Quadrant Capital Management, LLC Activity Q2 2014-Q4 2019

Q4 2019

			Value		Shares		↓ Weighting
SCHF	Buy	Schwab Internationalintl eqty etf	$10,706,000	+7.8%	318,348	+2.1%	4.84%	-0.8%
AAPL	Sell	Apple Inc.	$8,220,000	+21.6%	27,993	-7.3%	3.72%	+11.9%
VSS	Buy	Vanguard FTSE All World Ex USftse smcap etf	$7,339,000	+9.6%	66,062	+0.6%	3.32%	+0.8%
IEMG	Buy	i-Shares Core MSCI EMcore msci emkt	$6,083,000	+12.0%	113,146	+2.1%	2.75%	+3.0%
GOOG	Buy	Alphabet Inc Cap Stk Cl Ccap stk cl c	$5,159,000	+10.0%	3,859	+0.3%	2.33%	+1.3%
XLY	Sell	Sector SPDR Consumer Discretionary Fdsbi cons discr	$5,054,000	+3.5%	40,295	-0.3%	2.29%	-4.7%
VBR	Sell	Vanguard Small Cap Valuesm cp val etf	$4,909,000	+4.0%	35,815	-2.2%	2.22%	-4.3%
BDX	Buy	Becton Dickinson Co	$4,906,000	+7.8%	18,040	+0.3%	2.22%	-0.8%
UNH	Buy	UnitedHealth Group	$4,497,000	+35.8%	15,297	+0.4%	2.04%	+25.0%
ACN	Buy	Accenture PLC Shs Cl A New	$4,483,000	+10.0%	21,288	+0.5%	2.03%	+1.2%
V	Sell	Visa Inc Cl A	$4,480,000	+1.6%	23,843	-7.0%	2.03%	-6.5%
HD	Sell	Home Depot Inc	$4,145,000	-10.1%	18,984	-4.5%	1.88%	-17.3%
TMO	Buy	Thermo Fisher Scientific Inc	$4,013,000	+11.6%	12,353	+0.0%	1.82%	+2.7%
PNC	Buy	PNC Finl Svcs Group	$3,892,000	+14.3%	24,380	+0.3%	1.76%	+5.2%
JPM	Sell	JPMorgan Chase & Company	$3,699,000	+17.9%	26,533	-0.5%	1.67%	+8.6%
FB	Sell	Facebook Inccl a	$3,629,000	+14.1%	17,680	-1.0%	1.64%	+5.0%
MSFT	Sell	Microsoft Corp	$3,608,000	+11.8%	22,880	-1.4%	1.63%	+2.9%
COST	Sell	Costco Wholesale Corp New	$3,578,000	-2.3%	12,173	-4.2%	1.62%	-10.1%
CMCSA	Sell	Comcast Corp New Cl Acl a	$3,543,000	-1.7%	78,780	-1.5%	1.60%	-9.5%
VOE	Buy	Vanguard Mid-Cap Value Indexmcap vl idxvip	$3,490,000	+12.4%	29,285	+6.6%	1.58%	+3.5%
MDT	Buy	Medtronic Inc	$3,462,000	+4.8%	30,517	+0.3%	1.57%	-3.6%
BXP	Buy	Boston Pptys Inc	$3,425,000	+8.9%	24,843	+2.5%	1.55%	+0.3%
CHD	Sell	Church & Dwight Co Inc	$3,233,000	-7.2%	45,961	-0.8%	1.46%	-14.6%
CCI	Buy	Crown Castle Int'l Corp	$3,221,000	+3.2%	22,658	+0.9%	1.46%	-5.1%
WELL	Buy	Welltower Inc	$3,176,000	-9.2%	38,840	+0.7%	1.44%	-16.4%
O	Buy	Realty Income Corp	$3,081,000	-2.4%	41,849	+1.6%	1.39%	-10.2%
AER	Buy	AerCap Holdings NV	$3,072,000	+12.4%	49,970	+0.1%	1.39%	+3.4%
NVS	Buy	Novartis AG ADRsponsored adr	$3,051,000	+11.9%	32,216	+2.7%	1.38%	+3.0%
CVX	Sell	Chevron Corp	$3,019,000	+0.6%	25,054	-1.0%	1.37%	-7.4%
NKE	Sell	Nike Inc Class Bcl b	$2,991,000	+6.6%	29,521	-1.2%	1.35%	-2.0%
XOM	Buy	Exxon Mobil Corp	$2,976,000	+464.7%	42,651	+471.1%	1.35%	+419.7%
T	Buy	AT&T Inc.	$2,939,000	+4.2%	75,212	+0.9%	1.33%	-4.1%
GD	Sell	General Dynamics	$2,858,000	-5.1%	16,206	-1.6%	1.29%	-12.6%
TJX	Buy	TJX Companies Inc	$2,820,000	+9.8%	46,191	+0.3%	1.28%	+1.0%
AMT	Buy	American Tower Corp Class A	$2,729,000	+9.4%	11,875	+5.2%	1.24%	+0.7%
BAC	Sell	BankAmerica Corp	$2,666,000	+20.4%	75,703	-0.3%	1.21%	+10.7%
ARE	Buy	Alexandria Real Est Eqty	$2,585,000	+6.8%	15,998	+1.8%	1.17%	-1.7%
ESS	Buy	Essex Property Trust Inc	$2,543,000	-3.8%	8,451	+4.4%	1.15%	-11.4%
SPG	Sell	Simon Ppty Grp Inc	$2,524,000	-5.8%	16,941	-1.5%	1.14%	-13.3%
BMY	Buy	Bristol-Myers Squibb	$2,419,000	+44.1%	37,691	+13.9%	1.09%	+32.6%
MAA	Buy	Mid American Apartment Communities Inc	$2,387,000	+4.6%	18,100	+3.1%	1.08%	-3.7%
UTX	Sell	United Technologies Corp	$2,293,000	+9.0%	15,311	-0.6%	1.04%	+0.3%
AMAT	Buy	Applied Materials Inc	$2,284,000	+26.1%	37,418	+3.1%	1.03%	+16.1%
APD	Buy	Air Products & Chemicals Inc	$2,277,000	+6.1%	9,690	+0.2%	1.03%	-2.4%
WM	Buy	Waste Management Inc	$2,208,000	+2.2%	19,378	+3.1%	1.00%	-5.9%
PLD	Buy	ProLogis Trust	$2,206,000	+7.5%	24,752	+2.8%	1.00%	-1.1%
PYPL	Buy	PayPal Holdings Inc.	$2,118,000	+5.0%	19,578	+0.5%	0.96%	-3.4%
HON	Buy	Honeywell Intl Inc	$2,117,000	+5.3%	11,959	+0.7%	0.96%	-3.0%
CMI	Buy	Cummins Inc.	$2,100,000	+26.4%	11,737	+14.9%	0.95%	+16.3%
BKNG	Buy	Booking Holdings Inc	$2,082,000	+5.5%	1,014	+0.8%	0.94%	-3.0%
DLR	Buy	Digital Realty Trust Inc	$2,041,000	-4.6%	17,042	+3.4%	0.92%	-12.3%
FR	Buy	First Industrial Realty Trust	$1,969,000	+6.7%	47,438	+1.6%	0.89%	-1.9%
CHKP	Sell	Check Point Software Technologiesord	$1,966,000	-6.8%	17,722	-8.0%	0.89%	-14.3%
IRM	Buy	Iron Mountain	$1,748,000	+0.5%	54,840	+2.1%	0.79%	-7.5%
EXR	Buy	Extra Space Storage Inc	$1,736,000	-7.6%	16,440	+2.2%	0.78%	-15.0%
CUBE	Buy	CubeSmart	$1,671,000	-6.3%	53,095	+3.8%	0.76%	-13.8%
HTA	Buy	Healthcare Trust of Americacl a new	$1,645,000	+5.9%	54,336	+2.7%	0.74%	-2.6%
VICI	New	Vici Properties Inc	$1,639,000	–	64,165	–	0.74%	–
AVY	Buy	Avery Dennison Corp	$1,514,000	+23.1%	11,576	+6.9%	0.68%	+13.2%
STAG	Buy	Stag Industrial Inc	$1,424,000	+12.1%	45,107	+4.7%	0.64%	+3.2%
BAM	New	Brookfield Asset Mgmtcl a ltd vt sh	$1,306,000	–	22,600	–	0.59%	–
IWN	Sell	i-Shares Trust Russell 2000 Valuerus 2000 val etf	$1,296,000	+7.5%	10,078	-0.2%	0.59%	-1.2%
IWM	Buy	i-Shares Trust Russell 2000rus 2000 grw etf	$1,247,000	+9.7%	7,526	+0.2%	0.56%	+0.9%
VNQ	Buy	Vanguard REIT ETFrel estate etf	$1,204,000	+10.2%	12,974	+10.7%	0.54%	+1.5%
GILD	Sell	Gilead Science Inc	$723,000	+2.0%	11,131	-0.4%	0.33%	-6.3%
PGC	New	Peapack-Gladstone Finl Corp Com	$713,000	–	23,080	–	0.32%	–
JPST	Buy	JPMorgan ETF Ultra Shortultra shrt inc	$693,000	+46.8%	13,745	+46.8%	0.31%	+35.3%
IWF	Sell	i-Shares Trust Russell 1000 Growthrus 1000 grw etf	$648,000	+9.8%	3,683	-0.3%	0.29%	+1.0%
CSCO	Sell	Cisco Sys Inc	$490,000	-27.1%	10,218	-24.8%	0.22%	-32.7%
SCHX	Buy	Schwab US Large Cap Etfus lrg cap etf	$291,000	+8.6%	3,790	+0.3%	0.13%	0.0%
IVV	Sell	i-Shares Core S&P 500 ETFcore s&p500 etf	$282,000	+5.2%	871	-3.0%	0.13%	-3.0%
SPY	Buy	S & P 500 Depository Receipttr unit	$283,000	+36.1%	878	+25.1%	0.13%	+25.5%
VZ	Buy	Verizon Communications	$257,000	+1.6%	4,189	+0.1%	0.12%	-6.5%
BLK	New	Blackrock Inc	$235,000	–	467	–	0.11%	–
WLTW	Sell	Willis Towers Watson Pub Ltd Co Com Usd0	$202,000	-12.9%	1,000	-16.7%	0.09%	-20.2%
SCHW	Exit	The Charles Schwab Corp	$0	–	-8,797	–	-0.18%	–
CLDT	Exit	Chatham Lodging Trust	$0	–	-41,041	–	-0.37%	–
OXY	Exit	Occidental Peteroleum Corp	$0	–	-22,018	–	-0.48%	–

Q3 2019

			Value		Shares		↓ Weighting
SCHF	Buy	Schwab Internationalintl eqty etf	$9,935,000	+2.5%	311,828	+3.3%	4.88%	-3.9%
AAPL	Buy	Apple Inc.	$6,761,000	+13.9%	30,188	+0.6%	3.32%	+6.7%
VSS	Buy	Vanguard FTSE All World Ex USftse smcap etf	$6,697,000	+4.9%	65,685	+8.3%	3.29%	-1.7%
IEMG	Buy	i-Shares Core MSCI EMcore msci emkt	$5,432,000	+3.8%	110,811	+8.9%	2.67%	-2.8%
XLY	Sell	Sector SPDR Consumer Discretiosbi cons discr	$4,881,000	-0.6%	40,435	-1.8%	2.40%	-6.8%
VBR	Sell	Vanguard Small Cap Valuesm cp val etf	$4,719,000	-2.7%	36,621	-1.5%	2.32%	-8.9%
GOOG	Buy	Alphabet Inc Cap Stk Cl Ccap stk cl c	$4,688,000	+15.3%	3,846	+2.2%	2.30%	+8.0%
HD	Sell	Home Depot Inc	$4,610,000	+8.9%	19,872	-2.3%	2.27%	+2.1%
BDX	Buy	Becton Dickinson Co	$4,552,000	+1.2%	17,995	+0.8%	2.24%	-5.2%
V	Sell	Visa Inc Cl A	$4,408,000	-1.1%	25,627	-0.2%	2.17%	-7.4%
ACN	Sell	Accenture PLC Shs Cl A New	$4,074,000	+3.3%	21,182	-0.8%	2.00%	-3.2%
COST	Sell	Costco Wholesale Corp New	$3,663,000	+5.8%	12,713	-2.9%	1.80%	-0.9%
CMCSA	Buy	Comcast Corp New Cl Acl a	$3,605,000	+9.6%	79,974	+2.8%	1.77%	+2.7%
TMO	Buy	Thermo Fisher Scientific Inc	$3,597,000	+0.5%	12,350	+1.3%	1.77%	-5.9%
WELL	Buy	Welltower Inc	$3,497,000	+14.0%	38,579	+2.6%	1.72%	+6.8%
CHD	Buy	Church & Dwight Co Inc	$3,485,000	+4.8%	46,324	+1.7%	1.71%	-1.8%
PNC	Buy	PNC Finl Svcs Group	$3,405,000	+4.4%	24,295	+2.3%	1.67%	-2.2%
UNH	Buy	UnitedHealth Group	$3,311,000	-6.5%	15,237	+5.0%	1.63%	-12.4%
MDT	Sell	Medtronic Inc	$3,305,000	+3.3%	30,427	-7.4%	1.62%	-3.2%
MSFT	Buy	Microsoft Corp	$3,226,000	+11.7%	23,200	+7.7%	1.59%	+4.7%
FB	Buy	Facebook Inccl a	$3,181,000	-5.3%	17,862	+2.6%	1.56%	-11.3%
O	Buy	Realty Income Corp	$3,157,000	+19.4%	41,175	+7.5%	1.55%	+11.9%
XLF	Sell	Sector SPDR Financial Selectsbi int-finl	$3,150,000	-1.0%	112,495	-2.4%	1.55%	-7.2%
BXP	Buy	Boston Pptys Inc	$3,144,000	+2.9%	24,248	+2.4%	1.55%	-3.6%
JPM	Buy	JPMorgan Chase & Company	$3,137,000	+14.8%	26,658	+9.0%	1.54%	+7.5%
CCI	Buy	Crown Castle Int'l Corp	$3,122,000	+8.0%	22,462	+1.2%	1.54%	+1.1%
VOE	Buy	Vanguard Index Fds Mid-Cap Valmcap vl idxvip	$3,104,000	+27.7%	27,465	+25.8%	1.53%	+19.6%
ORCL	Buy	Oracle Corporation	$3,088,000	-2.5%	56,115	+0.9%	1.52%	-8.7%
GD	Sell	General Dynamics	$3,011,000	-0.2%	16,476	-0.7%	1.48%	-6.5%
CVX	Buy	Chevron Corp	$3,001,000	+1.1%	25,301	+6.0%	1.48%	-5.3%
T	Buy	AT&T Inc.	$2,821,000	+15.2%	74,559	+2.0%	1.39%	+7.9%
NKE	Buy	Nike Inc Class Bcl b	$2,807,000	+17.9%	29,891	+5.4%	1.38%	+10.5%
AER	Sell	AerCap Holdings NV	$2,733,000	+2.6%	49,925	-2.5%	1.34%	-3.9%
NVS	Buy	Novartis AG ADRsponsored adr	$2,726,000	+2.5%	31,371	+7.7%	1.34%	-4.0%
SPG	Buy	Simon Ppty Grp Inc	$2,678,000	+18.3%	17,203	+21.4%	1.32%	+10.9%
ESS	Buy	Essex Property Trust Inc	$2,643,000	+18.5%	8,091	+5.9%	1.30%	+10.9%
TJX	Buy	TJX Companies Inc	$2,568,000	+8.4%	46,065	+2.9%	1.26%	+1.6%
AMT	Buy	American Tower Corp Class A	$2,495,000	+21.4%	11,285	+12.3%	1.23%	+13.8%
ARE	Buy	Alexandria Real Est Eqty	$2,421,000	+20.6%	15,715	+10.4%	1.19%	+12.9%
MAA	Buy	Mid American Apartment Communi	$2,282,000	+21.6%	17,554	+10.1%	1.12%	+13.9%
BAC	Buy	BankAmerica Corp	$2,215,000	+20.9%	75,931	+20.2%	1.09%	+13.3%
WM	Buy	Waste Management Inc	$2,161,000	+2.6%	18,792	+2.9%	1.06%	-4.0%
APD	Buy	Air Products & Chemicals Inc	$2,146,000	+16.4%	9,672	+18.7%	1.06%	+9.0%
DLR	Buy	Digital Realty Trust Inc	$2,139,000	+21.1%	16,478	+9.9%	1.05%	+13.5%
CHKP	Sell	Check Point Software Technologord	$2,110,000	-8.1%	19,272	-2.9%	1.04%	-13.9%
UTX	Sell	United Technologies Corp	$2,104,000	+0.6%	15,411	-4.0%	1.03%	-5.7%
PLD	Buy	ProLogis Trust	$2,053,000	+10.6%	24,089	+3.9%	1.01%	+3.6%
PYPL	Buy	PayPal Holdings Inc.	$2,017,000	-8.3%	19,473	+1.4%	0.99%	-14.0%
HON	Sell	Honeywell Intl Inc	$2,010,000	-9.3%	11,879	-6.4%	0.99%	-15.0%
BKNG	Buy	Booking Holdings Inc	$1,974,000	+7.8%	1,006	+3.0%	0.97%	+1.0%
EXR	Buy	Extra Space Storage Inc	$1,879,000	+19.1%	16,084	+8.2%	0.92%	+11.6%
FR	Buy	First Industrial Realty Trust	$1,846,000	+13.1%	46,675	+5.1%	0.91%	+6.1%
BA	Sell	Boeing Co	$1,836,000	+4.0%	4,826	-0.5%	0.90%	-2.6%
AMAT	Buy	Applied Materials Inc	$1,811,000	+16.9%	36,298	+5.2%	0.89%	+9.5%
CUBE	Buy	CubeSmart	$1,784,000	+18.2%	51,128	+13.3%	0.88%	+10.7%
IRM	Buy	Iron Mountain	$1,739,000	+8.1%	53,695	+4.5%	0.86%	+1.3%
BMY	Buy	Bristol-Myers Squibb	$1,679,000	+26.5%	33,104	+13.1%	0.82%	+18.5%
CMI	Buy	Cummins Inc.	$1,661,000	+3.6%	10,211	+9.1%	0.82%	-2.9%
HTA	New	Healthcare Trust of Amcl a new	$1,554,000	–	52,906	–	0.76%	–
STAG	Buy	Stag Industrial Inc	$1,270,000	+19.2%	43,092	+22.4%	0.62%	+11.6%
AVY	Buy	Avery Dennison Corp	$1,230,000	+2.3%	10,831	+4.2%	0.60%	-4.1%
IWN	Buy	i-Shares Trust Russell 2000 Varus 2000 val etf	$1,206,000	+1.9%	10,103	+2.8%	0.59%	-4.5%
IWM	Buy	i-Shares Trust Russell 2000rus 2000 grw etf	$1,137,000	-1.0%	7,511	+1.8%	0.56%	-7.1%
VNQ	Buy	Vanguard REIT ETFrel estate etf	$1,093,000	+25.1%	11,724	+17.2%	0.54%	+17.0%
IWD	Sell	i-Shares Russell 1000 Value Inrus 1000 val etf	$994,000	+0.7%	7,753	-0.1%	0.49%	-5.6%
OXY	Sell	Occidental Peteroleum Corp	$979,000	-12.0%	22,018	-0.5%	0.48%	-17.6%
EFA	Sell	i-Shares Tr MSCI EAFE Index Fdmsci eafe etf	$856,000	-3.7%	13,123	-3.0%	0.42%	-9.9%
CLDT	Buy	Chatham Lodging Trust	$745,000	-2.6%	41,041	+1.3%	0.37%	-8.7%
GILD	Sell	Gilead Science Inc	$709,000	-15.8%	11,181	-10.3%	0.35%	-21.0%
CSCO	Buy	Cisco Sys Inc	$672,000	+61.9%	13,592	+79.4%	0.33%	+51.4%
IWF	Sell	i-Shares Trust Russell 1000 Grrus 1000 grw etf	$590,000	+1.0%	3,693	-0.4%	0.29%	-5.2%
XOM	Buy	Exxon Mobil Corp	$527,000	-7.7%	7,468	+0.3%	0.26%	-13.7%
JPST	New	JPMorgan ETF Ultra Shoultra shrt inc	$472,000	–	9,360	–	0.23%	–
SCHW	Buy	The Charles Schwab Corp	$368,000	+16.1%	8,797	+11.6%	0.18%	+9.0%
EEM	Sell	i-Shares Tr MSCI Emerging Mktsmsci emg mkt etf	$355,000	-7.6%	8,698	-2.7%	0.18%	-13.4%
ALC	Sell	Alcon Inc	$322,000	-7.5%	5,528	-1.5%	0.16%	-13.7%
SCHX	Buy	Schwab US Large Cap Etfus lrg cap etf	$268,000	+6.8%	3,780	+5.6%	0.13%	0.0%
IVV	Buy	i-Shares Core S&P 500 ETFcore s&p500 etf	$268,000	+1.9%	898	+0.6%	0.13%	-4.3%
VZ	Sell	Verizon Communications	$253,000	+5.0%	4,185	-0.7%	0.12%	-1.6%
SPY	New	S & P 500 Depository Rtr unit	$208,000	–	702	–	0.10%	–
BHC	Exit	Bausch Health Cos Inc	$0	–	-51,882	–	-0.69%	–

