HSBC HOLDINGS PLC Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DIA	SPDR DOW JONES INDL AVRG ETF	69,440	$10,315	5.9%	$135.02	—	UT SER 1	78467X109
—	POWERSHARES ETF TR II	231,020	$7,189	4.1%	$29.04	—	S&P500 LOW VOL	73937B779
VB	VANGUARD INDEX FDS	69,300	$6,494	3.7%	$91.27	—	SMALL CP ETF	922908751
VNQ	VANGUARD INDEX FDS	88,900	$6,109	3.5%	$65.63	—	REIT ETF	922908553
ITB	ISHARES TR	236,840	$5,300	3.1%	$23.37	—	DJ HOME CONSTN	464288752
—	POWERSHARES QQQ TRUST	56,130	$3,997	2.3%	$67.94	—	UNIT SER 1	73935A104
AAXJ	ISHARES TR	70,660	$3,867	2.2%	$56.49	—	MSCI ACJPN IDX	464288182
VGK	VANGUARD INTL EQUITY INDEX F	73,250	$3,526	2.0%	$46.33	—	FTSE EUROPE ETF	922042874
XRT	SPDR SERIES TRUST	39,290	$3,010	1.7%	$76.61	—	S&P RETAIL ETF	78464A714
RWX	SPDR INDEX SHS FDS	37,150	$1,482	0.9%	$43.09	—	DJ INTL RL ETF	78463X863
DXJ	WISDOMTREE TRUST	31,000	$1,414	0.8%	$45.31	—	JAPN HEDGE EQT	97717W851
XLB	SELECT SECTOR SPDR TR	34,470	$1,322	0.8%	$38.19	—	SBI MATERIALS	81369Y100
—	POWERSHARES DB CMDTY IDX TRA	29,230	$735	0.4%	$28.80	—	UNIT BEN INT	73935S105
—	SPDR SERIES TRUST	7,930	$313	0.2%	$39.37	—	BRC HGH YLD BD	78464A417
PFF	ISHARES TR	5,750	$226	0.1%	$39.40	—	US PFD STK IDX	464288687
AGG	ISHARES TR	2,100	$225	0.1%	$110.12	—	CORE TOTUSBD ETF	464287226
EWY	ISHARES INC	3,850	$205	0.1%	$58.75	—	MSCI STH KOR CAP	464286772
EZA	ISHARES INC	3,340	$195	0.1%	$64.59	—	MSCI STH AFRCA	464286780
ILF	ISHARES TR	5,250	$193	0.1%	$47.65	—	S&P LTN AM 40	464287390
DVY	ISHARES TR	2,850	$182	0.1%	$56.80	—	DJ SEL DIV INX	464287168
—	ISHARES INC	13,500	$180	0.1%	$13.41	—	MSCI TAIWAN	464286731
IYH	ISHARES TR	1,660	$166	0.1%	$78.23	—	DJ US HEALTHCR	464287762
NSC	NORFOLK SOUTHERN CORP	2,120	$154	0.1%	$60.33	-4.4%	COM	655844108
—	GOOGLE INC	160	$141	0.1%	$685.20	—	CL A	38259P508
MET	METLIFE INC	2,710	$124	0.1%	$26.57	-8.1%	COM	59156R108
MKC	MCCORMICK & CO INC	1,750	$123	0.1%	$54.81	-48.6%	COM NON VTG	579780206
—	RAYTHEON CO	1,850	$122	0.1%	$59.20	—	COM NEW	755111507
OMC	OMNICOM GROUP INC	1,900	$119	0.1%	$50.68	-19.7%	COM	681919106
ADP	AUTOMATIC DATA PROCESSING IN	1,730	$119	0.1%	$52.35	-13.9%	COM	053015103
ZTS	ZOETIS INC	3,700	$114	0.1%	$29.32	0.0%	CL A	98978V103
GILD	GILEAD SCIENCES INC	2,230	$114	0.1%	$38.92	-7.0%	COM	375558103
