DOW CHEMICAL CO /DE/ Activity Q1 2011-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$211,181,105	-21.4%	494,014	-18.5%	33.38%	-4.6%
EWZ	Exit	ISHARES INCmsci brazil etf	$0	–	-1,500,000	–	-6.34%	–

Q2 2023

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRtr unit	$268,633,886	–	606,014	–	34.99%	–
SPLV	New	INVESCO EXCH TRADED FD TR IIs&p500 low vol	$251,144,466	–	3,998,479	–	32.72%	–
RSP	New	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$102,406,583	–	684,353	–	13.34%	–
EEM	New	ISHARES TRmsci emg mkt etf	$81,882,712	–	2,069,836	–	10.67%	–
EWZ	New	ISHARES INCmsci brazil etf	$48,645,000	–	1,500,000	–	6.34%	–
AI	New	C3 AI INCcl a	$13,409,810	–	368,098	–	1.75%	–
AGG	New	ISHARES TRcore us aggbd et	$1,558,580	–	15,912	–	0.20%	–

Q4 2022

			Value		Shares		↓ Weighting
AGG	Exit	ISHARES TRcore us aggbd et	$0	–	-15,912	–	-0.24%	–
IEF	Exit	ISHARES TR7-10 yr trsy bd	$0	–	-18,777	–	-0.28%	–
USIG	Exit	ISHARES TRusd inv grde etf	$0	–	-51,458	–	-0.39%	–
AI	Exit	C3 AI INCcl a	$0	–	-368,098	–	-0.73%	–
AGFS	Exit	AGROFRESH SOLUTIONS	$0	–	-21,001,074	–	-4.97%	–
EEM	Exit	ISHARES TRmsci emg mkt etf	$0	–	-935,000	–	-5.15%	–
EFA	Exit	ISHARES TRmsci eafe etf	$0	–	-888,000	–	-7.85%	–
TLT	Exit	ISHARES TR20 yr tr bd etf	$0	–	-599,111	–	-9.68%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-268,000	–	-15.10%	–
LQD	Exit	ISHARES TRiboxx inv cp etf	$0	–	-1,182,000	–	-19.11%	–
SPLV	Exit	INVESCO EXCH TRADED FD TR IIs&p500 low vol	$0	–	-4,000,000	–	-36.50%	–

Q3 2022

			Value		Shares		↓ Weighting
LQD	New	ISHARES TRiboxx inv cp etf	$121,096,000	–	1,182,000	–	19.11%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$95,724,000	–	268,000	–	15.10%	–
TLT	Buy	ISHARES TR20 yr tr bd etf	$61,379,000	+1421.9%	599,111	+1606.3%	9.68%	+626.6%
EFA	New	ISHARES TRmsci eafe etf	$49,737,000	–	888,000	–	7.85%	–
EEM	New	ISHARES TRmsci emg mkt etf	$32,613,000	–	935,000	–	5.15%	–

Q2 2022

			Value		Shares		↓ Weighting
SPLV	New	INVESCO EXCH TRADED FD TR IIs&p500 low vol	$248,000,000	–	4,000,000	–	81.98%	–
AGFS	New	AGROFRESH SOLUTIONS	$37,592,000	–	21,001,074	–	12.43%	–
AI	New	C3 AI INCcl a	$6,721,000	–	368,098	–	2.22%	–
TLT	New	ISHARES TR20 yr tr bd etf	$4,033,000	–	35,111	–	1.33%	–
USIG	New	ISHARES TRusd inv grde etf	$2,623,000	–	51,458	–	0.87%	–
IEF	New	ISHARES TR7-10 yr trsy bd	$1,921,000	–	18,777	–	0.64%	–
AGG	New	ISHARES TRcore us aggbd et	$1,618,000	–	15,912	–	0.54%	–

Q4 2021

			Value		Shares		↓ Weighting
USIG	Exit	ISHARES TRusd inv grde etf	$0	–	-89,268	–	-1.22%	–
IYR	Exit	ISHARES TRu.s. real es etf	$0	–	-87,000	–	-2.57%	–
AI	Exit	C3 AI INCcl a	$0	–	-368,098	–	-3.89%	–
IEF	Exit	ISHARES TRbarclays 7 10 yr	$0	–	-161,077	–	-4.23%	–
LQD	Exit	ISHARES TRiboxx inv cp etf	$0	–	-228,127	–	-6.92%	–
HYG	Exit	ISHARES TRiboxx hi yd etf	$0	–	-274,200	–	-6.93%	–
TLT	Exit	ISHARES TR20 yr tr bd etf	$0	–	-247,111	–	-8.13%	–
FTAI	Exit	FORTRESS TRANS INFRST INVS L	$0	–	-1,729,851	–	-10.01%	–
AGFS	Exit	AGROFRESH SOLUTIONS	$0	–	-21,001,151	–	-10.35%	–
PFF	Exit	ISHARES TRpfd and incm sec	$0	–	-1,625,000	–	-15.20%	–
AGG	Exit	ISHARES TRcore us aggbd et	$0	–	-1,165,912	–	-30.54%	–

Q3 2021

			Value		Shares		↓ Weighting
AGG	Sell	ISHARES TRcore us aggbd et	$133,882,000	-52.8%	1,165,912	-52.6%	30.54%	-4.1%
PFF	Buy	ISHARES TRpfd and incm sec	$66,639,000	+32.4%	1,625,000	+27.0%	15.20%	+169.1%
TLT	Sell	ISHARES TR20 yr tr bd etf	$35,663,000	-72.5%	247,111	-72.5%	8.13%	-44.2%
LQD	Sell	ISHARES TRiboxx inv cp etf	$30,348,000	-83.9%	228,127	-83.7%	6.92%	-67.2%
IEF	Sell	ISHARES TRbarclays 7 10 yr	$18,559,000	-72.1%	161,077	-72.0%	4.23%	-43.2%
IYR	New	ISHARES TRu.s. real es etf	$11,285,000	–	87,000	–	2.57%	–
USIG	Sell	ISHARES TRusd inv grde etf	$5,365,000	-70.5%	89,268	-70.2%	1.22%	-40.0%

Q2 2021

			Value		Shares		↓ Weighting
AGG	New	ISHARES TRcore us aggbd et	$283,702,000	–	2,459,912	–	31.83%	–
LQD	New	ISHARES TRiboxx inv cp etf	$188,104,000	–	1,400,000	–	21.10%	–
TLT	New	ISHARES TR20 yr tr bd etf	$129,915,000	–	900,000	–	14.58%	–
IEF	New	ISHARES TRbarclays 7 10 yr	$66,407,000	–	575,000	–	7.45%	–
FTAI	New	FORTRESS TRANS INFRST INVS L	$58,037,000	–	1,729,851	–	6.51%	–
PFF	New	ISHARES TRpfd and incm sec	$50,349,000	–	1,280,000	–	5.65%	–
AGFS	New	AGROFRESH SOLUTIONS	$43,682,000	–	21,001,151	–	4.90%	–
HYG	New	ISHARES TRiboxx hi yd etf	$29,893,000	–	274,200	–	3.35%	–
AI	New	C3 AI INCcl a	$23,017,000	–	368,098	–	2.58%	–
USIG	New	ISHARES TRusd inv grde etf	$18,177,000	–	300,000	–	2.04%	–

Q4 2020

			Value		Shares		↓ Weighting
XLV	Exit	SELECT SECTOR SPDR TRsbi healthcare	$0	–	-33,427	–	-1.39%	–
FTAI	Exit	FORTRESS TRANS INFRST INVS L	$0	–	-1,729,851	–	-11.69%	–
SPLV	Exit	INVESCO EXCH TRADED FD TR IIs&p500 low vol	$0	–	-840,753	–	-17.79%	–
USMV	Exit	ISHARES TRmsci usa min vol	$0	–	-778,984	–	-19.58%	–
AGFS	Exit	AGROFRESH SOLUTIONS	$0	–	-21,001,151	–	-20.13%	–
XLP	Exit	SELECT SECTOR SPDR TRsbi cons stpls	$0	–	-1,164,075	–	-29.43%	–

Q3 2020

			Value		Shares		↓ Weighting
XLP	Sell	SELECT SECTOR SPDR TRsbi cons stpls	$74,617,000	+5.2%	1,164,075	-3.8%	29.43%	+60.7%
USMV	Sell	ISHARES TRmsci usa min vol	$49,645,000	-57.7%	778,984	-59.8%	19.58%	-35.4%
SPLV	Sell	INVESCO EXCH TRADED FD TR IIs&p500 low vol	$45,098,000	-59.1%	840,753	-62.1%	17.79%	-37.5%
FTAI	Sell	FORTRESS TRANS INFRST INVS L	$29,632,000	+23.2%	1,729,851	-6.6%	11.69%	+88.2%
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$3,526,000	–	33,427	–	1.39%	–
AGFSW	Exit	AGROFRESH SOLUTIONSwarrants	$0	–	-3,000,000	–	-0.02%	–
CRWD	Exit	CROWDSTRIKE HLDGS INCcl a	$0	–	-10,840	–	-0.28%	–

Q2 2020

			Value		Shares		↓ Weighting
USMV	New	ISHARES TRmsci min vol etf	$117,371,000	–	1,935,856	–	30.30%	–
SPLV	New	INVESCO EXCH TRADED FD TR IIs&p500 low vol	$110,261,000	–	2,219,429	–	28.46%	–
XLP	New	SELECT SECTOR SPDR TRsbi cons stpls	$70,956,000	–	1,210,032	–	18.32%	–
AGFS	New	AGROFRESH SOLUTIONS	$63,633,000	–	21,001,151	–	16.42%	–
FTAI	New	FORTRESS TRANS INFRST INVS L	$24,056,000	–	1,851,907	–	6.21%	–
CRWD	New	CROWDSTRIKE HLDGS INCcl a	$1,087,000	–	10,840	–	0.28%	–
AGFSW	New	AGROFRESH SOLUTIONSwarrants	$64,000	–	3,000,000	–	0.02%	–

Q4 2019

			Value		Shares		↓ Weighting
AGFSW	Exit	AGROFRESH SOLUTIONSwarrants	$0	–	-3,000,000	–	-0.00%	–
XLV	Exit	SELECT SECTOR SPDR TRsbi healthcare	$0	–	-7,218	–	-0.14%	–
XLY	Exit	SELECT SECTOR SPDR TRsbi cons discr	$0	–	-12,627	–	-0.34%	–
XLI	Exit	SELECT SECTOR SPDR TRsbi int-inds	$0	–	-39,278	–	-0.68%	–
XLF	Exit	SELECT SECTOR SPDR TRsbi int-finl	$0	–	-109,398	–	-0.68%	–
XLB	Exit	SELECT SECTOR SPDR TRsbi materials	$0	–	-56,545	–	-0.73%	–
XLE	Exit	SELECT SECTOR SPDR TRenergy	$0	–	-67,395	–	-0.89%	–
XLRE	Exit	SELECT SECTOR SPDR TRrl est sel sec	$0	–	-257,444	–	-2.26%	–
PFNX	Exit	PFENEX INC	$0	–	-1,271,428	–	-2.39%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-141,215	–	-2.54%	–
LYFT	Exit	LYFT INC	$0	–	-284,903	–	-2.60%	–
XLP	Exit	SELECT SECTOR SPDR TRsbi cons stpls	$0	–	-255,151	–	-3.50%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-397,764	–	-5.74%	–
FTAI	Exit	FORTRESS TRANS INFRST INVS L	$0	–	-1,851,907	–	-6.26%	–
AGFS	Exit	AGROFRESH SOLUTIONS	$0	–	-21,001,151	–	-12.32%	–
USMV	Exit	ISHARES TRmsci min vol etf	$0	–	-2,024,319	–	-28.94%	–
SPLV	Exit	INVESCO EXCHNG TRADED FD TRs&p500 low vol	$0	–	-2,320,850	–	-29.98%	–

Q3 2019

			Value		Shares		↓ Weighting
SPLV	Sell	INVESCO EXCHNG TRADED FD TRs&p500 low vol	$134,377,000	-46.6%	2,320,850	-49.3%	29.98%	-23.1%
USMV	Sell	ISHARES TRmsci min vol etf	$129,759,000	-47.8%	2,024,319	-49.7%	28.94%	-24.8%
XLU	Sell	SELECT SECTOR SPDR TRsbi int-utils	$25,751,000	-23.0%	397,764	-29.1%	5.74%	+10.9%
XLP	Buy	SELECT SECTOR SPDR TRsbi cons stpls	$15,671,000	+186.8%	255,151	+171.1%	3.50%	+313.2%
LYFT	New	LYFT INC	$11,635,000	–	284,903	–	2.60%	–
XLK	Buy	SELECT SECTOR SPDR TRtechnology	$11,372,000	+32.3%	141,215	+28.2%	2.54%	+90.6%
PFNX	Sell	PFENEX INC	$10,731,000	-10.1%	1,271,428	-28.2%	2.39%	+29.5%
XLRE	Sell	SELECT SECTOR SPDR TRrl est sel sec	$10,128,000	+3.3%	257,444	-3.4%	2.26%	+48.8%
XLE	New	SELECT SECTOR SPDR TRenergy	$3,990,000	–	67,395	–	0.89%	–
XLB	Buy	SELECT SECTOR SPDR TRsbi materials	$3,291,000	+10.1%	56,545	+10.7%	0.73%	+58.5%
XLF	Sell	SELECT SECTOR SPDR TRsbi int-finl	$3,063,000	-31.3%	109,398	-32.2%	0.68%	-1.0%
XLI	Buy	SELECT SECTOR SPDR TRsbi int-inds	$3,049,000	+1.4%	39,278	+1.2%	0.68%	+45.9%
XLY	Sell	SELECT SECTOR SPDR TRsbi cons discr	$1,524,000	-49.3%	12,627	-49.9%	0.34%	-26.9%
XLV	Sell	SELECT SECTOR SPDR TRsbi healthcare	$651,000	-78.2%	7,218	-77.6%	0.14%	-68.7%
TTPH	Exit	TETRAPHASE PHARMACEUTICALS I	$0	–	-65,000	–	-0.01%	–