Q2 2019

			Value		Shares		↓ Weighting
SCHF	New	Schwab Internationalintl eqty etf	$9,689,000	–	301,928	–	5.08%	–
VSS	New	Vanguard FTSE All World Ex USftse smcap etf	$6,382,000	–	60,627	–	3.35%	–
AAPL	New	Apple Inc.	$5,937,000	–	29,999	–	3.12%	–
IEMG	New	i-Shares Core MSCI EMcore msci emkt	$5,235,000	–	101,764	–	2.75%	–
XLY	New	Sector SPDR Consumer Discretiosbi cons discr	$4,909,000	–	41,180	–	2.58%	–
VBR	New	Vanguard Small Cap Valuesm cp val etf	$4,852,000	–	37,170	–	2.55%	–
BDX	New	Becton Dickinson Co	$4,497,000	–	17,845	–	2.36%	–
V	New	Visa Inc Cl A	$4,457,000	–	25,682	–	2.34%	–
HD	New	Home Depot Inc	$4,232,000	–	20,345	–	2.22%	–
GOOG	New	Alphabet Inc Cap Stk Cl Ccap stk cl c	$4,067,000	–	3,763	–	2.13%	–
ACN	New	Accenture PLC Shs Cl A New	$3,945,000	–	21,350	–	2.07%	–
TMO	New	Thermo Fisher Scientific Inc	$3,580,000	–	12,190	–	1.88%	–
UNH	New	UnitedHealth Group	$3,542,000	–	14,516	–	1.86%	–
COST	New	Costco Wholesale Corp New	$3,462,000	–	13,099	–	1.82%	–
FB	New	Facebook Inccl a	$3,360,000	–	17,410	–	1.76%	–
CHD	New	Church & Dwight Co Inc	$3,326,000	–	45,528	–	1.74%	–
CMCSA	New	Comcast Corp New Cl Acl a	$3,288,000	–	77,777	–	1.73%	–
PNC	New	PNC Finl Svcs Group	$3,260,000	–	23,745	–	1.71%	–
MDT	New	Medtronic Inc	$3,200,000	–	32,856	–	1.68%	–
XLF	New	Sector SPDR Financial Selectsbi int-finl	$3,181,000	–	115,245	–	1.67%	–
ORCL	New	Oracle Corporation	$3,167,000	–	55,590	–	1.66%	–
WELL	New	Welltower Inc	$3,067,000	–	37,618	–	1.61%	–
BXP	New	Boston Pptys Inc	$3,055,000	–	23,685	–	1.60%	–
GD	New	General Dynamics	$3,016,000	–	16,585	–	1.58%	–
CVX	New	Chevron Corp	$2,969,000	–	23,858	–	1.56%	–
CCI	New	Crown Castle Int'l Corp	$2,892,000	–	22,185	–	1.52%	–
MSFT	New	Microsoft Corp	$2,887,000	–	21,550	–	1.52%	–
JPM	New	JPMorgan Chase & Company	$2,733,000	–	24,448	–	1.43%	–
AER	New	AerCap Holdings NV	$2,664,000	–	51,225	–	1.40%	–
NVS	New	Novartis AG ADRsponsored adr	$2,660,000	–	29,131	–	1.40%	–
O	New	Realty Income Corp	$2,643,000	–	38,317	–	1.39%	–
T	New	AT&T Inc.	$2,449,000	–	73,081	–	1.28%	–
VOE	New	Vanguard Index Fds Mid-Cap Valmcap vl idxvip	$2,431,000	–	21,830	–	1.28%	–
NKE	New	Nike Inc Class Bcl b	$2,380,000	–	28,356	–	1.25%	–
TJX	New	TJX Companies Inc	$2,368,000	–	44,773	–	1.24%	–
CHKP	New	Check Point Software Technologord	$2,295,000	–	19,847	–	1.20%	–
SPG	New	Simon Ppty Grp Inc	$2,264,000	–	14,170	–	1.19%	–
ESS	New	Essex Property Trust Inc	$2,231,000	–	7,641	–	1.17%	–
HON	New	Honeywell Intl Inc	$2,217,000	–	12,696	–	1.16%	–
PYPL	New	PayPal Holdings Inc.	$2,199,000	–	19,208	–	1.15%	–
WM	New	Waste Management Inc	$2,107,000	–	18,266	–	1.11%	–
UTX	New	United Technologies Corp	$2,091,000	–	16,061	–	1.10%	–
AMT	New	American Tower Corp Class A	$2,055,000	–	10,050	–	1.08%	–
ARE	New	Alexandria Real Est Eqty	$2,008,000	–	14,235	–	1.05%	–
MAA	New	Mid American Apartment Communi	$1,877,000	–	15,938	–	0.98%	–
PLD	New	ProLogis Trust	$1,856,000	–	23,176	–	0.97%	–
APD	New	Air Products & Chemicals Inc	$1,844,000	–	8,145	–	0.97%	–
BKNG	New	Booking Holdings Inc	$1,832,000	–	977	–	0.96%	–
BAC	New	BankAmerica Corp	$1,832,000	–	63,163	–	0.96%	–
BA	New	Boeing Co	$1,766,000	–	4,851	–	0.93%	–
DLR	New	Digital Realty Trust Inc	$1,766,000	–	14,992	–	0.93%	–
FR	New	First Industrial Realty Trust	$1,632,000	–	44,425	–	0.86%	–
IRM	New	Iron Mountain	$1,609,000	–	51,405	–	0.84%	–
CMI	New	Cummins Inc.	$1,603,000	–	9,356	–	0.84%	–
EXR	New	Extra Space Storage Inc	$1,578,000	–	14,870	–	0.83%	–
AMAT	New	Applied Materials Inc	$1,549,000	–	34,488	–	0.81%	–
CUBE	New	CubeSmart	$1,509,000	–	45,128	–	0.79%	–
BMY	New	Bristol-Myers Squibb	$1,327,000	–	29,267	–	0.70%	–
BHC	New	Bausch Health Cos Inc	$1,308,000	–	51,882	–	0.69%	–
AVY	New	Avery Dennison Corp	$1,202,000	–	10,390	–	0.63%	–
IWN	New	i-Shares Trust Russell 2000 Varus 2000 val etf	$1,184,000	–	9,828	–	0.62%	–
IWM	New	i-Shares Trust Russell 2000rus 2000 grw etf	$1,148,000	–	7,381	–	0.60%	–
OXY	New	Occidental Peteroleum Corp	$1,112,000	–	22,123	–	0.58%	–
STAG	New	Stag Industrial Inc	$1,065,000	–	35,206	–	0.56%	–
VB	New	Vanguard Small Capsmall cp etf	$1,046,000	–	6,680	–	0.55%	–
IWD	New	i-Shares Russell 1000 Value Inrus 1000 val etf	$987,000	–	7,758	–	0.52%	–
EFV	New	i-Shares MSCI EAFE Value Indexeafe value etf	$968,000	–	20,135	–	0.51%	–
EFA	New	i-Shares Tr MSCI EAFE Index Fdmsci eafe etf	$889,000	–	13,523	–	0.47%	–
VNQ	New	Vanguard REIT ETFrel estate etf	$874,000	–	10,005	–	0.46%	–
GILD	New	Gilead Science Inc	$842,000	–	12,461	–	0.44%	–
CLDT	New	Chatham Lodging Trust	$765,000	–	40,525	–	0.40%	–
IWF	New	i-Shares Trust Russell 1000 Grrus 1000 grw etf	$584,000	–	3,708	–	0.31%	–
XOM	New	Exxon Mobil Corp	$571,000	–	7,446	–	0.30%	–
LORL	New	Loral Space & Communications I	$479,000	–	13,885	–	0.25%	–
CSCO	New	Cisco Sys Inc	$415,000	–	7,576	–	0.22%	–
EEM	New	i-Shares Tr MSCI Emerging Mktsmsci emg mkt etf	$384,000	–	8,940	–	0.20%	–
ALC	New	Alcon Inc	$348,000	–	5,613	–	0.18%	–
SCHW	New	The Charles Schwab Corp	$317,000	–	7,881	–	0.17%	–
IVV	New	i-Shares Core S&P 500 ETFcore s&p500 etf	$263,000	–	893	–	0.14%	–
SCHX	New	Schwab US Large Cap Etfus lrg cap etf	$251,000	–	3,580	–	0.13%	–
XLV	New	Sector SPDR Health Caresbi healthcare	$250,000	–	2,700	–	0.13%	–
VZ	New	Verizon Communications	$241,000	–	4,213	–	0.13%	–
WLTW	New	Willis Towers Watson Pub Ltd C	$230,000	–	1,200	–	0.12%	–

Q4 2018

			Value		Shares		↓ Weighting
VZ	Exit	Verizon Communications	$0	–	-3,895	–	-0.13%	–
SCHX	Exit	Schwab US Large Cap Etfus lrg cap etf	$0	–	-3,170	–	-0.14%	–
PRA	Exit	Proassurance Corporation	$0	–	-5,081	–	-0.15%	–
IVV	Exit	i-Shares Core S&P 500 ETFcore s&p500 etf	$0	–	-868	–	-0.16%	–
XLV	Exit	Sector SPDR Health Caresbi healthcare	$0	–	-2,700	–	-0.16%	–
SPY	Exit	S & P 500 Depository Receipttr unit	$0	–	-886	–	-0.16%	–
IDV	Exit	i-Shares Internationalintl sel div etf	$0	–	-8,243	–	-0.17%	–
EEM	Exit	i-Shares Tr MSCI Emerging Mktsmsci emg mkt etf	$0	–	-9,395	–	-0.26%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-5,637	–	-0.30%	–
IWF	Exit	i-Shares Trust Russell 1000 Growthrus 1000 grw etf	$0	–	-3,274	–	-0.32%	–
AMRX	Exit	Amneal Pharmaceuticals Inc Com	$0	–	-25,002	–	-0.35%	–
LORL	Exit	Loral Space & Communications I	$0	–	-13,885	–	-0.40%	–
CLDT	Exit	Chatham Lodging Trust	$0	–	-36,560	–	-0.48%	–
STAG	Exit	Stag Industrial Inc	$0	–	-32,551	–	-0.57%	–
EFA	Exit	i-Shares Tr MSCI EAFE Index Fdmsci eafe etf	$0	–	-13,535	–	-0.58%	–
CUBE	Exit	CubeSmart	$0	–	-41,785	–	-0.76%	–
EXR	Exit	Extra Space Storage Inc	$0	–	-14,146	–	-0.78%	–
APD	Exit	Air Products & Chemical	$0	–	-7,610	–	-0.81%	–
IWM	Exit	i-Shares Trust Russell 2000rus 2000 grw etf	$0	–	-7,634	–	-0.82%	–
VGK	Exit	Vanguard FTSE Europe ETFftse europe etf	$0	–	-23,756	–	-0.85%	–
FR	Exit	First Industrial Realty Trust	$0	–	-42,780	–	-0.85%	–
AMT	Exit	American Tower Corp Class A	$0	–	-9,510	–	-0.88%	–
CMCSA	Exit	Comcast Corp New Cl Acl a	$0	–	-39,001	–	-0.88%	–
ALL	Exit	Allstate Corp	$0	–	-14,290	–	-0.89%	–
MAA	Exit	Mid American Apartmentt Cmntys	$0	–	-14,868	–	-0.94%	–
PLD	Exit	ProLogis Trust	$0	–	-22,506	–	-0.97%	–
GILD	Exit	Gilead Science Inc	$0	–	-20,191	–	-0.99%	–
BAC	Exit	BankAmerica Corp	$0	–	-53,572	–	-1.00%	–
DLR	Exit	Digital Realty Trust Inc	$0	–	-14,038	–	-1.00%	–
VWO	Exit	Vanguard Emerging Market Equitftse emr mkt etf	$0	–	-39,167	–	-1.02%	–
ARE	Exit	Alexandria Real Est Eqty	$0	–	-13,341	–	-1.06%	–
GT	Exit	Goodyear Tire & Rubber	$0	–	-72,100	–	-1.07%	–
IWN	Exit	i-Shares Trust Russell 2000 Valuerus 2000 val etf	$0	–	-12,763	–	-1.08%	–
OXY	Exit	Occidental Pete Corp	$0	–	-20,990	–	-1.09%	–
ESS	Exit	Essex Property Trust Inc	$0	–	-7,079	–	-1.11%	–
SLB	Exit	Schlumberger Limited	$0	–	-32,000	–	-1.24%	–
PYPL	Exit	PayPal Holdings Inc.	$0	–	-22,218	–	-1.24%	–
BBT	Exit	BB&T Corp	$0	–	-40,640	–	-1.25%	–
O	Exit	Realty Income Corp	$0	–	-36,234	–	-1.31%	–
NVS	Exit	Novartis AG ADRsponsored adr	$0	–	-24,127	–	-1.32%	–
HON	Exit	Honeywell Intl Inc	$0	–	-12,722	–	-1.34%	–
UTX	Exit	United Technologies Corp	$0	–	-16,446	–	-1.46%	–
WELL	Exit	Welltower Inc.	$0	–	-36,838	–	-1.50%	–
SPG	Exit	Simon Ppty Grp Inc	$0	–	-13,446	–	-1.51%	–
NKE	Exit	Nike Inc Class Bcl b	$0	–	-28,111	–	-1.51%	–
FDX	Exit	FedEx Corp	$0	–	-11,617	–	-1.77%	–
ORCL	Exit	Oracle Corporation	$0	–	-54,320	–	-1.78%	–
GS	Exit	Goldman Sachs Group Inc	$0	–	-12,737	–	-1.81%	–
FB	Exit	Facebook Inccl a	$0	–	-17,505	–	-1.83%	–
CVX	Exit	Chevron Corp	$0	–	-23,597	–	-1.83%	–
	Exit	Crown Castle Int'l Corp	$0	–	-26,685	–	-1.88%	–
BXP	Exit	Boston Pptys Inc	$0	–	-24,610	–	-1.92%	–
AER	Exit	Aercap Holdings NV	$0	–	-54,370	–	-1.98%	–
CHD	Exit	Church & Dwight Co Inc	$0	–	-53,345	–	-2.01%	–
PNC	Exit	PNC Finl Svcs Group	$0	–	-23,295	–	-2.01%	–
MDT	Exit	Medtronic Inc	$0	–	-32,955	–	-2.06%	–
XLF	Exit	Sector SPDR Financial Selectsbi int-finl	$0	–	-118,637	–	-2.08%	–
COST	Exit	Costco Wholesale Corp New	$0	–	-14,039	–	-2.09%	–
CHKP	Exit	Check Point Software Technologord	$0	–	-28,747	–	-2.14%	–
TMO	Exit	Thermo Fisher Scientific Inc	$0	–	-14,353	–	-2.22%	–
ACN	Exit	Accenture PLC Shs Cl A New	$0	–	-21,374	–	-2.31%	–
GD	Exit	General Dynamics	$0	–	-18,283	–	-2.37%	–
UNH	Exit	UnitedHealth Group	$0	–	-14,111	–	-2.38%	–
V	Exit	Visa Inc Cl A	$0	–	-27,709	–	-2.64%	–
DXJ	Exit	WisdomTree Japan Hedged Equityjapn hedge eqt	$0	–	-77,465	–	-2.85%	–
GOOG	Exit	Alphabet Inc Cap Stk Cl Ccap stk cl c	$0	–	-3,869	–	-2.93%	–
BDX	Exit	Becton Dickinson Co	$0	–	-17,815	–	-2.95%	–
HD	Exit	Home Depot Inc	$0	–	-23,070	–	-3.03%	–
XLY	Exit	Sector SPDR Consumer Discretiosbi cons discr	$0	–	-42,861	–	-3.19%	–
AAPL	Exit	Apple Computers	$0	–	-29,378	–	-4.21%	–
IEFA	Exit	i-Shares Core MSCI EAFEcore msci eafe	$0	–	-120,049	–	-4.88%	–