ILMN	ILLUMINA INC	1,490	$112	0.1%	$52.09	+22.9%	COM	452327109
DHR	DANAHER CORP DEL	1,720	$109	0.1%	$49.86	-49.8%	COM	235851102
SLB	SCHLUMBERGER LTD	1,440	$103	0.1%	$63.06	-16.1%	COM	806857108
OXY	OCCIDENTAL PETE CORP DEL	1,150	$103	0.1%	$82.51	-29.9%	COM	674599105
FXI	ISHARES TR	3,160	$103	0.1%	$33.46	—	FTSE CHINA25 IDX	464287184
SNA	SNAP ON INC	1,140	$102	0.1%	$62.16	+6.8%	COM	833034101
UNH	UNITEDHEALTH GROUP INC	1,560	$102	0.1%	$54.25	-6.5%	COM	91324P102
COST	COSTCO WHSL CORP NEW	920	$102	0.1%	$89.76	-3.6%	COM	22160K105
COF	CAPITAL ONE FINL CORP	1,610	$101	0.1%	$55.11	-14.7%	COM	14040H105
QCOM	QUALCOMM INC	1,660	$101	0.1%	$57.16	-21.2%	COM	747525103
TMO	THERMO FISHER SCIENTIFIC INC	1,090	$92	0.1%	$59.48	+34.1%	COM	883556102
MRK	MERCK & CO INC NEW	1,970	$92	0.1%	$40.14	-25.2%	COM	58933Y105
SBUX	STARBUCKS CORP	1,370	$90	0.1%	$32.29	-24.5%	COM	855244109
LVS	LAS VEGAS SANDS CORP	1,700	$90	0.1%	$49.93	-21.9%	COM	517834107
—	MARATHON OIL CORP	2,470	$85	0.0%	$31.72	—	COM	565849106
EBAY	EBAY INC	1,490	$77	0.0%	$32.60	-38.1%	COM	278642103
MDLZ	MONDELEZ INTL INC	2,690	$77	0.0%	$24.52	-5.6%	CL A	609207105
AMG	AFFILIATED MANAGERS GROUP	460	$75	0.0%	$148.75	+2.9%	COM	008252108
AMZN	AMAZON COM INC	260	$72	0.0%	$139.06	-90.4%	COM	023135106
—	HERTZ GLOBAL HOLDINGS INC	2,860	$71	0.0%	$21.67	—	COM	42805T105
EWC	ISHARES INC	2,570	$67	0.0%	$28.34	—	MSCI CDA INDEX	464286509
CRM	SALESFORCE COM INC	1,490	$57	0.0%	$55.94	-27.1%	COM	79466L302
ROP	ROPER INDS INC NEW	440	$55	0.0%	$110.85	+2.4%	COM	776696106
FCX	FREEPORT-MCMORAN COPPER & GO	1,960	$54	0.0%	$36.55	-33.1%	COM	35671D857
MOS	MOSAIC CO NEW	990	$53	0.0%	$48.13	-3.9%	COM	61945C103
—	CITRIX SYS INC	840	$51	0.0%	$75.75	—	COM	177376100
MS	MORGAN STANLEY	1,690	$41	0.0%	$16.87	+2.8%	COM NEW	617446448
NUE	NUCOR CORP	950	$41	0.0%	$36.00	-10.0%	COM	670346105
—	BAKER HUGHES INC	890	$41	0.0%	$44.30	—	COM	057224107
EMB	ISHARES TR	280	$31	0.0%	$117.18	—	JPMORGAN USD	464288281
XLK	SELECT SECTOR SPDR TR	940	$29	0.0%	$30.11	—	TECHNOLOGY	81369Y803
HYG	ISHARES TR	270	$25	0.0%	$91.42	—	HIGH YLD CORP	464288513
EWG	ISHARES INC	380	$9	0.0%	$22.63	—	MSCI GERMAN	464286806
—	POWERSHS DB MULTI SECT COMM	320	$8	0.0%	$27.78	—	PS DB AGRICUL FD	73936B408