Q2 2019

			Value		Shares		↓ Weighting
SPLV	New	INVESCO EXCHNG TRADED FD TRs&p500 low vol	$251,652,000	–	4,573,833	–	38.97%	–
USMV	New	ISHARES TRmin vol usa etf	$248,612,000	–	4,027,402	–	38.50%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$33,456,000	–	561,066	–	5.18%	–
AGFS	New	AGROFRESH SOLUTIONS	$31,712,000	–	21,001,151	–	4.91%	–
FTAI	New	FORTRESS TRANS INFRST INVS L	$27,964,000	–	1,851,907	–	4.33%	–
PFNX	New	PFENEX INC	$11,939,000	–	1,771,428	–	1.85%	–
XLRE	New	SELECT SECTOR SPDR TRrl est sel sec	$9,800,000	–	266,535	–	1.52%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$8,593,000	–	110,115	–	1.33%	–
XLP	New	SELECT SECTOR SPDR TRsbi cons stpls	$5,465,000	–	94,112	–	0.85%	–
XLF	New	SELECT SECTOR SPDR TRsbi int-finl	$4,456,000	–	161,453	–	0.69%	–
XLI	New	SELECT SECTOR SPDR TRsbi int-inds	$3,006,000	–	38,826	–	0.47%	–
XLY	New	SELECT SECTOR SPDR TRsbi cons discr	$3,005,000	–	25,213	–	0.46%	–
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$2,988,000	–	32,250	–	0.46%	–
XLB	New	SELECT SECTOR SPDR TRsbi materials	$2,988,000	–	51,081	–	0.46%	–
AGFSW	New	AGROFRESH SOLUTIONSwarrants	$47,000	–	3,000,000	–	0.01%	–
TTPH	New	TETRAPHASE PHARMACEUTICALS I	$31,000	–	65,000	–	0.01%	–

Q4 2018

			Value		Shares		↓ Weighting
TTPH	Exit	TETRAPHASE PHARMACEUTICALS I	$0	–	-65,000	–	-0.02%	–
AGFSW	Exit	AGROFRESH SOLUTIONSwarrants	$0	–	-3,000,000	–	-0.08%	–
XLB	Exit	SELECT SECTOR SPDR TRsbi materials	$0	–	-23,750	–	-0.19%	–
XLE	Exit	SELECT SECTOR SPDR TRenergy	$0	–	-23,635	–	-0.24%	–
XLRE	Exit	SELECT SECTOR SPDR TRrl est sel sec	$0	–	-89,380	–	-0.40%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-50,534	–	-0.52%	–
XLP	Exit	SELECT SECTOR SPDR TRsbi cons stpls	$0	–	-98,661	–	-0.73%	–
XLI	Exit	SELECT SECTOR SPDR TRsbi int-inds	$0	–	-101,042	–	-1.08%	–
XLY	Exit	SELECT SECTOR SPDR TRsbi cons discr	$0	–	-69,551	–	-1.12%	–
XLF	Exit	SELECT SECTOR SPDR TRsbi int-finl	$0	–	-304,712	–	-1.15%	–
PFNX	Exit	PFENEX INC	$0	–	-1,771,428	–	-1.24%	–
XLV	Exit	SELECT SECTOR SPDR TRsbi healthcare	$0	–	-98,260	–	-1.28%	–
AMJ	Exit	JPMORGAN CHASE & COalerian ml etn	$0	–	-678,000	–	-2.54%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-392,351	–	-2.82%	–
FTAI	Exit	FORTRESS TRANS INFRST INVS L	$0	–	-2,937,864	–	-7.30%	–
AGFS	Exit	AGROFRESH SOLUTIONS	$0	–	-19,847,683	–	-16.91%	–
SPLV	Exit	INVESCO EXCHNG TRADED FD TRs&p500 low vol	$0	–	-4,573,833	–	-30.97%	–
USMV	Exit	ISHARES TRmin vol usa etf	$0	–	-4,027,402	–	-31.41%	–

Q3 2018

			Value		Shares		↓ Weighting
USMV	New	ISHARES TRmin vol usa etf	$229,723,000	–	4,027,402	–	31.41%	–
SPLV	New	INVESCO EXCHNG TRADED FD TRs&p500 low vol	$226,496,000	–	4,573,833	–	30.97%	–
AGFS	Buy	AGROFRESH SOLUTIONS	$123,651,000	-4.3%	19,847,683	+7.7%	16.91%	-63.7%
XLU	Buy	SELECT SECTOR SPDR TRsbi int-utils	$20,657,000	+87.5%	392,351	+85.0%	2.82%	-28.8%
XLV	Buy	SELECT SECTOR SPDR TRsbi healthcare	$9,349,000	+60.0%	98,260	+40.4%	1.28%	-39.3%
XLF	Buy	SELECT SECTOR SPDR TRsbi int-finl	$8,404,000	+15.5%	304,712	+11.3%	1.15%	-56.2%
XLY	Sell	SELECT SECTOR SPDR TRsbi cons discr	$8,153,000	-7.5%	69,551	-13.7%	1.12%	-64.9%
XLI	Buy	SELECT SECTOR SPDR TRsbi int-inds	$7,922,000	+150.7%	101,042	+129.1%	1.08%	-4.8%
XLP	Buy	SELECT SECTOR SPDR TRsbi cons stpls	$5,321,000	+207.9%	98,661	+194.2%	0.73%	+16.9%
XLK	Sell	SELECT SECTOR SPDR TRtechnology	$3,807,000	-75.5%	50,534	-77.4%	0.52%	-90.7%
XLRE	Buy	SELECT SECTOR SPDR TRrl est sel sec	$2,915,000	+70.2%	89,380	+70.7%	0.40%	-35.3%
XLE	Sell	SELECT SECTOR SPDR TRenergy	$1,790,000	-77.9%	23,635	-77.8%	0.24%	-91.6%
XLB	Sell	SELECT SECTOR SPDR TRsbi materials	$1,376,000	-56.8%	23,750	-56.7%	0.19%	-83.6%

Q2 2018

			Value		Shares		↓ Weighting
AGFS	New	AGROFRESH SOLUTIONS	$129,206,000	–	18,431,604	–	46.54%	–
FTAI	New	FORTRESS TRANS INFRST INVS L	$53,087,000	–	2,937,864	–	19.12%	–
AMJ	New	JPMORGAN CHASE & COalerian ml etn	$18,021,000	–	678,000	–	6.49%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$15,532,000	–	223,575	–	5.60%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$11,018,000	–	212,047	–	3.97%	–
PFNX	New	PFENEX INC	$9,583,000	–	1,771,428	–	3.45%	–
XLY	New	SELECT SECTOR SPDR TRsbi cons discr	$8,811,000	–	80,610	–	3.17%	–
XLE	New	SELECT SECTOR SPDR TRenergy	$8,082,000	–	106,424	–	2.91%	–
XLF	New	SELECT SECTOR SPDR TRsbi int-finl	$7,279,000	–	273,755	–	2.62%	–
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$5,842,000	–	70,000	–	2.10%	–
XLB	New	SELECT SECTOR SPDR TRsbi materials	$3,188,000	–	54,892	–	1.15%	–
XLI	New	SELECT SECTOR SPDR TRsbi int-inds	$3,160,000	–	44,112	–	1.14%	–
XLP	New	SELECT SECTOR SPDR TRsbi cons stpls	$1,728,000	–	33,535	–	0.62%	–
XLRE	New	SELECT SECTOR SPDR TRrl est sel sec	$1,713,000	–	52,375	–	0.62%	–
AGFSW	New	AGROFRESH SOLUTIONSwarrants	$1,110,000	–	3,000,000	–	0.40%	–
TTPH	New	TETRAPHASE PHARMACEUTICALS I	$232,000	–	65,000	–	0.08%	–

Q4 2017

			Value		Shares		↓ Weighting
ARDX	Exit	ARDELYX INC	$0	–	-1,798	–	-0.00%	–
FOLD	Exit	AMICUS THERAPEUTICS INC	$0	–	-14,674	–	-0.06%	–
TTPH	Exit	TETRAPHASE PHARMACEUTICALS I	$0	–	-65,000	–	-0.11%	–
XLI	Exit	SELECT SECTOR SPDR TRsbi int-inds	$0	–	-22,263	–	-0.39%	–
AGFSW	Exit	AGROFRESH SOLUTIONSwarrants	$0	–	-3,000,000	–	-0.41%	–
XLRE	Exit	SELECT SECTOR SPDR TRrl est sel sec	$0	–	-65,645	–	-0.53%	–
XLB	Exit	SELECT SECTOR SPDR TRsbi materials	$0	–	-54,758	–	-0.77%	–
XLY	Exit	SELECT SECTOR SPDR TRsbi cons discr	$0	–	-42,694	–	-0.96%	–
XLP	Exit	SELECT SECTOR SPDR TRsbi cons stpls	$0	–	-80,087	–	-1.07%	–
XLV	Exit	SELECT SECTOR SPDR TRsbi healthcare	$0	–	-62,041	–	-1.26%	–
XLE	Exit	SELECT SECTOR SPDR TRenergy	$0	–	-76,420	–	-1.30%	–
PFNX	Exit	PFENEX INC	$0	–	-1,771,428	–	-1.33%	–
XLF	Exit	SELECT SECTOR SPDR TRsbi int-finl	$0	–	-320,691	–	-2.06%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-200,888	–	-2.95%	–
DBC	Exit	POWERSHARES DB CMDTY IDX TRAunit ben int	$0	–	-777,950	–	-2.98%	–
GUNR	Exit	FLEXSHARES TRmornstar upstr	$0	–	-428,500	–	-3.32%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-411,893	–	-5.43%	–
AMJ	Exit	JPMORGAN CHASE & COalerian ml etn	$0	–	-1,969,090	–	-13.81%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-241,500	–	-15.08%	–
FTAI	Exit	FORTRESS TRANS INFRST INVS L	$0	–	-3,338,482	–	-15.26%	–
AGFS	Exit	AGROFRESH SOLUTIONS	$0	–	-17,710,393	–	-30.93%	–

Q3 2017

			Value		Shares		↓ Weighting
AGFS	Buy	AGROFRESH SOLUTIONS	$124,504,000	-1.9%	17,710,393	+0.2%	30.93%	+135.0%
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$60,672,000	-80.6%	241,500	-81.4%	15.08%	-53.6%
XLU	Buy	SELECT SECTOR SPDR TRsbi int-utils	$21,851,000	+44.5%	411,893	+41.5%	5.43%	+245.8%
XLK	Sell	SELECT SECTOR SPDR TRtechnology	$11,872,000	-64.3%	200,888	-66.9%	2.95%	-14.4%
XLF	Sell	SELECT SECTOR SPDR TRsbi int-finl	$8,293,000	+3.1%	320,691	-1.7%	2.06%	+146.7%
XLE	Sell	SELECT SECTOR SPDR TRenergy	$5,233,000	-4.4%	76,420	-9.3%	1.30%	+128.9%
XLV	Sell	SELECT SECTOR SPDR TRsbi healthcare	$5,071,000	-23.2%	62,041	-25.5%	1.26%	+83.9%
XLP	Buy	SELECT SECTOR SPDR TRsbi cons stpls	$4,323,000	-0.1%	80,087	+1.7%	1.07%	+139.2%
XLY	Sell	SELECT SECTOR SPDR TRsbi cons discr	$3,846,000	-55.4%	42,694	-55.6%	0.96%	+6.9%
XLB	Sell	SELECT SECTOR SPDR TRsbi materials	$3,110,000	+3.5%	54,758	-1.9%	0.77%	+147.8%
XLRE	New	SELECT SECTOR SPDR TRrl est sel sec	$2,116,000	–	65,645	–	0.53%	–
XLI	Sell	SELECT SECTOR SPDR TRsbi int-inds	$1,581,000	-47.9%	22,263	-50.0%	0.39%	+24.8%
ORI	Exit	OLD REPUBLIC INTL CORP	$0	–	-12,375	–	-0.02%	–
	Exit	ISHARES TRput	$0	–	-2,258,000	–	-0.06%	–
	Exit	ISHARES TRcall	$0	–	-1,129,000	–	-0.11%	–
	Exit	SPDR S&P 500 ETF TRcall	$0	–	-667,000	–	-0.23%	–
	Exit	SPDR S&P 500 ETF TRput	$0	–	-1,334,000	–	-0.29%	–
VNQ	Exit	VANGUARD INDEX FDSreit etf	$0	–	-306,600	–	-2.65%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-413,812	–	-10.45%	–
EEM	Exit	ISHARES TRmsci emg mkt etf	$0	–	-3,765,656	–	-16.17%	–