Q3 2018

			Value		Shares		↓ Weighting
IEFA	New	i-Shares Core MSCI EAFEcore msci eafe	$7,693,000	–	120,049	–	4.88%	–
AAPL	Buy	Apple Computers	$6,632,000	+22.6%	29,378	+0.6%	4.21%	+9.3%
XLY	Sell	Sector SPDR Consumer Discretiosbi cons discr	$5,024,000	+6.8%	42,861	-0.4%	3.19%	-4.8%
HD	Sell	Home Depot Inc	$4,779,000	+5.7%	23,070	-0.4%	3.03%	-5.8%
BDX	Buy	Becton Dickinson Co	$4,650,000	+9.2%	17,815	+0.2%	2.95%	-2.7%
GOOG	Buy	Alphabet Inc Cap Stk Cl Ccap stk cl c	$4,618,000	+7.4%	3,869	+0.4%	2.93%	-4.3%
DXJ	Sell	WisdomTree Japan Hedged Equityjapn hedge eqt	$4,489,000	+7.0%	77,465	-0.3%	2.85%	-4.6%
V	Sell	Visa Inc Cl A	$4,159,000	-3.2%	27,709	-14.6%	2.64%	-13.7%
UNH	Sell	UnitedHealth Group	$3,754,000	-5.3%	14,111	-12.7%	2.38%	-15.6%
GD	Buy	General Dynamics	$3,743,000	+10.9%	18,283	+1.0%	2.37%	-1.1%
ACN	Sell	Accenture PLC Shs Cl A New	$3,638,000	-3.1%	21,374	-6.9%	2.31%	-13.7%
TMO	Sell	Thermo Fisher Scientific Inc	$3,503,000	+17.5%	14,353	-0.3%	2.22%	+4.8%
CHKP	Sell	Check Point Software Technologord	$3,383,000	+20.2%	28,747	-0.3%	2.14%	+7.1%
COST	Buy	Costco Wholesale Corp New	$3,297,000	+12.4%	14,039	+0.0%	2.09%	+0.2%
XLF	Sell	Sector SPDR Financial Selectsbi int-finl	$3,272,000	+3.4%	118,637	-0.3%	2.08%	-7.9%
MDT	Buy	Medtronic Inc	$3,242,000	+15.1%	32,955	+0.2%	2.06%	+2.6%
PNC	Buy	PNC Finl Svcs Group	$3,173,000	+1.4%	23,295	+0.5%	2.01%	-9.7%
CHD	Sell	Church & Dwight Co Inc	$3,167,000	+11.3%	53,345	-0.4%	2.01%	-0.8%
AER	Buy	Aercap Holdings NV	$3,127,000	+6.8%	54,370	+0.6%	1.98%	-4.8%
BXP	Sell	Boston Pptys Inc	$3,029,000	-2.0%	24,610	-0.1%	1.92%	-12.6%
	Buy	Crown Castle Int'l Corp	$2,971,000	+4.1%	26,685	+0.9%	1.88%	-7.2%
CVX	Buy	Chevron Corp	$2,885,000	-0.3%	23,597	+3.1%	1.83%	-11.1%
FB	Buy	Facebook Inccl a	$2,879,000	-15.3%	17,505	+0.1%	1.83%	-24.5%
GS	Buy	Goldman Sachs Group Inc	$2,856,000	+2.6%	12,737	+0.9%	1.81%	-8.6%
FDX	Buy	FedEx Corp	$2,797,000	+7.5%	11,617	+1.4%	1.77%	-4.1%
NKE	Sell	Nike Inc Class Bcl b	$2,382,000	-13.8%	28,111	-19.0%	1.51%	-23.1%
SPG	Buy	Simon Ppty Grp Inc	$2,377,000	+4.8%	13,446	+0.9%	1.51%	-6.6%
WELL	Buy	Welltower Inc.	$2,369,000	+3.0%	36,838	+0.5%	1.50%	-8.2%
UTX	Sell	United Technologies Corp	$2,299,000	+10.8%	16,446	-0.9%	1.46%	-1.2%
HON	Buy	Honeywell Intl Inc	$2,117,000	+17.8%	12,722	+2.0%	1.34%	+5.1%
NVS	Buy	Novartis AG ADRsponsored adr	$2,079,000	+15.2%	24,127	+1.0%	1.32%	+2.8%
O	Buy	Realty Income Corp	$2,061,000	+8.1%	36,234	+2.3%	1.31%	-3.6%
BBT	Buy	BB&T Corp	$1,973,000	-2.3%	40,640	+1.5%	1.25%	-12.9%
PYPL	Buy	PayPal Holdings Inc.	$1,952,000	+5.8%	22,218	+0.3%	1.24%	-5.7%
SLB	Buy	Schlumberger Limited	$1,949,000	-8.1%	32,000	+1.2%	1.24%	-18.0%
ESS	Sell	Essex Property Trust Inc	$1,747,000	+3.0%	7,079	-0.2%	1.11%	-8.2%
OXY	Buy	Occidental Pete Corp	$1,725,000	-0.9%	20,990	+1.0%	1.09%	-11.6%
IWN	Buy	i-Shares Trust Russell 2000 Valuerus 2000 val etf	$1,697,000	+2.4%	12,763	+1.6%	1.08%	-8.8%
ARE	Buy	Alexandria Real Est Eqty	$1,678,000	+0.5%	13,341	+0.8%	1.06%	-10.4%
VWO	Buy	Vanguard Emerging Market Equitftse emr mkt etf	$1,606,000	+2.0%	39,167	+4.9%	1.02%	-9.0%
DLR	Buy	Digital Realty Trust Inc	$1,579,000	+1.9%	14,038	+1.1%	1.00%	-9.2%
BAC	Buy	BankAmerica Corp	$1,578,000	+31.9%	53,572	+26.3%	1.00%	+17.6%
GILD	Buy	Gilead Science Inc	$1,559,000	+11.2%	20,191	+2.0%	0.99%	-0.8%
PLD	Sell	ProLogis Trust	$1,526,000	+3.0%	22,506	-0.2%	0.97%	-8.2%
MAA	Sell	Mid American Apartmentt Cmntys	$1,489,000	-0.7%	14,868	-0.2%	0.94%	-11.4%
ALL	Buy	Allstate Corp	$1,410,000	+9.1%	14,290	+1.0%	0.89%	-2.7%
CMCSA	Buy	Comcast Corp New Cl Acl a	$1,381,000	+11.6%	39,001	+3.4%	0.88%	-0.6%
AMT	Buy	American Tower Corp Class A	$1,382,000	+1.8%	9,510	+1.0%	0.88%	-9.2%
FR	Buy	First Industrial Realty Trust	$1,343,000	-4.7%	42,780	+1.2%	0.85%	-15.0%
VGK	New	Vanguard FTSE Europe ETFftse europe etf	$1,336,000	–	23,756	–	0.85%	–
IWM	Buy	i-Shares Trust Russell 2000rus 2000 grw etf	$1,287,000	+9.8%	7,634	+6.7%	0.82%	-2.2%
APD	Buy	Air Products & Chemical	$1,271,000	+10.9%	7,610	+3.4%	0.81%	-1.1%
EXR	Sell	Extra Space Storage Inc	$1,226,000	-13.4%	14,146	-0.3%	0.78%	-22.7%
CUBE	Sell	CubeSmart	$1,192,000	-12.2%	41,785	-0.8%	0.76%	-21.7%
STAG	Sell	Stag Industrial Inc	$895,000	+0.7%	32,551	-0.3%	0.57%	-10.1%
CLDT	Buy	Chatham Lodging Trust	$764,000	-1.2%	36,560	+0.4%	0.48%	-11.8%
AMRX	New	Amneal Pharmaceuticals Inc Com	$555,000	–	25,002	–	0.35%	–
IWF	Buy	i-Shares Trust Russell 1000 Growthrus 1000 grw etf	$510,000	+12.6%	3,274	+3.8%	0.32%	+0.3%
XOM	Buy	Exxon Mobil Corp	$479,000	+11.7%	5,637	+8.7%	0.30%	-0.3%
EEM	Buy	i-Shares Tr MSCI Emerging Mktsmsci emg mkt etf	$403,000	-0.7%	9,395	+0.2%	0.26%	-11.4%
SPY	New	S & P 500 Depository Receipttr unit	$258,000	–	886	–	0.16%	–
IVV	New	i-Shares Core S&P 500 ETFcore s&p500 etf	$254,000	–	868	–	0.16%	–
PRA	Sell	Proassurance Corporation	$239,000	-16.4%	5,081	-37.1%	0.15%	-25.1%
VZ	New	Verizon Communications	$208,000	–	3,895	–	0.13%	–
GLD	Exit	SPDR Gold Trust Gold Shares	$0	–	-1,300	–	-0.11%	–
EGBN	Exit	Eagle Bancorp Inc MD	$0	–	-3,453	–	-0.15%	–

Q2 2018

			Value		Shares		↓ Weighting
AAPL	New	Apple Computers	$5,408,000	–	29,213	–	3.85%	–
XLY	New	Sector SPDR Consumer Discretiosbi cons discr	$4,702,000	–	43,016	–	3.34%	–
HD	New	Home Depot Inc	$4,520,000	–	23,165	–	3.22%	–
GOOG	New	Alphabet Inc Cap Stk Cl Ccap stk cl c	$4,301,000	–	3,855	–	3.06%	–
V	New	Visa Inc Cl A	$4,297,000	–	32,443	–	3.06%	–
BDX	New	Becton Dickinson Co	$4,259,000	–	17,780	–	3.03%	–
DXJ	New	WisdomTree Japan Hedged Equityjapn hedge eqt	$4,195,000	–	77,715	–	2.98%	–
UNH	New	UnitedHealth Group	$3,964,000	–	16,156	–	2.82%	–
ACN	New	Accenture PLC Shs Cl A New	$3,756,000	–	22,957	–	2.67%	–
FB	New	Facebook Inccl a	$3,398,000	–	17,486	–	2.42%	–
GD	New	General Dynamics	$3,374,000	–	18,102	–	2.40%	–
XLF	New	Sector SPDR Financial Selectsbi int-finl	$3,165,000	–	119,037	–	2.25%	–
PNC	New	PNC Finl Svcs Group	$3,130,000	–	23,170	–	2.23%	–
BXP	New	Boston Pptys Inc	$3,090,000	–	24,635	–	2.20%	–
TMO	New	Thermo Fisher Scientific Inc	$2,982,000	–	14,398	–	2.12%	–
COST	New	Costco Wholesale Corp New	$2,934,000	–	14,038	–	2.09%	–
AER	New	Aercap Holdings NV	$2,928,000	–	54,070	–	2.08%	–
CVX	New	Chevron Corp	$2,893,000	–	22,881	–	2.06%	–
	New	Crown Castle Int'l Corp	$2,853,000	–	26,458	–	2.03%	–
CHD	New	Church & Dwight Co Inc	$2,846,000	–	53,543	–	2.02%	–
MDT	New	Medtronic Inc	$2,817,000	–	32,900	–	2.00%	–
CHKP	New	Check Point Software Technologord	$2,815,000	–	28,822	–	2.00%	–
GS	New	Goldman Sachs Group Inc	$2,784,000	–	12,622	–	1.98%	–
NKE	New	Nike Inc Class Bcl b	$2,764,000	–	34,686	–	1.97%	–
FDX	New	FedEx Corp	$2,601,000	–	11,455	–	1.85%	–
ORCL	New	Oracle Corporation	$2,393,000	–	54,320	–	1.70%	–
WELL	New	Welltower Inc.	$2,299,000	–	36,668	–	1.64%	–
SPG	New	Simon Ppty Grp Inc	$2,269,000	–	13,330	–	1.61%	–
SLB	New	Schlumberger Limited	$2,120,000	–	31,625	–	1.51%	–
UTX	New	United Technologies Corp	$2,075,000	–	16,596	–	1.48%	–
BBT	New	BB&T Corp	$2,019,000	–	40,037	–	1.44%	–
O	New	Realty Income Corp	$1,906,000	–	35,432	–	1.36%	–
PYPL	New	PayPal Holdings Inc.	$1,845,000	–	22,153	–	1.31%	–
NVS	New	Novartis AG ADRsponsored adr	$1,804,000	–	23,877	–	1.28%	–
HON	New	Honeywell Intl Inc	$1,797,000	–	12,475	–	1.28%	–
OXY	New	Occidental Pete Corp	$1,740,000	–	20,789	–	1.24%	–
ESS	New	Essex Property Trust Inc	$1,696,000	–	7,094	–	1.21%	–
GT	New	Goodyear Tire & Rubber	$1,679,000	–	72,100	–	1.19%	–
ARE	New	Alexandria Real Est Eqty	$1,670,000	–	13,235	–	1.19%	–
IWN	New	i-shares Trust Russell 2000 Varus 2000 val etf	$1,658,000	–	12,565	–	1.18%	–
VWO	New	Vanguard Emerging Market Equitftse emr mkt etf	$1,575,000	–	37,331	–	1.12%	–
DLR	New	Digital Realty Trust Inc	$1,550,000	–	13,888	–	1.10%	–
MAA	New	Mid American Apartmentt Cmntys	$1,499,000	–	14,891	–	1.07%	–
PLD	New	ProLogis Trust	$1,482,000	–	22,556	–	1.05%	–
EXR	New	Extra Space Storage Inc	$1,416,000	–	14,190	–	1.01%	–
FR	New	First Industrial Realty Trust	$1,409,000	–	42,252	–	1.00%	–
GILD	New	Gilead Science Inc	$1,402,000	–	19,791	–	1.00%	–
CUBE	New	CubeSmart	$1,358,000	–	42,135	–	0.97%	–
AMT	New	American Tower Corp Class A	$1,357,000	–	9,415	–	0.96%	–
ALL	New	Allstate Corp	$1,292,000	–	14,155	–	0.92%	–
CMCSA	New	Comcast Corp New Cl Acl a	$1,238,000	–	37,724	–	0.88%	–
BAC	New	BankAmerica Corp	$1,196,000	–	42,420	–	0.85%	–
IWM	New	i-Shares Trust Russell 2000rus 2000 grw etf	$1,172,000	–	7,154	–	0.83%	–
APD	New	Air Products & Chemical	$1,146,000	–	7,360	–	0.82%	–
EFA	New	i-Shares Tr MSCI EAFE Index Fdmsci eafe etf	$906,000	–	13,535	–	0.64%	–
STAG	New	Stag Industrial Inc	$889,000	–	32,647	–	0.63%	–
CLDT	New	Chatham Lodging Trust	$773,000	–	36,410	–	0.55%	–
LORL	New	Loral Space & Communications I	$522,000	–	13,885	–	0.37%	–
IWF	New	iShares Trust Russell 1000 Grorus 1000 grw etf	$453,000	–	3,155	–	0.32%	–
XOM	New	Exxon Mobil Corp	$429,000	–	5,184	–	0.30%	–
EEM	New	i-Shares Tr MSCI Emerging Mktsmsci emg mkt etf	$406,000	–	9,375	–	0.29%	–
PRA	New	Proassurance Corporation	$286,000	–	8,081	–	0.20%	–
IDV	New	Ishares Internationalintl sel div etf	$264,000	–	8,243	–	0.19%	–
XLV	New	Sector SPDR Health Caresbi healthcare	$225,000	–	2,700	–	0.16%	–
EGBN	New	Eagle Bancorp Inc MD	$212,000	–	3,453	–	0.15%	–
SCHX	New	Schwab US Large Cap Etfus lrg cap etf	$206,000	–	3,170	–	0.15%	–
GLD	New	SPDR Gold Trust Gold Shares	$154,000	–	1,300	–	0.11%	–