Increased Positions (26)

XLF SELECT SECTOR SPDR TR 3.8%

Value ($000) $6,594 (+3920.7%) Shares 339,120 (+3668.0%) Est. Cost $15.77 Unrealized —

EZU ISHARES INC 2.1%

Value ($000) $3,610 (+375.6%) Shares 111,146 (+378.1%) Est. Cost $30.28 Unrealized —

— ISHARES INC 1.4%

Value ($000) $2,381 (+7580.6%) Shares 134,821 (+7844.7%) Est. Cost $17.30 Unrealized —

IWD ISHARES TR 1.3%

Value ($000) $2,336 (+250.8%) Shares 27,880 (+240.0%) Est. Cost $75.25 Unrealized —

VWO VANGUARD INTL EQUITY INDEX F 1.0%

Value ($000) $1,783 (+107.8%) Shares 45,970 (+129.8%) Est. Cost $40.66 Unrealized —

PEP PEPSICO INC 1.1%

Value ($000) $1,977 (+10.1%) Shares 24,170 (+6.5%) Est. Cost $62.53 Unrealized -10.5%

DIS DISNEY WALT CO 0.2%

Value ($000) $414 (+61.7%) Shares 6,550 (+45.6%) Est. Cost $50.73 Unrealized +10.6%

AAPL APPLE INC 0.1%

Value ($000) $203 (+275.9%) Shares 512 (+319.7%) Est. Cost $338.93 Unrealized -96.1%

CSCO CISCO SYS INC 0.2%

Value ($000) $303 (+88.2%) Shares 12,480 (+62.1%) Est. Cost $17.75 Unrealized -14.1%

JPM JPMORGAN CHASE & CO 0.1%

Value ($000) $215 (+190.5%) Shares 4,065 (+159.7%) Est. Cost $39.20 Unrealized -7.5%

— GENERAL ELECTRIC CO 0.2%

Value ($000) $301 (+85.8%) Shares 12,972 (+85.3%) Est. Cost $21.29 Unrealized —

CL COLGATE PALMOLIVE CO 2.4%

Value ($000) $4,125 (-2.9%) Shares 72,000 (+100.0%) Est. Cost $69.74 Unrealized -36.4%

CVX CHEVRON CORP NEW 0.2%

Value ($000) $285 (+71.7%) Shares 2,410 (+72.1%) Est. Cost $107.18 Unrealized -33.5%

XOM EXXON MOBIL CORP 0.1%

Value ($000) $223 (+90.6%) Shares 2,470 (+90.0%) Est. Cost $81.77 Unrealized -34.3%

USB US BANCORP DEL 0.1%

Value ($000) $126 (+530.0%) Shares 3,480 (+480.0%) Est. Cost $29.45 Unrealized -23.9%

ALL ALLSTATE CORP 0.1%

Value ($000) $196 (+115.4%) Shares 4,074 (+119.7%) Est. Cost $35.50 Unrealized +4.6%

C CITIGROUP INC 0.1%

Value ($000) $97 (+4750.0%) Shares 2,030 (+3960.0%) Est. Cost $32.34 Unrealized +10.6%

AIG AMERICAN INTL GROUP INC 0.2%

Value ($000) $288 (+47.7%) Shares 6,454 (+28.5%) Est. Cost $31.77 Unrealized +2.3%

MCD MCDONALDS CORP 0.1%

Value ($000) $144 (+140.0%) Shares 1,450 (+141.7%) Est. Cost $84.54 Unrealized -15.1%

ZBH ZIMMER HLDGS INC 0.1%

Value ($000) $94 (+526.7%) Shares 1,260 (+530.0%) Est. Cost $65.25 Unrealized +3.1%

— DU PONT E I DE NEMOURS & CO 0.1%

Value ($000) $102 (+308.0%) Shares 1,950 (+290.0%) Est. Cost $52.10 Unrealized —

— UNITED TECHNOLOGIES CORP 0.1%

Value ($000) $112 (+202.7%) Shares 1,210 (+202.5%) Est. Cost $85.46 Unrealized —

PFE PFIZER INC 0.0%

Value ($000) $86 (+514.3%) Shares 3,080 (+516.0%) Est. Cost $22.70 Unrealized -27.5%

— COACH INC 0.1%

Value ($000) $100 (+233.3%) Shares 1,760 (+193.3%) Est. Cost $62.83 Unrealized —

ORCL ORACLE CORP 0.1%

Value ($000) $119 (+72.5%) Shares 3,886 (+81.9%) Est. Cost $29.09 Unrealized -5.2%