Q2 2017

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRtr unit	$313,426,000	–	1,296,220	–	32.52%	–
EEM	New	ISHARES TRmsci emg mkt etf	$155,861,000	–	3,765,656	–	16.17%	–
AGFS	New	AGROFRESH SOLUTIONS	$126,874,000	–	17,670,356	–	13.17%	–
IVV	New	ISHARES TRcore s&p500 etf	$100,726,000	–	413,812	–	10.45%	–
AMJ	New	JPMORGAN CHASE & COalerian ml etn	$58,482,000	–	1,969,090	–	6.07%	–
FTAI	New	FORTRESS TRANS INFRST INVS L	$54,487,000	–	3,338,482	–	5.65%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$33,218,000	–	607,054	–	3.45%	–
VNQ	New	VANGUARD INDEX FDSreit etf	$25,518,000	–	306,600	–	2.65%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$15,126,000	–	291,103	–	1.57%	–
GUNR	New	FLEXSHARES TRmornstar upstr	$12,242,000	–	428,500	–	1.27%	–
DBC	New	POWERSHARES DB CMDTY IDX TRAunit ben int	$11,241,000	–	777,950	–	1.17%	–
XLY	New	SELECT SECTOR SPDR TRsbi cons discr	$8,615,000	–	96,122	–	0.89%	–
XLF	New	SELECT SECTOR SPDR TRsbi int-finl	$8,044,000	–	326,079	–	0.84%	–
PFNX	New	PFENEX INC	$7,103,000	–	1,771,428	–	0.74%	–
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$6,603,000	–	83,323	–	0.68%	–
XLE	New	SELECT SECTOR SPDR TRenergy	$5,472,000	–	84,295	–	0.57%	–
XLP	New	SELECT SECTOR SPDR TRsbi cons stpls	$4,328,000	–	78,778	–	0.45%	–
XLI	New	SELECT SECTOR SPDR TRsbi int-inds	$3,033,000	–	44,527	–	0.32%	–
XLB	New	SELECT SECTOR SPDR TRsbi materials	$3,004,000	–	55,829	–	0.31%	–
AGFSW	New	AGROFRESH SOLUTIONSwarrants	$2,790,000	–	3,000,000	–	0.29%	–
	New	SPDR S&P 500 ETF TRput	$2,755,000	–	1,334,000	–	0.29%	–
	New	SPDR S&P 500 ETF TRcall	$2,201,000	–	667,000	–	0.23%	–
	New	ISHARES TRcall	$1,095,000	–	1,129,000	–	0.11%	–
	New	ISHARES TRput	$576,000	–	2,258,000	–	0.06%	–
TTPH	New	TETRAPHASE PHARMACEUTICALS I	$463,000	–	65,000	–	0.05%	–
ORI	New	OLD REPUBLIC INTL CORP	$242,000	–	12,375	–	0.02%	–
FOLD	New	AMICUS THERAPEUTICS INC	$148,000	–	14,674	–	0.02%	–
ARDX	New	ARDELYX INC	$9,000	–	1,798	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
ARDX	Exit	ARDELYX INC	$0	–	-1,798	–	-0.00%	–
FOLD	Exit	AMICUS THERAPEUTICS INC	$0	–	-14,674	–	-0.01%	–
ORI	Exit	OLD REPUBLIC INTL CORP	$0	–	-12,375	–	-0.02%	–
TTPH	Exit	TETRAPHASE PHARMACEUTICALS I	$0	–	-65,000	–	-0.02%	–
OIH	Exit	VANECK VECTORS ETF TRoil svcs etf	$0	–	-15,000	–	-0.04%	–
VGT	Exit	VANGUARD WORLD FDSinf tech etf	$0	–	-5,000	–	-0.06%	–
XOP	Exit	SPDR SERIES TRUSTs&p oilgas exp	$0	–	-37,321	–	-0.14%	–
XBI	Exit	SPDR SERIES TRUSTs&p biotech	$0	–	-30,000	–	-0.19%	–
AGFSW	Exit	AGROFRESH SOLUTIONSwarrants	$0	–	-6,000,000	–	-0.46%	–
XLRE	Exit	SELECT SECTOR SPDR TRrl est sel sec	$0	–	-196,520	–	-0.63%	–
DBC	Exit	POWERSHARES DB CMDTY IDX TRAunit ben int	$0	–	-777,950	–	-1.14%	–
GUNR	Exit	FLEXSHARES TRmornstar upstr	$0	–	-428,500	–	-1.15%	–
XLB	Exit	SELECT SECTOR SPDR TRsbi materials	$0	–	-320,410	–	-1.50%	–
XLE	Exit	SELECT SECTOR SPDR TRsbi int-energy	$0	–	-224,527	–	-1.55%	–
PFNX	Exit	PFENEX INC	$0	–	-2,221,428	–	-1.94%	–
XLI	Exit	SELECT SECTOR SPDR TRsbi int-inds	$0	–	-343,997	–	-1.96%	–
XLY	Exit	SELECT SECTOR SPDR TRsbi cons discr	$0	–	-277,393	–	-2.17%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-651,022	–	-2.40%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-514,189	–	-2.46%	–
XLF	Exit	SELECT SECTOR SPDR TRsbi int-finl	$0	–	-1,332,332	–	-2.51%	–
VNQ	Exit	VANGUARD INDEX FDSreit etf	$0	–	-306,600	–	-2.60%	–
XLP	Exit	SELECT SECTOR SPDR TRsbi cons stpls	$0	–	-553,607	–	-2.88%	–
XLV	Exit	SELECT SECTOR SPDR TRsbi healthcare	$0	–	-554,607	–	-3.91%	–
FTAI	Exit	FORTRESS TRANS INFRST INVS L	$0	–	-3,338,482	–	-4.08%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-1,010,000	–	-4.72%	–
AMJ	Exit	JPMORGAN CHASE & COalerian ml etn	$0	–	-1,969,090	–	-6.06%	–
AGFS	Exit	AGROFRESH SOLUTIONS	$0	–	-17,500,000	–	-9.05%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-497,412	–	-10.58%	–
EEM	Exit	ISHARES TRmsci emg mkt etf	$0	–	-3,920,376	–	-14.36%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-1,010,893	–	-21.38%	–

Q3 2016

			Value		Shares		↓ Weighting
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$218,656,000	-5.6%	1,010,893	-8.6%	21.38%	-10.1%
IVV	Buy	ISHARES TRcore s&p500 etf	$108,217,000	+21.6%	497,412	+17.8%	10.58%	+15.8%
XLK	Buy	SELECT SECTOR SPDR TRtechnology	$48,258,000	+12.8%	1,010,000	+2.3%	4.72%	+7.4%
FTAI	Buy	FORTRESS TRANS INFRST INVS L	$41,764,000	+48.0%	3,338,482	+8.7%	4.08%	+41.0%
XLV	Buy	SELECT SECTOR SPDR TRsbi healthcare	$39,993,000	+9.5%	554,607	+9.0%	3.91%	+4.4%
XLP	Sell	SELECT SECTOR SPDR TRsbi cons stpls	$29,457,000	-43.3%	553,607	-41.3%	2.88%	-46.0%
XLF	Buy	SELECT SECTOR SPDR TRsbi int-finl	$25,714,000	-13.8%	1,332,332	+1.9%	2.51%	-17.9%
XLU	Buy	SELECT SECTOR SPDR TRsbi int-utils	$25,190,000	+24.5%	514,189	+33.3%	2.46%	+18.6%
XLY	Buy	SELECT SECTOR SPDR TRsbi cons discr	$22,203,000	+2.6%	277,393	+0.0%	2.17%	-2.3%
XLI	Sell	SELECT SECTOR SPDR TRsbi int-inds	$20,083,000	-0.0%	343,997	-4.2%	1.96%	-4.8%
XLE	Buy	SELECT SECTOR SPDR TRsbi int-energy	$15,854,000	+22.0%	224,527	+17.9%	1.55%	+16.2%
XLB	Buy	SELECT SECTOR SPDR TRsbi materials	$15,300,000	+237.2%	320,410	+227.3%	1.50%	+221.0%
XLRE	New	SELECT SECTOR SPDR TRrl est sel sec	$6,440,000	–	196,520	–	0.63%	–
AGFSW	New	AGROFRESH SOLUTIONSwarrants	$4,680,000	–	6,000,000	–	0.46%	–
XBI	Buy	SPDR SERIES TRUSTs&p biotech	$1,989,000	+47.1%	30,000	+20.0%	0.19%	+39.6%
XOP	Buy	SPDR SERIES TRUSTs&p oilgas exp	$1,435,000	+174.9%	37,321	+148.8%	0.14%	+159.3%
VGT	New	VANGUARD WORLD FDSinf tech etf	$602,000	–	5,000	–	0.06%	–
OIH	New	VANECK VECTORS ETF TRoil svcs etf	$439,000	–	15,000	–	0.04%	–
ORI	New	OLD REPUBLIC INTL CORP	$218,000	–	12,375	–	0.02%	–
FOLD	New	AMICUS THERAPEUTICS INC	$109,000	–	14,674	–	0.01%	–
ARDX	New	ARDELYX INC	$23,000	–	1,798	–	0.00%	–
XHB	Exit	SPDR SERIES TRUSTs&p homebuild	$0	–	-10,000	–	-0.03%	–

Q2 2016

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRtr unit	$231,697,000	–	1,105,793	–	23.78%	–
EEM	New	ISHARES TRmsci emg mkt etf	$134,704,000	–	3,920,376	–	13.83%	–
AGFS	New	AGROFRESH SOLUTIONS	$92,925,000	–	17,500,000	–	9.54%	–
IVV	New	ISHARES TRcore s&p500 etf	$89,002,000	–	422,412	–	9.14%	–
AMJ	New	JPMORGAN CHASE & COalerian ml etn	$62,676,000	–	1,969,090	–	6.43%	–
XLP	New	SELECT SECTOR SPDR TRsbi cons stpls	$51,991,000	–	942,723	–	5.34%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$42,796,000	–	987,000	–	4.39%	–
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$36,507,000	–	509,021	–	3.75%	–
XLF	New	SELECT SECTOR SPDR TRsbi int-finl	$29,846,000	–	1,307,332	–	3.06%	–
FTAI	New	FORTRESS TRANS INFRST INVS L	$28,226,000	–	3,071,403	–	2.90%	–
VNQ	New	VANGUARD INDEX FDSreit etf	$27,186,000	–	306,600	–	2.79%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$22,929,000	–	651,022	–	2.35%	–
XLY	New	SELECT SECTOR SPDR TRsbi cons discr	$21,650,000	–	277,388	–	2.22%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$20,238,000	–	385,699	–	2.08%	–
XLI	New	SELECT SECTOR SPDR TRsbi int-inds	$20,089,000	–	358,997	–	2.06%	–
PFNX	New	PFENEX INC	$18,593,000	–	2,221,428	–	1.91%	–
XLE	New	SELECT SECTOR SPDR TRsbi int-energy	$12,996,000	–	190,448	–	1.33%	–
DBC	New	POWERSHARES DB CMDTY IDX TRAunit ben int	$11,942,000	–	777,950	–	1.23%	–
GUNR	New	FLEXSHARES TRmornstar upstr	$11,291,000	–	428,500	–	1.16%	–
XLB	New	SELECT SECTOR SPDR TRsbi materials	$4,537,000	–	97,899	–	0.47%	–
XBI	New	SPDR SERIES TRUSTs&p biotech	$1,352,000	–	25,000	–	0.14%	–
XOP	New	SPDR SERIES TRUSTs&p oilgas exp	$522,000	–	15,000	–	0.05%	–
XHB	New	SPDR SERIES TRUSTs&p homebuild	$335,000	–	10,000	–	0.03%	–
TTPH	New	TETRAPHASE PHARMACEUTICALS I	$280,000	–	65,000	–	0.03%	–

Q4 2015

			Value		Shares		↓ Weighting
MRO	Exit	MARATHON OIL CORP	$0	–	-11,000	–	-0.01%	–
RLYP	Exit	RELYPSA INC	$0	–	-10,399	–	-0.02%	–
CY	Exit	CYPRESS SEMICONDUCTOR CORP	$0	–	-30,000	–	-0.02%	–
BOX	Exit	BOX INCcl a	$0	–	-25,000	–	-0.03%	–
TDC	Exit	TERADATA CORP DEL	$0	–	-11,500	–	-0.03%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-5,000	–	-0.03%	–
NBR	Exit	NABORS INDUSTRIES LTD	$0	–	-43,000	–	-0.03%	–
BEAV	Exit	B/E AEROSPACE INC	$0	–	-10,000	–	-0.04%	–
GPS	Exit	GAP INC DEL	$0	–	-16,000	–	-0.04%	–
TTPH	Exit	TETRAPHASE PHARMACEUTICALS I	$0	–	-65,000	–	-0.04%	–
TWX	Exit	TIME WARNER INC	$0	–	-9,000	–	-0.05%	–
PFE	Exit	PFIZER INC	$0	–	-20,000	–	-0.05%	–
COH	Exit	COACH INC	$0	–	-25,000	–	-0.06%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-18,000	–	-0.07%	–
RL	Exit	RALPH LAUREN CORPcl a	$0	–	-7,800	–	-0.08%	–
RF	Exit	REGIONS FINL CORP NEW	$0	–	-105,000	–	-0.08%	–
EBAY	Exit	EBAY INC	$0	–	-40,000	–	-0.08%	–
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-35,000	–	-0.09%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-12,000	–	-0.11%	–
QCOM	Exit	QUALCOMM INC	$0	–	-24,500	–	-0.11%	–
MS	Exit	MORGAN STANLEY	$0	–	-42,000	–	-0.11%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-15,000	–	-0.12%	–
FMC	Exit	F M C CORP	$0	–	-44,000	–	-0.13%	–
TXT	Exit	TEXTRON INC	$0	–	-40,000	–	-0.13%	–
BAX	Exit	BAXTER INTL INC	$0	–	-48,000	–	-0.13%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-21,000	–	-0.14%	–
COL	Exit	ROCKWELL COLLINS INC	$0	–	-20,328	–	-0.14%	–
BXLT	Exit	BAXALTA INC	$0	–	-54,000	–	-0.14%	–
THC	Exit	TENET HEALTHCARE CORP	$0	–	-48,000	–	-0.15%	–
DD	Exit	DU PONT E I DE NEMOURS & CO	$0	–	-37,000	–	-0.15%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-20,000	–	-0.15%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-120,000	–	-0.15%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-35,000	–	-0.15%	–
TOL	Exit	TOLL BROTHERS INC	$0	–	-55,000	–	-0.16%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-130,000	–	-0.16%	–
XLB	Exit	SELECT SECTOR SPDR TRsbi materials	$0	–	-47,800	–	-0.16%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-47,000	–	-0.17%	–
TGT	Exit	TARGET CORP	$0	–	-26,000	–	-0.17%	–
ETN	Exit	EATON CORP PLC	$0	–	-40,000	–	-0.17%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-70,000	–	-0.18%	–
ABT	Exit	ABBOTT LABS	$0	–	-56,500	–	-0.19%	–
SYK	Exit	STRYKER CORP	$0	–	-24,800	–	-0.20%	–
NVDA	Exit	NVIDIA CORP	$0	–	-100,000	–	-0.21%	–
ABBV	Exit	ABBVIE INC	$0	–	-45,500	–	-0.21%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-4,000	–	-0.22%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-26,000	–	-0.22%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-60,000	–	-0.22%	–
TWTR	Exit	TWITTER INC	$0	–	-97,000	–	-0.22%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-60,000	–	-0.22%	–
GIS	Exit	GENERAL MLS INC	$0	–	-49,000	–	-0.23%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-58,300	–	-0.24%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-59,000	–	-0.25%	–
T	Exit	AT&T INC	$0	–	-90,000	–	-0.25%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-52,000	–	-0.25%	–
CME	Exit	CME GROUP INC	$0	–	-37,000	–	-0.29%	–
CERN	Exit	CERNER CORP	$0	–	-60,000	–	-0.30%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-62,000	–	-0.31%	–
ORCL	Exit	ORACLE CORP	$0	–	-103,000	–	-0.31%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-42,346	–	-0.32%	–
JCI	Exit	JOHNSON CTLS INC	$0	–	-93,000	–	-0.32%	–
SNN	Exit	SMITH & NEPHEW PLCspdn adr new	$0	–	-111,000	–	-0.33%	–
BSX	Exit	BOSTON SCIENTIFIC CORP	$0	–	-239,000	–	-0.33%	–
XLV	Exit	SELECT SECTOR SPDR TRsbi healthcare	$0	–	-59,567	–	-0.33%	–
HIG	Exit	HARTFORD FINL SVCS GROUP INC	$0	–	-93,000	–	-0.36%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-63,000	–	-0.38%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-71,000	–	-0.39%	–
BAC	Exit	BANK AMER CORP	$0	–	-300,000	–	-0.40%	–
JNPR	Exit	JUNIPER NETWORKS INC	$0	–	-185,000	–	-0.40%	–
GM	Exit	GENERAL MTRS CO	$0	–	-160,600	–	-0.41%	–
MCD	Exit	MCDONALDS CORP	$0	–	-50,000	–	-0.42%	–
OIH	Exit	MARKET VECTORS ETF TRoil svcs etf	$0	–	-195,000	–	-0.45%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-225,000	–	-0.48%	–
CSCO	Exit	CISCO SYS INC	$0	–	-217,000	–	-0.48%	–
AAPL	Exit	APPLE INC	$0	–	-52,000	–	-0.48%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-197,865	–	-0.66%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-206,380	–	-0.75%	–
XLP	Exit	SELECT SECTOR SPDR TRsbi cons stpls	$0	–	-191,141	–	-0.76%	–
GUNR	Exit	FLEXSHARES TRmornstar upstr	$0	–	-428,500	–	-0.85%	–
XLY	Exit	SELECT SECTOR SPDR TRsbi cons discr	$0	–	-141,605	–	-0.89%	–
DBC	Exit	POWERSHARES DB CMDTY IDX TRAunit ben int	$0	–	-777,950	–	-1.00%	–
IWF	Exit	ISHARES TRrus 1000 grw etf	$0	–	-145,200	–	-1.14%	–
XLE	Exit	SELECT SECTOR SPDR TRsbi int-energy	$0	–	-232,353	–	-1.20%	–
XLI	Exit	SELECT SECTOR SPDR TRsbi int-inds	$0	–	-426,607	–	-1.80%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-651,022	–	-1.82%	–
VNQ	Exit	VANGUARD INDEX FDSreit etf	$0	–	-306,600	–	-1.96%	–
XLF	Exit	SELECT SECTOR SPDR TRsbi int-finl	$0	–	-1,488,985	–	-2.85%	–
URTH	Exit	ISHARESmsci world etf	$0	–	-567,486	–	-3.20%	–
PFNX	Exit	PFENEX INC	$0	–	-2,821,428	–	-3.58%	–
HYG	Exit	ISHARES TRiboxx hi yd etf	$0	–	-583,800	–	-4.10%	–
AMJ	Exit	JPMORGAN CHASE & COalerian ml etn	$0	–	-1,969,090	–	-5.05%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-657,412	–	-10.69%	–
AGFS	Exit	AGROFRESH SOLUTIONS	$0	–	-17,500,000	–	-11.73%	–
EEM	Exit	ISHARES TRmsci emg mkt etf	$0	–	-4,264,329	–	-11.80%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-1,207,493	–	-19.53%	–