Q4 2017

			Value		Shares		↓ Weighting
EGBN	Exit	Eagle Bancorp Inc MD	$0	–	-3,878	–	-0.19%	–
IDV	Exit	Ishares Internationalintl sel div etf	$0	–	-7,993	–	-0.20%	–
MAA	Exit	Mid American Apartmentt Cmntys	$0	–	-14,086	–	-0.20%	–
OXY	Exit	Occidental Pete Corp	$0	–	-20,089	–	-0.30%	–
IWF	Exit	iShares Trust Russell 1000 Grorus 1000 grw etf	$0	–	-3,230	–	-0.30%	–
DFS	Exit	Discover Financial Services	$0	–	-6,315	–	-0.30%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-5,109	–	-0.31%	–
NVS	Exit	Novartis AG ADRsponsored adr	$0	–	-23,047	–	-0.32%	–
EEM	Exit	i-Shares Tr MSCI Emerging Mktsmsci emg mkt etf	$0	–	-9,775	–	-0.32%	–
PRA	Exit	Proassurance Corporation	$0	–	-8,081	–	-0.33%	–
DVMT	Exit	Dell Technologies Inc	$0	–	-7,771	–	-0.44%	–
CLDT	Exit	Chatham Lodging Trust	$0	–	-35,610	–	-0.56%	–
STAG	Exit	Stag Industrial Inc	$0	–	-31,460	–	-0.64%	–
NKE	Exit	Nike Inc Class Bcl b	$0	–	-34,212	–	-0.67%	–
EFA	Exit	i-Shares Tr MSCI EAFE Index Fdmsci eafe etf	$0	–	-13,200	–	-0.67%	–
CUBE	Exit	CubeSmart	$0	–	-41,165	–	-0.79%	–
EXR	Exit	Extra Space Storage Inc	$0	–	-13,844	–	-0.82%	–
GT	Exit	Goodyear Tire & Rubber	$0	–	-36,800	–	-0.90%	–
IWN	Exit	i-shares Trust Russell 2000 Varus 2000 val etf	$0	–	-5,280	–	-0.90%	–
FR	Exit	First Industrial Realty Trust	$0	–	-42,352	–	-0.94%	–
VGK	Exit	Vanguard FTSE Europe ETFftse europe etf	$0	–	-22,500	–	-0.97%	–
PLD	Exit	ProLogis Trust	$0	–	-22,206	–	-1.04%	–
FDX	Exit	FedEx Corp	$0	–	-6,350	–	-1.06%	–
PYPL	Exit	PayPal Holdings Inc.	$0	–	-23,203	–	-1.10%	–
DLR	Exit	Digital Realty Trust Inc	$0	–	-12,732	–	-1.11%	–
ARE	Exit	Alexandria Real Est Eqty	$0	–	-13,159	–	-1.16%	–
VWO	Exit	Vanguard Emerging Market Equitftse emr mkt etf	$0	–	-37,498	–	-1.21%	–
HON	Exit	Honeywell Intl Inc	$0	–	-11,890	–	-1.24%	–
MDT	Exit	Medtronic Inc	$0	–	-33,525	–	-1.24%	–
ESS	Exit	Essex Property Trust Inc	$0	–	-6,803	–	-1.28%	–
GILD	Exit	Gilead Science Inc	$0	–	-22,546	–	-1.35%	–
GE	Exit	General Electric Co	$0	–	-77,782	–	-1.39%	–
UTX	Exit	United Technologies Corp	$0	–	-17,011	–	-1.46%	–
O	Exit	Realty Income Corp	$0	–	-34,762	–	-1.47%	–
SLB	Exit	Schlumberger Limited	$0	–	-30,141	–	-1.55%	–
SPG	Exit	Simon Ppty Grp Inc	$0	–	-13,369	–	-1.59%	–
CHD	Exit	Church & Dwight Co Inc	$0	–	-51,666	–	-1.85%	–
COST	Exit	Costco Wholesale Corp New	$0	–	-15,343	–	-1.86%	–
WELL	Exit	Welltower Inc.	$0	–	-36,033	–	-1.87%	–
HEDJ	Exit	WisdomTree Europe ETFeurope hedged eq	$0	–	-39,460	–	-1.88%	–
	Exit	Crown Castle Int'l Corp	$0	–	-25,660	–	-1.89%	–
CVX	Exit	Chevron Corp	$0	–	-22,114	–	-1.92%	–
ORCL	Exit	Oracle Corporation	$0	–	-54,595	–	-1.95%	–
TMO	Exit	Thermo Fisher Scientific Inc	$0	–	-14,318	–	-2.00%	–
AIG	Exit	American International Group I	$0	–	-44,161	–	-2.00%	–
AER	Exit	Aercap Holdings NV	$0	–	-53,135	–	-2.00%	–
SNI	Exit	Scripps Network Interactive	$0	–	-31,700	–	-2.01%	–
IWM	Exit	i-Shares Trust Russell 2000rus 2000 grw etf	$0	–	-7,211	–	-2.20%	–
GS	Exit	Goldman Sachs Group Inc	$0	–	-12,592	–	-2.20%	–
BXP	Exit	Boston Pptys Inc	$0	–	-24,425	–	-2.21%	–
XLF	Exit	Sector SPDR Financial Selectsbi int-finl	$0	–	-120,734	–	-2.30%	–
ACN	Exit	Accenture PLC Shs Cl A New	$0	–	-23,812	–	-2.37%	–
PNC	Exit	PNC Finl Svcs Group	$0	–	-24,585	–	-2.44%	–
FB	Exit	Facebook Inccl a	$0	–	-19,456	–	-2.45%	–
UNH	Exit	UnitedHealth Group	$0	–	-17,026	–	-2.46%	–
CHKP	Exit	Check Point Software Technologord	$0	–	-31,867	–	-2.68%	–
GD	Exit	General Dynamics	$0	–	-18,010	–	-2.73%	–
V	Exit	Visa Inc Cl A	$0	–	-36,089	–	-2.80%	–
BDX	Exit	Becton Dickinson Co	$0	–	-19,440	–	-2.81%	–
GOOG	Exit	Alphabet Inc Cap Stk Cl Ccap stk cl c	$0	–	-4,065	–	-2.88%	–
XLY	Exit	Sector SPDR Consumer Discretiosbi cons discr	$0	–	-44,971	–	-2.99%	–
LORL	Exit	Loral Space & Communications I	$0	–	-13,885	–	-3.06%	–
HD	Exit	Home Depot Inc	$0	–	-25,385	–	-3.06%	–
DXJ	Exit	WisdomTree Japan Hedged Equityjapn hedge eqt	$0	–	-77,340	–	-3.12%	–
AAPL	Exit	Apple Computers	$0	–	-32,422	–	-3.69%	–

Q3 2017

			Value		Shares		↓ Weighting
AAPL	Buy	Apple Computers	$5,000,000	+8.4%	32,422	+1.2%	3.69%	+2.3%
DXJ	Buy	WisdomTree Japan Hedged Equityjapn hedge eqt	$4,230,000	+9.1%	77,340	+3.7%	3.12%	+2.9%
HD	Buy	Home Depot Inc	$4,152,000	+10.1%	25,385	+3.3%	3.06%	+3.9%
XLY	Buy	Sector SPDR Consumer Discretiosbi cons discr	$4,051,000	+1.2%	44,971	+0.7%	2.99%	-4.5%
GOOG	Buy	Alphabet Inc Cap Stk Cl Ccap stk cl c	$3,899,000	+8.9%	4,065	+3.2%	2.88%	+2.8%
BDX	Buy	Becton Dickinson Co	$3,809,000	+1.4%	19,440	+0.9%	2.81%	-4.4%
V	Sell	Visa Inc Cl A	$3,798,000	+11.9%	36,089	-0.3%	2.80%	+5.5%
GD	Sell	General Dynamics	$3,702,000	+2.8%	18,010	-1.0%	2.73%	-3.1%
CHKP	Buy	Check Point Software Technologord	$3,633,000	+4.9%	31,867	+0.3%	2.68%	-1.0%
UNH	Sell	UnitedHealth Group	$3,335,000	+4.7%	17,026	-0.9%	2.46%	-1.2%
FB	Buy	Facebook Inccl a	$3,324,000	+13.9%	19,456	+0.7%	2.45%	+7.5%
PNC	Buy	PNC Finl Svcs Group	$3,313,000	+9.3%	24,585	+1.3%	2.44%	+3.1%
ACN	Sell	Accenture PLC Shs Cl A New	$3,216,000	+8.9%	23,812	-0.2%	2.37%	+2.8%
XLF	Buy	Sector SPDR Financial Selectsbi int-finl	$3,122,000	+8.9%	120,734	+3.9%	2.30%	+2.8%
BXP	Buy	Boston Pptys Inc	$3,001,000	+5.5%	24,425	+5.6%	2.21%	-0.5%
GS	Buy	Goldman Sachs Group Inc	$2,987,000	+7.9%	12,592	+0.9%	2.20%	+1.8%
IWM	Sell	i-Shares Trust Russell 2000rus 2000 grw etf	$2,987,000	+190.8%	7,211	-1.0%	2.20%	+174.5%
SNI	Sell	Scripps Network Interactive	$2,723,000	+25.7%	31,700	-0.1%	2.01%	+18.5%
AER	Buy	Aercap Holdings NV	$2,716,000	+12.0%	53,135	+1.8%	2.00%	+5.8%
AIG	Buy	American International Group I	$2,711,000	-0.0%	44,161	+1.8%	2.00%	-5.7%
TMO	Buy	Thermo Fisher Scientific Inc	$2,709,000	+12.0%	14,318	+3.3%	2.00%	+5.7%
ORCL	Sell	Oracle Corporation	$2,640,000	-5.1%	54,595	-1.6%	1.95%	-10.4%
CVX	Buy	Chevron Corp	$2,598,000	+18.1%	22,114	+4.9%	1.92%	+11.5%
	Buy	Crown Castle Int'l Corp	$2,565,000	+1.5%	25,660	+1.7%	1.89%	-4.2%
HEDJ	Buy	WisdomTree Europe ETFeurope hedged eq	$2,553,000	+8.6%	39,460	+4.7%	1.88%	+2.5%
WELL	Buy	Welltower Inc.	$2,532,000	-3.8%	36,033	+2.5%	1.87%	-9.2%
COST	Buy	Costco Wholesale Corp New	$2,521,000	+6.2%	15,343	+3.4%	1.86%	+0.2%
CHD	Buy	Church & Dwight Co Inc	$2,503,000	-4.4%	51,666	+2.4%	1.85%	-9.8%
SPG	Buy	Simon Ppty Grp Inc	$2,153,000	+4.9%	13,369	+5.4%	1.59%	-1.0%
SLB	Buy	Schlumberger Limited	$2,103,000	+6.3%	30,141	+0.3%	1.55%	+0.3%
O	Buy	Realty Income Corp	$1,988,000	+7.1%	34,762	+3.3%	1.47%	+1.1%
UTX	Buy	United Technologies Corp	$1,975,000	-4.7%	17,011	+0.2%	1.46%	-10.1%
GE	Buy	General Electric Co	$1,881,000	-8.4%	77,782	+2.3%	1.39%	-13.6%
GILD	Buy	Gilead Science Inc	$1,826,000	+15.7%	22,546	+1.1%	1.35%	+9.2%
ESS	Buy	Essex Property Trust Inc	$1,728,000	+0.9%	6,803	+2.3%	1.28%	-4.8%
HON	Buy	Honeywell Intl Inc	$1,685,000	+15.8%	11,890	+8.9%	1.24%	+9.2%
MDT	Buy	Medtronic Inc	$1,685,000	-41.7%	33,525	+2.9%	1.24%	-45.0%
VWO	Buy	Vanguard Emerging Market Equitftse emr mkt etf	$1,634,000	+11.6%	37,498	+4.6%	1.21%	+5.3%
ARE	Buy	Alexandria Real Est Eqty	$1,566,000	+2.6%	13,159	+3.9%	1.16%	-3.2%
DLR	Buy	Digital Realty Trust Inc	$1,507,000	+7.9%	12,732	+2.9%	1.11%	+1.8%
PYPL	Sell	PayPal Holdings Inc.	$1,486,000	+12.1%	23,203	-6.1%	1.10%	+5.7%
FDX	New	FedEx Corp	$1,432,000	–	6,350	–	1.06%	–
PLD	Buy	ProLogis Trust	$1,409,000	+9.6%	22,206	+1.4%	1.04%	+3.5%
VGK	Buy	Vanguard FTSE Europe ETFftse europe etf	$1,312,000	+20.1%	22,500	+13.6%	0.97%	+13.3%
FR	Buy	First Industrial Realty Trust	$1,274,000	+7.1%	42,352	+1.9%	0.94%	+1.1%
GT	New	Goodyear Tire & Rubber	$1,224,000	–	36,800	–	0.90%	–
IWN	Sell	i-shares Trust Russell 2000 Varus 2000 val etf	$1,224,000	-31.7%	5,280	-65.0%	0.90%	-35.6%
EXR	Buy	Extra Space Storage Inc	$1,106,000	+6.7%	13,844	+4.1%	0.82%	+0.6%
CUBE	Buy	CubeSmart	$1,069,000	+14.3%	41,165	+5.8%	0.79%	+7.9%
NKE	Buy	Nike Inc Class Bcl b	$904,000	-53.6%	34,212	+3.5%	0.67%	-56.3%
EFA	Sell	i-Shares Tr MSCI EAFE Index Fdmsci eafe etf	$904,000	+1.9%	13,200	-2.9%	0.67%	-3.9%
STAG	Buy	Stag Industrial Inc	$864,000	+3.0%	31,460	+3.5%	0.64%	-2.9%
CLDT	Buy	Chatham Lodging Trust	$759,000	+11.6%	35,610	+5.3%	0.56%	+5.3%
DVMT	Sell	Dell Technologies Inc	$600,000	+24.7%	7,771	-1.3%	0.44%	+17.8%
EEM	Sell	i-Shares Tr MSCI Emerging Mktsmsci emg mkt etf	$438,000	+7.4%	9,775	-0.8%	0.32%	+1.3%
NVS	Buy	Novartis AG ADRsponsored adr	$438,000	-76.0%	23,047	+5.4%	0.32%	-77.4%
XOM	Buy	Exxon Mobil Corp	$419,000	+20.7%	5,109	+18.8%	0.31%	+14.0%
DFS	Sell	Discover Financial Services	$407,000	-80.4%	6,315	-81.1%	0.30%	-81.5%
OXY	Buy	Occidental Pete Corp	$404,000	-65.6%	20,089	+2.5%	0.30%	-67.5%
IWF	Sell	iShares Trust Russell 1000 Grorus 1000 grw etf	$404,000	0.0%	3,230	-4.9%	0.30%	-5.7%
IDV	New	Ishares Internationalintl sel div etf	$270,000	–	7,993	–	0.20%	–
MAA	Buy	Mid American Apartmentt Cmntys	$270,000	-81.4%	14,086	+2.5%	0.20%	-82.4%
XLRE	Exit	SPDR Real Estate Select Sctrrl est sel sec	$0	–	-15,300	–	-0.39%	–