EEM ISHARES TR 0.2%

Value ($000) $327 (+4.8%) Shares 8,500 (+16.6%) Est. Cost $39.28 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
XLF	SELECT SECTOR SPDR TR	339,120 (+3668.0%)	$6,594 (+3920.7%)	3.8%	$15.77	—	SBI INT-FINL	81369Y605
EZU	ISHARES INC	111,146 (+378.1%)	$3,610 (+375.6%)	2.1%	$30.28	—	MSCI EMU INDEX	464286608
—	ISHARES INC	134,821 (+7844.7%)	$2,381 (+7580.6%)	1.4%	$17.30	—	MSCI UTD KINGD	464286699
IWD	ISHARES TR	27,880 (+240.0%)	$2,336 (+250.8%)	1.3%	$75.25	—	RUSSELL1000VAL	464287598
VWO	VANGUARD INTL EQUITY INDEX F	45,970 (+129.8%)	$1,783 (+107.8%)	1.0%	$40.66	—	FTSE EMR MKT ETF	922042858
PEP	PEPSICO INC	24,170 (+6.5%)	$1,977 (+10.1%)	1.1%	$62.53	-10.5%	COM	713448108
DIS	DISNEY WALT CO	6,550 (+45.6%)	$414 (+61.7%)	0.2%	$50.73	+10.6%	COM DISNEY	254687106
AAPL	APPLE INC	512 (+319.7%)	$203 (+275.9%)	0.1%	$338.93	-96.1%	COM	037833100
CSCO	CISCO SYS INC	12,480 (+62.1%)	$303 (+88.2%)	0.2%	$17.75	-14.1%	COM	17275R102
JPM	JPMORGAN CHASE & CO	4,065 (+159.7%)	$215 (+190.5%)	0.1%	$39.20	-7.5%	COM	46625H100
—	GENERAL ELECTRIC CO	12,972 (+85.3%)	$301 (+85.8%)	0.2%	$21.29	—	COM	369604103
CL	COLGATE PALMOLIVE CO	72,000 (+100.0%)	$4,125 (-2.9%)	2.4%	$69.74	-36.4%	COM	194162103
CVX	CHEVRON CORP NEW	2,410 (+72.1%)	$285 (+71.7%)	0.2%	$107.18	-33.5%	COM	166764100
XOM	EXXON MOBIL CORP	2,470 (+90.0%)	$223 (+90.6%)	0.1%	$81.77	-34.3%	COM	30231G102
USB	US BANCORP DEL	3,480 (+480.0%)	$126 (+530.0%)	0.1%	$29.45	-23.9%	COM NEW	902973304
ALL	ALLSTATE CORP	4,074 (+119.7%)	$196 (+115.4%)	0.1%	$35.50	+4.6%	COM	020002101
C	CITIGROUP INC	2,030 (+3960.0%)	$97 (+4750.0%)	0.1%	$32.34	+10.6%	COM NEW	172967424
AIG	AMERICAN INTL GROUP INC	6,454 (+28.5%)	$288 (+47.7%)	0.2%	$31.77	+2.3%	COM NEW	026874784
MCD	MCDONALDS CORP	1,450 (+141.7%)	$144 (+140.0%)	0.1%	$84.54	-15.1%	COM	580135101
ZBH	ZIMMER HLDGS INC	1,260 (+530.0%)	$94 (+526.7%)	0.1%	$65.25	+3.1%	COM	98956P102
—	DU PONT E I DE NEMOURS & CO	1,950 (+290.0%)	$102 (+308.0%)	0.1%	$52.10	—	COM	263534109
—	UNITED TECHNOLOGIES CORP	1,210 (+202.5%)	$112 (+202.7%)	0.1%	$85.46	—	COM	913017109
PFE	PFIZER INC	3,080 (+516.0%)	$86 (+514.3%)	0.0%	$22.70	-27.5%	COM	717081103
—	COACH INC	1,760 (+193.3%)	$100 (+233.3%)	0.1%	$62.83	—	COM	189754104
ORCL	ORACLE CORP	3,886 (+81.9%)	$119 (+72.5%)	0.1%	$29.09	-5.2%	COM	68389X105
EEM	ISHARES TR	8,500 (+16.6%)	$327 (+4.8%)	0.2%	$39.28	—	MSCI EMERG MKT	464287234