Q3 2015

			Value		Shares		↓ Weighting
SPY	Buy	SPDR S&P 500 ETF TRtr unit	$231,392,000	+3.5%	1,207,493	+11.2%	19.53%	-4.8%
EEM	Buy	ISHARES TRmsci emg mkt etf	$139,785,000	-10.5%	4,264,329	+8.2%	11.80%	-17.6%
AGFS	New	AGROFRESH SOLUTIONS	$138,950,000	–	17,500,000	–	11.73%	–
IVV	Buy	ISHARES TRcore s&p500 etf	$126,690,000	-6.6%	657,412	+0.5%	10.69%	-14.0%
AMJ	Buy	JPMORGAN CHASE & COalerian ml etn	$59,841,000	-7.5%	1,969,090	+20.5%	5.05%	-14.9%
HYG	New	ISHARES TRiboxx hi yd etf	$48,625,000	–	583,800	–	4.10%	–
XLF	Sell	SELECT SECTOR SPDR TRsbi int-finl	$33,740,000	-12.2%	1,488,985	-5.5%	2.85%	-19.2%
XLI	Buy	SELECT SECTOR SPDR TRsbi int-inds	$21,283,000	+122.5%	426,607	+141.1%	1.80%	+104.8%
XLE	Buy	SELECT SECTOR SPDR TRsbi int-energy	$14,220,000	+63.5%	232,353	+100.8%	1.20%	+50.4%
XLY	Sell	SELECT SECTOR SPDR TRsbi cons discr	$10,516,000	-11.8%	141,605	-9.2%	0.89%	-18.8%
XLP	Sell	SELECT SECTOR SPDR TRsbi cons stpls	$9,020,000	-18.8%	191,141	-18.1%	0.76%	-25.3%
XLU	Sell	SELECT SECTOR SPDR TRsbi int-utils	$8,934,000	-35.6%	206,380	-38.3%	0.75%	-40.7%
XLK	Sell	SELECT SECTOR SPDR TRtechnology	$7,816,000	-24.2%	197,865	-20.6%	0.66%	-30.2%
AAPL	Buy	APPLE INC	$5,736,000	-0.6%	52,000	+13.0%	0.48%	-8.5%
CSCO	Buy	CISCO SYS INC	$5,696,000	-3.1%	217,000	+1.4%	0.48%	-10.8%
GE	Sell	GENERAL ELECTRIC CO	$5,675,000	-9.1%	225,000	-4.3%	0.48%	-16.4%
OIH	Buy	MARKET VECTORS ETF TRoil svcs etf	$5,359,000	+18.1%	195,000	+50.0%	0.45%	+8.7%
MCD	New	MCDONALDS CORP	$4,927,000	–	50,000	–	0.42%	–
GM	Sell	GENERAL MTRS CO	$4,821,000	-19.9%	160,600	-11.1%	0.41%	-26.3%
JNPR	Sell	JUNIPER NETWORKS INC	$4,756,000	-3.6%	185,000	-2.6%	0.40%	-11.5%
BAC	Buy	BANK AMER CORP	$4,674,000	-0.1%	300,000	+9.1%	0.40%	-7.9%
WMT	New	WAL-MART STORES INC	$4,604,000	–	71,000	–	0.39%	–
PG	Buy	PROCTER & GAMBLE CO	$4,532,000	+1.6%	63,000	+10.5%	0.38%	-6.4%
HIG	Sell	HARTFORD FINL SVCS GROUP INC	$4,258,000	+5.6%	93,000	-4.1%	0.36%	-3.0%
XLV	Sell	SELECT SECTOR SPDR TRsbi healthcare	$3,945,000	-79.6%	59,567	-77.0%	0.33%	-81.2%
BSX	Sell	BOSTON SCIENTIFIC CORP	$3,922,000	-19.1%	239,000	-12.8%	0.33%	-25.6%
SNN	Sell	SMITH & NEPHEW PLCspdn adr new	$3,885,000	-5.4%	111,000	-8.3%	0.33%	-13.0%
JCI	Sell	JOHNSON CTLS INC	$3,846,000	-22.4%	93,000	-7.0%	0.32%	-28.4%
ORCL	Buy	ORACLE CORP	$3,720,000	+42.0%	103,000	+58.5%	0.31%	+30.8%
BMY	Sell	BRISTOL MYERS SQUIBB CO	$3,670,000	-23.4%	62,000	-13.9%	0.31%	-29.4%
CERN	Buy	CERNER CORP	$3,598,000	+82.8%	60,000	+110.5%	0.30%	+68.0%
MRK	Sell	MERCK & CO INC NEW	$2,914,000	-39.4%	59,000	-30.2%	0.25%	-44.2%
GIS	Buy	GENERAL MLS INC	$2,750,000	+311.1%	49,000	+308.3%	0.23%	+280.3%
MSFT	Buy	MICROSOFT CORP	$2,656,000	+33.7%	60,000	+33.3%	0.22%	+23.1%
TWTR	Buy	TWITTER INC	$2,613,000	+20.2%	97,000	+61.7%	0.22%	+11.1%
ABBV	Sell	ABBVIE INC	$2,476,000	-35.9%	45,500	-20.9%	0.21%	-41.0%
ABT	Sell	ABBOTT LABS	$2,272,000	-24.7%	56,500	-8.1%	0.19%	-30.7%
PYPL	New	PAYPAL HLDGS INC	$2,173,000	–	70,000	–	0.18%	–
MDLZ	Sell	MONDELEZ INTL INCcl a	$1,968,000	-14.6%	47,000	-16.1%	0.17%	-21.3%
AMAT	Buy	APPLIED MATLS INC	$1,910,000	-20.5%	130,000	+4.0%	0.16%	-26.8%
XLB	Sell	SELECT SECTOR SPDR TRsbi materials	$1,908,000	-38.6%	47,800	-25.5%	0.16%	-43.5%
DFS	Buy	DISCOVER FINL SVCS	$1,820,000	+17.0%	35,000	+29.6%	0.15%	+7.7%
MU	New	MICRON TECHNOLOGY INC	$1,798,000	–	120,000	–	0.15%	–
DD	New	DU PONT E I DE NEMOURS & CO	$1,783,000	–	37,000	–	0.15%	–
THC	Buy	TENET HEALTHCARE CORP	$1,772,000	-23.5%	48,000	+20.0%	0.15%	-29.2%
BXLT	New	BAXALTA INC	$1,702,000	–	54,000	–	0.14%	–
COL	Sell	ROCKWELL COLLINS INC	$1,664,000	-39.9%	20,328	-32.2%	0.14%	-44.9%
CAH	New	CARDINAL HEALTH INC	$1,613,000	–	21,000	–	0.14%	–
BAX	Sell	BAXTER INTL INC	$1,577,000	-61.1%	48,000	-17.2%	0.13%	-64.2%
TXT	Sell	TEXTRON INC	$1,506,000	-25.0%	40,000	-11.1%	0.13%	-31.0%
FMC	Buy	F M C CORP	$1,492,000	+57.7%	44,000	+144.4%	0.13%	+44.8%
JNJ	Buy	JOHNSON & JOHNSON	$1,400,000	+259.0%	15,000	+275.0%	0.12%	+227.8%
MS	New	MORGAN STANLEY	$1,323,000	–	42,000	–	0.11%	–
KMB	New	KIMBERLY CLARK CORP	$1,308,000	–	12,000	–	0.11%	–
PGR	New	PROGRESSIVE CORP OHIO	$1,072,000	–	35,000	–	0.09%	–
EBAY	Sell	EBAY INC	$978,000	-83.8%	40,000	-60.0%	0.08%	-85.0%
RF	Sell	REGIONS FINL CORP NEW	$946,000	-32.4%	105,000	-22.2%	0.08%	-37.5%
EMR	Sell	EMERSON ELEC CO	$795,000	-31.7%	18,000	-14.3%	0.07%	-37.4%
TWX	Sell	TIME WARNER INC	$619,000	-88.9%	9,000	-85.9%	0.05%	-89.9%
TTPH	New	TETRAPHASE PHARMACEUTICALS I	$485,000	–	65,000	–	0.04%	–
BEAV	Sell	B/E AEROSPACE INC	$439,000	-81.8%	10,000	-77.3%	0.04%	-83.3%
NBR	Sell	NABORS INDUSTRIES LTD	$406,000	-70.4%	43,000	-54.7%	0.03%	-73.0%
AXP	Sell	AMERICAN EXPRESS CO	$371,000	-86.0%	5,000	-85.3%	0.03%	-87.2%
TDC	Sell	TERADATA CORP DEL	$333,000	-82.5%	11,500	-77.7%	0.03%	-84.0%
CY	New	CYPRESS SEMICONDUCTOR CORP	$256,000	–	30,000	–	0.02%	–
MRO	New	MARATHON OIL CORP	$169,000	–	11,000	–	0.01%	–
	Exit	PROCTER & GAMBLE COcall	$0	–	-30,000	–	0.00%	–
	Exit	BANK AMER CORPcall	$0	–	-45,000	–	-0.00%	–
	Exit	BANK AMER CORPput	$0	–	-10,000	–	-0.00%	–
MSI	Exit	MOTOROLA SOLUTIONS INC	$0	–	-5,000	–	-0.03%	–
ARIA	Exit	ARIAD PHARMACEUTICALS INC	$0	–	-50,000	–	-0.04%	–
SYMC	Exit	SYMANTEC CORP	$0	–	-19,200	–	-0.04%	–
CMA	Exit	COMERICA INC	$0	–	-9,000	–	-0.04%	–
YHOO	Exit	YAHOO INC	$0	–	-12,000	–	-0.04%	–
C	Exit	CITIGROUP INC	$0	–	-11,000	–	-0.06%	–
X	Exit	UNITED STATES STL CORP NEW	$0	–	-30,000	–	-0.06%	–
CI	Exit	CIGNA CORPORATION	$0	–	-5,000	–	-0.07%	–
PSX	Exit	PHILLIPS 66	$0	–	-10,000	–	-0.07%	–
NBL	Exit	NOBLE ENERGY INC	$0	–	-21,000	–	-0.08%	–
BWA	Exit	BORGWARNER INC	$0	–	-16,000	–	-0.08%	–
WFTIQ	Exit	WEATHERFORD INTL PLC	$0	–	-75,000	–	-0.08%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-8,000	–	-0.09%	–
CBS	Exit	CBS CORP NEWcl b	$0	–	-18,000	–	-0.09%	–
XLNX	Exit	XILINX INC	$0	–	-23,000	–	-0.09%	–
AMGN	Exit	AMGEN INC	$0	–	-7,000	–	-0.10%	–
BHI	Exit	BAKER HUGHES INC	$0	–	-19,000	–	-0.11%	–
VMW	Exit	VMWARE INC	$0	–	-14,900	–	-0.12%	–
GLW	Exit	CORNING INC	$0	–	-69,180	–	-0.12%	–
NOV	Exit	NATIONAL OILWELL VARCO INC	$0	–	-35,000	–	-0.16%	–
F	Exit	FORD MTR CO DEL	$0	–	-120,000	–	-0.16%	–
NTAP	Exit	NETAPP INC	$0	–	-63,900	–	-0.18%	–
WFM	Exit	WHOLE FOODS MKT INC	$0	–	-54,000	–	-0.20%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-76,000	–	-0.37%	–

