–	20,000	–	0.05%	–
SIAL	New	SIGMA ALDRICH CORP	$369,000	–	2,650	–	0.05%	–
AWF	New	ALLIANCEBERNSTEIN GBL HGH IN	$361,000	–	30,000	–	0.05%	–
MO	New	ALTRIA GROUP INC	$356,000	–	7,280	–	0.05%	–
EWD	New	ISHARESmsci sweden etf	$352,000	–	11,090	–	0.05%	–
ABT	New	ABBOTT LABS	$337,000	–	6,870	–	0.05%	–
AMT	New	AMERICAN TOWER CORP NEW	$331,000	–	3,550	–	0.05%	–
HRL	New	HORMEL FOODS CORP	$330,000	–	5,850	–	0.05%	–
HTS	New	HATTERAS FINL CORP	$326,000	–	20,000	–	0.04%	–
EWT	New	ISHARESmsci taiwan etf	$323,000	–	20,500	–	0.04%	–
ENDP	New	ENDO INTL PLC	$314,000	–	3,940	–	0.04%	–
ORCL	New	ORACLE CORP	$312,000	–	7,750	–	0.04%	–
COL	New	ROCKWELL COLLINS INC	$311,000	–	3,370	–	0.04%	–
BCR	New	BARD C R INC	$299,000	–	1,750	–	0.04%	–
V	New	VISA INC	$304,000	–	4,520	–	0.04%	–
INTC	New	INTEL CORP	$293,000	–	9,620	–	0.04%	–
XLI	New	SELECT SECTOR SPDR TRsbi int-inds	$294,000	–	5,430	–	0.04%	–
TXN	New	TEXAS INSTRS INC	$292,000	–	5,670	–	0.04%	–
PRGO	New	PERRIGO CO PLC	$283,000	–	1,530	–	0.04%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$283,000	–	1,740	–	0.04%	–
CLX	New	CLOROX CO DEL	$276,000	–	2,650	–	0.04%	–
MMM	New	3M CO	$275,000	–	1,780	–	0.04%	–
MOO	New	MARKET VECTORS ETF TRagribus etf	$276,000	–	5,000	–	0.04%	–
ACAS	New	AMERICAN CAP LTD	$271,000	–	20,000	–	0.04%	–
MSD	New	MORGAN STANLEY EMER MKTS DEB	$270,000	–	30,000	–	0.04%	–
EWO	New	ISHARESaustria capd etf	$270,000	–	17,000	–	0.04%	–
KMIWS	New	KINDER MORGAN INC DEL*w exp 05/25/201	$266,000	–	98,586	–	0.04%	–
BKT	New	BLACKROCK INCOME TR INC	$261,000	–	41,321	–	0.04%	–
CPB	New	CAMPBELL SOUP CO	$257,000	–	5,390	–	0.04%	–
SNI	New	SCRIPPS NETWORKS INTERACT IN	$258,000	–	3,940	–	0.04%	–
DSU	New	BLACKROCK DEBT STRAT FD INC	$253,000	–	70,000	–	0.04%	–
EWM	New	ISHARESmsci malaysi etf	$242,000	–	20,000	–	0.03%	–
EWS	New	ISHARESmsci singap etf	$246,000	–	19,540	–	0.03%	–
EIM	New	EATON VANCE MUN BD FD	$243,000	–	20,000	–	0.03%	–
XME	New	SPDR SERIES TRUSTs&p metals mng	$243,000	–	10,000	–	0.03%	–
FDI	New	FORT DEARBORN INCOME SECS IN	$244,000	–	17,698	–	0.03%	–
EWN	New	ISHARESmsci netherl etf	$233,000	–	9,060	–	0.03%	–
TUR	New	ISHARESmsci turkey etf	$226,000	–	5,000	–	0.03%	–
BOE	New	BLACKROCK GLOBAL OPP EQTY TR	$221,000	–	16,100	–	0.03%	–
BGY	New	BLACKROCK INTL GRWTH & INC T	$219,000	–	30,000	–	0.03%	–
GREK	New	GLOBAL X FDSftse greece 20	$201,000	–	20,000	–	0.03%	–
EHI	New	WESTERN ASSET GLB HI INCOME	$171,000	–	16,500	–	0.02%	–
MCR	New	MFS CHARTER INCOME TRsh ben int	$169,000	–	20,000	–	0.02%	–
EMD	New	WESTERN ASSET EMRG MKT DEBT	$150,000	–	10,000	–	0.02%	–
MHF	New	WESTERN ASSET MUN HI INCM FD	$128,000	–	17,900	–	0.02%	–
CXH	New	MFS INVT GRADE MUN TRsh ben int	$112,000	–	12,000	–	0.02%	–

Q4 2014

			Value		Shares		↓ Weighting
JQC	Exit	NUVEEN CR STRATEGIES INCM FD	$0	–	-10,000	–	-0.01%	–
MSD	Exit	MORGAN STANLEY EMER MKTS DEB	$0	–	-10,000	–	-0.02%	–
CXH	Exit	MFS INVT GRADE MUN TRsh ben int	$0	–	-12,000	–	-0.02%	–
MHF	Exit	WESTERN ASSET MUN HI INCM FD	$0	–	-17,900	–	-0.02%	–
ZPIN	Exit	ZHAOPIN LTDsponsored adr	$0	–	-10,446	–	-0.02%	–
EMD	Exit	WESTERN ASSET EMRG MKT DEBT	$0	–	-10,000	–	-0.03%	–
MCR	Exit	MFS CHARTER INCOME TRsh ben int	$0	–	-20,000	–	-0.03%	–
BCF	Exit	BLACKROCK REAL ASSET EQUITY	$0	–	-21,000	–	-0.03%	–
EWM	Exit	ISHARESmsci malaysi etf	$0	–	-11,870	–	-0.03%	–
FFC	Exit	FLAHERTY&CRMN PFD SEC INCOM	$0	–	-10,000	–	-0.03%	–
MUA	Exit	BLACKROCK MUNIASSETS FD INC	$0	–	-15,360	–	-0.03%	–
EHI	Exit	WESTERN ASSET GLB HI INCOME	$0	–	-16,500	–	-0.03%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-3,320	–	-0.03%	–
QCOM	Exit	QUALCOMM INC	$0	–	-2,970	–	-0.03%	–
EWN	Exit	ISHARESmsci netherl etf	$0	–	-9,060	–	-0.03%	–
CPB	Exit	CAMPBELL SOUP CO	$0	–	-5,390	–	-0.04%	–
PRGO	Exit	PERRIGO CO PLC	$0	–	-1,530	–	-0.04%	–
BOE	Exit	BLACKROCK GLOBAL OPP EQTY TR	$0	–	-16,100	–	-0.04%	–
CLDT	Exit	CHATHAM LODGING TR	$0	–	-10,000	–	-0.04%	–
EWJ	Exit	ISHARESmsci japan etf	$0	–	-20,600	–	-0.04%	–
V	Exit	VISA INC	$0	–	-1,130	–	-0.04%	–
BCR	Exit	BARD C R INC	$0	–	-1,750	–	-0.04%	–
EIM	Exit	EATON VANCE MUN BD FD	$0	–	-20,000	–	-0.04%	–
TUR	Exit	ISHARESmsci turkey etf	$0	–	-5,000	–	-0.04%	–
MMM	Exit	3M CO	$0	–	-1,780	–	-0.04%	–
CLX	Exit	CLOROX CO DEL	$0	–	-2,650	–	-0.04%	–
EWP	Exit	ISHARESmsci span cp etf	$0	–	-6,600	–	-0.04%	–
FDI	Exit	FORT DEARBORN INCOME SECS IN	$0	–	-17,698	–	-0.04%	–
EWS	Exit	ISHARESmsci singap etf	$0	–	-19,540	–	-0.04%	–
BKT	Exit	BLACKROCK INCOME TR INC	$0	–	-41,321	–	-0.04%	–
COL	Exit	ROCKWELL COLLINS INC	$0	–	-3,370	–	-0.04%	–
JMF	Exit	NUVEEN ENERGY MLP TOTL RTRNF	$0	–	-12,000	–	-0.04%	–
BGY	Exit	BLACKROCK INTL GRWTH & INC T	$0	–	-35,900	–	-0.04%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-5,670	–	-0.04%	–
ENDP	Exit	ENDO INTL PLC	$0	–	-3,940	–	-0.04%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-3,220	–	-0.04%	–
ACAS	Exit	AMERICAN CAP LTD	$0	–	-20,000	–	-0.04%	–
FIF	Exit	FIRST TR ENERGY INFRASTRCTR	$0	–	-12,000	–	-0.04%	–
ABT	Exit	ABBOTT LABS	$0	–	-6,870	–	-0.04%	–
HRL	Exit	HORMEL FOODS CORP	$0	–	-5,850	–	-0.05%	–
ORCL	Exit	ORACLE CORP	$0	–	-7,750	–	-0.05%	–
SNI	Exit	SCRIPPS NETWORKS INTERACT IN	$0	–	-3,940	–	-0.05%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-3,960	–	-0.05%	–
INTC	Exit	INTEL CORP	$0	–	-9,620	–	-0.05%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-1,740	–	-0.05%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-7,280	–	-0.05%	–
MCA	Exit	BLACKROCK MUNIYIELD CALI QLT	$0	–	-23,400	–	-0.05%	–
AZO	Exit	AUTOZONE INC	$0	–	-680	–	-0.05%	–
INTU	Exit	INTUIT	$0	–	-4,040	–	-0.05%	–
SIAL	Exit	SIGMA ALDRICH CORP	$0	–	-2,650	–	-0.06%	–
HTS	Exit	HATTERAS FINL CORP	$0	–	-20,000	–	-0.06%	–
EWD	Exit	ISHARESmsci sweden etf	$0	–	-11,090	–	-0.06%	–
EPHE	Exit	ISHARES TRmsci philips etf	$0	–	-10,000	–	-0.06%	–
AVB	Exit	AVALONBAY CMNTYS INC	$0	–	-2,689	–	-0.06%	–
NPP	Exit	NUVEEN PERFORMANCE PLUS MUN	$0	–	-27,000	–	-0.06%	–
GTU	Exit	CENTRAL GOLDTRUSTtr unit	$0	–	-10,000	–	-0.06%	–
IVR	Exit	INVESCO MORTGAGE CAPITAL INC	$0	–	-27,300	–	-0.07%	–
AAPL	Exit	APPLE INC	$0	–	-4,270	–	-0.07%	–
BGR	Exit	BLACKROCK ENERGY & RES TR	$0	–	-19,000	–	-0.07%	–
XOP	Exit	SPDR SERIES TRUSTs&p oilgas exp	$0	–	-6,700	–	-0.07%	–
UTF	Exit	COHEN & STEERS INFRASTRUCTUR	$0	–	-20,000	–	-0.07%	–
EWI	Exit	ISHARESmsci italcpd etf	$0	–	-29,790	–	-0.07%	–
NPF	Exit	NUVEEN PREMIER MUN INCOME FD	$0	–	-35,100	–	-0.07%	–
NKX	Exit	NUVEEN CAL AMT-FREE MUN INC	$0	–	-34,000	–	-0.07%	–
GIM	Exit	TEMPLETON GLOBAL INCOME FD	$0	–	-60,000	–	-0.07%	–
NQM	Exit	NUVEEN INVT QUALITY MUN FD I	$0	–	-32,700	–	-0.07%	–
TYG	Exit	TORTOISE ENERGY INFRSTRCTR C	$0	–	-10,000	–	-0.07%	–
BCX	Exit	BLACKROCK RES & COMM STRAT T	$0	–	-43,000	–	-0.07%	–
DCT	Exit	DCT INDUSTRIAL TRUST INC	$0	–	-65,200	–	-0.08%	–
EXG	Exit	EATON VANCE TAX MNGD GBL DV	$0	–	-50,000	–	-0.08%	–
JHP	Exit	NUVEEN QUALITY PFD INC FD 3	$0	–	-60,000	–	-0.08%	–
SLRC	Exit	SOLAR CAP LTD	$0	–	-27,200	–	-0.08%	–
AMH	Exit	AMERICAN HOMES 4 RENTcl a	$0	–	-33,000	–	-0.08%	–
XLY	Exit	SELECT SECTOR SPDR TRsbi cons discr	$0	–	-8,400	–	-0.09%	–
REG	Exit	REGENCY CTRS CORP	$0	–	-10,420	–	-0.09%	–
ARPI	Exit	AMERICAN RESIDENTIAL PPTYS I	$0	–	-31,000	–	-0.09%	–
PMM	Exit	PUTNAM MANAGED MUN INCOM TR	$0	–	-80,000	–	-0.09%	–
FXI	Exit	ISHARES TRchina lg-cap etf	$0	–	-15,000	–	-0.09%	–
EWQ	Exit	ISHARESmsci france etf	$0	–	-22,570	–	-0.09%	–
DSL	Exit	DOUBLELINE INCOME SOLUTIONS	$0	–	-30,000	–	-0.10%	–
PPT	Exit	PUTNAM PREMIER INCOME TRsh ben int	$0	–	-120,000	–	-0.10%	–
IEF	Exit	ISHARES TR7-10 y tr bd etf	$0	–	-6,500	–	-0.10%	–
PCI	Exit	PIMCO DYNAMIC CR INCOME FD	$0	–	-30,000	–	-0.10%	–
JPC	Exit	NUVEEN PFD INCOME OPPRTNY FD	$0	–	-75,800	–	-0.11%	–
TRGP	Exit	TARGA RES CORP	$0	–	-5,170	–	-0.11%	–
EDD	Exit	MORGAN STANLEY EM MKTS DM DE	$0	–	-60,000	–	-0.11%	–
NMY	Exit	NUVEEN MD PREM INCOME MUN FD	$0	–	-58,100	–	-0.11%	–
BAB	Exit	POWERSHARES ETF TR IIbuild amer etf	$0	–	-25,100	–	-0.11%	–
EWC	Exit	ISHARESmsci cda etf	$0	–	-24,890	–	-0.12%	–
PAGP	Exit	PLAINS GP HLDGS L P	$0	–	-24,810	–	-0.12%	–
WWE	Exit	WORLD WRESTLING ENTMT INCcl a	$0	–	-55,300	–	-0.12%	–
ANRZQ	Exit	ALPHA NATURAL RESOURCES INC	$0	–	-318,310	–	-0.12%	–
XME	Exit	SPDR SERIES TRUSTs&p metals mng	$0	–	-21,751	–	-0.12%	–
JMT	Exit	NUVEEN MTG OPPTY TERM FD 2	$0	–	-35,000	–	-0.12%	–
EWL	Exit	ISHARESmsci sz cap etf	$0	–	-25,050	–	-0.12%	–
LQD	Exit	ISHARES TRiboxx inv cp etf	$0	–	-7,100	–	-0.13%	–
EARN	Exit	ELLINGTON RESIDENTIAL MTG RE	$0	–	-52,600	–	-0.13%	–
XLF	Exit	SELECT SECTOR SPDR TRsbi int-finl	$0	–	-38,000	–	-0.14%	–
NVG	Exit	NUVEEN DIVID ADVANTAGE MUN I	$0	–	-63,700	–	-0.14%	–
ZFC	Exit	ZAIS FINL CORP	$0	–	-52,300	–	-0.14%	–
DFE	Exit	WISDOMTREE TReurope smcp dv	$0	–	-18,000	–	-0.14%	–
WGP	Exit	WESTERN GAS EQUITY PARTNERS	$0	–	-15,930	–	-0.15%	–
CMLP	Exit	CRESTWOOD MIDSTREAM PARTNERSunit ltd partner	$0	–	-43,860	–	-0.15%	–
ATLS	Exit	ATLAS ENERGY LP	$0	–	-22,680	–	-0.15%	–
TOO	Exit	TEEKAY OFFSHORE PARTNERS L Ppartnership un	$0	–	-29,810	–	-0.15%	–
OKE	Exit	ONEOK INC NEW	$0	–	-15,400	–	-0.16%	–
ESS	Exit	ESSEX PPTY TR INC	$0	–	-5,695	–	-0.16%	–
MPLX	Exit	MPLX LP	$0	–	-17,410	–	-0.16%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-27,400	–	-0.16%	–
RGP	Exit	REGENCY ENERGY PARTNERS L P	$0	–	-32,310	–	-0.16%	–
NAD	Exit	NUVEEN DIVID ADVANTAGE MUN F	$0	–	-77,240	–	-0.16%	–
P107PS	Exit	MCG CAPITAL CORP	$0	–	-322,900	–	-0.17%	–
4945SC	Exit	KINDER MORGAN ENERGY PARTNERut ltd partner	$0	–	-12,180	–	-0.17%	–
2108SC	Exit	EL PASO PIPELINE PARTNERS L	$0	–	-28,440	–	-0.18%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-28,500	–	-0.18%	–
SPRT	Exit	SUPPORT COM INC	$0	–	-530,600	–	-0.18%	–