Q2 2017

			Value		Shares		↓ Weighting
AAPL	New	Apple Computers	$4,612,000	–	32,024	–	3.61%	–
XLY	New	Sector SPDR Consumer Discretiosbi cons discr	$4,002,000	–	44,646	–	3.13%	–
DXJ	New	WisdomTree Japan Hedged Equityjapn hedge eqt	$3,877,000	–	74,565	–	3.03%	–
HD	New	Home Depot Inc	$3,770,000	–	24,575	–	2.95%	–
BDX	New	Becton Dickinson Co	$3,758,000	–	19,260	–	2.94%	–
GD	New	General Dynamics	$3,602,000	–	18,185	–	2.82%	–
GOOG	New	Alphabet Inc Cap Stk Cl Ccap stk cl c	$3,580,000	–	3,940	–	2.80%	–
CHKP	New	Check Point Software Technologord	$3,464,000	–	31,757	–	2.71%	–
V	New	Visa Inc Cl A	$3,395,000	–	36,198	–	2.66%	–
UNH	New	UnitedHealth Group	$3,185,000	–	17,175	–	2.49%	–
PNC	New	PNC Finl Svcs Group	$3,031,000	–	24,275	–	2.37%	–
ACN	New	Accenture PLC Shs Cl A New	$2,952,000	–	23,867	–	2.31%	–
FB	New	Facebook Inccl a	$2,918,000	–	19,325	–	2.28%	–
MDT	New	Medtronic Inc	$2,892,000	–	32,586	–	2.26%	–
XLF	New	Sector SPDR Financial Selectsbi int-finl	$2,867,000	–	116,209	–	2.24%	–
BXP	New	Boston Pptys Inc	$2,845,000	–	23,125	–	2.22%	–
ORCL	New	Oracle Corporation	$2,781,000	–	55,470	–	2.18%	–
GS	New	Goldman Sachs Group Inc	$2,769,000	–	12,480	–	2.16%	–
AIG	New	American International Group I	$2,712,000	–	43,386	–	2.12%	–
WELL	New	Welltower Inc.	$2,632,000	–	35,158	–	2.06%	–
CHD	New	Church & Dwight Co Inc	$2,618,000	–	50,456	–	2.05%	–
	New	Crown Castle Int'l Corp	$2,527,000	–	25,225	–	1.98%	–
AER	New	Aercap Holdings NV	$2,424,000	–	52,210	–	1.90%	–
TMO	New	Thermo Fisher Scientific Inc	$2,419,000	–	13,863	–	1.89%	–
COST	New	Costco Wholesale Corp New	$2,373,000	–	14,838	–	1.86%	–
HEDJ	New	WisdomTree Europe ETFeurope hedged eq	$2,350,000	–	37,705	–	1.84%	–
CVX	New	Chevron Corp	$2,200,000	–	21,089	–	1.72%	–
SNI	New	Scripps Network Interactive	$2,167,000	–	31,725	–	1.70%	–
DFS	New	Discover Financial Services	$2,079,000	–	33,430	–	1.63%	–
UTX	New	United Technologies Corp	$2,073,000	–	16,976	–	1.62%	–
GE	New	General Electric Co	$2,054,000	–	76,032	–	1.61%	–
SPG	New	Simon Ppty Grp Inc	$2,053,000	–	12,689	–	1.60%	–
SLB	New	Schlumberger Limited	$1,979,000	–	30,058	–	1.55%	–
NKE	New	Nike Inc Class Bcl b	$1,950,000	–	33,058	–	1.52%	–
O	New	Realty Income Corp	$1,856,000	–	33,637	–	1.45%	–
NVS	New	Novartis AG ADRsponsored adr	$1,826,000	–	21,872	–	1.43%	–
IWN	New	i-shares Trust Russell 2000 Varus 2000 val etf	$1,793,000	–	15,080	–	1.40%	–
ESS	New	Essex Property Trust Inc	$1,712,000	–	6,653	–	1.34%	–
GILD	New	Gilead Science Inc	$1,578,000	–	22,298	–	1.23%	–
ARE	New	Alexandria Real Est Eqty	$1,526,000	–	12,665	–	1.19%	–
VWO	New	Vanguard Emerging Market Equitftse emr mkt etf	$1,464,000	–	35,848	–	1.14%	–
HON	New	Honeywell Intl Inc	$1,455,000	–	10,915	–	1.14%	–
MAA	New	Mid American Apartmentt Cmntys	$1,449,000	–	13,747	–	1.13%	–
DLR	New	Digital Realty Trust Inc	$1,397,000	–	12,372	–	1.09%	–
PYPL	New	PayPal Holdings Inc.	$1,326,000	–	24,703	–	1.04%	–
PLD	New	ProLogis Trust	$1,285,000	–	21,906	–	1.00%	–
FR	New	First Industrial Realty Trust	$1,189,000	–	41,552	–	0.93%	–
OXY	New	Occidental Pete Corp	$1,174,000	–	19,604	–	0.92%	–
VGK	New	Vanguard FTSE Europe ETFftse europe etf	$1,092,000	–	19,800	–	0.85%	–
EXR	New	Extra Space Storage Inc	$1,037,000	–	13,294	–	0.81%	–
IWM	New	i-Shares Trust Russell 2000rus 2000 grw etf	$1,027,000	–	7,285	–	0.80%	–
CUBE	New	CubeSmart	$935,000	–	38,890	–	0.73%	–
EFA	New	i-Shares Tr MSCI EAFE Index Fdmsci eafe etf	$887,000	–	13,600	–	0.69%	–
STAG	New	Stag Industrial Inc	$839,000	–	30,410	–	0.66%	–
CLDT	New	Chatham Lodging Trust	$680,000	–	33,825	–	0.53%	–
LORL	New	Loral Space & Communications I	$577,000	–	13,885	–	0.45%	–
XLRE	New	SPDR Real Estate Select Sctrrl est sel sec	$493,000	–	15,300	–	0.39%	–
PRA	New	Proassurance Corporation	$491,000	–	8,081	–	0.38%	–
DVMT	New	Dell Technologies Inc	$481,000	–	7,875	–	0.38%	–
EEM	New	i-Shares Tr MSCI Emerging Mktsmsci emg mkt etf	$408,000	–	9,850	–	0.32%	–
IWF	New	iShares Trust Russell 1000 Grorus 1000 grw etf	$404,000	–	3,395	–	0.32%	–
XOM	New	Exxon Mobil Corp	$347,000	–	4,299	–	0.27%	–
EGBN	New	Eagle Bancorp Inc MD	$245,000	–	3,878	–	0.19%	–

Q4 2016

			Value		Shares		↓ Weighting
VZ	Exit	Verizon Communications	$0	–	-3,973	–	-0.18%	–
EGBN	Exit	Eagle Bancorp Inc MD	$0	–	-4,303	–	-0.18%	–
T	Exit	AT&T Inc.	$0	–	-6,719	–	-0.23%	–
IWF	Exit	iShares Trust Russell 1000 Grorus 1000 grw etf	$0	–	-3,365	–	-0.30%	–
EEM	Exit	i-Shares Tr MSCI Emerging Mktsmsci emg mkt etf	$0	–	-9,850	–	-0.31%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-4,299	–	-0.32%	–
DVMT	Exit	Dell Technologies Inc	$0	–	-8,094	–	-0.33%	–
WLTW	Exit	Willis Towers Watson Pub Ltd C	$0	–	-3,000	–	-0.34%	–
AER	Exit	Aercap Holdings NV	$0	–	-12,050	–	-0.39%	–
XLRE	Exit	SPDR Real Estate Select Sctrrl est sel sec	$0	–	-16,270	–	-0.45%	–
LORL	Exit	Loral Space & Communications I	$0	–	-13,885	–	-0.46%	–
IWN	Exit	i-shares Trust Russell 2000 Varus 2000 val etf	$0	–	-5,405	–	-0.48%	–
STAG	Exit	Stag Industrial Inc	$0	–	-30,585	–	-0.63%	–
AKR	Exit	Acadia Realty Trust	$0	–	-22,927	–	-0.70%	–
EFA	Exit	i-Shares Tr MSCI EAFE Index Fdmsci eafe etf	$0	–	-14,850	–	-0.74%	–
IWM	Exit	i-Shares Trust Russell 2000rus 2000 grw etf	$0	–	-7,480	–	-0.78%	–
EXR	Exit	Extra Space Storage Inc	$0	–	-13,159	–	-0.88%	–
CVS	Exit	C V S Caremark Corp	$0	–	-38,590	–	-0.89%	–
HON	Exit	Honeywell Intl Inc	$0	–	-9,440	–	-0.93%	–
PYPL	Exit	PayPal Holdings Inc.	$0	–	-28,128	–	-0.97%	–
FR	Exit	First Industrial Realty Trust	$0	–	-43,142	–	-1.03%	–
PLD	Exit	ProLogis Trust	$0	–	-23,236	–	-1.05%	–
DLR	Exit	Digital Realty Trust Inc	$0	–	-12,884	–	-1.06%	–
MAA	Exit	Mid American Apartmentt Cmntys	$0	–	-14,322	–	-1.14%	–
OXY	Exit	Occidental Pete Corp	$0	–	-19,454	–	-1.20%	–
ARE	Exit	Alexandria Real Est Eqty	$0	–	-13,455	–	-1.24%	–
ESS	Exit	Essex Property Trust Inc	$0	–	-6,635	–	-1.25%	–
NKE	Exit	Nike Inc Class Bcl b	$0	–	-33,048	–	-1.47%	–
FB	Exit	Facebook Inccl a	$0	–	-13,640	–	-1.48%	–
UTX	Exit	United Technologies Corp	$0	–	-17,570	–	-1.51%	–
SLB	Exit	Schlumberger Limited	$0	–	-23,040	–	-1.53%	–
CHD	Exit	Church & Dwight Co Inc	$0	–	-18,099	–	-1.58%	–
HEDJ	Exit	WisdomTree Europe ETFeurope hedged eq	$0	–	-37,625	–	-1.71%	–
DXJ	Exit	WisdomTree Japan Hedged Equityjapn hedge eqt	$0	–	-47,462	–	-1.72%	–
GS	Exit	Goldman Sachs Group Inc	$0	–	-13,505	–	-1.84%	–
ORCL	Exit	Oracle Corporation	$0	–	-55,906	–	-1.86%	–
NVS	Exit	Novartis AG ADRsponsored adr	$0	–	-28,127	–	-1.88%	–
O	Exit	Realty Income Corp	$0	–	-33,342	–	-1.89%	–
XLF	Exit	Sector SPDR Financial Selectsbi int-finl	$0	–	-117,309	–	-1.91%	–
GE	Exit	General Electric Co	$0	–	-77,839	–	-1.95%	–
CHKP	Exit	Check Point Software Technologord	$0	–	-25,993	–	-1.96%	–
CUBE	Exit	CubeSmart	$0	–	-15,447	–	-1.99%	–
PNC	Exit	PNC Finl Svcs Group	$0	–	-26,940	–	-2.05%	–
GOOG	Exit	Alphabet Inc Cap Stk Cl Ccap stk cl c	$0	–	-3,145	–	-2.07%	–
GILD	Exit	Gilead Science Inc	$0	–	-31,939	–	-2.14%	–
COST	Exit	Costco Wholesale Corp New	$0	–	-52,796	–	-2.14%	–
WELL	Exit	Welltower Inc.	$0	–	-34,738	–	-2.20%	–
UNH	Exit	UnitedHealth Group	$0	–	-18,630	–	-2.20%	–
AIG	Exit	American International Group I	$0	–	-44,201	–	-2.22%	–
CVX	Exit	Chevron Corp	$0	–	-34,015	–	-2.23%	–
MDT	Exit	Medtronic Inc	$0	–	-33,185	–	-2.42%	–
BXP	Exit	Boston Pptys Inc	$0	–	-22,130	–	-2.55%	–
GD	Exit	General Dynamics	$0	–	-19,662	–	-2.58%	–
ACN	Exit	Accenture PLC Shs Cl A New	$0	–	-25,207	–	-2.60%	–
HD	Exit	Home Depot Inc	$0	–	-24,971	–	-2.72%	–
V	Exit	Visa Inc Cl A	$0	–	-39,288	–	-2.75%	–
BDX	Exit	Becton Dickinson Co	$0	–	-19,641	–	-2.98%	–
SPG	Exit	Simon Ppty Grp Inc	$0	–	-17,491	–	-3.06%	–
XLY	Exit	Sector SPDR Consumer Discretiosbi cons discr	$0	–	-47,326	–	-3.20%	–
AAPL	Exit	Apple Computers	$0	–	-33,942	–	-3.24%	–
TOTL	Exit	SPDR Doubleline Total Returnspdr tr tactic	$0	–	-234,133	–	-9.93%	–

Q3 2016

			Value		Shares		↓ Weighting
TOTL	Buy	SPDR Doubleline Total Returnspdr tr tactic	$11,751,000	+27.6%	234,133	+26.9%	9.93%	+27.9%
AAPL	Sell	Apple Computers	$3,837,000	+16.7%	33,942	-1.4%	3.24%	+16.9%
XLY	Buy	Sector SPDR Consumer Discretiosbi cons discr	$3,788,000	+2.6%	47,326	+0.1%	3.20%	+2.9%
SPG	Sell	Simon Ppty Grp Inc	$3,621,000	-5.9%	17,491	-1.4%	3.06%	-5.7%
BDX	Buy	Becton Dickinson Co	$3,530,000	+6.6%	19,641	+0.6%	2.98%	+6.9%
V	Sell	Visa Inc Cl A	$3,249,000	+11.5%	39,288	-0.0%	2.75%	+11.7%
HD	Sell	Home Depot Inc	$3,213,000	+0.4%	24,971	-0.4%	2.72%	+0.7%
GD	Sell	General Dynamics	$3,051,000	+10.7%	19,662	-0.7%	2.58%	+11.0%
BXP	Buy	Boston Pptys Inc	$3,016,000	+3.7%	22,130	+0.4%	2.55%	+4.0%
MDT	Sell	Medtronic Inc	$2,867,000	-1.0%	33,185	-0.6%	2.42%	-0.8%
CVX	Buy	Chevron Corp	$2,640,000	+39.7%	34,015	+88.6%	2.23%	+40.0%
AIG	Sell	American International Group I	$2,623,000	+11.9%	44,201	-0.3%	2.22%	+12.2%
UNH	Buy	UnitedHealth Group	$2,608,000	-0.6%	18,630	+0.2%	2.20%	-0.4%
WELL	Sell	Welltower Inc.	$2,597,000	-1.9%	34,738	-0.1%	2.20%	-1.7%
COST	Buy	Costco Wholesale Corp New	$2,530,000	+4.9%	52,796	+243.8%	2.14%	+5.1%
GILD	Buy	Gilead Science Inc	$2,527,000	-4.6%	31,939	+0.6%	2.14%	-4.3%
GOOG	Buy	Alphabet Inc Cap Stk Cl Ccap stk cl c	$2,445,000	+12.5%	3,145	+0.1%	2.07%	+12.8%
PNC	Sell	PNC Finl Svcs Group	$2,427,000	+10.1%	26,940	-0.6%	2.05%	+10.3%
CUBE	Sell	CubeSmart	$2,356,000	+97.8%	15,447	-59.9%	1.99%	+98.3%
CHKP	Sell	Check Point Software Technologord	$2,313,000	-11.2%	25,993	-20.5%	1.96%	-11.0%
GE	Sell	General Electric Co	$2,306,000	-6.1%	77,839	-0.2%	1.95%	-5.9%
XLF	Sell	Sector SPDR Financial Selectsbi int-finl	$2,264,000	-16.4%	117,309	-1.0%	1.91%	-16.2%
O	Sell	Realty Income Corp	$2,232,000	-3.7%	33,342	-0.2%	1.89%	-3.4%
NVS	Buy	Novartis AG ADRsponsored adr	$2,221,000	-4.3%	28,127	+0.0%	1.88%	-4.0%
ORCL	Buy	Oracle Corporation	$2,196,000	-3.4%	55,906	+0.6%	1.86%	-3.2%
GS	Buy	Goldman Sachs Group Inc	$2,178,000	+9.0%	13,505	+0.4%	1.84%	+9.3%
DXJ	Buy	WisdomTree Japan Hedged Equityjapn hedge eqt	$2,037,000	+10.9%	47,462	+0.2%	1.72%	+11.2%
HEDJ	Buy	WisdomTree Europe ETFeurope hedged eq	$2,022,000	+7.7%	37,625	+1.3%	1.71%	+8.0%
CHD	Sell	Church & Dwight Co Inc	$1,863,000	-31.1%	18,099	-31.1%	1.58%	-30.9%
SLB	Buy	Schlumberger Limited	$1,812,000	-0.1%	23,040	+0.4%	1.53%	+0.2%
UTX	Sell	United Technologies Corp	$1,785,000	-1.5%	17,570	-0.6%	1.51%	-1.2%
FB	Buy	Facebook Inccl a	$1,750,000	+16.0%	13,640	+3.3%	1.48%	+16.3%
NKE	Buy	Nike Inc Class Bcl b	$1,740,000	-3.4%	33,048	+1.3%	1.47%	-3.1%
ESS	Buy	Essex Property Trust Inc	$1,478,000	-1.7%	6,635	+0.7%	1.25%	-1.4%
ARE	Sell	Alexandria Real Est Eqty	$1,464,000	+4.1%	13,455	-1.0%	1.24%	+4.3%
OXY	Buy	Occidental Pete Corp	$1,419,000	-2.8%	19,454	+0.6%	1.20%	-2.6%
MAA	Sell	Mid American Apartmentt Cmntys	$1,346,000	-11.7%	14,322	-0.1%	1.14%	-11.5%
DLR	Buy	Digital Realty Trust Inc	$1,251,000	-10.8%	12,884	+0.1%	1.06%	-10.7%
FR	Sell	First Industrial Realty Trust	$1,217,000	-3.0%	43,142	-4.3%	1.03%	-2.6%
PYPL	Buy	PayPal Holdings Inc.	$1,152,000	+12.8%	28,128	+0.6%	0.97%	+13.1%
HON	Buy	Honeywell Intl Inc	$1,101,000	+0.6%	9,440	+0.4%	0.93%	+1.0%
CVS	Buy	C V S Caremark Corp	$1,052,000	-56.8%	38,590	+51.5%	0.89%	-56.8%
EXR	Buy	Extra Space Storage Inc	$1,045,000	-13.9%	13,159	+0.3%	0.88%	-13.8%
IWM	Buy	i-Shares Trust Russell 2000rus 2000 grw etf	$929,000	+10.2%	7,480	+2.0%	0.78%	+10.4%
AKR	Buy	Acadia Realty Trust	$831,000	+2.3%	22,927	+0.3%	0.70%	+2.5%
STAG	Buy	Stag Industrial Inc	$750,000	+3.3%	30,585	+0.3%	0.63%	+3.6%
XLRE	New	SPDR Real Estate Select Sctrrl est sel sec	$533,000	–	16,270	–	0.45%	–
AER	Sell	Aercap Holdings NV	$464,000	-65.2%	12,050	-69.6%	0.39%	-65.2%
DVMT	New	Dell Technologies Inc	$387,000	–	8,094	–	0.33%	–
IWF	Buy	iShares Trust Russell 1000 Grorus 1000 grw etf	$350,000	+11.1%	3,365	+7.3%	0.30%	+11.3%
T	Sell	AT&T Inc.	$273,000	-17.8%	6,719	-12.5%	0.23%	-17.5%
VZ	New	Verizon Communications	$207,000	–	3,973	–	0.18%	–
PRA	Exit	Proassurance Corporation	$0	–	-3,780	–	-0.17%	–
RLJ	Exit	RLJ Lodging Trust	$0	–	-27,212	–	-0.49%	–
TROW	Exit	T Rowe Price Group Inc	$0	–	-24,251	–	-1.49%	–
EMC	Exit	E M C Corp	$0	–	-74,006	–	-1.70%	–