Q2 2015

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRtr unit	$223,552,000	–	1,085,993	–	20.50%	–
EEM	New	ISHARES TRmsci emg mkt etf	$156,171,000	–	3,941,729	–	14.32%	–
IVV	New	ISHARES TRcore s&p500 etf	$135,607,000	–	654,412	–	12.44%	–
AMJ	New	JPMORGAN CHASE & COalerian ml etn	$64,710,000	–	1,634,090	–	5.94%	–
PFNX	New	PFENEX INC	$54,736,000	–	2,821,428	–	5.02%	–
URTH	New	ISHARESmsci world etf	$40,972,000	–	567,486	–	3.76%	–
XLF	New	SELECT SECTOR SPDR TRsbi int-finl	$38,431,000	–	1,576,314	–	3.52%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$26,614,000	–	651,022	–	2.44%	–
VNQ	New	VANGUARD INDEX FDSreit etf	$22,900,000	–	306,600	–	2.10%	–
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$19,298,000	–	259,422	–	1.77%	–
IWF	New	ISHARES TRrus 1000 grw etf	$14,376,000	–	145,200	–	1.32%	–
DBC	New	POWERSHARES DB CMDTY IDX TRAunit ben int	$14,003,000	–	777,950	–	1.28%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$13,867,000	–	334,458	–	1.27%	–
GUNR	New	FLEXSHARES TRmornstar upstr	$12,752,000	–	428,500	–	1.17%	–
XLY	New	SELECT SECTOR SPDR TRsbi cons discr	$11,927,000	–	155,949	–	1.09%	–
XLP	New	SELECT SECTOR SPDR TRsbi cons stpls	$11,106,000	–	233,309	–	1.02%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$10,313,000	–	249,117	–	0.95%	–
XLI	New	SELECT SECTOR SPDR TRsbi int-inds	$9,567,000	–	176,977	–	0.88%	–
XLE	New	SELECT SECTOR SPDR TRsbi int-energy	$8,697,000	–	115,713	–	0.80%	–
GE	New	GENERAL ELECTRIC CO	$6,244,000	–	235,000	–	0.57%	–
EBAY	New	EBAY INC	$6,024,000	–	100,000	–	0.55%	–
GM	New	GENERAL MTRS CO	$6,019,000	–	180,600	–	0.55%	–
CSCO	New	CISCO SYS INC	$5,876,000	–	214,000	–	0.54%	–
AAPL	New	APPLE INC	$5,770,000	–	46,000	–	0.53%	–
TWX	New	TIME WARNER INC	$5,594,000	–	64,000	–	0.51%	–
JCI	New	JOHNSON CTLS INC	$4,953,000	–	100,000	–	0.45%	–
JNPR	New	JUNIPER NETWORKS INC	$4,934,000	–	190,000	–	0.45%	–
BSX	New	BOSTON SCIENTIFIC CORP	$4,850,000	–	274,000	–	0.44%	–
MRK	New	MERCK & CO INC NEW	$4,811,000	–	84,500	–	0.44%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$4,791,000	–	72,000	–	0.44%	–
BAC	New	BANK AMER CORP	$4,681,000	–	275,000	–	0.43%	–
OIH	New	MARKET VECTORS ETF TRoil svcs etf	$4,537,000	–	130,000	–	0.42%	–
PG	New	PROCTER & GAMBLE CO	$4,460,000	–	57,000	–	0.41%	–
SNN	New	SMITH & NEPHEW PLCspdn adr new	$4,108,000	–	121,000	–	0.38%	–
SBUX	New	STARBUCKS CORP	$4,075,000	–	76,000	–	0.37%	–
BAX	New	BAXTER INTL INC	$4,056,000	–	58,000	–	0.37%	–
HIG	New	HARTFORD FINL SVCS GROUP INC	$4,032,000	–	97,000	–	0.37%	–
ABBV	New	ABBVIE INC	$3,863,000	–	57,500	–	0.35%	–
FB	New	FACEBOOK INCcl a	$3,632,000	–	42,346	–	0.33%	–
CME	New	CME GROUP INC	$3,443,000	–	37,000	–	0.32%	–
AIG	New	AMERICAN INTL GROUP INC	$3,215,000	–	52,000	–	0.30%	–
T	New	AT&T INC	$3,197,000	–	90,000	–	0.29%	–
XLB	New	SELECT SECTOR SPDR TRsbi materials	$3,105,000	–	64,164	–	0.28%	–
ABT	New	ABBOTT LABS	$3,018,000	–	61,500	–	0.28%	–
LEN	New	LENNAR CORPcl a	$2,976,000	–	58,300	–	0.27%	–
VZ	New	VERIZON COMMUNICATIONS INC	$2,797,000	–	60,000	–	0.26%	–
COL	New	ROCKWELL COLLINS INC	$2,771,000	–	30,000	–	0.25%	–
ETN	New	EATON CORP PLC	$2,700,000	–	40,000	–	0.25%	–
AXP	New	AMERICAN EXPRESS CO	$2,642,000	–	34,000	–	0.24%	–
ORCL	New	ORACLE CORP	$2,620,000	–	65,000	–	0.24%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$2,520,000	–	26,000	–	0.23%	–
BEAV	New	B/E AEROSPACE INC	$2,416,000	–	44,000	–	0.22%	–
AMAT	New	APPLIED MATLS INC	$2,403,000	–	125,000	–	0.22%	–
SYK	New	STRYKER CORP	$2,370,000	–	24,800	–	0.22%	–
THC	New	TENET HEALTHCARE CORP	$2,315,000	–	40,000	–	0.21%	–
MDLZ	New	MONDELEZ INTL INCcl a	$2,304,000	–	56,000	–	0.21%	–
TWTR	New	TWITTER INC	$2,173,000	–	60,000	–	0.20%	–
GOOGL	New	GOOGLE INCcl a	$2,160,000	–	4,000	–	0.20%	–
TGT	New	TARGET CORP	$2,122,000	–	26,000	–	0.20%	–
WFM	New	WHOLE FOODS MKT INC	$2,130,000	–	54,000	–	0.20%	–
TOL	New	TOLL BROTHERS INC	$2,100,000	–	55,000	–	0.19%	–
NTAP	New	NETAPP INC	$2,017,000	–	63,900	–	0.18%	–
TXT	New	TEXTRON INC	$2,008,000	–	45,000	–	0.18%	–
NVDA	New	NVIDIA CORP	$2,011,000	–	100,000	–	0.18%	–
MSFT	New	MICROSOFT CORP	$1,987,000	–	45,000	–	0.18%	–
CERN	New	CERNER CORP	$1,968,000	–	28,500	–	0.18%	–
PNC	New	PNC FINL SVCS GROUP INC	$1,913,000	–	20,000	–	0.18%	–
TDC	New	TERADATA CORP DEL	$1,906,000	–	51,500	–	0.18%	–
F	New	FORD MTR CO DEL	$1,801,000	–	120,000	–	0.16%	–
NOV	New	NATIONAL OILWELL VARCO INC	$1,690,000	–	35,000	–	0.16%	–
DFS	New	DISCOVER FINL SVCS	$1,556,000	–	27,000	–	0.14%	–
QCOM	New	QUALCOMM INC	$1,534,000	–	24,500	–	0.14%	–
RF	New	REGIONS FINL CORP NEW	$1,399,000	–	135,000	–	0.13%	–
NBR	New	NABORS INDUSTRIES LTD	$1,371,000	–	95,000	–	0.13%	–
GLW	New	CORNING INC	$1,365,000	–	69,180	–	0.12%	–
VMW	New	VMWARE INC	$1,278,000	–	14,900	–	0.12%	–
BHI	New	BAKER HUGHES INC	$1,172,000	–	19,000	–	0.11%	–
EMR	New	EMERSON ELEC CO	$1,164,000	–	21,000	–	0.11%	–
AMGN	New	AMGEN INC	$1,075,000	–	7,000	–	0.10%	–
RL	New	RALPH LAUREN CORPcl a	$1,032,000	–	7,800	–	0.10%	–
XLNX	New	XILINX INC	$1,016,000	–	23,000	–	0.09%	–
CBS	New	CBS CORP NEWcl b	$999,000	–	18,000	–	0.09%	–
FMC	New	F M C CORP	$946,000	–	18,000	–	0.09%	–
GILD	New	GILEAD SCIENCES INC	$937,000	–	8,000	–	0.09%	–
WFTIQ	New	WEATHERFORD INTL PLC	$920,000	–	75,000	–	0.08%	–
BWA	New	BORGWARNER INC	$909,000	–	16,000	–	0.08%	–
NBL	New	NOBLE ENERGY INC	$896,000	–	21,000	–	0.08%	–
COH	New	COACH INC	$865,000	–	25,000	–	0.08%	–
PSX	New	PHILLIPS 66	$806,000	–	10,000	–	0.07%	–
CI	New	CIGNA CORPORATION	$810,000	–	5,000	–	0.07%	–
PFE	New	PFIZER INC	$671,000	–	20,000	–	0.06%	–
GIS	New	GENERAL MLS INC	$669,000	–	12,000	–	0.06%	–
X	New	UNITED STATES STL CORP NEW	$619,000	–	30,000	–	0.06%	–
GPS	New	GAP INC DEL	$611,000	–	16,000	–	0.06%	–
C	New	CITIGROUP INC	$608,000	–	11,000	–	0.06%	–
BOX	New	BOX INCcl a	$466,000	–	25,000	–	0.04%	–
YHOO	New	YAHOO INC	$471,000	–	12,000	–	0.04%	–
CMA	New	COMERICA INC	$462,000	–	9,000	–	0.04%	–
SYMC	New	SYMANTEC CORP	$446,000	–	19,200	–	0.04%	–
ARIA	New	ARIAD PHARMACEUTICALS INC	$414,000	–	50,000	–	0.04%	–
JNJ	New	JOHNSON & JOHNSON	$390,000	–	4,000	–	0.04%	–
RLYP	New	RELYPSA INC	$344,000	–	10,399	–	0.03%	–
MSI	New	MOTOROLA SOLUTIONS INC	$287,000	–	5,000	–	0.03%	–
	New	BANK AMER CORPput	$38,000	–	10,000	–	0.00%	–
	New	BANK AMER CORPcall	$12,000	–	45,000	–	0.00%	–
	New	PROCTER & GAMBLE COcall	$1,000	–	30,000	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
	Exit	SELECT SECTOR SPDR TRput	$0	–	-20,000	–	0.00%	–
	Exit	HARTFORD FINL SVCS GROUP INCcall	$0	–	-10,000	–	-0.00%	–
	Exit	WHOLE FOODS MKT INCput	$0	–	-26,600	–	-0.00%	–
	Exit	WHOLE FOODS MKT INCcall	$0	–	-30,000	–	-0.00%	–
FOLD	Exit	AMICUS THERAPEUTICS INC	$0	–	-22,162	–	-0.01%	–
MON	Exit	MONSANTO CO NEW	$0	–	-2,000	–	-0.02%	–
NUE	Exit	NUCOR CORP	$0	–	-5,000	–	-0.02%	–
CTB	Exit	COOPER TIRE & RUBR CO	$0	–	-10,000	–	-0.02%	–
ARIA	Exit	ARIAD PHARMACEUTICALS INC	$0	–	-70,000	–	-0.03%	–
NBR	Exit	NABORS INDUSTRIES LTD	$0	–	-19,000	–	-0.04%	–
SPLK	Exit	SPLUNK INC	$0	–	-10,000	–	-0.05%	–
CNX	Exit	CONSOL ENERGY INC	$0	–	-15,000	–	-0.05%	–
PFE	Exit	PFIZER INC	$0	–	-20,000	–	-0.05%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-10,000	–	-0.06%	–
SYMC	Exit	SYMANTEC CORP	$0	–	-28,200	–	-0.06%	–
YHOO	Exit	YAHOO INC	$0	–	-17,000	–	-0.06%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-12,500	–	-0.07%	–
LLY	Exit	LILLY ELI & CO	$0	–	-12,000	–	-0.07%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-12,000	–	-0.07%	–
ENTR	Exit	ENTROPIC COMMUNICATIONS INC	$0	–	-306,444	–	-0.07%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-8,000	–	-0.08%	–
MOS	Exit	MOSAIC CO NEW	$0	–	-20,000	–	-0.08%	–
MRO	Exit	MARATHON OIL CORP	$0	–	-25,000	–	-0.08%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-28,000	–	-0.08%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-10,000	–	-0.08%	–
ADSK	Exit	AUTODESK INC	$0	–	-18,639	–	-0.09%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-6,000	–	-0.10%	–
EBAY	Exit	EBAY INC	$0	–	-20,000	–	-0.10%	–
ANF	Exit	ABERCROMBIE & FITCH COcl a	$0	–	-37,000	–	-0.12%	–
PBR	Exit	PETROLEO BRASILEIRO SA PETROsponsored adr	$0	–	-100,000	–	-0.12%	–
CTXS	Exit	CITRIX SYS INC	$0	–	-20,100	–	-0.13%	–
RLYP	Exit	RELYPSA INC	$0	–	-69,899	–	-0.13%	–
X	Exit	UNITED STATES STL CORP NEW	$0	–	-40,000	–	-0.14%	–
TGT	Exit	TARGET CORP	$0	–	-27,000	–	-0.15%	–
T	Exit	AT&T INC	$0	–	-50,000	–	-0.16%	–
DNRCQ	Exit	DENBURY RES INC	$0	–	-120,000	–	-0.16%	–
CST	Exit	CST BRANDS INC	$0	–	-52,554	–	-0.17%	–
WFM	Exit	WHOLE FOODS MKT INC	$0	–	-50,000	–	-0.17%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-23,000	–	-0.17%	–
CME	Exit	CME GROUP INC	$0	–	-25,000	–	-0.18%	–
GLW	Exit	CORNING INC	$0	–	-104,180	–	-0.18%	–
JCI	Exit	JOHNSON CTLS INC	$0	–	-50,000	–	-0.19%	–
ATI	Exit	ALLEGHENY TECHNOLOGIES INC	$0	–	-61,000	–	-0.20%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-58,300	–	-0.20%	–
BSX	Exit	BOSTON SCIENTIFIC CORP	$0	–	-195,000	–	-0.20%	–
C	Exit	CITIGROUP INC	$0	–	-46,000	–	-0.21%	–
TWX	Exit	TIME WARNER INC	$0	–	-33,205	–	-0.22%	–
ABT	Exit	ABBOTT LABS	$0	–	-61,500	–	-0.23%	–
HIG	Exit	HARTFORD FINL SVCS GROUP INC	$0	–	-70,000	–	-0.23%	–
THC	Exit	TENET HEALTHCARE CORP	$0	–	-45,000	–	-0.24%	–
NBL	Exit	NOBLE ENERGY INC	$0	–	-41,000	–	-0.25%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-52,000	–	-0.25%	–
RVBD	Exit	RIVERBED TECHNOLOGY INC	$0	–	-154,000	–	-0.25%	–
TXT	Exit	TEXTRON INC	$0	–	-79,900	–	-0.25%	–
NEBLQ	Exit	NOBLE CORP PLC	$0	–	-132,500	–	-0.26%	–
VMW	Exit	VMWARE INC	$0	–	-32,000	–	-0.26%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-60,000	–	-0.26%	–
TDC	Exit	TERADATA CORP DEL	$0	–	-74,500	–	-0.28%	–
EW	Exit	EDWARDS LIFESCIENCES CORP	$0	–	-31,000	–	-0.28%	–
CSCO	Exit	CISCO SYS INC	$0	–	-130,000	–	-0.29%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-42,346	–	-0.30%	–
SWKS	Exit	SKYWORKS SOLUTIONS INC	$0	–	-59,000	–	-0.30%	–
WFTIQ	Exit	WEATHERFORD INTL PLC	$0	–	-165,000	–	-0.30%	–
ADM	Exit	ARCHER DANIELS MIDLAND CO	$0	–	-68,000	–	-0.31%	–
NTAP	Exit	NETAPP INC	$0	–	-90,000	–	-0.34%	–
JNPR	Exit	JUNIPER NETWORKS INC	$0	–	-176,000	–	-0.34%	–
BRCM	Exit	BROADCOM CORPcl a	$0	–	-101,000	–	-0.36%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-159,000	–	-0.36%	–
GM	Exit	GENERAL MTRS CO	$0	–	-132,100	–	-0.37%	–
NVDA	Exit	NVIDIA CORP	$0	–	-234,400	–	-0.38%	–
ABBV	Exit	ABBVIE INC	$0	–	-77,500	–	-0.40%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-76,500	–	-0.40%	–
KRFT	Exit	KRAFT FOODS GROUP INC	$0	–	-82,000	–	-0.41%	–
ALTR	Exit	ALTERA CORP	$0	–	-130,000	–	-0.41%	–
BAX	Exit	BAXTER INTL INC	$0	–	-65,000	–	-0.41%	–
XLY	Exit	SELECT SECTOR SPDR TRsbi cons discr	$0	–	-70,827	–	-0.42%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-118,533	–	-0.44%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-61,000	–	-0.45%	–
AAPL	Exit	APPLE INC	$0	–	-56,000	–	-0.50%	–
AMGN	Exit	AMGEN INC	$0	–	-47,500	–	-0.59%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-145,000	–	-0.59%	–
BAC	Exit	BANK AMER CORP	$0	–	-460,000	–	-0.69%	–
XLE	Exit	SELECT SECTOR SPDR TRsbi int-energy	$0	–	-95,131	–	-0.76%	–
XLP	Exit	SELECT SECTOR SPDR TRsbi cons stpls	$0	–	-191,876	–	-0.76%	–
XLV	Exit	SELECT SECTOR SPDR TRsbi healthcare	$0	–	-154,821	–	-0.87%	–
IWF	Exit	ISHARES TRrus 1000 grw etf	$0	–	-145,200	–	-1.18%	–
GUNR	Exit	FLEXSHARES TRmornstar upstr	$0	–	-428,500	–	-1.30%	–
DBC	Exit	POWERSHARES DB CMDTY IDX TRAunit ben int	$0	–	-645,000	–	-1.32%	–
XLI	Exit	SELECT SECTOR SPDR TRsbi int-inds	$0	–	-307,007	–	-1.44%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-651,022	–	-2.40%	–
VNQ	Exit	VANGUARD INDEX FDSreit etf	$0	–	-406,000	–	-2.58%	–
XLF	Exit	SELECT SECTOR SPDR TRsbi int-finl	$0	–	-1,321,303	–	-2.70%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-1,108,555	–	-3.91%	–
AMJ	Exit	JPMORGAN CHASE & COalerian ml etn	$0	–	-1,145,990	–	-5.37%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-414,412	–	-7.26%	–
EEM	Exit	ISHARES TRmsci emg mkt etf	$0	–	-4,209,776	–	-15.45%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-2,047,816	–	-35.63%	–