MMP	Exit	MAGELLAN MIDSTREAM PRTNRS LP	$0	–	-13,868	–	-0.18%	–
PAA	Exit	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$0	–	-19,950	–	-0.18%	–
MFL	Exit	BLACKROCK MUNIHLDS INVSTM QL	$0	–	-84,800	–	-0.18%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-22,130	–	-0.19%	–
WES	Exit	WESTERN GAS PARTNERS LP	$0	–	-16,805	–	-0.19%	–
TLLP	Exit	TESORO LOGISTICS LP	$0	–	-17,800	–	-0.19%	–
NIE	Exit	ALLIANZGI EQUITY & CONV INCO	$0	–	-64,722	–	-0.20%	–
VCV	Exit	INVESCO CALIF VALUE MUN INC	$0	–	-105,500	–	-0.20%	–
ENLC	Exit	ENLINK MIDSTREAM LLC	$0	–	-31,710	–	-0.20%	–
BTZ	Exit	BLACKROCK CR ALLCTN INC TR	$0	–	-100,000	–	-0.20%	–
XLI	Exit	SELECT SECTOR SPDR TRsbi int-inds	$0	–	-25,500	–	-0.21%	–
ETP	Exit	ENERGY TRANSFER PRTNRS L Punit ltd partn	$0	–	-22,240	–	-0.22%	–
IGR	Exit	CBRE CLARION GLOBAL REAL EST	$0	–	-170,000	–	-0.22%	–
VKI	Exit	INVESCO ADVANTAGE MUNICIPALsh ben int	$0	–	-133,450	–	-0.23%	–
L109PS	Exit	ACCESS MIDSTREAM PARTNERS Lunit	$0	–	-25,060	–	-0.24%	–
EWG	Exit	ISHARESmsci germany etf	$0	–	-57,530	–	-0.24%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-40,000	–	-0.24%	–
GOOG	Exit	GOOGLE INCcl c	$0	–	-2,822	–	-0.25%	–
NQU	Exit	NUVEEN QUALITY INCOME MUN FD	$0	–	-119,950	–	-0.25%	–
SXL	Exit	SUNOCO LOGISTICS PRTNRS L P	$0	–	-34,526	–	-0.26%	–
VGM	Exit	INVESCO TR INVT GRADE MUNS	$0	–	-129,950	–	-0.26%	–
EQM	Exit	EQT MIDSTREAM PARTNERS LPunit ltd partn	$0	–	-19,090	–	-0.26%	–
JPS	Exit	NUVEEN QUALITY PFD INCOME FD	$0	–	-200,000	–	-0.27%	–
NEA	Exit	NUVEEN AMT-FREE MUN INCOME F	$0	–	-132,690	–	-0.28%	–
NQI	Exit	NUVEEN QUALITY MUN FD INC	$0	–	-140,100	–	-0.28%	–
VMO	Exit	INVESCO MUN OPPORTUNITY TR	$0	–	-144,830	–	-0.28%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-16,000	–	-0.28%	–
PMO	Exit	PUTNAM MUN OPPORTUNITIES TRsh ben int	$0	–	-162,270	–	-0.29%	–
QQQ	Exit	POWERSHARES QQQ TRUSTunit ser 1	$0	–	-20,000	–	-0.30%	–
HALL	Exit	HALLMARK FINL SVCS INC EC	$0	–	-192,715	–	-0.30%	–
SEMG	Exit	SEMGROUP CORPcl a	$0	–	-24,000	–	-0.31%	–
VKQ	Exit	INVESCO MUN TR	$0	–	-162,270	–	-0.31%	–
GSAT	Exit	GLOBALSTAR INC	$0	–	-557,500	–	-0.31%	–
MOVE	Exit	MOVE INC	$0	–	-99,815	–	-0.32%	–
YNDX	Exit	YANDEX N V	$0	–	-76,000	–	-0.32%	–
NGHC	Exit	NATIONAL GEN HLDGS CORP	$0	–	-126,200	–	-0.33%	–
NPI	Exit	NUVEEN PREM INCOME MUN FD	$0	–	-161,700	–	-0.33%	–
EFC	Exit	ELLINGTON FINANCIAL LLC	$0	–	-101,900	–	-0.35%	–
ZINCQ	Exit	HORSEHEAD HLDG CORP	$0	–	-140,900	–	-0.36%	–
NMA	Exit	NUVEEN MUN ADVANTAGE FD INC	$0	–	-180,580	–	-0.37%	–
XLE	Exit	SELECT SECTOR SPDR TRsbi int-energy	$0	–	-27,400	–	-0.38%	–
DOOR	Exit	MASONITE INTL CORP NEW	$0	–	-44,800	–	-0.38%	–
GM	Exit	GENERAL MTRS CO	$0	–	-78,700	–	-0.38%	–
NXZ	Exit	NUVEEN DIV ADVANTAGE MUN FD	$0	–	-186,300	–	-0.40%	–
EWU	Exit	ISHARES TRmsci utd kngdm	$0	–	-135,120	–	-0.40%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW	$0	–	-89,800	–	-0.40%	–
FWLT	Exit	FOSTER WHEELER AG	$0	–	-84,100	–	-0.41%	–
NPM	Exit	NUVEEN PREM INCOME MUN FD 2	$0	–	-193,430	–	-0.41%	–
GUID	Exit	GUIDANCE SOFTWARE INC	$0	–	-403,900	–	-0.42%	–
LPLA	Exit	LPL FINL HLDGS INC	$0	–	-59,600	–	-0.42%	–
GT	Exit	GOODYEAR TIRE & RUBR CO	$0	–	-121,800	–	-0.42%	–
NMO	Exit	NUVEEN MUN MKT OPPORTUNITY F	$0	–	-211,800	–	-0.43%	–
ZNGA	Exit	ZYNGA INCcl a	$0	–	-1,055,400	–	-0.44%	–
HEDJ	Exit	WISDOMTREE TReurope hedged eq	$0	–	-49,500	–	-0.44%	–
EXH	Exit	EXTERRAN HLDGS INC	$0	–	-66,000	–	-0.45%	–
NZF	Exit	NUVEEN DIVID ADV MUN FD 3	$0	–	-214,900	–	-0.45%	–
PSB	Exit	PS BUSINESS PKS INC CALIF	$0	–	-38,900	–	-0.45%	–
VTSS	Exit	VITESSE SEMICONDUCTOR CORP	$0	–	-836,512	–	-0.46%	–
NQS	Exit	NUVEEN SELECT QUALITY MUN FD	$0	–	-222,020	–	-0.46%	–
EQIX	Exit	EQUINIX INC	$0	–	-14,300	–	-0.47%	–
AVIV	Exit	AVIV REIT INC MD	$0	–	-115,300	–	-0.47%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-72,400	–	-0.47%	–
AMTG	Exit	APOLLO RESIDENTIAL MTG INC	$0	–	-198,300	–	-0.47%	–
GPORQ	Exit	GULFPORT ENERGY CORP	$0	–	-58,100	–	-0.48%	–
PMT	Exit	PENNYMAC MTG INVT TR	$0	–	-146,000	–	-0.48%	–
RFP	Exit	RESOLUTE FST PRODS INC	$0	–	-200,300	–	-0.48%	–
COR	Exit	CORESITE RLTY CORP	$0	–	-96,000	–	-0.48%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-68,600	–	-0.49%	–
ANH	Exit	ANWORTH MORTGAGE ASSET CP	$0	–	-664,600	–	-0.49%	–
WAIR	Exit	WESCO AIRCRAFT HLDGS INC	$0	–	-185,300	–	-0.49%	–
RICE	Exit	RICE ENERGY INC	$0	–	-123,500	–	-0.50%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-5,672	–	-0.51%	–
MTGE	Exit	AMERICAN CAP MTG INVT CORP	$0	–	-178,000	–	-0.51%	–
CDW	Exit	CDW CORP	$0	–	-109,000	–	-0.52%	–
AROPQ	Exit	AEROPOSTALE	$0	–	-1,068,200	–	-0.54%	–
PLD	Exit	PROLOGIS INC	$0	–	-94,580	–	-0.55%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-156,000	–	-0.55%	–
FOX	Exit	TWENTY FIRST CENTY FOX INCcl b	$0	–	-108,000	–	-0.55%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Dcl a new	$0	–	-23,800	–	-0.55%	–
MFA	Exit	MFA FINL INC	$0	–	-466,000	–	-0.56%	–
SHO	Exit	SUNSTONE HOTEL INVS INC NEW	$0	–	-262,400	–	-0.56%	–
POST	Exit	POST HLDGS INC	$0	–	-110,100	–	-0.56%	–
CBLAQ	Exit	CBL & ASSOC PPTYS INC	$0	–	-204,740	–	-0.56%	–
RPAI	Exit	RETAIL PPTYS AMER INCcl a	$0	–	-251,760	–	-0.56%	–
VNO	Exit	VORNADO RLTY TRsh ben int	$0	–	-36,980	–	-0.57%	–
HTA	Exit	HEALTHCARE TR AMER INCcl a	$0	–	-319,220	–	-0.57%	–
EPAC	Exit	ACTUANT CORPcl a new	$0	–	-121,400	–	-0.57%	–
EDR	Exit	EDUCATION RLTY TR INC	$0	–	-361,080	–	-0.57%	–
TCO	Exit	TAUBMAN CTRS INC	$0	–	-51,200	–	-0.57%	–
KIM	Exit	KIMCO RLTY CORP	$0	–	-171,300	–	-0.58%	–
SRC	Exit	SPIRIT RLTY CAP INC NEW	$0	–	-342,800	–	-0.58%	–
ELS	Exit	EQUITY LIFESTYLE PPTYS INC	$0	–	-88,890	–	-0.58%	–
TPX	Exit	TEMPUR SEALY INTL INC	$0	–	-67,000	–	-0.58%	–
DEI	Exit	DOUGLAS EMMETT INC	$0	–	-147,350	–	-0.58%	–
CPT	Exit	CAMDEN PPTY TRsh ben int	$0	–	-55,290	–	-0.58%	–
CUBE	Exit	CUBESMART	$0	–	-211,540	–	-0.58%	–
GG	Exit	GOLDCORP INC NEW	$0	–	-166,300	–	-0.59%	–
EQR	Exit	EQUITY RESIDENTIALsh ben int	$0	–	-62,230	–	-0.59%	–
FRT	Exit	FEDERAL REALTY INVT TRsh ben int new	$0	–	-32,430	–	-0.59%	–
TIBX	Exit	TIBCO SOFTWARE INC	$0	–	-162,800	–	-0.59%	–
AIV	Exit	APARTMENT INVT & MGMT COcl a	$0	–	-121,700	–	-0.59%	–
BXP	Exit	BOSTON PROPERTIES INC	$0	–	-33,420	–	-0.59%	–
BEE	Exit	STRATEGIC HOTELS & RESORTS I	$0	–	-334,780	–	-0.60%	–
HCN	Exit	HEALTH CARE REIT INC	$0	–	-62,590	–	-0.60%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-23,840	–	-0.60%	–
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-114,000	–	-0.60%	–
NCR	Exit	NCR CORP NEW	$0	–	-118,300	–	-0.61%	–
KFX	Exit	KOFAX LTD	$0	–	-518,000	–	-0.61%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-77,400	–	-0.62%	–
GRUB	Exit	GRUBHUB INC	$0	–	-118,029	–	-0.62%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-276,000	–	-0.62%	–
YELP	Exit	YELP INCcl a	$0	–	-59,503	–	-0.62%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-43,950	–	-0.63%	–
PPS	Exit	POST PPTYS INC	$0	–	-80,554	–	-0.63%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-22,500	–	-0.64%	–
FLT	Exit	FLEETCOR TECHNOLOGIES INC	$0	–	-30,300	–	-0.66%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-34,500	–	-0.67%	–
SFLY	Exit	SHUTTERFLY INC	$0	–	-95,900	–	-0.72%	–
TK	Exit	TEEKAY CORPORATION	$0	–	-71,500	–	-0.73%	–
TWO	Exit	TWO HBRS INVT CORP	$0	–	-506,500	–	-0.75%	–
DXJ	Exit	WISDOMTREE TRjapn hedge eqt	$0	–	-104,000	–	-0.83%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-134,000	–	-0.86%	–
NWSA	Exit	NEWS CORP NEWcl a	$0	–	-380,700	–	-0.95%	–
VEA	Exit	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$0	–	-200,000	–	-1.22%	–
BND	Exit	VANGUARD BD INDEX FD INCtotal bnd mrkt	$0	–	-98,150	–	-1.23%	–
G	Exit	GENPACT LIMITED	$0	–	-670,000	–	-1.68%	–
VMEM	Exit	VIOLIN MEMORY INC	$0	–	-2,317,500	–	-1.73%	–
YDKN	Exit	YADKIN FINL CORP	$0	–	-723,458	–	-2.01%	–
OAK	Exit	OAKTREE CAP GROUP LLCunit cl a	$0	–	-332,000	–	-2.60%	–
AMZN	Exit	AMAZON COM INC	$0	–	-58,750	–	-2.90%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-109,500	–	-3.31%	–
TRLA	Exit	TRULIA INC	$0	–	-493,140	–	-3.70%	–
Z	Exit	ZILLOW INCcl a	$0	–	-393,194	–	-6.99%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-366,000	–	-7.75%	–

Q3 2014

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$50,559,000	-18.1%	366,000	-25.0%	7.75%	-17.2%
Z	Buy	ZILLOW INCcl a	$45,607,000	-6.0%	393,194	+15.8%	6.99%	-5.0%
TRLA	Buy	TRULIA INC	$24,115,000	+5.7%	493,140	+2.4%	3.70%	+6.9%
OAK	Buy	OAKTREE CAP GROUP LLCunit cl a	$16,965,000	+74.0%	332,000	+70.3%	2.60%	+76.0%
YDKN	New	YADKIN FINL CORP	$13,138,000	–	723,458	–	2.01%	–
VMEM	Buy	VIOLIN MEMORY INC	$11,286,000	+69.8%	2,317,500	+54.5%	1.73%	+71.7%
NWSA	Buy	NEWS CORP NEWcl a	$6,224,000	-1.2%	380,700	+8.4%	0.95%	-0.1%
VWO	Buy	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$5,589,000	+0.4%	134,000	+3.9%	0.86%	+1.5%
TK	New	TEEKAY CORPORATION	$4,745,000	–	71,500	–	0.73%	–
SFLY	Sell	SHUTTERFLY INC	$4,674,000	+7.1%	95,900	-5.4%	0.72%	+8.2%
GD	Buy	GENERAL DYNAMICS CORP	$4,385,000	+31.1%	34,500	+20.2%	0.67%	+32.5%
FLT	Sell	FLEETCOR TECHNOLOGIES INC	$4,306,000	-9.5%	30,300	-16.1%	0.66%	-8.5%
TDG	Buy	TRANSDIGM GROUP INC	$4,147,000	+18.6%	22,500	+7.7%	0.64%	+19.8%
PPS	Buy	POST PPTYS INC	$4,135,000	+654.6%	80,554	+685.6%	0.63%	+663.9%
AMT	Sell	AMERICAN TOWER CORP NEW	$4,115,000	+0.8%	43,950	-3.1%	0.63%	+2.1%
YELP	Sell	YELP INCcl a	$4,061,000	-29.4%	59,503	-20.7%	0.62%	-28.7%
GOLD	Sell	BARRICK GOLD CORP	$4,046,000	-55.3%	276,000	-44.3%	0.62%	-54.8%
GRUB	New	GRUBHUB INC	$4,041,000	–	118,029	–	0.62%	–
WFC	Sell	WELLS FARGO & CO NEW	$4,015,000	-5.7%	77,400	-4.4%	0.62%	-4.7%
KFX	New	KOFAX LTD	$4,009,000	–	518,000	–	0.61%	–
NCR	Buy	NCR CORP NEW	$3,952,000	+0.7%	118,300	+5.8%	0.61%	+2.0%
SPG	Buy	SIMON PPTY GROUP INC NEW	$3,920,000	+7.0%	23,840	+8.2%	0.60%	+8.3%