Q2 2016

			Value		Shares		↓ Weighting
TOTL	New	SPDR Doubleline Total Returnspdr tr tactic	$9,208,000	–	184,448	–	7.76%	–
SPG	New	Simon Ppty Grp Inc	$3,849,000	–	17,746	–	3.24%	–
XLY	New	Sector SPDR Consumer Discretiosbi cons discr	$3,692,000	–	47,296	–	3.11%	–
BDX	New	Becton Dickinson Co	$3,312,000	–	19,531	–	2.79%	–
AAPL	New	Apple Computers	$3,289,000	–	34,412	–	2.77%	–
HD	New	Home Depot Inc	$3,200,000	–	25,063	–	2.70%	–
V	New	Visa Inc Cl A	$2,915,000	–	39,297	–	2.46%	–
BXP	New	Boston Pptys Inc	$2,908,000	–	22,046	–	2.45%	–
MDT	New	Medtronic Inc	$2,896,000	–	33,375	–	2.44%	–
ACN	New	Accenture PLC Shs Cl A New	$2,856,000	–	25,207	–	2.41%	–
GD	New	General Dynamics	$2,756,000	–	19,792	–	2.32%	–
XLF	New	Sector SPDR Financial Selectsbi int-finl	$2,709,000	–	118,544	–	2.28%	–
CHD	New	Church & Dwight Co Inc	$2,704,000	–	26,281	–	2.28%	–
WELL	New	Welltower Inc.	$2,648,000	–	34,763	–	2.23%	–
GILD	New	Gilead Science Inc	$2,649,000	–	31,749	–	2.23%	–
UNH	New	UnitedHealth Group	$2,624,000	–	18,585	–	2.21%	–
CHKP	New	Check Point Software Technologord	$2,605,000	–	32,690	–	2.20%	–
GE	New	General Electric Co	$2,456,000	–	78,013	–	2.07%	–
CVS	New	C V S Caremark Corp	$2,438,000	–	25,465	–	2.06%	–
COST	New	Costco Wholesale Corp New	$2,412,000	–	15,357	–	2.03%	–
AIG	New	American International Group I	$2,344,000	–	44,326	–	1.98%	–
NVS	New	Novartis AG ADRsponsored adr	$2,320,000	–	28,117	–	1.96%	–
O	New	Realty Income Corp	$2,318,000	–	33,417	–	1.95%	–
ORCL	New	Oracle Corporation	$2,274,000	–	55,556	–	1.92%	–
PNC	New	PNC Finl Svcs Group	$2,205,000	–	27,090	–	1.86%	–
GOOG	New	Alphabet Inc Cap Stk Cl Ccap stk cl c	$2,174,000	–	3,141	–	1.83%	–
EMC	New	E M C Corp	$2,011,000	–	74,006	–	1.70%	–
GS	New	Goldman Sachs Group Inc	$1,999,000	–	13,455	–	1.68%	–
CVX	New	Chevron Corp	$1,890,000	–	18,034	–	1.59%	–
HEDJ	New	WisdomTree Europe ETFeurope hedged eq	$1,877,000	–	37,150	–	1.58%	–
DXJ	New	WisdomTree Japan Hedged Equityjapn hedge eqt	$1,837,000	–	47,367	–	1.55%	–
SLB	New	Schlumberger Limited	$1,814,000	–	22,940	–	1.53%	–
UTX	New	United Technologies Corp	$1,812,000	–	17,670	–	1.53%	–
NKE	New	Nike Inc Class Bcl b	$1,801,000	–	32,629	–	1.52%	–
TROW	New	T Rowe Price Group Inc	$1,770,000	–	24,251	–	1.49%	–
MAA	New	Mid American Apartmentt Cmntys	$1,525,000	–	14,337	–	1.29%	–
FB	New	Facebook Inccl a	$1,509,000	–	13,205	–	1.27%	–
ESS	New	Essex Property Trust Inc	$1,503,000	–	6,590	–	1.27%	–
OXY	New	Occidental Pete Corp	$1,460,000	–	19,329	–	1.23%	–
ARE	New	Alexandria Real Est Eqty	$1,407,000	–	13,595	–	1.19%	–
DLR	New	Digital Realty Trust Inc	$1,403,000	–	12,869	–	1.18%	–
AER	New	Aercap Holdings NV	$1,334,000	–	39,700	–	1.12%	–
FR	New	First Industrial Realty Trust	$1,254,000	–	45,067	–	1.06%	–
EXR	New	Extra Space Storage Inc	$1,214,000	–	13,118	–	1.02%	–
CUBE	New	CubeSmart	$1,191,000	–	38,565	–	1.00%	–
PLD	New	ProLogis Trust	$1,139,000	–	23,236	–	0.96%	–
HON	New	Honeywell Intl Inc	$1,094,000	–	9,405	–	0.92%	–
PYPL	New	PayPal Holdings Inc.	$1,021,000	–	27,968	–	0.86%	–
IWM	New	i-Shares Trust Russell 2000rus 2000 grw etf	$843,000	–	7,335	–	0.71%	–
EFA	New	i-Shares Tr MSCI EAFE Index Fdmsci eafe etf	$829,000	–	14,850	–	0.70%	–
AKR	New	Acadia Realty Trust	$812,000	–	22,852	–	0.68%	–
STAG	New	Stag Industrial Inc	$726,000	–	30,485	–	0.61%	–
RLJ	New	RLJ Lodging Trust	$584,000	–	27,212	–	0.49%	–
IWN	New	i-shares Trust Russell 2000 Varus 2000 val etf	$526,000	–	5,405	–	0.44%	–
LORL	New	Loral Space & Communications I	$490,000	–	13,885	–	0.41%	–
XOM	New	Exxon Mobil Corp	$403,000	–	4,299	–	0.34%	–
WLTW	New	Willis Towers Watson Pub Ltd C	$373,000	–	3,000	–	0.31%	–
EEM	New	i-Shares Tr MSCI Emerging Mktsmsci emg mkt etf	$338,000	–	9,850	–	0.28%	–
T	New	AT&T Inc.	$332,000	–	7,675	–	0.28%	–
IWF	New	iShares Trust Russell 1000 Grorus 1000 grw etf	$315,000	–	3,135	–	0.27%	–
EGBN	New	Eagle Bancorp Inc MD	$207,000	–	4,303	–	0.18%	–
PRA	New	Proassurance Corporation	$202,000	–	3,780	–	0.17%	–

Q4 2015

			Value		Shares		↓ Weighting
TRUE	Exit	Truecar Inc	$0	–	-11,500	–	-0.05%	–
EGBN	Exit	Eagle Bancorp Inc MD	$0	–	-4,803	–	-0.19%	–
IWF	Exit	iShares Trust Russell 1000 Grorus 1000 grw etf	$0	–	-3,275	–	-0.26%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-4,374	–	-0.28%	–
EEM	Exit	i-Shares Tr MSCI Emerging Mktsmsci emg mkt etf	$0	–	-10,250	–	-0.28%	–
STAG	Exit	Stag Industrial Inc	$0	–	-27,285	–	-0.42%	–
RLJ	Exit	RLJ Lodging Trust	$0	–	-23,237	–	-0.50%	–
LORL	Exit	Loral Space & Communications I	$0	–	-13,885	–	-0.56%	–
TW	Exit	Towers Watson & Co Class Acl a	$0	–	-5,732	–	-0.57%	–
AKR	Exit	Acadia Realty Trust	$0	–	-22,717	–	-0.58%	–
PLD	Exit	ProLogis Trust	$0	–	-21,836	–	-0.72%	–
IWM	Exit	i-Shares Trust Russell 2000rus 2000 grw etf	$0	–	-7,900	–	-0.73%	–
EFA	Exit	i-Shares Tr MSCI EAFE Index Fdmsci eafe etf	$0	–	-15,225	–	-0.74%	–
PYPL	Exit	PayPal Holdings Inc.	$0	–	-28,978	–	-0.76%	–
FR	Exit	First Industrial Realty Trust	$0	–	-44,017	–	-0.78%	–
DLR	Exit	Digital Realty Trust Inc	$0	–	-14,514	–	-0.80%	–
HST	Exit	Host Hotels & Resorts Inc Com	$0	–	-61,678	–	-0.83%	–
MCK	Exit	McKesson Corporation	$0	–	-5,920	–	-0.93%	–
ARE	Exit	Alexandria Real Est Eqty	$0	–	-13,050	–	-0.94%	–
CUBE	Exit	CubeSmart	$0	–	-41,760	–	-0.96%	–
EXR	Exit	Extra Space Storage Inc	$0	–	-15,138	–	-0.99%	–
GOOGL	Exit	Google Inccl a	$0	–	-1,975	–	-1.02%	–
MAA	Exit	Mid American Apartmentt Cmntys	$0	–	-14,887	–	-1.03%	–
CVX	Exit	Chevron Corp	$0	–	-15,820	–	-1.06%	–
QCOM	Exit	Qualcomm Inc	$0	–	-25,085	–	-1.14%	–
ESS	Exit	Essex Property Trust Inc	$0	–	-6,390	–	-1.21%	–
SLB	Exit	Schlumberger Limited	$0	–	-21,428	–	-1.25%	–
CNK	Exit	Cinemark Holdings Inc	$0	–	-45,919	–	-1.27%	–
XBI	Exit	SPDR S&P Biotech ETFs&p biotech	$0	–	-24,596	–	-1.30%	–
JWN	Exit	Nordstrom Inc	$0	–	-21,779	–	-1.32%	–
TROW	Exit	T Rowe Price Group Inc	$0	–	-23,351	–	-1.38%	–
ORCL	Exit	Oracle Corporation	$0	–	-51,410	–	-1.58%	–
O	Exit	Realty Income Corp	$0	–	-39,565	–	-1.59%	–
EMC	Exit	E M C Corp	$0	–	-79,006	–	-1.62%	–
GS	Exit	Goldman Sachs Group Inc	$0	–	-11,210	–	-1.65%	–
AER	Exit	Aercap Holdings NV	$0	–	-51,500	–	-1.67%	–
OXY	Exit	Occidental Pete Corp	$0	–	-29,879	–	-1.68%	–
GE	Exit	General Electric Co	$0	–	-79,566	–	-1.70%	–
HEDJ	Exit	WisdomTree Europe ETFeurope hedged eq	$0	–	-37,675	–	-1.75%	–
DXJ	Exit	WisdomTree Japan Hedged Equityjapn hedge eqt	$0	–	-42,860	–	-1.77%	–
KRE	Exit	SPDR Regional Bankings&p regl bkg	$0	–	-51,758	–	-1.81%	–
CHD	Exit	Church & Dwight Co Inc	$0	–	-25,461	–	-1.81%	–
NKE	Exit	Nike Inc Class Bcl b	$0	–	-17,509	–	-1.83%	–
MDT	Exit	Medtronic Inc	$0	–	-32,410	–	-1.84%	–
COST	Exit	Costco Wholesale Corp New	$0	–	-15,120	–	-1.86%	–
ESRX	Exit	Express Scripts Inc	$0	–	-27,685	–	-1.90%	–
V	Exit	Visa Inc Cl A	$0	–	-32,261	–	-1.91%	–
WELL	Exit	Welltower Inc.	$0	–	-33,278	–	-1.91%	–
PNC	Exit	PNC Finl Svcs Group	$0	–	-26,040	–	-1.97%	–
UTX	Exit	United Technologies Corp	$0	–	-27,120	–	-2.05%	–
NVS	Exit	Novartis AG ADRsponsored adr	$0	–	-26,357	–	-2.06%	–
AIG	Exit	American International Group I	$0	–	-42,841	–	-2.06%	–
BDX	Exit	Becton Dickinson Co	$0	–	-18,514	–	-2.08%	–
CHKP	Exit	Check Point Software Technologord	$0	–	-31,140	–	-2.10%	–
BXP	Exit	Boston Pptys Inc	$0	–	-20,931	–	-2.10%	–
XLF	Exit	Sector SPDR Financial Selectsbi int-finl	$0	–	-112,319	–	-2.16%	–
GD	Exit	General Dynamics	$0	–	-19,168	–	-2.24%	–
ACN	Exit	Accenture PLC Shs Cl A New	$0	–	-27,370	–	-2.28%	–
GILD	Exit	Gilead Science Inc	$0	–	-28,088	–	-2.34%	–
HD	Exit	Home Depot Inc	$0	–	-26,451	–	-2.59%	–
SPG	Exit	Simon Ppty Grp Inc	$0	–	-18,311	–	-2.85%	–
XLY	Exit	Sector SPDR Consumer Discretiosbi cons discr	$0	–	-47,283	–	-2.98%	–
AAPL	Exit	Apple Computers	$0	–	-33,492	–	-3.14%	–
IWN	Exit	i-shares Trust Russell 2000 Varus 2000 val etf	$0	–	-47,592	–	-3.64%	–
TOTL	Exit	SPDR Doubleline Total Returnspdr tr tactic	$0	–	-157,727	–	-6.63%	–