Exited Positions (1)

SWK STANLEY BLACK & DECKER INC 0.1%

Value ($000) $113 Shares 1,400 Est. Cost $70.05 Unrealized -18.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SWK	STANLEY BLACK & DECKER INC	1,400	$113	0.1%	$70.05	-18.7%	—	854502101

Decreased Positions (2)

— CABOT MICROELECTRONICS CORP 0.8%

Value ($000) $1,432 (-10.6%) Shares 43,389 (-5.9%) Est. Cost $35.17 Unrealized —

MSFT MICROSOFT CORP 0.1%

Value ($000) $104 (-45.8%) Shares 3,000 (-55.2%) Est. Cost $30.39 Unrealized -12.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	CABOT MICROELECTRONICS CORP	43,389 (-5.9%)	$1,432 (-10.6%)	0.8%	$35.17	—	COM	12709P103
MSFT	MICROSOFT CORP	3,000 (-55.2%)	$104 (-45.8%)	0.1%	$30.39	-12.1%	COM	594918104

Unchanged Positions (61)

— COSAN LTD 20.1%

Value ($000) $34,925 Shares 2,161,200 Est. Cost $15.94 Unrealized —

IBM INTERNATIONAL BUSINESS MACHS 7.4%

Value ($000) $12,837 Shares 67,172 Est. Cost $172.42 Unrealized -31.0%

CBT CABOT CORP 8.1%

Value ($000) $14,000 Shares 374,120 Est. Cost $36.57 Unrealized -24.3%

GLD SPDR GOLD TRUST 1.0%

Value ($000) $1,800 Shares 15,110 Est. Cost $160.04 Unrealized —

— CA INC 1.2%

Value ($000) $2,073 Shares 72,393 Est. Cost $27.05 Unrealized —

SPY SPDR S&P 500 ETF TR 6.2%

Value ($000) $10,801 Shares 67,331 Est. Cost $156.63 Unrealized —

— PRICELINE COM INC 0.6%

Value ($000) $1,060 Shares 1,281 Est. Cost $744.81 Unrealized —

— CAS MED SYS INC 0.5%

Value ($000) $825 Shares 500,000 Est. Cost $1.75 Unrealized —

CTSH COGNIZANT TECHNOLOGY SOLUTIO 0.1%

Value ($000) $187 Shares 2,988 Est. Cost $47.59 Unrealized -38.1%

MCO MOODYS CORP 0.1%

Value ($000) $233 Shares 3,820 Est. Cost $43.25 Unrealized +22.8%

JNJ JOHNSON & JOHNSON 0.3%

Value ($000) $438 Shares 5,100 Est. Cost $61.84 Unrealized -3.5%

LQD ISHARES TR 0.2%

Value ($000) $408 Shares 3,589 Est. Cost $115.89 Unrealized —

BA BOEING CO 0.1%

Value ($000) $102 Shares 1,000 Est. Cost $75.48 Unrealized +6.5%

— DUN & BRADSTREET CORP DEL NE 0.1%

Value ($000) $93 Shares 955 Est. Cost $81.56 Unrealized —

— ISHARES INC 0.2%

Value ($000) $301 Shares 26,866 Est. Cost $10.00 Unrealized —

XLV SELECT SECTOR SPDR TR 0.2%

Value ($000) $300 Shares 6,300 Est. Cost $40.14 Unrealized —

— SOTHEBYS 0.4%

Value ($000) $682 Shares 18,000 Est. Cost $37.09 Unrealized —

IWF ISHARES TR 0.3%

Value ($000) $531 Shares 7,300 Est. Cost $66.49 Unrealized —

EXC EXELON CORP 0.0%

Value ($000) $72 Shares 2,325 Est. Cost $22.47 Unrealized -31.4%

HON HONEYWELL INTL INC 0.1%

Value ($000) $135 Shares 1,700 Est. Cost $57.99 Unrealized -8.4%