SIX	Buy	SIX FLAGS ENTMT CORP NEW	$3,920,000	+25.4%	114,000	+55.1%	0.60%	+26.8%
BEE	Sell	STRATEGIC HOTELS & RESORTS I	$3,900,000	-8.1%	334,780	-7.6%	0.60%	-7.0%
HCN	Buy	HEALTH CARE REIT INC	$3,904,000	+3.3%	62,590	+3.8%	0.60%	+4.5%
BXP	Buy	BOSTON PROPERTIES INC	$3,869,000	+1.9%	33,420	+4.0%	0.59%	+3.1%
AIV	New	APARTMENT INVT & MGMT COcl a	$3,872,000	–	121,700	–	0.59%	–
TIBX	New	TIBCO SOFTWARE INC	$3,847,000	–	162,800	–	0.59%	–
FRT	Buy	FEDERAL REALTY INVT TRsh ben int new	$3,842,000	-1.4%	32,430	+0.6%	0.59%	-0.2%
EQR	Sell	EQUITY RESIDENTIALsh ben int	$3,833,000	-4.4%	62,230	-2.2%	0.59%	-3.3%
CUBE	Buy	CUBESMART	$3,803,000	+0.6%	211,540	+2.5%	0.58%	+1.7%
CPT	Buy	CAMDEN PPTY TRsh ben int	$3,789,000	-3.3%	55,290	+0.4%	0.58%	-2.2%
DEI	Buy	DOUGLAS EMMETT INC	$3,782,000	+815.7%	147,350	+905.8%	0.58%	+820.6%
TPX	Buy	TEMPUR SEALY INTL INC	$3,763,000	+1.2%	67,000	+7.5%	0.58%	+2.5%
ELS	Sell	EQUITY LIFESTYLE PPTYS INC	$3,765,000	-5.6%	88,890	-1.6%	0.58%	-4.5%
SRC	Sell	SPIRIT RLTY CAP INC NEW	$3,761,000	-5.4%	342,800	-2.0%	0.58%	-4.3%
KIM	New	KIMCO RLTY CORP	$3,753,000	–	171,300	–	0.58%	–
TCO	New	TAUBMAN CTRS INC	$3,738,000	–	51,200	–	0.57%	–
EDR	Sell	EDUCATION RLTY TR INC	$3,712,000	-7.2%	361,080	-3.0%	0.57%	-6.1%
EPAC	Buy	ACTUANT CORPcl a new	$3,705,000	-2.3%	121,400	+10.7%	0.57%	-1.2%
HTA	Sell	HEALTHCARE TR AMER INCcl a	$3,703,000	-5.5%	319,220	-1.9%	0.57%	-4.5%
VNO	Sell	VORNADO RLTY TRsh ben int	$3,697,000	-6.8%	36,980	-0.5%	0.57%	-5.7%
RPAI	Sell	RETAIL PPTYS AMER INCcl a	$3,683,000	-10.4%	251,760	-5.8%	0.56%	-9.5%
CBLAQ	Sell	CBL & ASSOC PPTYS INC	$3,665,000	-8.3%	204,740	-2.6%	0.56%	-7.1%
POST	Buy	POST HLDGS INC	$3,653,000	-15.0%	110,100	+30.5%	0.56%	-14.0%
SHO	Sell	SUNSTONE HOTEL INVS INC NEW	$3,627,000	-10.8%	262,400	-3.7%	0.56%	-9.7%
CHTR	Sell	CHARTER COMMUNICATIONS INC Dcl a new	$3,603,000	-7.5%	23,800	-3.3%	0.55%	-6.4%
FOX	New	TWENTY FIRST CENTY FOX INCcl b	$3,597,000	–	108,000	–	0.55%	–
PLD	Buy	PROLOGIS INC	$3,566,000	-6.1%	94,580	+2.4%	0.55%	-5.0%
CDW	New	CDW CORP	$3,384,000	–	109,000	–	0.52%	–
GOOGL	Buy	GOOGLE INCcl a	$3,337,000	+14.9%	5,672	+14.1%	0.51%	+16.1%
RICE	New	RICE ENERGY INC	$3,285,000	–	123,500	–	0.50%	–
WAIR	Buy	WESCO AIRCRAFT HLDGS INC	$3,224,000	+17.7%	185,300	+35.1%	0.49%	+19.0%
MSFT	New	MICROSOFT CORP	$3,180,000	–	68,600	–	0.49%	–
COR	Sell	CORESITE RLTY CORP	$3,156,000	-10.5%	96,000	-9.9%	0.48%	-9.4%
RFP	Sell	RESOLUTE FST PRODS INC	$3,133,000	-28.9%	200,300	-23.7%	0.48%	-28.0%
GPORQ	New	GULFPORT ENERGY CORP	$3,103,000	–	58,100	–	0.48%	–
EQIX	Sell	EQUINIX INC	$3,038,000	-7.9%	14,300	-8.9%	0.47%	-6.8%
AVIV	Sell	AVIV REIT INC MD	$3,038,000	-12.3%	115,300	-6.3%	0.47%	-11.2%
NQS	Sell	NUVEEN SELECT QUALITY MUN FD	$3,035,000	-11.0%	222,020	-9.8%	0.46%	-10.1%
VTSS	Buy	VITESSE SEMICONDUCTOR CORP	$3,011,000	+8.2%	836,512	+3.7%	0.46%	+9.2%
PSB	Buy	PS BUSINESS PKS INC CALIF	$2,962,000	-6.6%	38,900	+2.4%	0.45%	-5.6%
NZF	Sell	NUVEEN DIVID ADV MUN FD 3	$2,937,000	-19.6%	214,900	-19.5%	0.45%	-18.6%
EXH	New	EXTERRAN HLDGS INC	$2,924,000	–	66,000	–	0.45%	–
HEDJ	Buy	WISDOMTREE TReurope hedged eq	$2,860,000	+55.6%	49,500	+57.4%	0.44%	+57.6%
ZNGA	Buy	ZYNGA INCcl a	$2,850,000	+23.6%	1,055,400	+47.0%	0.44%	+25.2%
NMO	Sell	NUVEEN MUN MKT OPPORTUNITY F	$2,808,000	-13.7%	211,800	-13.1%	0.43%	-12.8%
GT	New	GOODYEAR TIRE & RUBR CO	$2,751,000	–	121,800	–	0.42%	–
LPLA	New	LPL FINL HLDGS INC	$2,745,000	–	59,600	–	0.42%	–
GUID	Buy	GUIDANCE SOFTWARE INC	$2,718,000	+11.1%	403,900	+50.5%	0.42%	+12.4%
NPM	Sell	NUVEEN PREM INCOME MUN FD 2	$2,660,000	-21.0%	193,430	-20.5%	0.41%	-20.0%
FWLT	New	FOSTER WHEELER AG	$2,659,000	–	84,100	–	0.41%	–
SCHW	Buy	SCHWAB CHARLES CORP NEW	$2,639,000	+23.3%	89,800	+13.0%	0.40%	+24.7%
EWU	New	ISHARES TRmsci utd kngdm	$2,619,000	–	135,120	–	0.40%	–
NXZ	Sell	NUVEEN DIV ADVANTAGE MUN FD	$2,595,000	-9.5%	186,300	-9.7%	0.40%	-8.5%
GM	Buy	GENERAL MTRS CO	$2,514,000	-7.0%	78,700	+5.6%	0.38%	-6.1%
DOOR	Buy	MASONITE INTL CORP NEW	$2,481,000	+12.8%	44,800	+14.6%	0.38%	+14.1%
NMA	Sell	NUVEEN MUN ADVANTAGE FD INC	$2,436,000	-26.5%	180,580	-26.8%	0.37%	-25.7%
ZINCQ	Sell	HORSEHEAD HLDG CORP	$2,329,000	-22.3%	140,900	-14.1%	0.36%	-21.4%
NPI	Sell	NUVEEN PREM INCOME MUN FD	$2,168,000	-20.9%	161,700	-19.8%	0.33%	-20.0%
NGHC	New	NATIONAL GEN HLDGS CORP	$2,132,000	–	126,200	–	0.33%	–
YNDX	New	YANDEX N V	$2,112,000	–	76,000	–	0.32%	–
MOVE	New	MOVE INC	$2,092,000	–	99,815	–	0.32%	–
GSAT	New	GLOBALSTAR INC	$2,040,000	–	557,500	–	0.31%	–
VKQ	Sell	INVESCO MUN TR	$2,037,000	-21.1%	162,270	-21.3%	0.31%	-20.2%
SEMG	New	SEMGROUP CORPcl a	$1,998,000	–	24,000	–	0.31%	–
PMO	Sell	PUTNAM MUN OPPORTUNITIES TRsh ben int	$1,898,000	-18.5%	162,270	-18.2%	0.29%	-17.6%
GLD	Buy	SPDR GOLD TRUST	$1,859,000	+11.7%	16,000	+23.1%	0.28%	+13.1%
VMO	Sell	INVESCO MUN OPPORTUNITY TR	$1,815,000	-30.4%	144,830	-30.0%	0.28%	-29.6%
NQI	Sell	NUVEEN QUALITY MUN FD INC	$1,812,000	-20.6%	140,100	-19.5%	0.28%	-19.7%
NEA	Sell	NUVEEN AMT-FREE MUN INCOME F	$1,795,000	-27.1%	132,690	-27.4%	0.28%	-26.3%
EQM	Sell	EQT MIDSTREAM PARTNERS LPunit ltd partn	$1,711,000	-9.8%	19,090	-2.6%	0.26%	-8.7%
VGM	Sell	INVESCO TR INVT GRADE MUNS	$1,703,000	-29.0%	129,950	-29.4%	0.26%	-28.1%
SXL	Sell	SUNOCO LOGISTICS PRTNRS L P	$1,667,000	-23.2%	34,526	-25.1%	0.26%	-22.5%
NQU	Sell	NUVEEN QUALITY INCOME MUN FD	$1,642,000	-34.0%	119,950	-33.8%	0.25%	-33.2%
GOOG	Sell	GOOGLE INCcl c	$1,629,000	-43.0%	2,822	-43.2%	0.25%	-42.3%
L109PS	Sell	ACCESS MIDSTREAM PARTNERS Lunit	$1,595,000	-28.2%	25,060	-28.3%	0.24%	-27.6%
VKI	Sell	INVESCO ADVANTAGE MUNICIPALsh ben int	$1,519,000	-20.1%	133,450	-20.3%	0.23%	-19.1%
ETP	New	ENERGY TRANSFER PRTNRS L Punit ltd partn	$1,423,000	–	22,240	–	0.22%	–
ENLC	Sell	ENLINK MIDSTREAM LLC	$1,311,000	-20.0%	31,710	-19.4%	0.20%	-19.0%
VCV	Sell	INVESCO CALIF VALUE MUN INC	$1,289,000	-27.5%	105,500	-26.5%	0.20%	-26.4%
WES	Sell	WESTERN GAS PARTNERS LP	$1,261,000	-21.8%	16,805	-20.3%	0.19%	-20.9%
TLLP	Sell	TESORO LOGISTICS LP	$1,260,000	-23.0%	17,800	-20.2%	0.19%	-22.2%
WMB	Sell	WILLIAMS COS INC DEL	$1,225,000	-24.6%	22,130	-20.7%	0.19%	-23.6%
MFL	Sell	BLACKROCK MUNIHLDS INVSTM QL	$1,179,000	-27.3%	84,800	-27.4%	0.18%	-26.4%
PAA	Sell	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$1,174,000	-39.6%	19,950	-38.4%	0.18%	-39.0%
MMP	Sell	MAGELLAN MIDSTREAM PRTNRS LP	$1,167,000	-63.6%	13,868	-63.7%	0.18%	-63.2%
EPD	Buy	ENTERPRISE PRODS PARTNERS L	$1,149,000	-38.9%	28,500	+18.7%	0.18%	-38.2%
SPRT	Sell	SUPPORT COM INC	$1,146,000	-25.5%	530,600	-6.5%	0.18%	-24.5%
2108SC	New	EL PASO PIPELINE PARTNERS L	$1,142,000	–	28,440	–	0.18%	–
4945SC	New	KINDER MORGAN ENERGY PARTNERut ltd partner	$1,136,000	–	12,180	–	0.17%	–
NAD	Sell	NUVEEN DIVID ADVANTAGE MUN F	$1,069,000	-29.5%	77,240	-28.0%	0.16%	-28.7%
RGP	Sell	REGENCY ENERGY PARTNERS L P	$1,054,000	-37.7%	32,310	-38.5%	0.16%	-36.7%
KMI	New	KINDER MORGAN INC DEL	$1,050,000	–	27,400	–	0.16%	–
MPLX	Sell	MPLX LP	$1,027,000	-28.9%	17,410	-22.3%	0.16%	-28.3%
OKE	Sell	ONEOK INC NEW	$1,010,000	-38.8%	15,400	-36.4%	0.16%	-38.0%
TOO	New	TEEKAY OFFSHORE PARTNERS L Ppartnership un	$1,002,000	–	29,810	–	0.15%	–
ATLS	Sell	ATLAS ENERGY LP	$998,000	-19.7%	22,680	-18.1%	0.15%	-18.6%
CMLP	Sell	CRESTWOOD MIDSTREAM PARTNERSunit ltd partner	$994,000	-22.9%	43,860	-24.9%	0.15%	-22.1%
WGP	Sell	WESTERN GAS EQUITY PARTNERS	$970,000	-49.9%	15,930	-48.4%	0.15%	-49.1%
NVG	Sell	NUVEEN DIVID ADVANTAGE MUN I	$899,000	-42.1%	63,700	-41.9%	0.14%	-41.3%
ANRZQ	Buy	ALPHA NATURAL RESOURCES INC	$789,000	-22.6%	318,310	+15.7%	0.12%	-21.9%
PAGP	New	PLAINS GP HLDGS L P	$761,000	–	24,810	–	0.12%	–
WWE	Sell	WORLD WRESTLING ENTMT INCcl a	$761,000	-45.0%	55,300	-52.3%	0.12%	-44.3%
NMY	Sell	NUVEEN MD PREM INCOME MUN FD	$727,000	-25.8%	58,100	-23.7%	0.11%	-25.0%
TRGP	Sell	TARGA RES CORP	$704,000	-63.9%	5,170	-63.0%	0.11%	-63.4%
IEF	Buy	ISHARES TR7-10 y tr bd etf	$674,000	+62.8%	6,500	+62.5%	0.10%	+63.5%
PCI	New	PIMCO DYNAMIC CR INCOME FD	$674,000	–	30,000	–	0.10%	–
FXI	New	ISHARES TRchina lg-cap etf	$574,000	–	15,000	–	0.09%	–
PMM	Sell	PUTNAM MANAGED MUN INCOM TR	$566,000	-38.3%	80,000	-37.5%	0.09%	-37.4%
REG	Sell	REGENCY CTRS CORP	$561,000	-86.0%	10,420	-85.5%	0.09%	-85.8%
NQM	Sell	NUVEEN INVT QUALITY MUN FD I	$486,000	-43.6%	32,700	-44.3%	0.07%	-43.5%
TYG	New	TORTOISE ENERGY INFRSTRCTR C	$481,000	–	10,000	–	0.07%	–
NKX	Sell	NUVEEN CAL AMT-FREE MUN INC	$473,000	-44.0%	34,000	-45.2%	0.07%	-43.8%
NPF	Sell	NUVEEN PREMIER MUN INCOME FD	$472,000	-29.4%	35,100	-28.5%	0.07%	-28.7%
XOP	New	SPDR SERIES TRUSTs&p oilgas exp	$461,000	–	6,700	–	0.07%	–
NPP	Sell	NUVEEN PERFORMANCE PLUS MUN	$392,000	-58.9%	27,000	-58.5%	0.06%	-58.3%
AVB	Sell	AVALONBAY CMNTYS INC	$379,000	-90.4%	2,689	-90.3%	0.06%	-90.3%
MCA	Sell	BLACKROCK MUNIYIELD CALI QLT	$341,000	-56.7%	23,400	-56.2%	0.05%	-56.3%
ENDP	New	ENDO INTL PLC	$269,000	–	3,940	–	0.04%	–
EIM	Sell	EATON VANCE MUN BD FD	$250,000	-76.1%	20,000	-76.2%	0.04%	-75.9%
PRGO	New	PERRIGO CO PLC	$230,000	–	1,530	–	0.04%	–
MUA	Sell	BLACKROCK MUNIASSETS FD INC	$202,000	-59.6%	15,360	-60.6%	0.03%	-59.2%
JQC	New	NUVEEN CR STRATEGIES INCM FD	$89,000	–	10,000	–	0.01%	–
MAT	Exit	MATTEL INC	$0	–	-6,150	–	-0.04%	–
KMIWS	Exit	KINDER MORGAN INC DEL*w exp 05/25/201	$0	–	-98,586	–	-0.04%	–
DFT	Exit	DUPONT FABROS TECHNOLOGY INC	$0	–	-19,200	–	-0.08%	–
VTR	Exit	VENTAS INC	$0	–	-8,140	–	-0.08%	–
EXR	Exit	EXTRA SPACE STORAGE INC	$0	–	-11,141	–	-0.09%	–
DCP	Exit	DCP MIDSTREAM PARTNERS LP	$0	–	-16,900	–	-0.15%	–
LVLT	Exit	LEVEL 3 COMMUNICATIONS INC	$0	–	-30,100	–	-0.20%	–
GRA	Exit	GRACE W R & CO DEL NEW	$0	–	-15,000	–	-0.22%	–