Q3 2015

			Value		Shares		↓ Weighting
TOTL	Buy	SPDR Doubleline Total Returnspdr tr tactic	$7,811,000	+82.9%	157,727	+82.9%	6.63%	+81.4%
IWN	Sell	i-shares Trust Russell 2000 Varus 2000 val etf	$4,288,000	-13.9%	47,592	-2.6%	3.64%	-14.6%
AAPL	Buy	Apple Computers	$3,695,000	-6.3%	33,492	+5.3%	3.14%	-7.1%
XLY	Buy	Sector SPDR Consumer Discretiosbi cons discr	$3,511,000	+0.5%	47,283	+3.5%	2.98%	-0.3%
SPG	Buy	Simon Ppty Grp Inc	$3,364,000	+9.6%	18,311	+3.2%	2.85%	+8.6%
HD	Buy	Home Depot Inc	$3,055,000	+8.8%	26,451	+4.7%	2.59%	+7.9%
GILD	Buy	Gilead Science Inc	$2,758,000	-9.5%	28,088	+7.8%	2.34%	-10.3%
ACN	Buy	Accenture PLC Shs Cl A New	$2,689,000	+4.7%	27,370	+3.1%	2.28%	+3.8%
GD	Buy	General Dynamics	$2,644,000	+1.7%	19,168	+4.5%	2.24%	+0.9%
XLF	Buy	Sector SPDR Financial Selectsbi int-finl	$2,545,000	-3.0%	112,319	+4.4%	2.16%	-3.8%
BXP	Buy	Boston Pptys Inc	$2,478,000	+2.8%	20,931	+5.1%	2.10%	+1.9%
CHKP	Buy	Check Point Software Technologord	$2,470,000	+7.6%	31,140	+7.9%	2.10%	+6.7%
BDX	Buy	Becton Dickinson Co	$2,456,000	-2.8%	18,514	+3.8%	2.08%	-3.6%
AIG	Buy	American International Group I	$2,434,000	-3.4%	42,841	+5.2%	2.06%	-4.2%
NVS	Buy	Novartis AG ADRsponsored adr	$2,423,000	-0.8%	26,357	+6.2%	2.06%	-1.6%
UTX	Buy	United Technologies Corp	$2,413,000	-17.6%	27,120	+2.7%	2.05%	-18.3%
PNC	Buy	PNC Finl Svcs Group	$2,323,000	-3.0%	26,040	+4.1%	1.97%	-3.8%
WELL	New	Welltower Inc.	$2,254,000	–	33,278	–	1.91%	–
V	Buy	Visa Inc Cl A	$2,247,000	+10.6%	32,261	+6.7%	1.91%	+9.7%
ESRX	Buy	Express Scripts Inc	$2,241,000	-5.0%	27,685	+4.3%	1.90%	-5.8%
COST	Buy	Costco Wholesale Corp New	$2,186,000	+14.2%	15,120	+6.7%	1.86%	+13.2%
MDT	New	Medtronic Inc	$2,170,000	–	32,410	–	1.84%	–
NKE	Buy	Nike Inc Class Bcl b	$2,153,000	+21.1%	17,509	+6.4%	1.83%	+20.1%
CHD	Buy	Church & Dwight Co Inc	$2,136,000	+7.4%	25,461	+3.9%	1.81%	+6.5%
KRE	Buy	SPDR Regional Bankings&p regl bkg	$2,131,000	-3.4%	51,758	+3.7%	1.81%	-4.2%
DXJ	Buy	WisdomTree Japan Hedged Equityjapn hedge eqt	$2,086,000	-11.9%	42,860	+3.5%	1.77%	-12.7%
HEDJ	Buy	WisdomTree Europe ETFeurope hedged eq	$2,059,000	-8.0%	37,675	+3.7%	1.75%	-8.7%
GE	Buy	General Electric Co	$2,007,000	-1.5%	79,566	+3.8%	1.70%	-2.3%
OXY	Buy	Occidental Pete Corp	$1,976,000	+51.1%	29,879	+77.7%	1.68%	+49.9%
AER	Buy	Aercap Holdings NV	$1,969,000	+2.6%	51,500	+22.8%	1.67%	+1.7%
GS	Buy	Goldman Sachs Group Inc	$1,948,000	-11.8%	11,210	+6.0%	1.65%	-12.5%
EMC	Sell	E M C Corp	$1,909,000	-9.5%	79,006	-1.2%	1.62%	-10.2%
O	Buy	Realty Income Corp	$1,875,000	+8.8%	39,565	+1.9%	1.59%	+7.9%
ORCL	Buy	Oracle Corporation	$1,857,000	-7.5%	51,410	+3.2%	1.58%	-8.2%
TROW	Buy	T Rowe Price Group Inc	$1,623,000	-6.1%	23,351	+5.1%	1.38%	-6.8%
JWN	Buy	Nordstrom Inc	$1,562,000	+1.4%	21,779	+5.3%	1.32%	+0.5%
XBI	Buy	SPDR S&P Biotech ETFs&p biotech	$1,531,000	-22.6%	24,596	+213.6%	1.30%	-23.2%
CNK	Buy	Cinemark Holdings Inc	$1,492,000	-16.6%	45,919	+3.1%	1.27%	-17.3%
SLB	Buy	Schlumberger Limited	$1,478,000	-15.0%	21,428	+6.2%	1.25%	-15.7%
ESS	Buy	Essex Property Trust Inc	$1,428,000	+6.6%	6,390	+3.1%	1.21%	+5.8%
QCOM	Sell	Qualcomm Inc	$1,348,000	-33.2%	25,085	-22.1%	1.14%	-33.7%
CVX	Buy	Chevron Corp	$1,248,000	-14.6%	15,820	+4.4%	1.06%	-15.3%
MAA	Buy	Mid American Apartmentt Cmntys	$1,219,000	+14.4%	14,887	+1.7%	1.03%	+13.4%
GOOGL	New	Google Inccl a	$1,202,000	–	1,975	–	1.02%	–
EXR	Sell	Extra Space Storage Inc	$1,168,000	+15.2%	15,138	-2.7%	0.99%	+14.2%
CUBE	Buy	CubeSmart	$1,136,000	+18.6%	41,760	+1.0%	0.96%	+17.6%
ARE	Buy	Alexandria Real Est Eqty	$1,105,000	-2.1%	13,050	+1.1%	0.94%	-2.9%
MCK	New	McKesson Corporation	$1,095,000	–	5,920	–	0.93%	–
HST	Buy	Host Hotels & Resorts Inc Com	$975,000	-18.9%	61,678	+1.7%	0.83%	-19.6%
DLR	Buy	Digital Realty Trust Inc	$948,000	+0.5%	14,514	+2.6%	0.80%	-0.4%
FR	Buy	First Industrial Realty Trust	$922,000	+14.4%	44,017	+2.3%	0.78%	+13.3%
PYPL	New	PayPal Holdings Inc.	$899,000	–	28,978	–	0.76%	–
EFA	Sell	i-Shares Tr MSCI EAFE Index Fdmsci eafe etf	$873,000	-37.4%	15,225	-30.7%	0.74%	-37.9%
IWM	Sell	i-Shares Trust Russell 2000rus 2000 grw etf	$863,000	-12.5%	7,900	-7.1%	0.73%	-13.3%
PLD	Buy	ProLogis Trust	$849,000	+14.1%	21,836	+8.9%	0.72%	+13.0%
AKR	Buy	Acadia Realty Trust	$683,000	+6.4%	22,717	+3.1%	0.58%	+5.5%
RLJ	Buy	RLJ Lodging Trust	$587,000	-12.5%	23,237	+3.1%	0.50%	-13.2%
STAG	Buy	Stag Industrial Inc	$497,000	-7.1%	27,285	+2.0%	0.42%	-7.9%
EEM	Sell	i-Shares Tr MSCI Emerging Mktsmsci emg mkt etf	$336,000	-27.9%	10,250	-12.8%	0.28%	-28.6%
XOM	Buy	Exxon Mobil Corp	$325,000	-9.2%	4,374	+1.7%	0.28%	-9.8%
IWF	Sell	iShares Trust Russell 1000 Grorus 1000 grw etf	$304,000	-6.2%	3,275	-17.6%	0.26%	-6.9%
TRUE	Sell	Truecar Inc	$60,000	-68.8%	11,500	-28.1%	0.05%	-68.9%
JPM	Exit	JPMorgan Chase & Company	$0	–	-3,551	–	-0.21%	–
HME	Exit	Home Properties Inc	$0	–	-12,393	–	-0.77%	–
PX	Exit	Praxair Inc	$0	–	-8,045	–	-0.82%	–
EPD	Exit	Enterprise Products Partners L	$0	–	-35,915	–	-0.91%	–
EBAY	Exit	Ebay Inc	$0	–	-28,158	–	-1.45%	–
HCN	Exit	Health Care REIT Inc	$0	–	-31,478	–	-1.77%	–

Q2 2015

			Value		Shares		↓ Weighting
IWN	New	i-shares Trust Russell 2000 Varus 2000 val etf	$4,981,000	–	48,855	–	4.26%	–
TOTL	New	SPDR Doubleline Total Returnspdr tr tactic	$4,270,000	–	86,225	–	3.65%	–
AAPL	New	Apple Computers	$3,944,000	–	31,802	–	3.37%	–
XLY	New	Sector SPDR Consumer Discretiosbi cons discr	$3,494,000	–	45,683	–	2.99%	–
SPG	New	Simon Ppty Grp Inc	$3,070,000	–	17,745	–	2.63%	–
GILD	New	Gilead Science Inc	$3,049,000	–	26,046	–	2.61%	–
UTX	New	United Technologies Corp	$2,928,000	–	26,395	–	2.50%	–
HD	New	Home Depot Inc	$2,807,000	–	25,261	–	2.40%	–
XLF	New	Sector SPDR Financial Selectsbi int-finl	$2,623,000	–	107,569	–	2.24%	–
GD	New	General Dynamics	$2,599,000	–	18,343	–	2.22%	–
ACN	New	Accenture PLC Shs Cl A New	$2,568,000	–	26,535	–	2.20%	–
BDX	New	Becton Dickinson Co	$2,527,000	–	17,839	–	2.16%	–
AIG	New	American International Group I	$2,519,000	–	40,741	–	2.16%	–
NVS	New	Novartis AG ADRsponsored adr	$2,442,000	–	24,827	–	2.09%	–
BXP	New	Boston Pptys Inc	$2,411,000	–	19,916	–	2.06%	–
PNC	New	PNC Finl Svcs Group	$2,394,000	–	25,025	–	2.05%	–
DXJ	New	WisdomTree Japan Hedged Equjapn hedge eqt	$2,369,000	–	41,410	–	2.03%	–
ESRX	New	Express Scripts Inc	$2,360,000	–	26,535	–	2.02%	–
CHKP	New	Check Point Software Technologord	$2,296,000	–	28,865	–	1.96%	–
HEDJ	New	WisdomTree Europe ETFeurope hedged eq	$2,237,000	–	36,325	–	1.91%	–
GS	New	Goldman Sachs Group Inc	$2,208,000	–	10,575	–	1.89%	–
KRE	New	SPDR Regional Bankings&p regl bkg	$2,205,000	–	49,933	–	1.89%	–
EMC	New	E M C Corp	$2,109,000	–	79,931	–	1.80%	–
HCN	New	Health Care REIT Inc	$2,066,000	–	31,478	–	1.77%	–
GE	New	General Electric Co	$2,037,000	–	76,666	–	1.74%	–
V	New	Visa Inc Cl A	$2,031,000	–	30,245	–	1.74%	–
QCOM	New	Qualcomm Inc	$2,017,000	–	32,200	–	1.73%	–
ORCL	New	Oracle Corporation	$2,007,000	–	49,800	–	1.72%	–
CHD	New	Church & Dwight Co Inc	$1,989,000	–	24,511	–	1.70%	–
XBI	New	SPDR S&P Biotech ETFs&p biotech	$1,978,000	–	7,842	–	1.69%	–
AER	New	Aercap Holdings NV	$1,920,000	–	41,925	–	1.64%	–
COST	New	Costco Wholesale Corp New	$1,914,000	–	14,170	–	1.64%	–
CNK	New	Cinemark Holdings Inc	$1,788,000	–	44,519	–	1.53%	–
NKE	New	Nike Inc Class Bcl b	$1,778,000	–	16,458	–	1.52%	–
SLB	New	Schlumberger Limited	$1,739,000	–	20,173	–	1.49%	–
TROW	New	T Rowe Price Group Inc	$1,728,000	–	22,226	–	1.48%	–
O	New	Realty Income Corp	$1,724,000	–	38,840	–	1.48%	–
EBAY	New	Ebay Inc	$1,696,000	–	28,158	–	1.45%	–
JWN	New	Nordstrom Inc	$1,541,000	–	20,679	–	1.32%	–
CVX	New	Chevron Corp	$1,462,000	–	15,160	–	1.25%	–
EFA	New	i-Shares Tr MSCI EAFE Index Fdmsci eafe etf	$1,395,000	–	21,975	–	1.19%	–
ESS	New	Essex Property Trust Inc	$1,339,000	–	6,200	–	1.15%	–
OXY	New	Occidental Pete Corp	$1,308,000	–	16,819	–	1.12%	–
HST	New	Host Hotels & Resorts Inc Com	$1,202,000	–	60,628	–	1.03%	–
ARE	New	Alexandria Real Est Eqty	$1,129,000	–	12,910	–	0.97%	–
MAA	New	Mid American Apartmentt Cmntys	$1,066,000	–	14,642	–	0.91%	–
EPD	New	Enterprise Products Partners L	$1,061,000	–	35,915	–	0.91%	–
EXR	New	Extra Space Storage Inc	$1,014,000	–	15,553	–	0.87%	–
IWM	New	i-Shares Trust Russell 2000rus 2000 grw etf	$986,000	–	8,500	–	0.84%	–
PX	New	Praxair Inc	$962,000	–	8,045	–	0.82%	–
CUBE	New	CubeSmart	$958,000	–	41,360	–	0.82%	–
DLR	New	Digital Realty Trust Inc	$943,000	–	14,148	–	0.81%	–
HME	New	Home Properties Inc	$905,000	–	12,393	–	0.77%	–
LORL	New	Loral Space & Communications I	$876,000	–	13,885	–	0.75%	–
FR	New	First Industrial Realty Trust	$806,000	–	43,042	–	0.69%	–
PLD	New	ProLogis Trust	$744,000	–	20,051	–	0.64%	–
TW	New	Towers Watson & Co Class Acl a	$721,000	–	5,732	–	0.62%	–
RLJ	New	RLJ Lodging Trust	$671,000	–	22,537	–	0.57%	–
AKR	New	Acadia Realty Trust	$642,000	–	22,042	–	0.55%	–
STAG	New	Stag Industrial Inc	$535,000	–	26,760	–	0.46%	–
EEM	New	i-Shares Tr MSCI Emerging Mktsmsci emg mkt etf	$466,000	–	11,750	–	0.40%	–
XOM	New	Exxon Mobil Corp	$358,000	–	4,299	–	0.31%	–
IWF	New	iShares Trust Russell 1000 Grorus 1000 grw etf	$324,000	–	3,975	–	0.28%	–
JPM	New	JPMorgan Chase & Company	$241,000	–	3,551	–	0.21%	–
EGBN	New	Eagle Bancorp Inc MD	$211,000	–	4,803	–	0.18%	–
TRUE	New	Truecar Inc	$192,000	–	16,000	–	0.16%	–

Q4 2014

			Value		Shares		↓ Weighting
IWF	Exit	iShares Trust Russell 1000 Grorus 1000 grw etf	$0	–	-3,325	–	-0.29%	–
EEM	Exit	i-Shares Tr MSCI Emerging Mktsmsci emg mkt etf	$0	–	-10,750	–	-0.43%	–
IWN	Exit	i-shares Trust Russell 2000 Varus 2000 val etf	$0	–	-5,275	–	-0.47%	–
STAG	Exit	Stag Industrial Inc	$0	–	-24,935	–	-0.49%	–
AKR	Exit	Acadia Realty Trust	$0	–	-21,650	–	-0.57%	–
RLJ	Exit	RLJ Lodging Trust	$0	–	-22,062	–	-0.60%	–
TW	Exit	Towers Watson & Co Class Acl a	$0	–	-6,332	–	-0.60%	–
FR	Exit	First Industrial Realty Trust	$0	–	-41,775	–	-0.67%	–
HME	Exit	Home Properties Inc	$0	–	-12,250	–	-0.68%	–
PLD	Exit	ProLogis Trust	$0	–	-19,135	–	-0.69%	–
CUBE	Exit	CubeSmart	$0	–	-42,702	–	-0.73%	–
IWM	Exit	i-Shares Trust Russell 2000rus 2000 grw etf	$0	–	-7,650	–	-0.80%	–
DLR	Exit	Digital Realty Trust Inc	$0	–	-14,086	–	-0.84%	–
MAA	Exit	Mid American Apartmentt Cmntys	$0	–	-13,575	–	-0.85%	–
EXR	Exit	Extra Space Storage Inc	$0	–	-17,300	–	-0.85%	–
BHP	Exit	BHP Billiton Ltd ADRsponsored adr	$0	–	-15,186	–	-0.85%	–
LORL	Exit	Loral Space & Communications I	$0	–	-13,885	–	-0.95%	–
EFA	Exit	i-Shares Tr MSCI EAFE Index Fdmsci eafe etf	$0	–	-16,300	–	-1.00%	–
VMI	Exit	Valmont Industries Inc	$0	–	-7,750	–	-1.00%	–
ARE	Exit	Alexandria Real Est Eqty	$0	–	-14,260	–	-1.00%	–
PM	Exit	Philip Morris Int'l Inc Com	$0	–	-13,645	–	-1.09%	–
ESS	Exit	Essex Property Trust Inc	$0	–	-6,670	–	-1.14%	–
PAA	Exit	Plains All American Pipeline Lunit ltd partn	$0	–	-21,385	–	-1.20%	–
HST	Exit	Host Hotels & Resorts Inc Com	$0	–	-59,928	–	-1.22%	–
XBI	Exit	SPDR S&P Biotech ETFs&p biotech	$0	–	-8,350	–	-1.24%	–
JWN	Exit	Nordstrom Inc	$0	–	-19,636	–	-1.28%	–
EPD	Exit	Enterprise Products Partners L	$0	–	-36,690	–	-1.41%	–
NKE	Exit	Nike Inc Class Bcl b	$0	–	-16,810	–	-1.43%	–
DEO	Exit	Diageo PLCspon adr new	$0	–	-13,261	–	-1.46%	–
CNK	Exit	Cinemark Holdings Inc	$0	–	-45,002	–	-1.46%	–
O	Exit	Realty Income Corp	$0	–	-37,706	–	-1.47%	–
EBAY	Exit	Ebay Inc	$0	–	-28,225	–	-1.53%	–
V	Exit	Visa Inc Cl A	$0	–	-7,535	–	-1.54%	–
OXY	Exit	Occidental Pete Corp	$0	–	-17,194	–	-1.58%	–
GS	Exit	Goldman Sachs Group Inc	$0	–	-9,145	–	-1.60%	–
XES	Exit	SPDR S&P Oil & Gas Equipmentoilgas equip	$0	–	-44,575	–	-1.64%	–
CHD	Exit	Church & Dwight Co Inc	$0	–	-24,511	–	-1.64%	–
BNS	Exit	Bank Of Nova Scotia	$0	–	-27,967	–	-1.65%	–
TROW	Exit	T Rowe Price Group Inc	$0	–	-22,176	–	-1.66%	–
COST	Exit	Costco Wholesale Corp New	$0	–	-14,045	–	-1.68%	–
EMR	Exit	Emerson Electric Co	$0	–	-28,276	–	-1.69%	–
CVX	Exit	Chevron Corp	$0	–	-14,907	–	-1.70%	–
F113PS	Exit	Covidien PLC New	$0	–	-21,015	–	-1.74%	–
ESRX	Exit	Express Scripts Inc	$0	–	-26,710	–	-1.80%	–
ORCL	Exit	Oracle Corporation	$0	–	-49,475	–	-1.81%	–
NVS	Exit	Novartis AG ADRsponsored adr	$0	–	-20,152	–	-1.81%	–
KRE	Exit	SPDR Regional Bankings&p regl bkg	$0	–	-50,525	–	-1.83%	–
BDX	Exit	Becton Dickinson Co	$0	–	-17,586	–	-1.91%	–
GE	Exit	General Electric Co	$0	–	-78,341	–	-1.92%	–
HCN	Exit	Health Care REIT Inc	$0	–	-33,028	–	-1.97%	–
CHKP	Exit	Check Point Software Technologord	$0	–	-29,990	–	-1.98%	–
AIG	Exit	American International Group I	$0	–	-40,075	–	-2.07%	–
SLB	Exit	Schlumberger Limited	$0	–	-21,665	–	-2.10%	–
GILD	Exit	Gilead Science Inc	$0	–	-21,248	–	-2.16%	–
ACN	Exit	Accenture PLC Shs Cl A New	$0	–	-27,985	–	-2.17%	–
PNC	Exit	PNC Finl Svcs Group	$0	–	-26,850	–	-2.20%	–
HD	Exit	Home Depot Inc	$0	–	-25,236	–	-2.21%	–
BXP	Exit	Boston Pptys Inc	$0	–	-20,090	–	-2.22%	–
QCOM	Exit	Qualcomm Inc	$0	–	-31,325	–	-2.24%	–
EMC	Exit	E M C Corp	$0	–	-81,731	–	-2.28%	–
XLF	Exit	Sector SPDR Financial Selectsbi int-finl	$0	–	-110,452	–	-2.44%	–
GD	Exit	General Dynamics	$0	–	-20,255	–	-2.46%	–
UTX	Exit	United Technologies Corp	$0	–	-25,821	–	-2.60%	–
SPG	Exit	Simon Ppty Grp Inc	$0	–	-18,188	–	-2.86%	–
XLY	Exit	Sector SPDR Consumer Discretiosbi cons discr	$0	–	-47,300	–	-3.01%	–
AAPL	Exit	Apple Computers	$0	–	-36,136	–	-3.48%	–