Q3 2014

			Value		Shares		↓ Weighting
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$403,461,000	-0.3%	2,047,816	-1.0%	35.63%	+4.9%
EEM	Sell	ISHARES TRmsci emg mkt etf	$174,958,000	-8.2%	4,209,776	-4.6%	15.45%	-3.4%
AMJ	Sell	JPMORGAN CHASE & COalerian ml etn	$60,829,000	-9.8%	1,145,990	-11.0%	5.37%	-5.1%
XLK	Buy	SELECT SECTOR SPDR TRtechnology	$44,242,000	+73.3%	1,108,555	+66.5%	3.91%	+82.4%
XLF	Buy	SELECT SECTOR SPDR TRsbi int-finl	$30,615,000	+3.5%	1,321,303	+1.5%	2.70%	+8.9%
DBC	Buy	POWERSHARES DB CMDTY IDX TRAunit ben int	$14,977,000	+0.6%	645,000	+15.2%	1.32%	+5.9%
IWF	Sell	ISHARES TRrus 1000 grw etf	$13,305,000	-16.5%	145,200	-17.1%	1.18%	-12.1%
XLV	Sell	SELECT SECTOR SPDR TRsbi healthcare	$9,895,000	-14.2%	154,821	-18.4%	0.87%	-9.7%
XLE	New	SELECT SECTOR SPDR TRsbi int-energy	$8,621,000	–	95,131	–	0.76%	–
BAC	Buy	BANK AMER CORP	$7,843,000	+41.7%	460,000	+27.8%	0.69%	+49.4%
AAPL	New	APPLE INC	$5,642,000	–	56,000	–	0.50%	–
XLU	Sell	SELECT SECTOR SPDR TRsbi int-utils	$4,989,000	-84.0%	118,533	-83.2%	0.44%	-83.1%
ALTR	Sell	ALTERA CORP	$4,651,000	-18.9%	130,000	-21.2%	0.41%	-14.6%
ABBV	Sell	ABBVIE INC	$4,476,000	-14.3%	77,500	-16.2%	0.40%	-9.8%
GM	Sell	GENERAL MTRS CO	$4,219,000	-39.5%	132,100	-31.2%	0.37%	-36.2%
GE	Sell	GENERAL ELECTRIC CO	$4,074,000	-34.0%	159,000	-32.3%	0.36%	-30.5%
JNPR	Sell	JUNIPER NETWORKS INC	$3,898,000	-32.7%	176,000	-25.4%	0.34%	-29.2%
WFTIQ	New	WEATHERFORD INTL PLC	$3,432,000	–	165,000	–	0.30%	–
SWKS	Sell	SKYWORKS SOLUTIONS INC	$3,425,000	-26.3%	59,000	-40.4%	0.30%	-22.6%
CSCO	Sell	CISCO SYS INC	$3,272,000	-40.1%	130,000	-40.9%	0.29%	-37.0%
EW	Sell	EDWARDS LIFESCIENCES CORP	$3,167,000	-2.9%	31,000	-18.4%	0.28%	+2.2%
TDC	Sell	TERADATA CORP DEL	$3,123,000	-20.7%	74,500	-24.0%	0.28%	-16.6%
VMW	Buy	VMWARE INC	$3,003,000	+14.9%	32,000	+18.5%	0.26%	+21.0%
NEBLQ	Sell	NOBLE CORP PLC	$2,944,000	-55.0%	132,500	-32.1%	0.26%	-52.6%
AIG	Buy	AMERICAN INTL GROUP INC	$2,809,000	+47.1%	52,000	+48.6%	0.25%	+55.0%
NBL	Sell	NOBLE ENERGY INC	$2,803,000	-40.7%	41,000	-32.8%	0.25%	-37.5%
HIG	New	HARTFORD FINL SVCS GROUP INC	$2,608,000	–	70,000	–	0.23%	–
TWX	New	TIME WARNER INC	$2,497,000	–	33,205	–	0.22%	–
C	Buy	CITIGROUP INC	$2,384,000	+360.2%	46,000	+318.2%	0.21%	+390.7%
JCI	New	JOHNSON CTLS INC	$2,200,000	–	50,000	–	0.19%	–
CME	New	CME GROUP INC	$1,999,000	–	25,000	–	0.18%	–
PNC	New	PNC FINL SVCS GROUP INC	$1,968,000	–	23,000	–	0.17%	–
WFM	New	WHOLE FOODS MKT INC	$1,906,000	–	50,000	–	0.17%	–
T	Sell	AT&T INC	$1,762,000	-33.6%	50,000	-33.3%	0.16%	-30.0%
TGT	Buy	TARGET CORP	$1,692,000	+71.8%	27,000	+58.8%	0.15%	+79.5%
X	Sell	UNITED STATES STL CORP NEW	$1,567,000	-33.1%	40,000	-55.6%	0.14%	-29.9%
RLYP	Sell	RELYPSA INC	$1,474,000	-32.7%	69,899	-22.3%	0.13%	-29.3%
PBR	New	PETROLEO BRASILEIRO SA PETROsponsored adr	$1,419,000	–	100,000	–	0.12%	–
ANF	Sell	ABERCROMBIE & FITCH COcl a	$1,345,000	-48.2%	37,000	-38.3%	0.12%	-45.4%
EBAY	Sell	EBAY INC	$1,133,000	-9.5%	20,000	-20.0%	0.10%	-4.8%
MDLZ	Sell	MONDELEZ INTL INCcl a	$959,000	-74.0%	28,000	-71.4%	0.08%	-72.5%
OXY	Sell	OCCIDENTAL PETE CORP DEL	$962,000	-57.4%	10,000	-54.5%	0.08%	-55.0%
MRO	Sell	MARATHON OIL CORP	$940,000	-68.6%	25,000	-66.7%	0.08%	-66.9%
DVN	Sell	DEVON ENERGY CORP NEW	$818,000	-68.8%	12,000	-63.6%	0.07%	-67.3%
LLY	New	LILLY ELI & CO	$778,000	–	12,000	–	0.07%	–
YHOO	New	YAHOO INC	$693,000	–	17,000	–	0.06%	–
NBR	Sell	NABORS INDUSTRIES LTD	$432,000	-92.0%	19,000	-89.7%	0.04%	-91.7%
ARIA	Sell	ARIAD PHARMACEUTICALS INC	$378,000	-62.9%	70,000	-56.2%	0.03%	-61.6%
CTB	Sell	COOPER TIRE & RUBR CO	$287,000	-80.9%	10,000	-80.0%	0.02%	-80.2%
NUE	New	NUCOR CORP	$271,000	–	5,000	–	0.02%	–
	New	WHOLE FOODS MKT INCcall	$29,000	–	30,000	–	0.00%	–
	New	WHOLE FOODS MKT INCput	$31,000	–	26,600	–	0.00%	–
	New	HARTFORD FINL SVCS GROUP INCcall	$7,000	–	10,000	–	0.00%	–
	New	SELECT SECTOR SPDR TRput	$4,000	–	20,000	–	0.00%	–
	Exit	SUNCOR ENERGY INC NEWput	$0	–	-15,000	–	-0.00%	–
	Exit	SUNCOR ENERGY INC NEWcall	$0	–	-20,000	–	-0.00%	–
XYL	Exit	XYLEM INC	$0	–	-7,000	–	-0.02%	–
TTPH	Exit	TETRAPHASE PHARMACEUTICALS I	$0	–	-24,700	–	-0.03%	–
DNOW	Exit	NOW INC	$0	–	-9,250	–	-0.03%	–
TER	Exit	TERADYNE INC	$0	–	-25,000	–	-0.04%	–
AMZN	Exit	AMAZON COM INC	$0	–	-2,000	–	-0.06%	–
NOV	Exit	NATIONAL OILWELL VARCO INC	$0	–	-37,000	–	-0.26%	–
WFT	Exit	WEATHERFORD INTERNATIONAL LT	$0	–	-165,000	–	-0.32%	–
HAL	Exit	HALLIBURTON CO	$0	–	-59,000	–	-0.35%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-100,000	–	-0.36%	–
OXFD	Exit	OXFORD IMMUNOTEC GLOBAL	$0	–	-275,755	–	-0.39%	–
NFX	Exit	NEWFIELD EXPL CO	$0	–	-128,000	–	-0.48%	–