BBN	Exit	BLACKROCK BUILD AMER BD TR	$0	–	-72,900	–	-0.24%	–
SPR	Exit	SPIRIT AEROSYSTEMS HLDGS INC	$0	–	-65,200	–	-0.33%	–
MWE	Exit	MARKWEST ENERGY PARTNERS L Punit ltd partn	$0	–	-32,490	–	-0.35%	–
QRTEA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-83,400	–	-0.37%	–
T104PS	Exit	AMERICAN RLTY CAP PPTYS INC	$0	–	-215,300	–	-0.41%	–
6699SC	Exit	ISHARESmsci uk etf	$0	–	-135,120	–	-0.43%	–
SIG	Exit	SIGNET JEWELERS LIMITED	$0	–	-32,000	–	-0.54%	–
MAC	Exit	MACERICH CO	$0	–	-57,370	–	-0.58%	–
NRG	Exit	NRG ENERGY INC	$0	–	-103,500	–	-0.58%	–
TWC	Exit	TIME WARNER CABLE INC	$0	–	-26,800	–	-0.60%	–
CUZ	Exit	COUSINS PPTYS INC	$0	–	-327,390	–	-0.62%	–
MIC	Exit	MACQUARIE INFRASTR CO LLCmembership int	$0	–	-74,965	–	-0.71%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-78,100	–	-0.76%	–
VSB	Exit	VANTAGESOUTH BANCSHARES INC	$0	–	-1,176,471	–	-1.06%	–

Q2 2014

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$61,761,000	–	488,000	–	9.36%	–
Z	New	ZILLOW INCcl a	$48,538,000	–	339,598	–	7.35%	–
TRLA	New	TRULIA INC	$22,808,000	–	481,394	–	3.46%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$21,431,000	–	109,500	–	3.25%	–
AMZN	New	AMAZON COM INC	$19,081,000	–	58,750	–	2.89%	–
G	New	GENPACT LIMITED	$11,745,000	–	670,000	–	1.78%	–
OAK	New	OAKTREE CAP GROUP LLCunit cl a	$9,748,000	–	195,000	–	1.48%	–
GOLD	New	BARRICK GOLD CORP	$9,060,000	–	495,100	–	1.37%	–
VEA	New	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$8,518,000	–	200,000	–	1.29%	–
BND	New	VANGUARD BD INDEX FD INCtotal bnd mrkt	$8,070,000	–	98,150	–	1.22%	–
VSB	New	VANTAGESOUTH BANCSHARES INC	$7,000,000	–	1,176,471	–	1.06%	–
VMEM	New	VIOLIN MEMORY INC	$6,645,000	–	1,500,000	–	1.01%	–
NWSA	New	NEWS CORP NEWcl a	$6,302,000	–	351,300	–	0.96%	–
YELP	New	YELP INCcl a	$5,756,000	–	75,071	–	0.87%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$5,564,000	–	129,000	–	0.84%	–
TWO	New	TWO HBRS INVT CORP	$5,308,000	–	506,500	–	0.80%	–
DXJ	New	WISDOMTREE TRjapn hedge eqt	$5,133,000	–	104,000	–	0.78%	–
CTRP	New	CTRIP COM INTL LTD	$5,002,000	–	78,100	–	0.76%	–
FLT	New	FLEETCOR TECHNOLOGIES INC	$4,758,000	–	36,100	–	0.72%	–
MIC	New	MACQUARIE INFRASTR CO LLCmembership int	$4,676,000	–	74,965	–	0.71%	–
GG	New	GOLDCORP INC NEW	$4,641,000	–	166,300	–	0.70%	–
RFP	New	RESOLUTE FST PRODS INC	$4,405,000	–	262,500	–	0.67%	–
SFLY	New	SHUTTERFLY INC	$4,366,000	–	101,400	–	0.66%	–
POST	New	POST HLDGS INC	$4,297,000	–	84,400	–	0.65%	–
WFC	New	WELLS FARGO & CO NEW	$4,257,000	–	81,000	–	0.64%	–
BEE	New	STRATEGIC HOTELS & RESORTS I	$4,242,000	–	362,280	–	0.64%	–
RPAI	New	RETAIL PPTYS AMER INCcl a	$4,109,000	–	267,160	–	0.62%	–
CUZ	New	COUSINS PPTYS INC	$4,076,000	–	327,390	–	0.62%	–
AMT	New	AMERICAN TOWER CORP NEW	$4,081,000	–	45,350	–	0.62%	–
SHO	New	SUNSTONE HOTEL INVS INC NEW	$4,067,000	–	272,400	–	0.62%	–
EQR	New	EQUITY RESIDENTIALsh ben int	$4,009,000	–	63,630	–	0.61%	–
EDR	New	EDUCATION RLTY TR INC	$3,999,000	–	372,380	–	0.61%	–
REG	New	REGENCY CTRS CORP	$3,999,000	–	71,820	–	0.61%	–
CBLAQ	New	CBL & ASSOC PPTYS INC	$3,995,000	–	210,240	–	0.60%	–
ELS	New	EQUITY LIFESTYLE PPTYS INC	$3,987,000	–	90,290	–	0.60%	–
SRC	New	SPIRIT RLTY CAP INC NEW	$3,974,000	–	349,800	–	0.60%	–
VNO	New	VORNADO RLTY TRsh ben int	$3,968,000	–	37,180	–	0.60%	–
NEM	New	NEWMONT MINING CORP	$3,969,000	–	156,000	–	0.60%	–
AVB	New	AVALONBAY CMNTYS INC	$3,949,000	–	27,770	–	0.60%	–
TWC	New	TIME WARNER CABLE INC	$3,948,000	–	26,800	–	0.60%	–
NCR	New	NCR CORP NEW	$3,923,000	–	111,800	–	0.59%	–
HTA	New	HEALTHCARE TR AMER INCcl a	$3,919,000	–	325,520	–	0.59%	–
CPT	New	CAMDEN PPTY TRsh ben int	$3,920,000	–	55,090	–	0.59%	–
FRT	New	FEDERAL REALTY INVT TRsh ben int new	$3,897,000	–	32,230	–	0.59%	–
CHTR	New	CHARTER COMMUNICATIONS INC Dcl a new	$3,896,000	–	24,600	–	0.59%	–
NRG	New	NRG ENERGY INC	$3,850,000	–	103,500	–	0.58%	–
MAC	New	MACERICH CO	$3,829,000	–	57,370	–	0.58%	–
MFA	New	MFA FINL INC	$3,826,000	–	466,000	–	0.58%	–
BXP	New	BOSTON PROPERTIES INC	$3,796,000	–	32,120	–	0.58%	–
PLD	New	PROLOGIS INC	$3,796,000	–	92,380	–	0.58%	–
EPAC	New	ACTUANT CORPcl a new	$3,792,000	–	109,700	–	0.58%	–
CUBE	New	CUBESMART	$3,780,000	–	206,340	–	0.57%	–
HCN	New	HEALTH CARE REIT INC	$3,778,000	–	60,290	–	0.57%	–
AROPQ	New	AEROPOSTALE	$3,728,000	–	1,068,200	–	0.56%	–
TPX	New	TEMPUR SEALY INTL INC	$3,719,000	–	62,300	–	0.56%	–
SPG	New	SIMON PPTY GROUP INC NEW	$3,665,000	–	22,040	–	0.56%	–
NZF	New	NUVEEN DIVID ADV MUN FD 3	$3,651,000	–	266,900	–	0.55%	–
MTGE	New	AMERICAN CAP MTG INVT CORP	$3,564,000	–	178,000	–	0.54%	–
SIG	New	SIGNET JEWELERS LIMITED	$3,539,000	–	32,000	–	0.54%	–
COR	New	CORESITE RLTY CORP	$3,525,000	–	106,600	–	0.53%	–
TDG	New	TRANSDIGM GROUP INC	$3,496,000	–	20,900	–	0.53%	–
AVIV	New	AVIV REIT INC MD	$3,465,000	–	123,000	–	0.52%	–
ANH	New	ANWORTH MORTGAGE ASSET CP	$3,429,000	–	664,600	–	0.52%	–
NQS	New	NUVEEN SELECT QUALITY MUN FD	$3,410,000	–	246,020	–	0.52%	–
NPM	New	NUVEEN PREM INCOME MUN FD 2	$3,369,000	–	243,430	–	0.51%	–
GD	New	GENERAL DYNAMICS CORP	$3,345,000	–	28,700	–	0.51%	–
AMTG	New	APOLLO RESIDENTIAL MTG INC	$3,316,000	–	198,300	–	0.50%	–
NMA	New	NUVEEN MUN ADVANTAGE FD INC	$3,315,000	–	246,680	–	0.50%	–
EQIX	New	EQUINIX INC	$3,298,000	–	15,700	–	0.50%	–
NMO	New	NUVEEN MUN MKT OPPORTUNITY F	$3,255,000	–	243,800	–	0.49%	–
MMP	New	MAGELLAN MIDSTREAM PRTNRS LP	$3,209,000	–	38,188	–	0.49%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$3,204,000	–	72,400	–	0.48%	–
PMT	New	PENNYMAC MTG INVT TR	$3,203,000	–	146,000	–	0.48%	–
PSB	New	PS BUSINESS PKS INC CALIF	$3,173,000	–	38,000	–	0.48%	–
SIX	New	SIX FLAGS ENTMT CORP NEW	$3,127,000	–	73,500	–	0.47%	–
ZINCQ	New	HORSEHEAD HLDG CORP	$2,996,000	–	164,100	–	0.45%	–
GOOGL	New	GOOGLE INCcl a	$2,905,000	–	4,969	–	0.44%	–
NXZ	New	NUVEEN DIV ADVANTAGE MUN FD	$2,868,000	–	206,300	–	0.44%	–
GOOG	New	GOOGLE INCcl c	$2,859,000	–	4,969	–	0.43%	–
6699SC	New	ISHARESmsci uk etf	$2,821,000	–	135,120	–	0.43%	–
VTSS	New	VITESSE SEMICONDUCTOR CORP	$2,782,000	–	806,412	–	0.42%	–
XLE	New	SELECT SECTOR SPDR TRsbi int-energy	$2,743,000	–	27,400	–	0.42%	–
NPI	New	NUVEEN PREM INCOME MUN FD	$2,741,000	–	201,700	–	0.42%	–
WAIR	New	WESCO AIRCRAFT HLDGS INC	$2,739,000	–	137,200	–	0.42%	–
GM	New	GENERAL MTRS CO	$2,704,000	–	74,500	–	0.41%	–
T104PS	New	AMERICAN RLTY CAP PPTYS INC	$2,698,000	–	215,300	–	0.41%	–
VMO	New	INVESCO MUN OPPORTUNITY TR	$2,606,000	–	206,830	–	0.40%	–
VKQ	New	INVESCO MUN TR	$2,583,000	–	206,270	–	0.39%	–
NQU	New	NUVEEN QUALITY INCOME MUN FD	$2,487,000	–	181,250	–	0.38%	–
NEA	New	NUVEEN AMT-FREE MUN INCOME F	$2,463,000	–	182,690	–	0.37%	–
GUID	New	GUIDANCE SOFTWARE INC	$2,447,000	–	268,300	–	0.37%	–
EFC	New	ELLINGTON FINANCIAL LLC	$2,446,000	–	101,900	–	0.37%	–
QRTEA	New	LIBERTY INTERACTIVE CORP	$2,449,000	–	83,400	–	0.37%	–
VGM	New	INVESCO TR INVT GRADE MUNS	$2,397,000	–	183,950	–	0.36%	–
PMO	New	PUTNAM MUN OPPORTUNITIES TRsh ben int	$2,330,000	–	198,270	–	0.35%	–
MWE	New	MARKWEST ENERGY PARTNERS L Punit ltd partn	$2,326,000	–	32,490	–	0.35%	–
ZNGA	New	ZYNGA INCcl a	$2,305,000	–	718,000	–	0.35%	–
NQI	New	NUVEEN QUALITY MUN FD INC	$2,282,000	–	174,100	–	0.35%	–
L109PS	New	ACCESS MIDSTREAM PARTNERS Lunit	$2,221,000	–	34,950	–	0.34%	–
SPR	New	SPIRIT AEROSYSTEMS HLDGS INC	$2,197,000	–	65,200	–	0.33%	–
DOOR	New	MASONITE INTL CORP NEW	$2,200,000	–	39,100	–	0.33%	–
SXL	New	SUNOCO LOGISTICS PRTNRS L P	$2,171,000	–	46,086	–	0.33%	–
SCHW	New	SCHWAB CHARLES CORP NEW	$2,141,000	–	79,500	–	0.32%	–
HALL	New	HALLMARK FINL SVCS INC EC	$2,072,000	–	192,715	–	0.31%	–
TRGP	New	TARGA RES CORP	$1,950,000	–	13,970	–	0.30%	–
PAA	New	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$1,945,000	–	32,390	–	0.30%	–
WGP	New	WESTERN GAS EQUITY PARTNERS	$1,937,000	–	30,900	–	0.29%	–
VKI	New	INVESCO ADVANTAGE MUNICIPALsh ben int	$1,901,000	–	167,450	–	0.29%	–
EQM	New	EQT MIDSTREAM PARTNERS LPunit ltd partn	$1,896,000	–	19,600	–	0.29%	–
QQQ	New	POWERSHARES QQQ TRUSTunit ser 1	$1,878,000	–	20,000	–	0.28%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$1,880,000	–	24,010	–	0.28%	–
HEDJ	New	WISDOMTREE TReurope hedged eq	$1,838,000	–	31,450	–	0.28%	–
JPS	New	NUVEEN QUALITY PFD INCOME FD	$1,806,000	–	200,000	–	0.27%	–
EWG	New	ISHARESmsci germany etf	$1,800,000	–	57,530	–	0.27%	–
VCV	New	INVESCO CALIF VALUE MUN INC	$1,777,000	–	143,500	–	0.27%	–
RGP	New	REGENCY ENERGY PARTNERS L P	$1,691,000	–	52,500	–	0.26%	–
GLD	New	SPDR GOLD TRUST	$1,665,000	–	13,000	–	0.25%	–
OKE	New	ONEOK INC NEW	$1,650,000	–	24,230	–	0.25%	–
ENLC	New	ENLINK MIDSTREAM LLC	$1,639,000	–	39,340	–	0.25%	–
TLLP	New	TESORO LOGISTICS LP	$1,637,000	–	22,300	–	0.25%	–
MFL	New	BLACKROCK MUNIHLDS INVSTM QL	$1,621,000	–	116,800	–	0.25%	–
WMB	New	WILLIAMS COS INC DEL	$1,625,000	–	27,920	–	0.25%	–
WES	New	WESTERN GAS PARTNERS LP	$1,612,000	–	21,075	–	0.24%	–
BBN	New	BLACKROCK BUILD AMER BD TR	$1,582,000	–	72,900	–	0.24%	–
NVG	New	NUVEEN DIVID ADVANTAGE MUN I	$1,553,000	–	109,700	–	0.24%	–
IGR	New	CBRE CLARION GLOBAL REAL EST	$1,549,000	–	170,000	–	0.24%	–
SPRT	New	SUPPORT COM INC	$1,538,000	–	567,400	–	0.23%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$1,534,000	–	40,000	–	0.23%	–
NAD	New	NUVEEN DIVID ADVANTAGE MUN F	$1,516,000	–	107,240	–	0.23%	–
MPLX	New	MPLX LP	$1,445,000	–	22,400	–	0.22%	–
GRA	New	GRACE W R & CO DEL NEW	$1,418,000	–	15,000	–	0.22%	–
WWE	New	WORLD WRESTLING ENTMT INCcl a	$1,383,000	–	115,900	–	0.21%	–
XLI	New	SELECT SECTOR SPDR TRsbi int-inds	$1,379,000	–	25,500	–	0.21%	–
BTZ	New	BLACKROCK CR ALLCTN INC TR	$1,375,000	–	100,000	–	0.21%	–
LVLT	New	LEVEL 3 COMMUNICATIONS INC	$1,322,000	–	30,100	–	0.20%	–