Q3 2014

			Value		Shares		↓ Weighting
AAPL	Sell	Apple Computers	$3,640,000	+5.0%	36,136	-3.1%	3.48%	+4.7%
XLY	Buy	Sector SPDR Consumer Discretiosbi cons discr	$3,154,000	+0.5%	47,300	+0.6%	3.01%	+0.3%
SPG	Sell	Simon Ppty Grp Inc	$2,990,000	-1.3%	18,188	-0.2%	2.86%	-1.6%
UTX	Buy	United Technologies Corp	$2,727,000	-0.7%	25,821	+8.5%	2.60%	-1.0%
GD	Sell	General Dynamics	$2,574,000	+6.1%	20,255	-2.7%	2.46%	+5.9%
XLF	Buy	Sector SPDR Financial Selectsbi int-finl	$2,559,000	+4.1%	110,452	+2.1%	2.44%	+3.9%
EMC	Sell	E M C Corp	$2,391,000	+8.6%	81,731	-2.2%	2.28%	+8.4%
QCOM	Buy	Qualcomm Inc	$2,342,000	-2.0%	31,325	+3.8%	2.24%	-2.2%
BXP	Buy	Boston Pptys Inc	$2,326,000	-1.2%	20,090	+0.8%	2.22%	-1.4%
HD	Buy	Home Depot Inc	$2,315,000	+15.3%	25,236	+1.8%	2.21%	+15.1%
PNC	Buy	PNC Finl Svcs Group	$2,298,000	-2.2%	26,850	+1.8%	2.20%	-2.4%
ACN	Buy	Accenture PLC Shs Cl A New	$2,276,000	+4.9%	27,985	+4.3%	2.17%	+4.7%
GILD	Sell	Gilead Science Inc	$2,262,000	+27.5%	21,248	-0.7%	2.16%	+27.3%
SLB	Buy	Schlumberger Limited	$2,203,000	+20.8%	21,665	+40.1%	2.10%	+20.6%
AIG	Buy	American International Group I	$2,165,000	+22.0%	40,075	+23.2%	2.07%	+21.7%
CHKP	Buy	Check Point Software Technologord	$2,077,000	+5.4%	29,990	+2.0%	1.98%	+5.2%
HCN	Buy	Health Care REIT Inc	$2,060,000	+1.4%	33,028	+1.9%	1.97%	+1.2%
GE	Buy	General Electric Co	$2,007,000	+1.0%	78,341	+3.6%	1.92%	+0.7%
BDX	Buy	Becton Dickinson Co	$2,001,000	-0.8%	17,586	+3.1%	1.91%	-1.0%
KRE	Buy	SPDR Regional Bankings&p regl bkg	$1,913,000	+2.2%	50,525	+8.8%	1.83%	+2.0%
NVS	Buy	Novartis AG ADRsponsored adr	$1,897,000	+10.3%	20,152	+6.1%	1.81%	+10.0%
ORCL	Buy	Oracle Corporation	$1,894,000	-4.8%	49,475	+0.8%	1.81%	-5.0%
ESRX	Buy	Express Scripts Inc	$1,887,000	+6.5%	26,710	+4.5%	1.80%	+6.3%
F113PS	Sell	Covidien PLC New	$1,818,000	-4.6%	21,015	-0.6%	1.74%	-4.8%
CVX	Buy	Chevron Corp	$1,779,000	-7.2%	14,907	+1.5%	1.70%	-7.4%
COST	Buy	Costco Wholesale Corp New	$1,760,000	+10.8%	14,045	+1.8%	1.68%	+10.5%
TROW	Buy	T Rowe Price Group Inc	$1,739,000	-3.6%	22,176	+3.7%	1.66%	-3.8%
BNS	Buy	Bank Of Nova Scotia	$1,730,000	-5.5%	27,967	+1.7%	1.65%	-5.7%
XES	Buy	SPDR S&P Oil & Gas Equipmentoilgas equip	$1,720,000	-16.1%	44,575	+7.1%	1.64%	-16.3%
CHD	Buy	Church & Dwight Co Inc	$1,720,000	+2.9%	24,511	+2.6%	1.64%	+2.7%
GS	Buy	Goldman Sachs Group Inc	$1,679,000	+10.3%	9,145	+0.6%	1.60%	+10.1%
OXY	Buy	Occidental Pete Corp	$1,653,000	-4.2%	17,194	+2.2%	1.58%	-4.4%
V	Buy	Visa Inc Cl A	$1,608,000	+4.8%	7,535	+3.4%	1.54%	+4.6%
EBAY	Buy	Ebay Inc	$1,598,000	+14.1%	28,225	+0.9%	1.53%	+14.0%
O	Buy	Realty Income Corp	$1,538,000	+28.9%	37,706	+40.4%	1.47%	+28.6%
CNK	Buy	Cinemark Holdings Inc	$1,532,000	-3.5%	45,002	+0.3%	1.46%	-3.6%
DEO	Buy	Diageo PLCspon adr new	$1,530,000	-2.4%	13,261	+7.7%	1.46%	-2.5%
NKE	Buy	Nike Inc Class Bcl b	$1,499,000	+16.2%	16,810	+1.1%	1.43%	+16.0%
EPD	Buy	Enterprise Products Partners L	$1,478,000	+5.0%	36,690	+104.2%	1.41%	+4.8%
JWN	Sell	Nordstrom Inc	$1,342,000	-0.3%	19,636	-0.9%	1.28%	-0.5%
XBI	Buy	SPDR S&P Biotech ETFs&p biotech	$1,302,000	+2.5%	8,350	+1.2%	1.24%	+2.3%
HST	Sell	Host Hotels & Resorts Inc Com	$1,278,000	-4.8%	59,928	-1.7%	1.22%	-5.0%
PAA	Buy	Plains All American Pipeline Lunit ltd partn	$1,259,000	-0.9%	21,385	+1.1%	1.20%	-1.2%
ESS	Buy	Essex Property Trust Inc	$1,192,000	-0.7%	6,670	+2.7%	1.14%	-1.0%
PM	Buy	Philip Morris Int'l Inc Com	$1,138,000	+15.7%	13,645	+16.9%	1.09%	+15.4%
ARE	Buy	Alexandria Real Est Eqty	$1,052,000	-4.7%	14,260	+0.2%	1.00%	-4.9%
EFA	Buy	i-Shares Tr MSCI EAFE Index Fdmsci eafe etf	$1,046,000	+1.5%	16,300	+8.1%	1.00%	+1.2%
VMI	Buy	Valmont Industries Inc	$1,046,000	-8.4%	7,750	+3.1%	1.00%	-8.6%
BHP	Buy	BHP Billiton Ltd ADRsponsored adr	$894,000	-8.8%	15,186	+6.1%	0.85%	-9.0%
EXR	Buy	Extra Space Storage Inc	$892,000	-0.3%	17,300	+3.0%	0.85%	-0.6%
MAA	Sell	Mid American Apartmentt Cmntys	$891,000	-10.3%	13,575	-0.2%	0.85%	-10.5%
DLR	Sell	Digital Realty Trust Inc	$879,000	+3.0%	14,086	-3.7%	0.84%	+2.8%
IWM	Buy	i-Shares Trust Russell 2000rus 2000 grw etf	$836,000	-7.1%	7,650	+1.0%	0.80%	-7.3%
CUBE	Buy	CubeSmart	$768,000	+1.6%	42,702	+3.5%	0.73%	+1.4%
PLD	Buy	ProLogis Trust	$721,000	-5.5%	19,135	+3.1%	0.69%	-5.6%
HME	Buy	Home Properties Inc	$713,000	-6.3%	12,250	+2.9%	0.68%	-6.6%
FR	Buy	First Industrial Realty Trust	$706,000	-8.1%	41,775	+2.5%	0.67%	-8.3%
RLJ	Buy	RLJ Lodging Trust	$628,000	-1.4%	22,062	+0.1%	0.60%	-1.6%
AKR	Buy	Acadia Realty Trust	$597,000	-0.2%	21,650	+1.8%	0.57%	-0.3%
STAG	Buy	Stag Industrial Inc	$516,000	-10.9%	24,935	+3.3%	0.49%	-11.0%
IWN	Buy	i-shares Trust Russell 2000 Varus 2000 val etf	$494,000	-3.3%	5,275	+6.6%	0.47%	-3.5%
EEM	Buy	i-Shares Tr MSCI Emerging Mktsmsci emg mkt etf	$447,000	-2.4%	10,750	+1.4%	0.43%	-2.5%
IWF	Sell	iShares Trust Russell 1000 Grorus 1000 grw etf	$305,000	-10.0%	3,325	-10.7%	0.29%	-10.5%
ABB	Exit	ABB Ltd ADRsponsored adr	$0	–	-38,675	–	-0.85%	–
ABBV	Exit	Abbvie Inc	$0	–	-18,992	–	-1.03%	–

Q2 2014

			Value		Shares		↓ Weighting
AAPL	New	Apple Computers	$3,468,000	–	37,311	–	3.32%	–
XLY	New	Sector SPDR Consumer Discretiosbi cons discr	$3,137,000	–	47,000	–	3.00%	–
SPG	New	Simon Ppty Grp Inc	$3,030,000	–	18,221	–	2.90%	–
UTX	New	United Technologies Corp	$2,747,000	–	23,796	–	2.63%	–
XLF	New	Sector SPDR Financial Selectsbi int-finl	$2,459,000	–	108,152	–	2.35%	–
GD	New	General Dynamics	$2,427,000	–	20,820	–	2.32%	–
QCOM	New	Qualcomm Inc	$2,390,000	–	30,175	–	2.29%	–
BXP	New	Boston Pptys Inc	$2,355,000	–	19,925	–	2.25%	–
PNC	New	PNC Finl Svcs Group	$2,349,000	–	26,375	–	2.25%	–
EMC	New	E M C Corp	$2,201,000	–	83,556	–	2.11%	–
ACN	New	Accenture PLC Shs Cl A New	$2,169,000	–	26,835	–	2.08%	–
XES	New	SPDR S&P Oil & Gas Equipmentoilgas equip	$2,051,000	–	41,625	–	1.96%	–
HCN	New	Health Care REIT Inc	$2,032,000	–	32,428	–	1.94%	–
BDX	New	Becton Dickinson Co	$2,018,000	–	17,061	–	1.93%	–
HD	New	Home Depot Inc	$2,007,000	–	24,786	–	1.92%	–
ORCL	New	Oracle Corporation	$1,989,000	–	49,075	–	1.90%	–
GE	New	General Electric Co	$1,988,000	–	75,646	–	1.90%	–
CHKP	New	Check Point Software Technologord	$1,970,000	–	29,390	–	1.89%	–
CVX	New	Chevron Corp	$1,917,000	–	14,682	–	1.84%	–
F113PS	New	Covidien PLC New	$1,906,000	–	21,140	–	1.82%	–
EMR	New	Emerson Electric Co	$1,876,000	–	28,276	–	1.80%	–
KRE	New	SPDR Regional Bankings&p regl bkg	$1,872,000	–	46,425	–	1.79%	–
BNS	New	Bank Of Nova Scotia	$1,831,000	–	27,492	–	1.75%	–
SLB	New	Schlumberger Limited	$1,824,000	–	15,460	–	1.75%	–
TROW	New	T Rowe Price Group Inc	$1,804,000	–	21,376	–	1.73%	–
AIG	New	American International Group I	$1,775,000	–	32,525	–	1.70%	–
GILD	New	Gilead Science Inc	$1,774,000	–	21,398	–	1.70%	–
ESRX	New	Express Scripts Inc	$1,772,000	–	25,560	–	1.70%	–
OXY	New	Occidental Pete Corp	$1,726,000	–	16,819	–	1.65%	–
NVS	New	Novartis AG ADRsponsored adr	$1,720,000	–	19,002	–	1.65%	–
CHD	New	Church & Dwight Co Inc	$1,671,000	–	23,886	–	1.60%	–
COST	New	Costco Wholesale Corp New	$1,589,000	–	13,795	–	1.52%	–
CNK	New	Cinemark Holdings Inc	$1,587,000	–	44,877	–	1.52%	–
DEO	New	Diageo PLCspon adr new	$1,567,000	–	12,311	–	1.50%	–
V	New	Visa Inc Cl A	$1,535,000	–	7,285	–	1.47%	–
GS	New	Goldman Sachs Group Inc	$1,522,000	–	9,090	–	1.46%	–
EPD	New	Enterprise Products Partners L	$1,407,000	–	17,970	–	1.35%	–
EBAY	New	Ebay Inc	$1,400,000	–	27,975	–	1.34%	–
JWN	New	Nordstrom Inc	$1,346,000	–	19,811	–	1.29%	–
HST	New	Host Hotels & Resorts Inc Com	$1,342,000	–	60,953	–	1.28%	–
NKE	New	Nike Inc Class Bcl b	$1,290,000	–	16,635	–	1.24%	–
PAA	New	Plains All American Pipeline Lunit ltd partn	$1,271,000	–	21,160	–	1.22%	–
XBI	New	SPDR S&P Biotech ETFs&p biotech	$1,270,000	–	8,250	–	1.22%	–
ESS	New	Essex Property Trust Inc	$1,201,000	–	6,495	–	1.15%	–
O	New	Realty Income Corp	$1,193,000	–	26,856	–	1.14%	–
VMI	New	Valmont Industries Inc	$1,142,000	–	7,515	–	1.09%	–
ARE	New	Alexandria Real Est Eqty	$1,104,000	–	14,225	–	1.06%	–
ABBV	New	Abbvie Inc	$1,072,000	–	18,992	–	1.03%	–
EFA	New	i-Shares Tr MSCI EAFE Index Fdmsci eafe etf	$1,031,000	–	15,075	–	0.99%	–
LORL	New	Loral Space & Communications I	$1,009,000	–	13,885	–	0.97%	–
MAA	New	Mid American Apartmentt Cmntys	$993,000	–	13,600	–	0.95%	–
PM	New	Philip Morris Int'l Inc Com	$984,000	–	11,670	–	0.94%	–
BHP	New	BHP Billiton Ltd ADRsponsored adr	$980,000	–	14,310	–	0.94%	–
IWM	New	i-Shares Trust Russell 2000rus 2000 grw etf	$900,000	–	7,575	–	0.86%	–
EXR	New	Extra Space Storage Inc	$895,000	–	16,800	–	0.86%	–
ABB	New	ABB Ltd ADRsponsored adr	$890,000	–	38,675	–	0.85%	–
DLR	New	Digital Realty Trust Inc	$853,000	–	14,626	–	0.82%	–
FR	New	First Industrial Realty Trust	$768,000	–	40,750	–	0.74%	–
PLD	New	ProLogis Trust	$763,000	–	18,560	–	0.73%	–
HME	New	Home Properties Inc	$761,000	–	11,900	–	0.73%	–
CUBE	New	CubeSmart	$756,000	–	41,252	–	0.72%	–
TW	New	Towers Watson & Co Class Acl a	$660,000	–	6,332	–	0.63%	–
RLJ	New	RLJ Lodging Trust	$637,000	–	22,037	–	0.61%	–
AKR	New	Acadia Realty Trust	$598,000	–	21,275	–	0.57%	–
STAG	New	Stag Industrial Inc	$579,000	–	24,135	–	0.55%	–
IWN	New	i-shares Trust Russell 2000 Varus 2000 val etf	$511,000	–	4,950	–	0.49%	–
EEM	New	i-Shares Tr MSCI Emerging Mktsmsci emg mkt etf	$458,000	–	10,600	–	0.44%	–
IWF	New	iShares Trust Russell 1000 Grorus 1000 grw etf	$339,000	–	3,725	–	0.32%	–

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