ESS ESSEX PPTY TR INC 0.1%

Value ($000) $127 Shares 800 Est. Cost $104.41 Unrealized +0.6%

KLAC KLA-TENCOR CORP 0.1%

Value ($000) $123 Shares 2,200 Est. Cost $47.58 Unrealized -28.7%

PM PHILIP MORRIS INTL INC 0.1%

Value ($000) $104 Shares 1,200 Est. Cost $82.61 Unrealized -39.7%

BMY BRISTOL MYERS SQUIBB CO 0.1%

Value ($000) $89 Shares 2,000 Est. Cost $31.11 Unrealized -7.8%

F FORD MTR CO DEL 0.0%

Value ($000) $46 Shares 3,000 Est. Cost $8.98 Unrealized -15.3%

— KINDER MORGAN ENERGY PARTNER 0.1%

Value ($000) $111 Shares 1,300 Est. Cost $83.92 Unrealized —

FE FIRSTENERGY CORP 0.0%

Value ($000) $50 Shares 1,334 Est. Cost $38.03 Unrealized -35.4%

GIS GENERAL MLS INC 0.2%

Value ($000) $311 Shares 6,400 Est. Cost $35.35 Unrealized -9.5%

BAX BAXTER INTL INC 0.1%

Value ($000) $118 Shares 1,700 Est. Cost $42.21 Unrealized -27.9%

CAT CATERPILLAR INC DEL 0.0%

Value ($000) $82 Shares 1,000 Est. Cost $81.75 Unrealized -24.7%

SRE SEMPRA ENERGY 0.1%

Value ($000) $164 Shares 2,000 Est. Cost $59.56 Unrealized -53.7%

CTRA CABOT OIL & GAS CORP 0.0%

Value ($000) $85 Shares 1,200 Est. Cost $26.72 Unrealized -7.0%

TROW PRICE T ROWE GROUP INC 0.1%

Value ($000) $117 Shares 1,600 Est. Cost $60.02 Unrealized -20.5%

HD HOME DEPOT INC 0.0%

Value ($000) $31 Shares 400 Est. Cost $52.16 Unrealized +7.5%

— SEARS HLDGS CORP 0.0%

Value ($000) $13 Shares 314 Est. Cost $58.42 Unrealized —

SHY ISHARES TR 0.4%

Value ($000) $678 Shares 8,050 Est. Cost $84.33 Unrealized —

— WINDSTREAM CORP 0.1%

Value ($000) $93 Shares 12,000 Est. Cost $10.00 Unrealized —

BAC BANK OF AMERICA CORPORATION 0.0%

Value ($000) $31 Shares 2,401 Est. Cost $10.14 Unrealized -1.2%

MSI MOTOROLA SOLUTIONS INC 0.0%

Value ($000) $25 Shares 428 Est. Cost $48.64 Unrealized -2.5%

WU WESTERN UN CO 0.0%

Value ($000) $17 Shares 1,000 Est. Cost $16.85 Unrealized —

GD GENERAL DYNAMICS CORP 0.0%

Value ($000) $16 Shares 200 Est. Cost $69.02 Unrealized -18.2%

NEM NEWMONT MINING CORP 0.0%

Value ($000) $6 Shares 200 Est. Cost $36.10 Unrealized -29.8%

PG PROCTER & GAMBLE CO 0.1%

Value ($000) $199 Shares 2,590 Est. Cost $63.98 Unrealized -14.0%

UPS UNITED PARCEL SERVICE INC 0.1%

Value ($000) $121 Shares 1,400 Est. Cost $68.73 Unrealized -19.4%

KO COCA COLA CO 0.1%

Value ($000) $116 Shares 2,900 Est. Cost $39.16 Unrealized -28.9%

CNP CENTERPOINT ENERGY INC 0.0%

Value ($000) $47 Shares 2,000 Est. Cost $17.54 Unrealized -12.9%

A AGILENT TECHNOLOGIES INC 0.0%

Value ($000) $43 Shares 1,000 Est. Cost $31.61 Unrealized -11.5%

TGT TARGET CORP 0.0%