NIE	New	ALLIANZGI EQUITY & CONV INCO	$1,307,000	–	64,722	–	0.20%	–
CMLP	New	CRESTWOOD MIDSTREAM PARTNERSunit ltd partner	$1,289,000	–	58,420	–	0.20%	–
P107PS	New	MCG CAPITAL CORP	$1,266,000	–	322,900	–	0.19%	–
ATLS	New	ATLAS ENERGY LP	$1,243,000	–	27,700	–	0.19%	–
DFE	New	WISDOMTREE TReurope smcp dv	$1,088,000	–	18,000	–	0.16%	–
ESS	New	ESSEX PPTY TR INC	$1,053,000	–	5,695	–	0.16%	–
EIM	New	EATON VANCE MUN BD FD	$1,044,000	–	84,000	–	0.16%	–
ANRZQ	New	ALPHA NATURAL RESOURCES INC	$1,020,000	–	275,010	–	0.16%	–
NMY	New	NUVEEN MD PREM INCOME MUN FD	$980,000	–	76,100	–	0.15%	–
DCP	New	DCP MIDSTREAM PARTNERS LP	$963,000	–	16,900	–	0.15%	–
NPP	New	NUVEEN PERFORMANCE PLUS MUN	$953,000	–	65,000	–	0.14%	–
XME	New	SPDR SERIES TRUSTs&p metals mng	$919,000	–	21,751	–	0.14%	–
PMM	New	PUTNAM MANAGED MUN INCOM TR	$918,000	–	128,000	–	0.14%	–
EARN	New	ELLINGTON RESIDENTIAL MTG RE	$896,000	–	52,600	–	0.14%	–
ZFC	New	ZAIS FINL CORP	$869,000	–	52,300	–	0.13%	–
NQM	New	NUVEEN INVT QUALITY MUN FD I	$862,000	–	58,700	–	0.13%	–
XLF	New	SELECT SECTOR SPDR TRsbi int-finl	$864,000	–	38,000	–	0.13%	–
EWL	New	ISHARESmsci sz cap etf	$860,000	–	25,050	–	0.13%	–
LQD	New	ISHARESiboxx inv cp etf	$847,000	–	7,100	–	0.13%	–
NKX	New	NUVEEN CAL AMT-FREE MUN INC	$845,000	–	62,000	–	0.13%	–
JMT	New	NUVEEN MTG OPPTY TERM FD 2	$833,000	–	35,000	–	0.13%	–
EWC	New	ISHARESmsci cda etf	$802,000	–	24,890	–	0.12%	–
EDD	New	MORGAN STANLEY EM MKTS DM DE	$799,000	–	60,000	–	0.12%	–
MCA	New	BLACKROCK MUNIYIELD CALI QLT	$787,000	–	53,400	–	0.12%	–
BAB	New	POWERSHARES ETF TR IIbuild amer etf	$736,000	–	25,100	–	0.11%	–
JPC	New	NUVEEN PFD INCOME OPPRTNY FD	$735,000	–	75,800	–	0.11%	–
DSL	New	DOUBLELINE INCOME SOLUTIONS	$674,000	–	30,000	–	0.10%	–
PPT	New	PUTNAM PREMIER INCOME TRsh ben int	$666,000	–	120,000	–	0.10%	–
NPF	New	NUVEEN PREMIER MUN INCOME FD	$669,000	–	49,100	–	0.10%	–
EWQ	New	ISHARESmsci france etf	$658,000	–	22,570	–	0.10%	–
EXR	New	EXTRA SPACE STORAGE INC	$593,000	–	11,141	–	0.09%	–
AMH	New	AMERICAN HOMES 4 RENTcl a	$586,000	–	33,000	–	0.09%	–
ARPI	New	AMERICAN RESIDENTIAL PPTYS I	$581,000	–	31,000	–	0.09%	–
SLRC	New	SOLAR CAP LTD	$579,000	–	27,200	–	0.09%	–
XLY	New	SELECT SECTOR SPDR TRsbi cons discr	$561,000	–	8,400	–	0.08%	–
PPS	New	POST PPTYS INC	$548,000	–	10,254	–	0.08%	–
DCT	New	DCT INDUSTRIAL TRUST INC	$535,000	–	65,200	–	0.08%	–
BCX	New	BLACKROCK RES & COMM STRAT T	$534,000	–	43,000	–	0.08%	–
JHP	New	NUVEEN QUALITY PFD INC FD 3	$521,000	–	60,000	–	0.08%	–
EXG	New	EATON VANCE TAX MNGD GBL DV	$519,000	–	50,000	–	0.08%	–
VTR	New	VENTAS INC	$522,000	–	8,140	–	0.08%	–
BGR	New	BLACKROCK ENERGY & RES TR	$512,000	–	19,000	–	0.08%	–
EWI	New	ISHARESmsci italcpd etf	$518,000	–	29,790	–	0.08%	–
DFT	New	DUPONT FABROS TECHNOLOGY INC	$518,000	–	19,200	–	0.08%	–
MUA	New	BLACKROCK MUNIASSETS FD INC	$500,000	–	39,000	–	0.08%	–
GIM	New	TEMPLETON GLOBAL INCOME FD	$496,000	–	60,000	–	0.08%	–
UTF	New	COHEN & STEERS INFRASTRUCTUR	$490,000	–	20,000	–	0.07%	–
IVR	New	INVESCO MORTGAGE CAPITAL INC	$474,000	–	27,300	–	0.07%	–
GTU	New	CENTRAL GOLDTRUSTtr unit	$475,000	–	10,000	–	0.07%	–
DEI	New	DOUGLAS EMMETT INC	$413,000	–	14,650	–	0.06%	–
IEF	New	ISHARES7-10 y tr bd etf	$414,000	–	4,000	–	0.06%	–
AAPL	New	APPLE INC	$397,000	–	4,270	–	0.06%	–
HTS	New	HATTERAS FINL CORP	$396,000	–	20,000	–	0.06%	–
EWD	New	ISHARESmsci sweden etf	$391,000	–	11,090	–	0.06%	–
EPHE	New	ISHARES TRmsci philips etf	$368,000	–	10,000	–	0.06%	–
AZO	New	AUTOZONE INC	$365,000	–	680	–	0.06%	–
INTU	New	INTUIT	$325,000	–	4,040	–	0.05%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$315,000	–	1,740	–	0.05%	–
SNI	New	SCRIPPS NETWORKS INTERACT IN	$320,000	–	3,940	–	0.05%	–
ACN	New	ACCENTURE PLC IRELAND	$320,000	–	3,960	–	0.05%	–
ORCL	New	ORACLE CORP	$314,000	–	7,750	–	0.05%	–
ACAS	New	AMERICAN CAP LTD	$306,000	–	20,000	–	0.05%	–
MO	New	ALTRIA GROUP INC	$305,000	–	7,280	–	0.05%	–
INTC	New	INTEL CORP	$297,000	–	9,620	–	0.04%	–
BGY	New	BLACKROCK INTL GRWTH & INC T	$296,000	–	35,900	–	0.04%	–
HRL	New	HORMEL FOODS CORP	$289,000	–	5,850	–	0.04%	–
ABT	New	ABBOTT LABS	$281,000	–	6,870	–	0.04%	–
FIF	New	FIRST TR ENERGY INFRASTRCTR	$285,000	–	12,000	–	0.04%	–
EWP	New	ISHARESmsci span cp etf	$283,000	–	6,600	–	0.04%	–
BKT	New	BLACKROCK INCOME TR INC	$274,000	–	41,321	–	0.04%	–
KMIWS	New	KINDER MORGAN INC DEL*w exp 05/25/201	$274,000	–	98,586	–	0.04%	–
TUR	New	ISHARESmsci turkey etf	$278,000	–	5,000	–	0.04%	–
TXN	New	TEXAS INSTRS INC	$271,000	–	5,670	–	0.04%	–
PM	New	PHILIP MORRIS INTL INC	$271,000	–	3,220	–	0.04%	–
SIAL	New	SIGMA ALDRICH CORP	$269,000	–	2,650	–	0.04%	–
FDI	New	FORT DEARBORN INCOME SECS IN	$264,000	–	17,698	–	0.04%	–
EWS	New	ISHARESmsci singap etf	$264,000	–	19,540	–	0.04%	–
JMF	New	NUVEEN ENERGY MLP TOTL RTRNF	$267,000	–	12,000	–	0.04%	–
COL	New	ROCKWELL COLLINS INC	$263,000	–	3,370	–	0.04%	–
MMM	New	3M CO	$255,000	–	1,780	–	0.04%	–
BCR	New	BARD C R INC	$250,000	–	1,750	–	0.04%	–
EWJ	New	ISHARESmsci japan etf	$248,000	–	20,600	–	0.04%	–
CPB	New	CAMPBELL SOUP CO	$247,000	–	5,390	–	0.04%	–
CLX	New	CLOROX CO DEL	$242,000	–	2,650	–	0.04%	–
BOE	New	BLACKROCK GLOBAL OPP EQTY TR	$242,000	–	16,100	–	0.04%	–
MAT	New	MATTEL INC	$240,000	–	6,150	–	0.04%	–
QCOM	New	QUALCOMM INC	$235,000	–	2,970	–	0.04%	–
V	New	VISA INC	$238,000	–	1,130	–	0.04%	–
EWN	New	ISHARESmsci netherl etf	$232,000	–	9,060	–	0.04%	–
CLDT	New	CHATHAM LODGING TR	$219,000	–	10,000	–	0.03%	–
EMR	New	EMERSON ELEC CO	$220,000	–	3,320	–	0.03%	–
EHI	New	WESTERN ASSET GLB HI INCOME	$212,000	–	16,500	–	0.03%	–
FFC	New	FLAHERTY&CRMN PFD SEC INCOM	$196,000	–	10,000	–	0.03%	–
BCF	New	BLACKROCK REAL ASSET EQUITY	$197,000	–	21,000	–	0.03%	–
EWM	New	ISHARESmsci malaysi etf	$188,000	–	11,870	–	0.03%	–
MCR	New	MFS CHARTER INCOME TRsh ben int	$185,000	–	20,000	–	0.03%	–
EMD	New	WESTERN ASSET EMRG MKT DEBT	$184,000	–	10,000	–	0.03%	–
ZPIN	New	ZHAOPIN LTDsponsored adr	$160,000	–	10,446	–	0.02%	–
MHF	New	WESTERN ASSET MUN HI INCM FD	$132,000	–	17,900	–	0.02%	–
CXH	New	MFS INVT GRADE MUN TRsh ben int	$111,000	–	12,000	–	0.02%	–
MSD	New	MORGAN STANLEY EMER MKTS DEB	$102,000	–	10,000	–	0.02%	–

Q4 2013

			Value		Shares		↓ Weighting
MHF	Exit	WESTERN ASSET MUN HI INCM FD	$0	–	-17,900	–	-0.03%	–
BCX	Exit	BLACKROCK RES & COMM STRAT T	$0	–	-15,000	–	-0.04%	–
EWM	Exit	ISHARESmsci malaysi etf	$0	–	-11,870	–	-0.04%	–
MCR	Exit	MFS CHARTER INCOME TRsh ben int	$0	–	-20,000	–	-0.04%	–
WU	Exit	WESTERN UN CO	$0	–	-10,660	–	-0.05%	–
EWI	Exit	ISHARESmsci italcpd etf	$0	–	-13,990	–	-0.05%	–
EFC	Exit	ELLINGTON FINANCIAL LLC	$0	–	-9,000	–	-0.05%	–
EHI	Exit	WESTERN ASSET GLB HI INCOME	$0	–	-16,500	–	-0.05%	–
AZO	Exit	AUTOZONE INC	$0	–	-500	–	-0.05%	–
EWN	Exit	ISHARESmsci netherl etf	$0	–	-9,060	–	-0.05%	–
INTU	Exit	INTUIT	$0	–	-3,307	–	-0.06%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-335	–	-0.06%	–
BOE	Exit	BLACKROCK GLOBAL OPP EQTY TR	$0	–	-16,100	–	-0.06%	–
FAX	Exit	ABERDEEN ASIA PACIFIC INCOM	$0	–	-39,243	–	-0.06%	–
AAPL	Exit	APPLE INC	$0	–	-501	–	-0.06%	–
EWJ	Exit	ISHARESmsci japan etf	$0	–	-20,600	–	-0.06%	–
FDI	Exit	FORT DEARBORN INCOME SECS IN	$0	–	-17,698	–	-0.06%	–
NFJ	Exit	ALLIANZGI NFJ DIVID INT & PR	$0	–	-15,000	–	-0.06%	–
SNI	Exit	SCRIPPS NETWORKS INTERACT IN	$0	–	-3,277	–	-0.06%	–
EWS	Exit	ISHARESmsci singap etf	$0	–	-19,540	–	-0.06%	–
NXZ	Exit	NUVEEN DIV ADVANTAGE MUN FD	$0	–	-20,000	–	-0.06%	–
BKT	Exit	BLACKROCK INCOME TR INC	$0	–	-41,321	–	-0.07%	–
BGY	Exit	BLACKROCK INTL GRWTH & INC T	$0	–	-35,900	–	-0.07%	–
TFI	Exit	SPDR SERIES TRUSTnuvn brcly muni	$0	–	-11,990	–	-0.07%	–
EWQ	Exit	ISHARESmsci france etf	$0	–	-10,770	–	-0.07%	–
JHP	Exit	NUVEEN QUALITY PFD INC FD 3	$0	–	-36,300	–	-0.07%	–
ERUS	Exit	ISHARESmsci russia cap	$0	–	-14,000	–	-0.08%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-2,400	–	-0.08%	–
OIA	Exit	INVESCO MUNI INCOME OPP TRST	$0	–	-57,900	–	-0.09%	–
PMM	Exit	PUTNAM MANAGED MUN INCOM TR	$0	–	-53,700	–	-0.09%	–
EWD	Exit	ISHARESmsci sweden etf	$0	–	-11,090	–	-0.10%	–
MBB	Exit	ISHARESmbs etf	$0	–	-3,650	–	-0.10%	–
MOO	Exit	MARKET VECTORS ETF TRagribus etf	$0	–	-7,856	–	-0.10%	–
IEF	Exit	ISHARES7-10 y tr bd etf	$0	–	-4,000	–	-0.10%	–
IVR	Exit	INVESCO MORTGAGE CAPITAL INC	$0	–	-27,300	–	-0.10%	–
MUA	Exit	BLACKROCK MUNIASSETS FD INC	$0	–	-35,600	–	-0.11%	–
GTU	Exit	CENTRAL GOLDTRUSTtr unit	$0	–	-10,000	–	-0.12%	–
EXG	Exit	EATON VANCE TAX MNGD GBL DV	$0	–	-50,000	–	-0.12%	–
BGR	Exit	BLACKROCK ENERGY & RES TR	$0	–	-19,000	–	-0.12%	–
NQU	Exit	NUVEEN QUALITY INCOME MUN FD	$0	–	-39,950	–	-0.13%	–
NQS	Exit	NUVEEN SELECT QUALITY MUN FD	$0	–	-39,620	–	-0.13%	–
VGM	Exit	INVESCO TR INVT GRADE MUNS	$0	–	-40,750	–	-0.13%	–
NAD	Exit	NUVEEN DIVID ADVANTAGE MUN F	$0	–	-38,840	–	-0.13%	–
VMO	Exit	INVESCO MUN OPPORTUNITY TR	$0	–	-42,830	–	-0.13%	–
PMO	Exit	PUTNAM MUN OPPORTUNITIES TRsh ben int	$0	–	-46,170	–	-0.13%	–
NZF	Exit	NUVEEN DIV ADV MUNI FD 3	$0	–	-40,000	–	-0.13%	–
IIM	Exit	INVESCO VALUE MUN INCOME TR	$0	–	-37,270	–	-0.13%	–
XLY	Exit	SELECT SECTOR SPDR TRsbi cons discr	$0	–	-8,400	–	-0.13%	–
NEA	Exit	NUVEEN AMT-FREE MUN INCOME F	$0	–	-40,990	–	-0.13%	–
NMO	Exit	NUVEEN MUN MKT OPPORTUNITY F	$0	–	-41,570	–	-0.13%	–
VKI	Exit	INVESCO ADVANTAGE MUNICIPALsh ben int	$0	–	-47,850	–	-0.13%	–
VKQ	Exit	INVESCO MUN TR	$0	–	-43,470	–	-0.13%	–
NPI	Exit	NUVEEN PREM INCOME MUN FD	$0	–	-40,323	–	-0.13%	–
NPM	Exit	NUVEEN PREM INCOME MUN FD 2	$0	–	-39,630	–	-0.13%	–
P107PS	Exit	MCG CAPITAL CORP	$0	–	-116,200	–	-0.15%	–
NMA	Exit	NUVEEN MUN ADVANTAGE FD INC	$0	–	-46,780	–	-0.15%	–
SLRC	Exit	SOLAR CAP LTD	$0	–	-27,200	–	-0.15%	–