Q2 2014

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRtr unit	$404,713,000	–	2,067,816	–	33.96%	–
EEM	New	ISHARESmsci emg mkt etf	$190,678,000	–	4,410,776	–	16.00%	–
IVV	New	ISHAREScore s&p500 etf	$81,639,000	–	414,412	–	6.85%	–
AMJ	New	JPMORGAN CHASE & COalerian ml etn	$67,465,000	–	1,287,990	–	5.66%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$31,147,000	–	703,725	–	2.61%	–
VNQ	New	VANGUARD INDEX FDSreit etf	$30,385,000	–	406,000	–	2.55%	–
XLF	New	SELECT SECTOR SPDR TRsbi int-finl	$29,592,000	–	1,301,303	–	2.48%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$28,079,000	–	651,022	–	2.36%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$25,526,000	–	665,610	–	2.14%	–
XLI	New	SELECT SECTOR SPDR TRsbi int-inds	$16,597,000	–	307,007	–	1.39%	–
GUNR	New	FLEXSHARES TRmornstar upstr	$16,017,000	–	428,500	–	1.34%	–
IWF	New	ISHARESrus 1000 grw etf	$15,931,000	–	175,200	–	1.34%	–
DBC	New	POWERSHARES DB CMDTY IDX TRAunit ben int	$14,885,000	–	560,000	–	1.25%	–
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$11,538,000	–	189,682	–	0.97%	–
XLP	New	SELECT SECTOR SPDR TRsbi cons stpls	$8,562,000	–	191,876	–	0.72%	–
GM	New	GENERAL MTRS CO	$6,973,000	–	192,100	–	0.58%	–
NEBLQ	New	NOBLE CORP PLC	$6,544,000	–	195,000	–	0.55%	–
GE	New	GENERAL ELECTRIC CO	$6,176,000	–	235,000	–	0.52%	–
MSFT	New	MICROSOFT CORP	$6,046,000	–	145,000	–	0.51%	–
JNPR	New	JUNIPER NETWORKS INC	$5,788,000	–	235,846	–	0.49%	–
ALTR	New	ALTERA CORP	$5,735,000	–	165,000	–	0.48%	–
NFX	New	NEWFIELD EXPL CO	$5,658,000	–	128,000	–	0.48%	–
AMGN	New	AMGEN INC	$5,623,000	–	47,500	–	0.47%	–
BAC	New	BANK OF AMERICA CORPORATION	$5,533,000	–	360,000	–	0.46%	–
CSCO	New	CISCO SYS INC	$5,467,000	–	220,000	–	0.46%	–
NBR	New	NABORS INDUSTRIES LTD	$5,433,000	–	185,000	–	0.46%	–
ABBV	New	ABBVIE INC	$5,221,000	–	92,500	–	0.44%	–
KRFT	New	KRAFT FOODS GROUP INC	$4,916,000	–	82,000	–	0.41%	–
PG	New	PROCTER & GAMBLE CO	$4,794,000	–	61,000	–	0.40%	–
NBL	New	NOBLE ENERGY INC	$4,725,000	–	61,000	–	0.40%	–
XLY	New	SELECT SECTOR SPDR TRsbi cons discr	$4,727,000	–	70,827	–	0.40%	–
BAX	New	BAXTER INTL INC	$4,700,000	–	65,000	–	0.39%	–
SWKS	New	SKYWORKS SOLUTIONS INC	$4,649,000	–	99,000	–	0.39%	–
OXFD	New	OXFORD IMMUNOTEC GLOBAL	$4,641,000	–	275,755	–	0.39%	–
MRK	New	MERCK & CO INC NEW	$4,426,000	–	76,500	–	0.37%	–
NVDA	New	NVIDIA CORP	$4,346,000	–	234,400	–	0.36%	–
SU	New	SUNCOR ENERGY INC NEW	$4,263,000	–	100,000	–	0.36%	–
HAL	New	HALLIBURTON CO	$4,190,000	–	59,000	–	0.35%	–
TDC	New	TERADATA CORP DEL	$3,940,000	–	98,000	–	0.33%	–
WFT	New	WEATHERFORD INTERNATIONAL LT	$3,795,000	–	165,000	–	0.32%	–
BRCM	New	BROADCOM CORPcl a	$3,749,000	–	101,000	–	0.32%	–
MDLZ	New	MONDELEZ INTL INCcl a	$3,686,000	–	98,000	–	0.31%	–
NTAP	New	NETAPP INC	$3,287,000	–	90,000	–	0.28%	–
EW	New	EDWARDS LIFESCIENCES CORP	$3,262,000	–	38,000	–	0.27%	–
RVBD	New	RIVERBED TECHNOLOGY INC	$3,177,000	–	154,000	–	0.27%	–
TXT	New	TEXTRON INC	$3,059,000	–	79,900	–	0.26%	–
NOV	New	NATIONAL OILWELL VARCO INC	$3,047,000	–	37,000	–	0.26%	–
ADM	New	ARCHER DANIELS MIDLAND CO	$2,999,000	–	68,000	–	0.25%	–
MRO	New	MARATHON OIL CORP	$2,994,000	–	75,000	–	0.25%	–
VZ	New	VERIZON COMMUNICATIONS INC	$2,936,000	–	60,000	–	0.25%	–
FB	New	FACEBOOK INCcl a	$2,849,000	–	42,346	–	0.24%	–
ATI	New	ALLEGHENY TECHNOLOGIES INC	$2,751,000	–	61,000	–	0.23%	–
T	New	AT&T INC	$2,652,000	–	75,000	–	0.22%	–
DVN	New	DEVON ENERGY CORP NEW	$2,620,000	–	33,000	–	0.22%	–
VMW	New	VMWARE INC	$2,614,000	–	27,000	–	0.22%	–
ANF	New	ABERCROMBIE & FITCH COcl a	$2,595,000	–	60,000	–	0.22%	–
ABT	New	ABBOTT LABS	$2,515,000	–	61,500	–	0.21%	–
BSX	New	BOSTON SCIENTIFIC CORP	$2,490,000	–	195,000	–	0.21%	–
LEN	New	LENNAR CORPcl a	$2,447,000	–	58,300	–	0.20%	–
X	New	UNITED STATES STL CORP NEW	$2,344,000	–	90,000	–	0.20%	–
GLW	New	CORNING INC	$2,287,000	–	104,180	–	0.19%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$2,258,000	–	22,000	–	0.19%	–
DNRCQ	New	DENBURY RES INC	$2,215,000	–	120,000	–	0.19%	–
RLYP	New	RELYPSA INC	$2,189,000	–	89,999	–	0.18%	–
THC	New	TENET HEALTHCARE CORP	$2,112,000	–	45,000	–	0.18%	–
AIG	New	AMERICAN INTL GROUP INC	$1,910,000	–	35,000	–	0.16%	–
CST	New	CST BRANDS INC	$1,813,000	–	52,554	–	0.15%	–
CTB	New	COOPER TIRE & RUBR CO	$1,500,000	–	50,000	–	0.13%	–
EBAY	New	EBAY INC	$1,252,000	–	25,000	–	0.10%	–
CTXS	New	CITRIX SYS INC	$1,257,000	–	20,100	–	0.10%	–
ADSK	New	AUTODESK INC	$1,051,000	–	18,639	–	0.09%	–
ARIA	New	ARIAD PHARMACEUTICALS INC	$1,019,000	–	160,000	–	0.09%	–
ENTR	New	ENTROPIC COMMUNICATIONS INC	$1,020,000	–	306,444	–	0.09%	–
GS	New	GOLDMAN SACHS GROUP INC	$1,005,000	–	6,000	–	0.08%	–
TGT	New	TARGET CORP	$985,000	–	17,000	–	0.08%	–
MOS	New	MOSAIC CO NEW	$989,000	–	20,000	–	0.08%	–
EMR	New	EMERSON ELEC CO	$830,000	–	12,500	–	0.07%	–
CNX	New	CONSOL ENERGY INC	$691,000	–	15,000	–	0.06%	–
CL	New	COLGATE PALMOLIVE CO	$682,000	–	10,000	–	0.06%	–
GILD	New	GILEAD SCIENCES INC	$663,000	–	8,000	–	0.06%	–
AMZN	New	AMAZON COM INC	$650,000	–	2,000	–	0.06%	–
SYMC	New	SYMANTEC CORP	$646,000	–	28,200	–	0.05%	–
PFE	New	PFIZER INC	$594,000	–	20,000	–	0.05%	–
SPLK	New	SPLUNK INC	$553,000	–	10,000	–	0.05%	–
C	New	CITIGROUP INC	$518,000	–	11,000	–	0.04%	–
TER	New	TERADYNE INC	$490,000	–	25,000	–	0.04%	–
TTPH	New	TETRAPHASE PHARMACEUTICALS I	$333,000	–	24,700	–	0.03%	–
DNOW	New	NOW INC	$335,000	–	9,250	–	0.03%	–
XYL	New	XYLEM INC	$274,000	–	7,000	–	0.02%	–
MON	New	MONSANTO CO NEW	$249,000	–	2,000	–	0.02%	–
FOLD	New	AMICUS THERAPEUTICS INC	$74,000	–	22,162	–	0.01%	–
	New	SUNCOR ENERGY INC NEWcall	$11,000	–	20,000	–	0.00%	–
	New	SUNCOR ENERGY INC NEWput	$7,000	–	15,000	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
	Exit	RIVERBED TECHNOLOGY INCcall	$0	–	-15,000	–	0.00%	–
	Exit	AUTODESK INCput	$0	–	-10,000	–	-0.00%	–
	Exit	RIVERBED TECHNOLOGY INCput	$0	–	-30,000	–	-0.00%	–
FOLD	Exit	AMICUS THERAPEUTICS INC	$0	–	-22,162	–	-0.00%	–
	Exit	AUTODESK INCcall	$0	–	-20,000	–	-0.01%	–
NVDA	Exit	NVIDIA CORP	$0	–	-10,000	–	-0.01%	–
ADM	Exit	ARCHER DANIELS MIDLAND CO	$0	–	-8,000	–	-0.02%	–
XME	Exit	SPDR SERIES TRUSTs&p metals mng	$0	–	-10,000	–	-0.03%	–
SPLK	Exit	SPLUNK INC	$0	–	-6,607	–	-0.03%	–
AMZN	Exit	AMAZON COM INC	$0	–	-1,500	–	-0.04%	–
MUR	Exit	MURPHY OIL CORP	$0	–	-9,403	–	-0.05%	–
PFE	Exit	PFIZER INC	$0	–	-20,000	–	-0.05%	–
RVBD	Exit	RIVERBED TECHNOLOGY INC	$0	–	-40,000	–	-0.05%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-10,000	–	-0.05%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES NV	$0	–	-9,443	–	-0.06%	–
SYMC	Exit	SYMANTEC CORP	$0	–	-28,200	–	-0.06%	–
KRFT	Exit	KRAFT FOODS GROUP INC	$0	–	-14,000	–	-0.06%	–
ADSK	Exit	AUTODESK INC	$0	–	-18,639	–	-0.06%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-5,000	–	-0.07%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-35,000	–	-0.07%	–
HIG	Exit	HARTFORD FINL SVCS GROUP INC	$0	–	-30,000	–	-0.08%	–
NUVA	Exit	NUVASIVE INC	$0	–	-41,800	–	-0.08%	–
CST	Exit	CST BRANDS INC	$0	–	-36,554	–	-0.09%	–
ENTR	Exit	ENTROPIC COMMUNICATIONS INC	$0	–	-306,444	–	-0.11%	–
Q	Exit	QUINTILES TRANSNATIO HLDGS I	$0	–	-30,000	–	-0.11%	–
X	Exit	UNITED STATES STL CORP NEW	$0	–	-75,000	–	-0.13%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-26,700	–	-0.14%	–
MRO	Exit	MARATHON OIL CORP	$0	–	-50,668	–	-0.15%	–
ATI	Exit	ALLEGHENY TECHNOLOGIES INC	$0	–	-58,000	–	-0.15%	–
EXPE	Exit	EXPEDIA INC DEL	$0	–	-35,000	–	-0.15%	–
GT	Exit	GOODYEAR TIRE & RUBR CO	$0	–	-82,000	–	-0.15%	–
ABT	Exit	ABBOTT LABS	$0	–	-61,500	–	-0.17%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-65,000	–	-0.18%	–
SWKS	Exit	SKYWORKS SOLUTIONS INC	$0	–	-90,000	–	-0.19%	–
ANF	Exit	ABERCROMBIE & FITCH COcl a	$0	–	-65,000	–	-0.19%	–
ABBV	Exit	ABBVIE INC	$0	–	-53,500	–	-0.20%	–
BRCM	Exit	BROADCOM CORPcl a	$0	–	-93,000	–	-0.20%	–
EW	Exit	EDWARDS LIFESCIENCES CORP	$0	–	-35,000	–	-0.20%	–
TDC	Exit	TERADATA CORP DEL	$0	–	-50,000	–	-0.23%	–
C	Exit	CITIGROUP INC	$0	–	-69,000	–	-0.28%	–
AET	Exit	AETNA INC NEW	$0	–	-53,900	–	-0.29%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-105,000	–	-0.29%	–
VMW	Exit	VMWARE INC	$0	–	-47,000	–	-0.32%	–
WFT	Exit	WEATHERFORD INTERNATIONAL LT	$0	–	-250,000	–	-0.32%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-122,000	–	-0.32%	–
BHI	Exit	BAKER HUGHES INC	$0	–	-81,000	–	-0.33%	–
BAX	Exit	BAXTER INTL INC	$0	–	-62,000	–	-0.34%	–
HAL	Exit	HALLIBURTON CO	$0	–	-91,000	–	-0.36%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-94,500	–	-0.38%	–
COH	Exit	COACH INC	$0	–	-90,200	–	-0.41%	–
GLW	Exit	CORNING INC	$0	–	-339,480	–	-0.41%	–
EBAY	Exit	EBAY INC	$0	–	-89,000	–	-0.41%	–
NBR	Exit	NABORS INDUSTRIES LTD	$0	–	-315,000	–	-0.42%	–
AAPL	Exit	APPLE INC	$0	–	-10,800	–	-0.43%	–
BSX	Exit	BOSTON SCIENTIFIC CORP	$0	–	-455,000	–	-0.44%	–
CSCO	Exit	CISCO SYS INC	$0	–	-239,100	–	-0.47%	–
JNPR	Exit	JUNIPER NETWORKS INC	$0	–	-306,000	–	-0.51%	–
NTAP	Exit	NETAPP INC	$0	–	-151,400	–	-0.54%	–
BAC	Exit	BANK OF AMERICA CORPORATION	$0	–	-480,000	–	-0.55%	–
XLY	Exit	SELECT SECTOR SPDR TRsbi cons discr	$0	–	-110,827	–	-0.56%	–
JCI	Exit	JOHNSON CTLS INC	$0	–	-162,500	–	-0.56%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-188,533	–	-0.59%	–
XLE	Exit	SELECT SECTOR SPDR TRsbi int-energy	$0	–	-85,000	–	-0.59%	–
XLP	Exit	SELECT SECTOR SPDR TRsbi cons stpls	$0	–	-191,876	–	-0.64%	–
GM	Exit	GENERAL MTRS CO	$0	–	-251,000	–	-0.75%	–
XLV	Exit	SELECT SECTOR SPDR TRsbi healthcare	$0	–	-184,821	–	-0.78%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-187,346	–	-0.78%	–
XLI	Exit	SELECT SECTOR SPDR TRsbi int-inds	$0	–	-412,007	–	-1.59%	–
IWF	Exit	ISHARESrus 1000 grw etf	$0	–	-258,200	–	-1.68%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-651,022	–	-2.18%	–
XLF	Exit	SELECT SECTOR SPDR TRsbi int-finl	$0	–	-1,711,303	–	-2.84%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-1,299,600	–	-3.47%	–
IVV	Exit	ISHAREScore s&p500 etf	$0	–	-459,412	–	-6.47%	–
EEM	Exit	ISHARESmsci emg mkt etf	$0	–	-8,107,811	–	-27.57%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-2,673,201	–	-37.47%	–