Value ($000) $28 Shares 400 Est. Cost $55.77 Unrealized -14.0%

IT GARTNER INC 0.0%

Value ($000) $28 Shares 498 Est. Cost $51.66 Unrealized +9.9%

MMM 3M CO 0.0%

Value ($000) $22 Shares 200 Est. Cost $74.36 Unrealized -17.6%

AMGN AMGEN INC 0.0%

Value ($000) $20 Shares 200 Est. Cost $75.93 Unrealized -3.4%

— DELL INC 0.0%

Value ($000) $20 Shares 1,500 Est. Cost $13.63 Unrealized —

EWH ISHARES INC 0.0%

Value ($000) $17 Shares 917 Est. Cost $17.58 Unrealized —

— MEDTRONIC INC 0.0%

Value ($000) $15 Shares 300 Est. Cost $43.67 Unrealized —

INTC INTEL CORP 0.0%

Value ($000) $12 Shares 500 Est. Cost $21.92 Unrealized -21.6%

XLP SELECT SECTOR SPDR TR 0.2%

Value ($000) $290 Shares 7,300 Est. Cost $35.74 Unrealized —

— HEWLETT PACKARD CO 0.0%

Value ($000) $17 Shares 700 Est. Cost $23.84 Unrealized —

— CHESAPEAKE ENERGY CORP 0.0%

Value ($000) $15 Shares 750 Est. Cost $20.42 Unrealized —

KMPR KEMPER CORP DEL 0.0%

Value ($000) $7 Shares 200 Est. Cost $31.77 Unrealized +3.1%

NRG NRG ENERGY INC 0.0%

Value ($000) $5 Shares 191 Est. Cost $20.16 Unrealized +1.5%

— NATIONAL OILWELL VARCO INC 0.0%

Value ($000) $3 Shares 42 Est. Cost $75.81 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	COSAN LTD	2,161,200	$34,925	20.1%	$15.94	—	SHS A	G25343107
IBM	INTERNATIONAL BUSINESS MACHS	67,172	$12,837	7.4%	$172.42	-31.0%	COM	459200101
CBT	CABOT CORP	374,120	$14,000	8.1%	$36.57	-24.3%	COM	127055101
GLD	SPDR GOLD TRUST	15,110	$1,800	1.0%	$160.04	—	GOLD SHS	78463V107
—	CA INC	72,393	$2,073	1.2%	$27.05	—	COM	12673P105
SPY	SPDR S&P 500 ETF TR	67,331	$10,801	6.2%	$156.63	—	TR UNIT	78462F103
—	PRICELINE COM INC	1,281	$1,060	0.6%	$744.81	—	COM NEW	741503403
—	CAS MED SYS INC	500,000	$825	0.5%	$1.75	—	COM PAR $0.004	124769209
CTSH	COGNIZANT TECHNOLOGY SOLUTIO	2,988	$187	0.1%	$47.59	-38.1%	CL A	192446102
MCO	MOODYS CORP	3,820	$233	0.1%	$43.25	+22.8%	COM	615369105
JNJ	JOHNSON & JOHNSON	5,100	$438	0.3%	$61.84	-3.5%	COM	478160104
LQD	ISHARES TR	3,589	$408	0.2%	$115.89	—	IBOXX INV CPBD	464287242
BA	BOEING CO	1,000	$102	0.1%	$75.48	+6.5%	COM	097023105
—	DUN & BRADSTREET CORP DEL NE	955	$93	0.1%	$81.56	—	COM	26483E100
—	ISHARES INC	26,866	$301	0.2%	$10.00	—	MSCI JAPAN	464286848
XLV	SELECT SECTOR SPDR TR	6,300	$300	0.2%	$40.14	—	SBI HEALTHCARE	81369Y209
—	SOTHEBYS	18,000	$682	0.4%	$37.09	—	COM	835898107
IWF	ISHARES TR	7,300	$531	0.3%	$66.49	—	RUSSELL1000GRW	464287614
EXC	EXELON CORP	2,325	$72	0.0%	$22.47	-31.4%	COM	30161N101
HON	HONEYWELL INTL INC	1,700	$135	0.1%	$57.99	-8.4%	COM	438516106
ESS	ESSEX PPTY TR INC	800	$127	0.1%	$104.41	+0.6%	COM	297178105