BBN	Exit	BLACKROCK BUILD AMER BD TR	$0	–	-33,600	–	-0.16%	–
PPT	Exit	PUTNAM PREMIER INCOME TRsh ben int	$0	–	-120,000	–	-0.16%	–
NLY	Exit	ANNALY CAP MGMT INC	$0	–	-55,000	–	-0.16%	–
JPC	Exit	NUVEEN PFD INCOME OPPRTNY FD	$0	–	-75,800	–	-0.16%	–
BAB	Exit	POWERSHARES ETF TR IIbuild amer etf	$0	–	-25,100	–	-0.17%	–
ACG	Exit	ALLIANCEBERNSTEIN INCOME FUN	$0	–	-100,000	–	-0.18%	–
EWC	Exit	ISHARESmsci cda etf	$0	–	-24,890	–	-0.18%	–
XLF	Exit	SELECT SECTOR SPDR TRsbi int-finl	$0	–	-38,000	–	-0.19%	–
EWL	Exit	ISHARESmsci sz cap etf	$0	–	-25,050	–	-0.20%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-24,500	–	-0.20%	–
LQD	Exit	ISHARESiboxx inv cp etf	$0	–	-7,100	–	-0.20%	–
HTS	Exit	HATTERAS FINL CORP	$0	–	-44,600	–	-0.21%	–
JMT	Exit	NUVEEN MTG OPPTY TERM FD 2	$0	–	-35,000	–	-0.21%	–
XLI	Exit	SELECT SECTOR SPDR TRsbi int-inds	$0	–	-20,070	–	-0.23%	–
XME	Exit	SPDR SERIES TRUSTs&p metals mng	$0	–	-25,351	–	-0.23%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-28,453	–	-0.25%	–
TIF	Exit	TIFFANY & CO NEW	$0	–	-13,817	–	-0.26%	–
MPLX	Exit	MPLX LP	$0	–	-29,510	–	-0.27%	–
IGR	Exit	CBRE CLARION GLOBAL REAL EST	$0	–	-140,000	–	-0.28%	–
ANRZQ	Exit	ALPHA NATURAL RESOURCES INC	$0	–	-191,510	–	-0.29%	–
BTZ	Exit	BLACKROCK CR ALLCTN INC TR	$0	–	-90,000	–	-0.29%	–
NIE	Exit	ALLIANZGI EQUITY & CONV INCO	$0	–	-63,400	–	-0.30%	–
ET	Exit	ENERGY TRANSFER EQUITY L P	$0	–	-18,150	–	-0.30%	–
JPS	Exit	NUVEEN QUALITY PFD INCOME FD	$0	–	-150,000	–	-0.31%	–
EWG	Exit	ISHARESmsci germany etf	$0	–	-45,530	–	-0.32%	–
DCP	Exit	DCP MIDSTREAM PARTNERS LP	$0	–	-30,150	–	-0.38%	–
GRA	Exit	GRACE W R & CO DEL NEW	$0	–	-17,100	–	-0.38%	–
ACC	Exit	AMERICAN CAMPUS CMNTYS INC	$0	–	-44,280	–	-0.38%	–
VTSS	Exit	VITESSE SEMICONDUCTOR CORP	$0	–	-507,467	–	-0.39%	–
ELS	Exit	EQUITY LIFESTYLE PPTYS INC	$0	–	-45,174	–	-0.39%	–
TLLP	Exit	TESORO LOGISTICS LP	$0	–	-26,960	–	-0.39%	–
TWO	Exit	TWO HBRS INVT CORP	$0	–	-161,500	–	-0.39%	–
QQQ	Exit	POWERSHARES QQQ TRUSTunit ser 1	$0	–	-20,000	–	-0.40%	–
EDR	Exit	EDUCATION RLTY TR INC	$0	–	-175,100	–	-0.40%	–
TCO	Exit	TAUBMAN CTRS INC	$0	–	-23,815	–	-0.40%	–
OFC	Exit	CORPORATE OFFICE PPTYS TRsh ben int	$0	–	-70,330	–	-0.41%	–
HR	Exit	HEALTHCARE RLTY TR	$0	–	-70,670	–	-0.41%	–
PPS	Exit	POST PPTYS INC	$0	–	-36,334	–	-0.41%	–
HCP	Exit	HCP INC	$0	–	-39,920	–	-0.41%	–
BMR	Exit	BIOMED REALTY TRUST INC	$0	–	-88,890	–	-0.41%	–
APL	Exit	ATLAS PIPELINE PARTNERS LPunit l p int	$0	–	-42,680	–	-0.42%	–
EQR	Exit	EQUITY RESIDENTIALsh ben int	$0	–	-31,200	–	-0.42%	–
6699SC	Exit	ISHARESmsci uk etf	$0	–	-85,120	–	-0.42%	–
AIV	Exit	APARTMENT INVT & MGMT COcl a	$0	–	-59,930	–	-0.42%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-11,400	–	-0.42%	–
AVB	Exit	AVALONBAY CMNTYS INC	$0	–	-13,301	–	-0.42%	–
HALL	Exit	HALLMARK FINL SVCS INC EC	$0	–	-192,715	–	-0.43%	–
DDR	Exit	DDR CORP	$0	–	-108,800	–	-0.43%	–
EQY	Exit	EQUITY ONE	$0	–	-79,500	–	-0.44%	–
GGP	Exit	GENERAL GROWTH PPTYS INC NEW	$0	–	-90,460	–	-0.44%	–
PEI	Exit	PENNSYLVANIA RL ESTATE INVTsh ben int	$0	–	-95,040	–	-0.44%	–
AKR	Exit	ACADIA RLTY TR	$0	–	-72,790	–	-0.45%	–
VNO	Exit	VORNADO RLTY TRsh ben int	$0	–	-21,580	–	-0.46%	–
ATLS	Exit	ATLAS ENERGY LP	$0	–	-33,230	–	-0.46%	–
DCT	Exit	DCT INDUSTRIAL TRUST INC	$0	–	-252,710	–	-0.46%	–
XLE	Exit	SELECT SECTOR SPDR TRsbi int-energy	$0	–	-21,895	–	-0.46%	–
SLG	Exit	SL GREEN RLTY CORP	$0	–	-20,460	–	-0.46%	–
BXP	Exit	BOSTON PROPERTIES INC	$0	–	-17,111	–	-0.46%	–
GUID	Exit	GUIDANCE SOFTWARE INC	$0	–	-203,000	–	-0.46%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-24,930	–	-0.46%	–
HST	Exit	HOST HOTELS & RESORTS INC	$0	–	-106,110	–	-0.47%	–
EGP	Exit	EASTGROUP PPTY INC	$0	–	-31,980	–	-0.48%	–
C	Exit	CITIGROUP INC	$0	–	-40,300	–	-0.49%	–
WGP	Exit	WESTERN GAS EQUITY PARTNERS	$0	–	-52,760	–	-0.49%	–
EXR	Exit	EXTRA SPACE STORAGE INC	$0	–	-42,941	–	-0.49%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-26,100	–	-0.49%	–
SFLY	Exit	SHUTTERFLY INC	$0	–	-35,800	–	-0.50%	–
DRH	Exit	DIAMONDROCK HOSPITALITY CO	$0	–	-193,560	–	-0.52%	–
2108SC	Exit	EL PASO PIPELINE PARTNERS L	$0	–	-49,690	–	-0.53%	–
OKE	Exit	ONEOK INC NEW	$0	–	-39,450	–	-0.53%	–
ACAS	Exit	AMERICAN CAP LTD	$0	–	-154,100	–	-0.53%	–
SE	Exit	SPECTRA ENERGY CORP	$0	–	-62,960	–	-0.54%	–
L109PS	Exit	ACCESS MIDSTREAM PARTNERS Lunit	$0	–	-45,540	–	-0.55%	–
LVLT	Exit	LEVEL 3 COMMUNICATIONS INC	$0	–	-83,500	–	-0.56%	–
LPLA	Exit	LPL FINL HLDGS INC	$0	–	-58,500	–	-0.56%	–
SXL	Exit	SUNOCO LOGISTICS PRTNRS L P	$0	–	-33,970	–	-0.57%	–
UTIW	Exit	UTI WORLDWIDE INCord	$0	–	-151,800	–	-0.58%	–
SPRT	Exit	SUPPORT COM INC	$0	–	-426,000	–	-0.58%	–
MWE	Exit	MARKWEST ENERGY PARTNERS L Punit ltd partn	$0	–	-32,490	–	-0.59%	–
NCR	Exit	NCR CORP NEW	$0	–	-60,500	–	-0.60%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-41,885	–	-0.62%	–
WES	Exit	WESTERN GAS PARTNERS LP	$0	–	-41,775	–	-0.63%	–
BAC	Exit	BANK OF AMERICA CORPORATION	$0	–	-184,500	–	-0.64%	–
PAA	Exit	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$0	–	-48,580	–	-0.64%	–
SIG	Exit	SIGNET JEWELERS LIMITED	$0	–	-36,100	–	-0.65%	–
9207PS	Exit	ROCK-TENN COcl a	$0	–	-25,600	–	-0.65%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-78,700	–	-0.66%	–
PSX	Exit	PHILLIPS 66	$0	–	-46,080	–	-0.67%	–
MIC	Exit	MACQUARIE INFRASTR CO LLCmembership int	$0	–	-51,465	–	-0.69%	–
NGLS	Exit	TARGA RESOURCES PARTNERS LP	$0	–	-53,820	–	-0.69%	–
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-83,300	–	-0.70%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW	$0	–	-133,900	–	-0.71%	–
LPS	Exit	LENDER PROCESSING SVCS INC	$0	–	-86,200	–	-0.72%	–
SEMG	Exit	SEMGROUP CORPcl a	$0	–	-50,430	–	-0.72%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-79,000	–	-0.74%	–
KMR	Exit	KINDER MORGAN MANAGEMENT LLC	$0	–	-39,571	–	-0.74%	–
VOD	Exit	VODAFONE GROUP PLC NEWspons adr new	$0	–	-84,700	–	-0.75%	–
TWC	Exit	TIME WARNER CABLE INC	$0	–	-27,100	–	-0.76%	–
TRGP	Exit	TARGA RES CORP	$0	–	-42,150	–	-0.77%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-39,600	–	-0.79%	–
OUTR	Exit	OUTERWALL INC	$0	–	-63,000	–	-0.79%	–
OKS	Exit	ONEOK PARTNERS LPunit ltd partn	$0	–	-60,300	–	-0.80%	–
ACCL	Exit	ACCELRYS INC	$0	–	-332,200	–	-0.82%	–
TPX	Exit	TEMPUR SEALY INTL INC	$0	–	-76,700	–	-0.84%	–
MMP	Exit	MAGELLAN MIDSTREAM PRTNRS LP	$0	–	-59,788	–	-0.85%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-38,700	–	-0.85%	–
XPO	Exit	XPO LOGISTICS INC	$0	–	-157,000	–	-0.85%	–
FOX	Exit	TWENTY FIRST CENTY FOX INCcl b	$0	–	-105,300	–	-0.88%	–
LEA	Exit	LEAR CORP	$0	–	-51,200	–	-0.92%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-26,400	–	-0.92%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-91,000	–	-0.94%	–
INTL	Exit	INTL FCSTONE INC	$0	–	-186,817	–	-0.96%	–
FLT	Exit	FLEETCOR TECHNOLOGIES INC	$0	–	-35,000	–	-0.97%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-81,800	–	-1.00%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-65,450	–	-1.00%	–
RFP	Exit	RESOLUTE FST PRODS INC	$0	–	-306,600	–	-1.02%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-88,400	–	-1.11%	–
GDX	Exit	MARKET VECTORS ETF TRgold miner etf	$0	–	-263,773	–	-1.66%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-41,900	–	-1.76%	–
OAK	Exit	OAKTREE CAP GROUP LLCunit 99/99/9999	$0	–	-150,000	–	-1.97%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-8,982	–	-1.97%	–
BND	Exit	VANGUARD BD INDEX FD INCtotal bnd mrkt	$0	–	-139,689	–	-2.83%	–
TRLA	Exit	TRULIA INC	$0	–	-366,744	–	-4.32%	–
Z	Exit	ZILLOW INCcl a	$0	–	-346,540	–	-7.33%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-438,585	–	-12.48%	–

Q3 2013

			Value		Shares		↓ Weighting
Z	Sell	ZILLOW INCcl a	$29,238,000	+47.6%	346,540	-1.5%	7.33%	+33.0%
TRLA	Buy	TRULIA INC	$17,248,000	+87.3%	366,744	+23.8%	4.32%	+68.9%
GOOGL	Buy	GOOGLE INCcl a	$7,868,000	+4.0%	8,982	+4.5%	1.97%	-6.2%
FB	New	FACEBOOK INCcl a	$4,441,000	–	88,400	–	1.11%	–
RFP	Buy	RESOLUTE FST PRODS INC	$4,053,000	+32.5%	306,600	+32.0%	1.02%	+19.5%
EPD	Sell	ENTERPRISE PRODS PARTNERS L	$3,995,000	-23.3%	65,450	-21.9%	1.00%	-30.9%
AIG	New	AMERICAN INTL GROUP INC	$3,978,000	–	81,800	–	1.00%	–
FLT	Sell	FLEETCOR TECHNOLOGIES INC	$3,856,000	+8.5%	35,000	-19.9%	0.97%	-2.2%
INTL	Buy	INTL FCSTONE INC	$3,820,000	+58.2%	186,817	+35.1%	0.96%	+42.6%
WFC	Sell	WELLS FARGO & CO NEW	$3,760,000	-9.9%	91,000	-10.0%	0.94%	-18.8%
LEA	Sell	LEAR CORP	$3,664,000	-7.2%	51,200	-21.6%	0.92%	-16.4%
TDG	Buy	TRANSDIGM GROUP INC	$3,662,000	+0.7%	26,400	+13.8%	0.92%	-9.2%
FOX	New	TWENTY FIRST CENTY FOX INCcl b	$3,517,000	–	105,300	–	0.88%	–
XPO	New	XPO LOGISTICS INC	$3,402,000	–	157,000	–	0.85%	–
GD	Sell	GENERAL DYNAMICS CORP	$3,387,000	+5.4%	38,700	-5.6%	0.85%	-4.9%
MMP	Sell	MAGELLAN MIDSTREAM PRTNRS LP	$3,374,000	-19.6%	59,788	-22.4%	0.85%	-27.5%
TPX	Buy	TEMPUR SEALY INTL INC	$3,372,000	+33.3%	76,700	+33.2%	0.84%	+20.2%
ACCL	Buy	ACCELRYS INC	$3,275,000	+18.4%	332,200	+0.9%	0.82%	+6.8%
OKS	Buy	ONEOK PARTNERS LPunit ltd partn	$3,197,000	+30.8%	60,300	+22.1%	0.80%	+17.8%
OUTR	New	OUTERWALL INC	$3,149,000	–	63,000	–	0.79%	–
LBTYA	Buy	LIBERTY GLOBAL PLC	$3,142,000	+12.2%	39,600	+4.8%	0.79%	+1.2%
TRGP	Buy	TARGA RES CORP	$3,075,000	+186.8%	42,150	+152.8%	0.77%	+158.7%
TWC	New	TIME WARNER CABLE INC	$3,024,000	–	27,100	–	0.76%	–
VOD	Buy	VODAFONE GROUP PLC NEWspons adr new	$2,980,000	+33.3%	84,700	+8.9%	0.75%	+20.1%
KMR	New	KINDER MORGAN MANAGEMENT LLC	$2,966,000	–	39,571	–	0.74%	–
XLU	Sell	SELECT SECTOR SPDR TRsbi int-utils	$2,951,000	-11.0%	79,000	-10.3%	0.74%	-19.7%
SEMG	Buy	SEMGROUP CORPcl a	$2,876,000	+19.0%	50,430	+12.4%	0.72%	+7.3%
LPS	New	LENDER PROCESSING SVCS INC	$2,868,000	–	86,200	–	0.72%	–