Q3 2013

			Value		Shares		↓ Weighting
EEM	Buy	ISHARESmsci emg mkt etf	$330,555,000	+9.1%	8,107,811	+3.2%	27.57%	+3.0%
XLK	Buy	SELECT SECTOR SPDR TRtechnology	$41,626,000	+4.9%	1,299,600	+0.2%	3.47%	-1.0%
XLF	Buy	SELECT SECTOR SPDR TRsbi int-finl	$34,089,000	+5.3%	1,711,303	+3.0%	2.84%	-0.6%
IWF	New	ISHARESrus 1000 grw etf	$20,191,000	–	258,200	–	1.68%	–
XLI	Sell	SELECT SECTOR SPDR TRsbi int-inds	$19,105,000	-15.1%	412,007	-22.1%	1.59%	-19.9%
FB	Sell	FACEBOOK INCcl a	$9,412,000	+50.9%	187,346	-25.3%	0.78%	+42.5%
XLE	New	SELECT SECTOR SPDR TRsbi int-energy	$7,045,000	–	85,000	–	0.59%	–
XLU	Buy	SELECT SECTOR SPDR TRsbi int-utils	$7,042,000	+11.8%	188,533	+12.7%	0.59%	+5.6%
JNPR	Sell	JUNIPER NETWORKS INC	$6,077,000	-19.5%	306,000	-21.7%	0.51%	-24.0%
AAPL	New	APPLE INC	$5,149,000	–	10,800	–	0.43%	–
EBAY	Buy	EBAY INC	$4,965,000	+100.0%	89,000	+85.4%	0.41%	+89.0%
GLW	Sell	CORNING INC	$4,953,000	-17.0%	339,480	-19.1%	0.41%	-21.6%
COH	Sell	COACH INC	$4,919,000	-29.0%	90,200	-25.7%	0.41%	-33.0%
BHI	Sell	BAKER HUGHES INC	$3,977,000	-14.6%	81,000	-19.8%	0.33%	-19.4%
MDLZ	Sell	MONDELEZ INTL INCcl a	$3,833,000	-5.4%	122,000	-14.1%	0.32%	-10.6%
WFT	Sell	WEATHERFORD INTERNATIONAL LT	$3,833,000	-0.1%	250,000	-10.7%	0.32%	-5.6%
VMW	Buy	VMWARE INC	$3,802,000	+83.1%	47,000	+51.6%	0.32%	+72.3%
MSFT	Sell	MICROSOFT CORP	$3,498,000	-27.6%	105,000	-25.0%	0.29%	-31.6%
AET	Sell	AETNA INC NEW	$3,451,000	-6.2%	53,900	-6.9%	0.29%	-11.4%
TDC	New	TERADATA CORP DEL	$2,772,000	–	50,000	–	0.23%	–
EW	New	EDWARDS LIFESCIENCES CORP	$2,437,000	–	35,000	–	0.20%	–
BRCM	New	BROADCOM CORPcl a	$2,419,000	–	93,000	–	0.20%	–
ABBV	Sell	ABBVIE INC	$2,393,000	-5.9%	53,500	-13.0%	0.20%	-11.1%
ANF	Sell	ABERCROMBIE & FITCH COcl a	$2,299,000	-39.9%	65,000	-23.1%	0.19%	-43.2%
SWKS	Buy	SKYWORKS SOLUTIONS INC	$2,236,000	+70.3%	90,000	+50.0%	0.19%	+60.3%
VLO	Buy	VALERO ENERGY CORP NEW	$2,220,000	+27.7%	65,000	+30.0%	0.18%	+20.1%
GT	Sell	GOODYEAR TIRE & RUBR CO	$1,841,000	+20.4%	82,000	-18.0%	0.15%	+14.1%
EXPE	New	EXPEDIA INC DEL	$1,813,000	–	35,000	–	0.15%	–
ATI	Buy	ALLEGHENY TECHNOLOGIES INC	$1,770,000	+34.5%	58,000	+16.0%	0.15%	+27.6%
MRO	New	MARATHON OIL CORP	$1,767,000	–	50,668	–	0.15%	–
X	Buy	UNITED STATES STL CORP NEW	$1,544,000	+35.6%	75,000	+15.4%	0.13%	+27.7%
NUVA	Sell	NUVASIVE INC	$1,024,000	-38.2%	41,800	-37.4%	0.08%	-41.8%
GE	Buy	GENERAL ELECTRIC CO	$836,000	+80.2%	35,000	+75.0%	0.07%	+70.7%
GS	Sell	GOLDMAN SACHS GROUP INC	$791,000	-67.3%	5,000	-68.8%	0.07%	-69.2%
ADSK	New	AUTODESK INC	$767,000	–	18,639	–	0.06%	–
KRFT	Sell	KRAFT FOODS GROUP INC	$734,000	-45.3%	14,000	-41.7%	0.06%	-48.3%
LYB	Buy	LYONDELLBASELL INDUSTRIES NV	$692,000	+13.1%	9,443	+2.3%	0.06%	+7.4%
EMR	New	EMERSON ELEC CO	$647,000	–	10,000	–	0.05%	–
RVBD	New	RIVERBED TECHNOLOGY INC	$584,000	–	40,000	–	0.05%	–
PFE	New	PFIZER INC	$574,000	–	20,000	–	0.05%	–
MUR	New	MURPHY OIL CORP	$567,000	–	9,403	–	0.05%	–
SPLK	Sell	SPLUNK INC	$397,000	-85.9%	6,607	-89.1%	0.03%	-86.7%
XME	New	SPDR SERIES TRUSTs&p metals mng	$366,000	–	10,000	–	0.03%	–
	New	AUTODESK INCcall	$64,000	–	20,000	–	0.01%	–
	New	RIVERBED TECHNOLOGY INCput	$19,000	–	30,000	–	0.00%	–
	New	AUTODESK INCput	$15,000	–	10,000	–	0.00%	–
	New	RIVERBED TECHNOLOGY INCcall	$4,000	–	15,000	–	0.00%	–
MOS	Exit	MOSAIC CO NEW	$0	–	-10,000	–	-0.05%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-15,000	–	-0.07%	–
BBRY	Exit	RESEARCH IN MOTION LTD	$0	–	-95,000	–	-0.09%	–
FTI	Exit	FMC TECHNOLOGIES INC	$0	–	-19,500	–	-0.10%	–
GMCR	Exit	GREEN MTN COFFEE ROASTERS IN	$0	–	-24,000	–	-0.16%	–
PBR	Exit	PETROLEO BRASILEIRO SA PETROsponsored adr	$0	–	-193,000	–	-0.23%	–
XLB	Exit	SELECT SECTOR SPDR TRsbi materials	$0	–	-100,164	–	-0.34%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-74,190	–	-0.50%	–
DIA	Exit	SPDR DOW JONES INDL AVRG ETFut ser 1	$0	–	-131,050	–	-1.72%	–

Q2 2013

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRtr unit	$427,739,000	–	2,673,201	–	37.80%	–
EEM	New	ISHARES TRmsci emerg mkt	$302,999,000	–	7,855,811	–	26.77%	–
IVV	New	ISHARES TRcore s&p500 etf	$73,952,000	–	459,412	–	6.54%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$39,687,000	–	1,297,380	–	3.51%	–
XLF	New	SELECT SECTOR SPDR TRsbi int-finl	$32,379,000	–	1,661,303	–	2.86%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$25,247,000	–	651,022	–	2.23%	–
XLI	New	SELECT SECTOR SPDR TRsbi int-inds	$22,512,000	–	528,824	–	1.99%	–
DIA	New	SPDR DOW JONES INDL AVRG ETFut ser 1	$19,500,000	–	131,050	–	1.72%	–
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$8,799,000	–	184,821	–	0.78%	–
GM	New	GENERAL MTRS CO	$8,361,000	–	251,000	–	0.74%	–
XLP	New	SELECT SECTOR SPDR TRsbi cons stpls	$7,612,000	–	191,876	–	0.67%	–
JNPR	New	JUNIPER NETWORKS INC	$7,550,000	–	391,000	–	0.67%	–
COH	New	COACH INC	$6,931,000	–	121,400	–	0.61%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$6,297,000	–	167,333	–	0.56%	–
XLY	New	SELECT SECTOR SPDR TRsbi cons discr	$6,251,000	–	110,827	–	0.55%	–
FB	New	FACEBOOK INCcl a	$6,236,000	–	250,846	–	0.55%	–
BAC	New	BANK OF AMERICA CORPORATION	$6,173,000	–	480,000	–	0.54%	–
GLW	New	CORNING INC	$5,969,000	–	419,480	–	0.53%	–
JCI	New	JOHNSON CTLS INC	$5,816,000	–	162,500	–	0.51%	–
CSCO	New	CISCO SYS INC	$5,813,000	–	239,100	–	0.51%	–
PG	New	PROCTER & GAMBLE CO	$5,712,000	–	74,190	–	0.50%	–
NTAP	New	NETAPP INC	$5,720,000	–	151,400	–	0.50%	–
MSFT	New	MICROSOFT CORP	$4,834,000	–	140,000	–	0.43%	–
NBR	New	NABORS INDUSTRIES LTD	$4,823,000	–	315,000	–	0.43%	–
BHI	New	BAKER HUGHES INC	$4,659,000	–	101,000	–	0.41%	–
MRK	New	MERCK & CO INC NEW	$4,390,000	–	94,500	–	0.39%	–
BAX	New	BAXTER INTL INC	$4,295,000	–	62,000	–	0.38%	–
BSX	New	BOSTON SCIENTIFIC CORP	$4,218,000	–	455,000	–	0.37%	–
MDLZ	New	MONDELEZ INTL INCcl a	$4,051,000	–	142,000	–	0.36%	–
XLB	New	SELECT SECTOR SPDR TRsbi materials	$3,840,000	–	100,164	–	0.34%	–
WFT	New	WEATHERFORD INTERNATIONAL LT	$3,836,000	–	280,000	–	0.34%	–
ANF	New	ABERCROMBIE & FITCH COcl a	$3,824,000	–	84,500	–	0.34%	–
HAL	New	HALLIBURTON CO	$3,797,000	–	91,000	–	0.34%	–
AET	New	AETNA INC NEW	$3,679,000	–	57,900	–	0.32%	–
C	New	CITIGROUP INC	$3,310,000	–	69,000	–	0.29%	–
SPLK	New	SPLUNK INC	$2,810,000	–	60,607	–	0.25%	–
PBR	New	PETROLEO BRASILEIRO SA PETROsponsored adr	$2,590,000	–	193,000	–	0.23%	–
ABBV	New	ABBVIE INC	$2,542,000	–	61,500	–	0.22%	–
EBAY	New	EBAY INC	$2,483,000	–	48,000	–	0.22%	–
GS	New	GOLDMAN SACHS GROUP INC	$2,420,000	–	16,000	–	0.21%	–
ABT	New	ABBOTT LABS	$2,145,000	–	61,500	–	0.19%	–
VMW	New	VMWARE INC	$2,077,000	–	31,000	–	0.18%	–
GMCR	New	GREEN MTN COFFEE ROASTERS IN	$1,801,000	–	24,000	–	0.16%	–
VLO	New	VALERO ENERGY CORP NEW	$1,739,000	–	50,000	–	0.15%	–
NUVA	New	NUVASIVE INC	$1,656,000	–	66,800	–	0.15%	–
GT	New	GOODYEAR TIRE & RUBR CO	$1,529,000	–	100,000	–	0.14%	–
GILD	New	GILEAD SCIENCES INC	$1,367,000	–	26,700	–	0.12%	–
KRFT	New	KRAFT FOODS GROUP INC	$1,341,000	–	24,000	–	0.12%	–
ENTR	New	ENTROPIC COMMUNICATIONS INC	$1,309,000	–	306,444	–	0.12%	–
SWKS	New	SKYWORKS SOLUTIONS INC	$1,313,000	–	60,000	–	0.12%	–
ATI	New	ALLEGHENY TECHNOLOGIES INC	$1,316,000	–	50,000	–	0.12%	–
Q	New	QUINTILES TRANSNATIO HLDGS I	$1,277,000	–	30,000	–	0.11%	–
X	New	UNITED STATES STL CORP NEW	$1,139,000	–	65,000	–	0.10%	–
CST	New	CST BRANDS INC	$1,126,000	–	36,554	–	0.10%	–
FTI	New	FMC TECHNOLOGIES INC	$1,086,000	–	19,500	–	0.10%	–
BBRY	New	RESEARCH IN MOTION LTD	$995,000	–	95,000	–	0.09%	–
HIG	New	HARTFORD FINL SVCS GROUP INC	$928,000	–	30,000	–	0.08%	–
DLTR	New	DOLLAR TREE INC	$763,000	–	15,000	–	0.07%	–
SYMC	New	SYMANTEC CORP	$634,000	–	28,200	–	0.06%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$612,000	–	9,229	–	0.05%	–
MOS	New	MOSAIC CO NEW	$538,000	–	10,000	–	0.05%	–
GE	New	GENERAL ELECTRIC CO	$464,000	–	20,000	–	0.04%	–
AMZN	New	AMAZON COM INC	$417,000	–	1,500	–	0.04%	–
ADM	New	ARCHER DANIELS MIDLAND CO	$271,000	–	8,000	–	0.02%	–
NVDA	New	NVIDIA CORP	$140,000	–	10,000	–	0.01%	–
FOLD	New	AMICUS THERAPEUTICS INC	$52,000	–	22,162	–	0.01%	–

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