KLAC	KLA-TENCOR CORP	2,200	$123	0.1%	$47.58	-28.7%	COM	482480100
PM	PHILIP MORRIS INTL INC	1,200	$104	0.1%	$82.61	-39.7%	COM	718172109
BMY	BRISTOL MYERS SQUIBB CO	2,000	$89	0.1%	$31.11	-7.8%	COM	110122108
F	FORD MTR CO DEL	3,000	$46	0.0%	$8.98	-15.3%	COM PAR $0.01	345370860
—	KINDER MORGAN ENERGY PARTNER	1,300	$111	0.1%	$83.92	—	UT LTD PARTNER	494550106
FE	FIRSTENERGY CORP	1,334	$50	0.0%	$38.03	-35.4%	COM	337932107
GIS	GENERAL MLS INC	6,400	$311	0.2%	$35.35	-9.5%	COM	370334104
BAX	BAXTER INTL INC	1,700	$118	0.1%	$42.21	-27.9%	COM	071813109
CAT	CATERPILLAR INC DEL	1,000	$82	0.0%	$81.75	-24.7%	COM	149123101
SRE	SEMPRA ENERGY	2,000	$164	0.1%	$59.56	-53.7%	COM	816851109
CTRA	CABOT OIL & GAS CORP	1,200	$85	0.0%	$26.72	-7.0%	COM	127097103
TROW	PRICE T ROWE GROUP INC	1,600	$117	0.1%	$60.02	-20.5%	COM	74144T108
HD	HOME DEPOT INC	400	$31	0.0%	$52.16	+7.5%	COM	437076102
—	SEARS HLDGS CORP	314	$13	0.0%	$58.42	—	COM	812350106
SHY	ISHARES TR	8,050	$678	0.4%	$84.33	—	BARCLYS 1-3 YR	464287457
—	WINDSTREAM CORP	12,000	$93	0.1%	$10.00	—	COM	97381W104
BAC	BANK OF AMERICA CORPORATION	2,401	$31	0.0%	$10.14	-1.2%	COM	060505104
MSI	MOTOROLA SOLUTIONS INC	428	$25	0.0%	$48.64	-2.5%	COM NEW	620076307
WU	WESTERN UN CO	1,000	$17	0.0%	$16.85	—	COM	959802109
GD	GENERAL DYNAMICS CORP	200	$16	0.0%	$69.02	-18.2%	COM	369550108
NEM	NEWMONT MINING CORP	200	$6	0.0%	$36.10	-29.8%	COM	651639106
PG	PROCTER & GAMBLE CO	2,590	$199	0.1%	$63.98	-14.0%	COM	742718109
UPS	UNITED PARCEL SERVICE INC	1,400	$121	0.1%	$68.73	-19.4%	CL B	911312106
KO	COCA COLA CO	2,900	$116	0.1%	$39.16	-28.9%	COM	191216100
CNP	CENTERPOINT ENERGY INC	2,000	$47	0.0%	$17.54	-12.9%	COM	15189T107
A	AGILENT TECHNOLOGIES INC	1,000	$43	0.0%	$31.61	-11.5%	COM	00846U101
TGT	TARGET CORP	400	$28	0.0%	$55.77	-14.0%	COM	87612E106
IT	GARTNER INC	498	$28	0.0%	$51.66	+9.9%	COM	366651107
MMM	3M CO	200	$22	0.0%	$74.36	-17.6%	COM	88579Y101
AMGN	AMGEN INC	200	$20	0.0%	$75.93	-3.4%	COM	031162100
—	DELL INC	1,500	$20	0.0%	$13.63	—	COM	24702R101
EWH	ISHARES INC	917	$17	0.0%	$17.58	—	MSCI HONG KONG	464286871
—	MEDTRONIC INC	300	$15	0.0%	$43.67	—	COM	585055106
INTC	INTEL CORP	500	$12	0.0%	$21.92	-21.6%	COM	458140100
XLP	SELECT SECTOR SPDR TR	7,300	$290	0.2%	$35.74	—	SBI CONS STPLS	81369Y308
—	HEWLETT PACKARD CO	700	$17	0.0%	$23.84	—	COM	428236103
—	CHESAPEAKE ENERGY CORP	750	$15	0.0%	$20.42	—	COM	165167107
KMPR	KEMPER CORP DEL	200	$7	0.0%	$31.77	+3.1%	COM	488401100
NRG	NRG ENERGY INC	191	$5	0.0%	$20.16	+1.5%	COM NEW	629377508
—	NATIONAL OILWELL VARCO INC	42	$3	0.0%	$75.81	—	COM	637071101