SCHW	New	SCHWAB CHARLES CORP NEW	$2,831,000	–	133,900	–	0.71%	–
SIX	Buy	SIX FLAGS ENTMT CORP NEW	$2,815,000	+20.6%	83,300	+25.5%	0.70%	+8.6%
NGLS	Buy	TARGA RESOURCES PARTNERS LP	$2,770,000	+7.2%	53,820	+5.1%	0.69%	-3.3%
MIC	Sell	MACQUARIE INFRASTR CO LLCmembership int	$2,755,000	-22.8%	51,465	-22.9%	0.69%	-30.4%
PSX	Buy	PHILLIPS 66	$2,664,000	+26.3%	46,080	+28.7%	0.67%	+13.8%
MSFT	Buy	MICROSOFT CORP	$2,621,000	+19.0%	78,700	+23.4%	0.66%	+7.4%
9207PS	Buy	ROCK-TENN COcl a	$2,593,000	+9.1%	25,600	+7.6%	0.65%	-1.7%
SIG	Buy	SIGNET JEWELERS LIMITED	$2,587,000	+6.6%	36,100	+0.3%	0.65%	-4.0%
PAA	Sell	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$2,558,000	-39.2%	48,580	-35.6%	0.64%	-45.2%
BAC	Sell	BANK OF AMERICA CORPORATION	$2,546,000	+3.2%	184,500	-3.8%	0.64%	-7.0%
WES	Sell	WESTERN GAS PARTNERS LP	$2,512,000	-23.3%	41,775	-17.3%	0.63%	-30.8%
CL	Sell	COLGATE PALMOLIVE CO	$2,484,000	-3.8%	41,885	-7.1%	0.62%	-13.2%
NCR	Buy	NCR CORP NEW	$2,396,000	+29.7%	60,500	+8.0%	0.60%	+16.7%
MWE	Sell	MARKWEST ENERGY PARTNERS L Punit ltd partn	$2,347,000	-31.5%	32,490	-36.6%	0.59%	-38.3%
SPRT	Buy	SUPPORT COM INC	$2,322,000	+29.0%	426,000	+8.2%	0.58%	+16.4%
UTIW	New	UTI WORLDWIDE INCord	$2,294,000	–	151,800	–	0.58%	–
SXL	Buy	SUNOCO LOGISTICS PRTNRS L P	$2,257,000	+95.2%	33,970	+88.0%	0.57%	+76.3%
LPLA	Buy	LPL FINL HLDGS INC	$2,241,000	+6.2%	58,500	+4.7%	0.56%	-4.3%
LVLT	Buy	LEVEL 3 COMMUNICATIONS INC	$2,229,000	+50.2%	83,500	+18.6%	0.56%	+35.4%
L109PS	Buy	ACCESS MIDSTREAM PARTNERS Lunit	$2,200,000	+54.8%	45,540	+52.9%	0.55%	+39.5%
SE	New	SPECTRA ENERGY CORP	$2,155,000	–	62,960	–	0.54%	–
ACAS	New	AMERICAN CAP LTD	$2,119,000	–	154,100	–	0.53%	–
OKE	Buy	ONEOK INC NEW	$2,103,000	+117.5%	39,450	+68.6%	0.53%	+95.9%
2108SC	Sell	EL PASO PIPELINE PARTNERS L	$2,098,000	-14.4%	49,690	-11.5%	0.53%	-22.9%
DRH	Sell	DIAMONDROCK HOSPITALITY CO	$2,065,000	+13.3%	193,560	-1.0%	0.52%	+2.2%
SFLY	Sell	SHUTTERFLY INC	$2,001,000	-19.6%	35,800	-19.7%	0.50%	-27.6%
AXP	Sell	AMERICAN EXPRESS CO	$1,971,000	-11.2%	26,100	-12.1%	0.49%	-19.9%
EXR	Sell	EXTRA SPACE STORAGE INC	$1,965,000	+1.9%	42,941	-6.7%	0.49%	-8.2%
WGP	Sell	WESTERN GAS EQUITY PARTNERS	$1,962,000	-30.4%	52,760	-22.9%	0.49%	-37.2%
C	Buy	CITIGROUP INC	$1,955,000	+6.7%	40,300	+5.5%	0.49%	-3.7%
EGP	Buy	EASTGROUP PPTY INC	$1,894,000	+7.7%	31,980	+2.3%	0.48%	-2.9%
HST	Buy	HOST HOTELS & RESORTS INC	$1,875,000	+959.3%	106,110	+913.5%	0.47%	+859.2%
AMT	Buy	AMERICAN TOWER CORP NEW	$1,848,000	+8.1%	24,930	+6.7%	0.46%	-2.5%
GUID	Sell	GUIDANCE SOFTWARE INC	$1,841,000	-13.3%	203,000	-16.4%	0.46%	-21.9%
BXP	Sell	BOSTON PROPERTIES INC	$1,829,000	-3.9%	17,111	-5.2%	0.46%	-13.4%
SLG	Sell	SL GREEN RLTY CORP	$1,818,000	-2.5%	20,460	-3.3%	0.46%	-12.1%
VNO	Buy	VORNADO RLTY TRsh ben int	$1,814,000	+12.3%	21,580	+10.7%	0.46%	+1.3%
ATLS	Buy	ATLAS ENERGY LP	$1,815,000	+46.6%	33,230	+31.4%	0.46%	+32.3%
DCT	New	DCT INDUSTRIAL TRUST INC	$1,817,000	–	252,710	–	0.46%	–
AKR	New	ACADIA RLTY TR	$1,796,000	–	72,790	–	0.45%	–
PEI	New	PENNSYLVANIA RL ESTATE INVTsh ben int	$1,777,000	–	95,040	–	0.44%	–
GGP	Sell	GENERAL GROWTH PPTYS INC NEW	$1,745,000	-3.0%	90,460	-0.1%	0.44%	-12.6%
EQY	Buy	EQUITY ONE	$1,738,000	+1.5%	79,500	+5.1%	0.44%	-8.4%
DDR	New	DDR CORP	$1,709,000	–	108,800	–	0.43%	–
SPG	Buy	SIMON PPTY GROUP INC NEW	$1,690,000	-5.9%	11,400	+0.3%	0.42%	-15.0%
AVB	Sell	AVALONBAY CMNTYS INC	$1,690,000	-11.7%	13,301	-6.2%	0.42%	-20.3%
AIV	Buy	APARTMENT INVT & MGMT COcl a	$1,674,000	-6.5%	59,930	+0.6%	0.42%	-15.7%
EQR	Sell	EQUITY RESIDENTIALsh ben int	$1,671,000	-12.2%	31,200	-4.8%	0.42%	-20.8%
APL	New	ATLAS PIPELINE PARTNERS LPunit l p int	$1,656,000	–	42,680	–	0.42%	–
BMR	Buy	BIOMED REALTY TRUST INC	$1,652,000	-3.7%	88,890	+4.8%	0.41%	-13.2%
HCP	New	HCP INC	$1,635,000	–	39,920	–	0.41%	–
PPS	Sell	POST PPTYS INC	$1,636,000	-13.9%	36,334	-5.4%	0.41%	-22.5%
HR	Buy	HEALTHCARE RLTY TR	$1,633,000	+0.9%	70,670	+11.3%	0.41%	-9.1%
OFC	Buy	CORPORATE OFFICE PPTYS TRsh ben int	$1,625,000	-5.9%	70,330	+3.9%	0.41%	-15.2%
TCO	Buy	TAUBMAN CTRS INC	$1,603,000	-8.5%	23,815	+2.1%	0.40%	-17.5%
EDR	Buy	EDUCATION RLTY TR INC	$1,593,000	-9.6%	175,100	+1.7%	0.40%	-18.6%
TWO	Buy	TWO HBRS INVT CORP	$1,568,000	+43.6%	161,500	+51.6%	0.39%	+29.3%
TLLP	Buy	TESORO LOGISTICS LP	$1,564,000	+18.5%	26,960	+23.5%	0.39%	+6.8%
VTSS	New	VITESSE SEMICONDUCTOR CORP	$1,543,000	–	507,467	–	0.39%	–
ELS	Buy	EQUITY LIFESTYLE PPTYS INC	$1,544,000	-16.8%	45,174	+91.4%	0.39%	-25.0%
ACC	Buy	AMERICAN CAMPUS CMNTYS INC	$1,512,000	-5.4%	44,280	+12.7%	0.38%	-14.6%
GRA	Sell	GRACE W R & CO DEL NEW	$1,495,000	-2.3%	17,100	-6.0%	0.38%	-11.8%
DCP	Buy	DCP MIDSTREAM PARTNERS LP	$1,497,000	+8.6%	30,150	+18.3%	0.38%	-2.1%
JPS	Buy	NUVEEN QUALITY PFD INCOME FD	$1,224,000	+14.9%	150,000	+22.7%	0.31%	+3.7%
ET	Sell	ENERGY TRANSFER EQUITY L P	$1,194,000	-32.3%	18,150	-38.4%	0.30%	-39.0%
NIE	New	ALLIANZGI EQUITY & CONV INCO	$1,177,000	–	63,400	–	0.30%	–
BTZ	Buy	BLACKROCK CR ALLCTN INC TR	$1,174,000	+35.6%	90,000	+34.9%	0.29%	+22.0%
ANRZQ	Sell	ALPHA NATURAL RESOURCES INC	$1,141,000	+2.9%	191,510	-9.5%	0.29%	-7.1%
IGR	New	CBRE CLARION GLOBAL REAL EST	$1,133,000	–	140,000	–	0.28%	–
MPLX	Sell	MPLX LP	$1,075,000	-38.9%	29,510	-38.2%	0.27%	-45.0%
TIF	Sell	TIFFANY & CO NEW	$1,059,000	+5.1%	13,817	-0.2%	0.26%	-5.4%
KMI	Sell	KINDER MORGAN INC DEL	$1,012,000	-55.4%	28,453	-52.2%	0.25%	-59.7%
XLI	Buy	SELECT SECTOR SPDR TRsbi int-inds	$931,000	+26.5%	20,070	+16.0%	0.23%	+13.7%
JMT	New	NUVEEN MTG OPPTY TERM FD 2	$840,000	–	35,000	–	0.21%	–
HTS	New	HATTERAS FINL CORP	$834,000	–	44,600	–	0.21%	–
XLF	Buy	SELECT SECTOR SPDR TRsbi int-finl	$756,000	+18.7%	38,000	+16.3%	0.19%	+6.8%
ACG	New	ALLIANCEBERNSTEIN INCOME FUN	$704,000	–	100,000	–	0.18%	–
NLY	New	ANNALY CAP MGMT INC	$637,000	–	55,000	–	0.16%	–
NMA	New	NUVEEN MUN ADVANTAGE FD INC	$585,000	–	46,780	–	0.15%	–
NPM	New	NUVEEN PREM INCOME MUN FD 2	$517,000	–	39,630	–	0.13%	–
NPI	New	NUVEEN PREM INCOME MUN FD	$515,000	–	40,323	–	0.13%	–
NEA	New	NUVEEN AMT-FREE MUN INCOME F	$512,000	–	40,990	–	0.13%	–
XLY	Buy	SELECT SECTOR SPDR TRsbi cons discr	$509,000	+7.8%	8,400	+0.4%	0.13%	-2.3%
VKI	New	INVESCO ADVANTAGE MUNICIPALsh ben int	$512,000	–	47,850	–	0.13%	–
NMO	New	NUVEEN MUN MKT OPPORTUNITY F	$510,000	–	41,570	–	0.13%	–
VKQ	New	INVESCO MUN TR	$509,000	–	43,470	–	0.13%	–
PMO	New	PUTNAM MUN OPPORTUNITIES TRsh ben int	$505,000	–	46,170	–	0.13%	–
NZF	Buy	NUVEEN DIV ADV MUNI FD 3	$508,000	+10.2%	40,000	+14.9%	0.13%	-0.8%
VGM	New	INVESCO TR INVT GRADE MUNS	$508,000	–	40,750	–	0.13%	–
VMO	New	INVESCO MUN OPPORTUNITY TR	$505,000	–	42,830	–	0.13%	–
IIM	Buy	INVESCO VALUE MUN INCOME TR	$505,000	+253.1%	37,270	+272.7%	0.13%	+217.5%
NAD	New	NUVEEN DIVID ADVANTAGE MUN F	$506,000	–	38,840	–	0.13%	–
NQS	New	NUVEEN SELECT QUALITY MUN FD	$503,000	–	39,620	–	0.13%	–
NQU	New	NUVEEN QUALITY INCOME MUN FD	$504,000	–	39,950	–	0.13%	–
GTU	New	CENTRAL GOLDTRUSTtr unit	$462,000	–	10,000	–	0.12%	–
IVR	New	INVESCO MORTGAGE CAPITAL INC	$420,000	–	27,300	–	0.10%	–
OIA	Buy	INVESCO MUNI INCOME OPP TRST	$367,000	+14.3%	57,900	+19.1%	0.09%	+3.4%
BKT	Buy	BLACKROCK INCOME TR INC	$276,000	+34.6%	41,321	+37.7%	0.07%	+21.1%
TFI	Sell	SPDR SERIES TRUSTnuvn brcly muni	$274,000	-73.5%	11,990	-73.5%	0.07%	-76.0%
AAPL	New	APPLE INC	$239,000	–	501	–	0.06%	–
MA	New	MASTERCARD INCcl a	$225,000	–	335	–	0.06%	–
EWN	New	ISHARESmsci netherl etf	$216,000	–	9,060	–	0.05%	–
EFC	New	ELLINGTON FINANCIAL LLC	$202,000	–	9,000	–	0.05%	–
EHI	Buy	WESTERN ASSET GLB HI INCOME	$204,000	+67.2%	16,500	+65.0%	0.05%	+50.0%
MCR	New	MFS CHARTER INCOME TRsh ben int	$179,000	–	20,000	–	0.04%	–
HTA	Exit	HEALTHCARE TR AMER INCcl a	$0	–	-16,090	–	-0.05%	–
GLRE	Exit	GREENLIGHT CAPITAL RE LTDclass a	$0	–	-12,000	–	-0.08%	–
CXW	Exit	CORRECTIONS CORP AMER NEW	$0	–	-9,591	–	-0.09%	–
TPGI	Exit	THOMAS PPTYS GROUP INC	$0	–	-100,000	–	-0.15%	–
NES	Exit	NUVERRA ENVIRONMENTAL SOLUTI	$0	–	-387,944	–	-0.31%	–
NGL	Exit	NGL ENERGY PARTNERS LP	$0	–	-41,910	–	-0.35%	–
NS	Exit	NUSTAR ENERGY LP	$0	–	-29,570	–	-0.38%	–
CBLAQ	Exit	CBL & ASSOC PPTYS INC	$0	–	-77,410	–	-0.46%	–
PLD	Exit	PROLOGIS INC	$0	–	-45,330	–	-0.48%	–
REG	Exit	REGENCY CTRS CORP	$0	–	-34,440	–	-0.49%	–
HCN	Exit	HEALTH CARE REIT INC	$0	–	-26,788	–	-0.50%	–
RLJ	Exit	RLJ LODGING TR	$0	–	-80,330	–	-0.50%	–
SHO	Exit	SUNSTONE HOTEL INVS INC NEW	$0	–	-149,870	–	-0.50%	–
TRIP	Exit	TRIPADVISOR INC	$0	–	-35,100	–	-0.59%	–
GM	Exit	GENERAL MTRS CO	$0	–	-66,500	–	-0.62%	–
EVEPQ	Exit	EV ENERGY PARTNERS LP	$0	–	-61,900	–	-0.64%	–
CASLQ	Exit	CASTLE A M & CO	$0	–	-176,700	–	-0.77%	–
CPN	Exit	CALPINE CORP	$0	–	-131,300	–	-0.78%	–
EEP	Exit	ENBRIDGE ENERGY PARTNERS L P	$0	–	-94,420	–	-0.80%	–
HFC	Exit	HOLLYFRONTIER CORP	$0	–	-73,400	–	-0.87%	–
NWS	Exit	NEWS CORPcl b	$0	–	-104,500	–	-0.95%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Dcl a new	$0	–	-28,600	–	-0.98%	–
CSTR	Exit	COINSTAR INC	$0	–	-62,400	–	-1.02%	–
ININ	Exit	INTERACTIVE INTELLIGENCE GRO	$0	–	-89,918	–	-1.29%	–

Q2 2013

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$49,086,000	–	438,585	–	13.65%	–
Z	New	ZILLOW INCcl a	$19,811,000	–	351,877	–	5.51%	–
BND	New	VANGUARD BD INDEX FD INCtotal bnd mrkt	$11,298,000	–	139,689	–	3.14%	–
TRLA	New	TRULIA INC	$9,207,000	–	296,140	–	2.56%	–
OAK	New	OAKTREE CAP GROUP LLCunit 99/99/9999	$7,883,000	–	150,000	–	2.19%	–
GOOGL	New	GOOGLE INCcl a	$7,565,000	–	8,593	–	2.10%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$6,704,000	–	41,900	–	1.86%	–
GDX	New	MARKET VECTORS ETF TRgold miner etf	$6,439,000	–	263,773	–	1.79%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$5,209,000	–	83,820	–	1.45%	–
ININ	New	INTERACTIVE INTELLIGENCE GRO	$4,640,000	–	89,918	–	1.29%	–
PAA	New	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$4,210,000	–	75,430	–	1.17%	–
MMP	New	MAGELLAN MIDSTREAM PRTNRS LP	$4,196,000	–	76,998	–	1.17%	–
WFC	New	WELLS FARGO & CO NEW	$4,172,000	–	101,100	–	1.16%	–
LEA	New	LEAR CORP	$3,948,000	–	65,300	–	1.10%	–
CSTR	New	COINSTAR INC	$3,661,000	–	62,400	–	1.02%	–
TDG	New	TRANSDIGM GROUP INC	$3,637,000	–	23,200	–	1.01%	–
MIC	New	MACQUARIE INFRASTR CO LLCmembership int	$3,569,000	–	66,765	–	0.99%	–
FLT	New	FLEETCOR TECHNOLOGIES INC	$3,553,000	–	43,700	–	0.99%	–
CHTR	New	CHARTER COMMUNICATIONS INC Dcl a new	$3,542,000	–	28,600	–	0.98%	–
NWS	New	NEWS CORPcl b	$3,430,000	–	104,500	–	0.95%	–
MWE	New	MARKWEST ENERGY PARTNERS L Punit ltd partn	$3,428,000	–	51,280	–	0.95%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$3,314,000	–	88,066	–	0.92%	–
WES	New	WESTERN GAS PARTNERS LP	$3,277,000	–	50,505	–	0.91%	–
GD	New	GENERAL DYNAMICS CORP	$3,212,000	–	41,000	–	0.89%	–
HFC	New	HOLLYFRONTIER CORP	$3,140,000	–	73,400	–	0.87%	–
RFP	New	RESOLUTE FST PRODS INC	$3,058,000	–	232,200	–	0.85%	–
EEP	New	ENBRIDGE ENERGY PARTNERS L P	$2,879,000	–	94,420	–	0.80%	–
WGP	New	WESTERN GAS EQUITY PARTNERS	$2,818,000	–	68,450	–	0.78%	–
LBTYA	New	LIBERTY GLOBAL PLC	$2,800,000	–	37,800	–	0.78%	–
CPN	New	CALPINE CORP	$2,787,000	–	131,300	–	0.78%	–
CASLQ	New	CASTLE A M & CO	$2,785,000	–	176,700	–	0.77%	–
ACCL	New	ACCELRYS INC	$2,767,000	–	329,400	–	0.77%	–
NGLS	New	TARGA RESOURCES PARTNERS LP	$2,583,000	–	51,200	–	0.72%	–
CL	New	COLGATE PALMOLIVE CO	$2,583,000	–	45,092	–	0.72%	–
TPX	New	TEMPUR PEDIC INTL INC	$2,529,000	–	57,600	–	0.70%	–
SFLY	New	SHUTTERFLY INC	$2,488,000	–	44,600	–	0.69%	–
BAC	New	BANK OF AMERICA CORPORATION	$2,467,000	–	191,800	–	0.69%	–
2108SC	New	EL PASO PIPELINE PARTNERS L	$2,452,000	–	56,140	–	0.68%	–
OKS	New	ONEOK PARTNERS LPunit ltd partn	$2,445,000	–	49,370	–	0.68%	–
SIG	New	SIGNET JEWELERS LIMITED	$2,427,000	–	36,000	–	0.68%	–
SEMG	New	SEMGROUP CORPcl a	$2,416,000	–	44,850	–	0.67%	–
INTL	New	INTL FCSTONE INC	$2,414,000	–	138,317	–	0.67%	–
9207PS	New	ROCK-TENN COcl a	$2,377,000	–	23,800	–	0.66%	–
SIX	New	SIX FLAGS ENTMT CORP NEW	$2,335,000	–	66,400	–	0.65%	–
EVEPQ	New	EV ENERGY PARTNERS LP	$2,313,000	–	61,900	–	0.64%	–
KMI	New	KINDER MORGAN INC DEL	$2,269,000	–	59,473	–	0.63%	–
VOD	New	VODAFONE GROUP PLC NEWspons adr new	$2,236,000	–	77,800	–	0.62%	–
AXP	New	AMERICAN EXPRESS CO	$2,220,000	–	29,700	–	0.62%	–
GM	New	GENERAL MTRS CO	$2,215,000	–	66,500	–	0.62%	–
MSFT	New	MICROSOFT CORP	$2,203,000	–	63,800	–	0.61%	–
TRIP	New	TRIPADVISOR INC	$2,137,000	–	35,100	–	0.59%	–
GUID	New	GUIDANCE SOFTWARE INC	$2,123,000	–	242,900	–	0.59%	–
PSX	New	PHILLIPS 66	$2,110,000	–	35,810	–	0.59%	–
LPLA	New	LPL FINL HLDGS INC	$2,111,000	–	55,900	–	0.59%	–
EXR	New	EXTRA SPACE STORAGE INC	$1,929,000	–	46,001	–	0.54%	–
AVB	New	AVALONBAY CMNTYS INC	$1,913,000	–	14,181	–	0.53%	–
BXP	New	BOSTON PROPERTIES INC	$1,904,000	–	18,051	–	0.53%	–
PPS	New	POST PPTYS INC	$1,901,000	–	38,404	–	0.53%	–
EQR	New	EQUITY RESIDENTIALsh ben int	$1,903,000	–	32,780	–	0.53%	–
SLG	New	SL GREEN RLTY CORP	$1,865,000	–	21,150	–	0.52%	–
ELS	New	EQUITY LIFESTYLE PPTYS INC	$1,855,000	–	23,607	–	0.52%	–
NCR	New	NCR CORP NEW	$1,847,000	–	56,000	–	0.51%	–
C	New	CITIGROUP INC	$1,832,000	–	38,200	–	0.51%	–
DRH	New	DIAMONDROCK HOSPITALITY CO	$1,822,000	–	195,520	–	0.51%	–
SHO	New	SUNSTONE HOTEL INVS INC NEW	$1,810,000	–	149,870	–	0.50%	–
RLJ	New	RLJ LODGING TR	$1,807,000	–	80,330	–	0.50%	–
GGP	New	GENERAL GROWTH PPTYS INC NEW	$1,799,000	–	90,560	–	0.50%	–
SPRT	New	SUPPORT COM INC	$1,800,000	–	393,800	–	0.50%	–
HCN	New	HEALTH CARE REIT INC	$1,796,000	–	26,788	–	0.50%	–
SPG	New	SIMON PPTY GROUP INC NEW	$1,796,000	–	11,370	–	0.50%	–
AIV	New	APARTMENT INVT & MGMT COcl a	$1,790,000	–	59,580	–	0.50%	–
ET	New	ENERGY TRANSFER EQUITY L P	$1,763,000	–	29,470	–	0.49%	–
HALL	New	HALLMARK FINL SVCS INC EC	$1,761,000	–	192,715	–	0.49%	–
EDR	New	EDUCATION RLTY TR INC	$1,762,000	–	172,210	–	0.49%	–
EGP	New	EASTGROUP PPTY INC	$1,758,000	–	31,250	–	0.49%	–
MPLX	New	MPLX LP	$1,758,000	–	47,760	–	0.49%	–
REG	New	REGENCY CTRS CORP	$1,750,000	–	34,440	–	0.49%	–
TCO	New	TAUBMAN CTRS INC	$1,752,000	–	23,315	–	0.49%	–
OFC	New	CORPORATE OFFICE PPTYS TRsh ben int	$1,726,000	–	67,680	–	0.48%	–
BMR	New	BIOMED REALTY TRUST INC	$1,715,000	–	84,790	–	0.48%	–
XLE	New	SELECT SECTOR SPDR TRsbi int-energy	$1,716,000	–	21,895	–	0.48%	–
EQY	New	EQUITY ONE	$1,712,000	–	75,670	–	0.48%	–
AMT	New	AMERICAN TOWER CORP NEW	$1,710,000	–	23,370	–	0.48%	–
PLD	New	PROLOGIS INC	$1,710,000	–	45,330	–	0.48%	–
CBLAQ	New	CBL & ASSOC PPTYS INC	$1,658,000	–	77,410	–	0.46%	–
HR	New	HEALTHCARE RLTY TR	$1,619,000	–	63,490	–	0.45%	–
VNO	New	VORNADO RLTY TRsh ben int	$1,616,000	–	19,500	–	0.45%	–
ACC	New	AMERICAN CAMPUS CMNTYS INC	$1,598,000	–	39,300	–	0.44%	–
GRA	New	GRACE W R & CO DEL NEW	$1,530,000	–	18,200	–	0.42%	–
6699SC	New	ISHARES INCmsci utd kingd	$1,503,000	–	85,120	–	0.42%	–
LVLT	New	LEVEL 3 COMMUNICATIONS INC	$1,484,000	–	70,400	–	0.41%	–
QQQ	New	POWERSHARES QQQ TRUSTunit ser 1	$1,424,000	–	20,000	–	0.40%	–
L109PS	New	ACCESS MIDSTREAM PARTNERS Lunit	$1,421,000	–	29,780	–	0.40%	–
DCP	New	DCP MIDSTREAM PARTNERS LP	$1,379,000	–	25,490	–	0.38%	–
NS	New	NUSTAR ENERGY LP	$1,350,000	–	29,570	–	0.38%	–
TLLP	New	TESORO LOGISTICS LP	$1,320,000	–	21,830	–	0.37%	–
NGL	New	NGL ENERGY PARTNERS LP	$1,265,000	–	41,910	–	0.35%	–
ATLS	New	ATLAS ENERGY LP	$1,238,000	–	25,280	–	0.34%	–
SXL	New	SUNOCO LOGISTICS PRTNRS L P	$1,156,000	–	18,070	–	0.32%	–
EWG	New	ISHARES INCmsci german	$1,125,000	–	45,530	–	0.31%	–
NES	New	NUVERRA ENVIRONMENTAL SOLUTI	$1,125,000	–	387,944	–	0.31%	–
ANRZQ	New	ALPHA NATURAL RESOURCES INC	$1,109,000	–	211,610	–	0.31%	–
TWO	New	TWO HBRS INVT CORP	$1,092,000	–	106,500	–	0.30%	–
TRGP	New	TARGA RES CORP	$1,072,000	–	16,670	–	0.30%	–
JPS	New	NUVEEN QUALITY PFD INCOME FD	$1,065,000	–	122,264	–	0.30%	–
TFI	New	SPDR SERIES TRUSTnuvn brcly muni	$1,034,000	–	45,290	–	0.29%	–
TIF	New	TIFFANY & CO NEW	$1,008,000	–	13,839	–	0.28%	–
OKE	New	ONEOK INC NEW	$967,000	–	23,400	–	0.27%	–
BTZ	New	BLACKROCK CR ALLCTN INC TR	$866,000	–	66,700	–	0.24%	–
XME	New	SPDR SERIES TRUSTs&p metals mng	$840,000	–	25,351	–	0.23%	–
LQD	New	ISHARES TRiboxx inv cpbd	$807,000	–	7,100	–	0.22%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$749,000	–	24,500	–	0.21%	–
XLI	New	SELECT SECTOR SPDR TRsbi int-inds	$736,000	–	17,300	–	0.20%	–
JPC	New	NUVEEN PFD INCOME OPPRTNY FD	$724,000	–	75,800	–	0.20%	–
EWL	New	ISHARES INCmsci switz capp	$718,000	–	25,050	–	0.20%	–
BAB	New	POWERSHARES ETF TR IIbuild amer etf	$707,000	–	25,100	–	0.20%	–
BBN	New	BLACKROCK BUILD AMER BD TR	$679,000	–	33,600	–	0.19%	–
EWC	New	ISHARES INCmsci cda index	$652,000	–	24,890	–	0.18%	–
PPT	New	PUTNAM PREMIER INCOME TRsh ben int	$642,000	–	120,000	–	0.18%	–
XLF	New	SELECT SECTOR SPDR TRsbi int-finl	$637,000	–	32,670	–	0.18%	–
SLRC	New	SOLAR CAP LTD	$628,000	–	27,200	–	0.18%	–
P107PS	New	MCG CAPITAL CORP	$605,000	–	116,200	–	0.17%	–
TPGI	New	THOMAS PPTYS GROUP INC	$530,000	–	100,000	–	0.15%	–
BGR	New	BLACKROCK ENERGY & RES TR	$476,000	–	19,000	–	0.13%	–
XLY	New	SELECT SECTOR SPDR TRsbi cons discr	$472,000	–	8,370	–	0.13%	–
EXG	New	EATON VANCE TAX MNGD GBL DV	$464,000	–	50,000	–	0.13%	–
NZF	New	NUVEEN DIV ADV MUNI FD 3	$461,000	–	34,800	–	0.13%	–
MUA	New	BLACKROCK MUNIASSETS FD INC	$449,000	–	35,600	–	0.12%	–
IEF	New	ISHARES TRbarclys 7-10 yr	$410,000	–	4,000	–	0.11%	–
MOO	New	MARKET VECTORS ETF TRagribus etf	$402,000	–	7,856	–	0.11%	–
MBB	New	ISHARES TRbarclys mbs bd	$384,000	–	3,650	–	0.11%	–
PMM	New	PUTNAM MANAGED MUN INCOM TR	$383,000	–	53,700	–	0.11%	–
EWD	New	ISHARES INCmsci sweden	$331,000	–	11,090	–	0.09%	–
CXW	New	CORRECTIONS CORP AMER NEW	$325,000	–	9,591	–	0.09%	–
OIA	New	INVESCO MUNI INCOME OPP TRST	$321,000	–	48,600	–	0.09%	–
JHP	New	NUVEEN QUALITY PFD INC FD 3	$306,000	–	36,300	–	0.08%	–
GLRE	New	GREENLIGHT CAPITAL RE LTDclass a	$294,000	–	12,000	–	0.08%	–
GLD	New	SPDR GOLD TRUST	$286,000	–	2,400	–	0.08%	–
NXZ	New	NUVEEN DIV ADVANTAGE MUN FD	$279,000	–	20,000	–	0.08%	–
ERUS	New	ISHARES TRmsci russ indx	$269,000	–	14,000	–	0.08%	–
BGY	New	BLACKROCK INTL GRWTH & INC T	$265,000	–	35,900	–	0.07%	–
FDI	New	FORT DEARBORN INCOME SECS IN	$254,000	–	17,698	–	0.07%	–
EWS	New	ISHARES INCmsci singapore	$250,000	–	19,540	–	0.07%	–
NFJ	New	ALLIANZGI NFJ DIVID INT & PR	$253,000	–	15,000	–	0.07%	–
EWQ	New	ISHARES INCmsci france	$251,000	–	10,770	–	0.07%	–
FAX	New	ABERDEEN ASIA PACIFIC INCOM	$243,000	–	39,243	–	0.07%	–
EWJ	New	ISHARES INCmsci japan	$231,000	–	20,600	–	0.06%	–
SNI	New	SCRIPPS NETWORKS INTERACT IN	$219,000	–	3,277	–	0.06%	–
BOE	New	BLACKROCK GLOBAL OPP EQTY TR	$217,000	–	16,100	–	0.06%	–
AZO	New	AUTOZONE INC	$212,000	–	500	–	0.06%	–
BKT	New	BLACKROCK INCOME TR INC	$205,000	–	30,000	–	0.06%	–
INTU	New	INTUIT	$202,000	–	3,307	–	0.06%	–
EWM	New	ISHARES INCmsci malaysia	$185,000	–	11,870	–	0.05%	–
WU	New	WESTERN UN CO	$182,000	–	10,660	–	0.05%	–
HTA	New	HEALTHCARE TR AMER INCcl a	$181,000	–	16,090	–	0.05%	–
HST	New	HOST HOTELS & RESORTS INC	$177,000	–	10,470	–	0.05%	–
BCX	New	BLACKROCK RES & COMM STRAT T	$173,000	–	15,000	–	0.05%	–
EWI	New	ISHARES INCmsci italy capp	$165,000	–	13,990	–	0.05%	–
IIM	New	INVESCO VALUE MUN INCOME TR	$143,000	–	10,000	–	0.04%	–
MHF	New	WESTERN ASSET MUN HI INCM FD	$128,000	–	17,900	–	0.04%	–
EHI	New	WESTERN ASSET GLB HI INCOME	$122,000	–	10,000	–	0.03%	–

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