Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	311,000	$64.2M	7.2%	$205.64	—	TR UNIT	78462F103
VEA	VANGUARD TAX MANAGED INTL FD	1,258,000	$50.11M	5.6%	$39.08	—	FTSE DEV MKT ETF	921943858
EBAY	EBAY INC	690,538	$39.83M	4.5%	$20.85	+1.8%	COM	278642103
BAC	BANK AMER CORP	2,032,300	$31.28M	3.5%	$12.75	+0.0%	COM	060505104
ORCL	ORACLE CORP	658,194	$28.4M	3.2%	$33.34	+10.5%	COM	68389X105
VWO	VANGUARD INTL EQUITY INDEX F	660,400	$26.99M	3.0%	$40.88	—	FTSE EMR MKT ETF	922042858
VZ	VERIZON COMMUNICATIONS INC	531,865	$25.86M	2.9%	$27.25	+1.3%	COM	92343V104
WFC	WELLS FARGO & CO NEW	441,627	$24.02M	2.7%	$31.22	+27.6%	COM	949746101
NDAQ	NASDAQ OMX GROUP INC	451,620	$23.01M	2.6%	$13.07	+4.3%	COM	631103108
—	GENERAL ELECTRIC CO	925,095	$22.95M	2.6%	$24.77	—	COM	369604103
—	GOOGLE INC	39,068	$21.62M	2.4%	$614.44	—	CL A	38259P508
SPG	SIMON PPTY GROUP INC NEW	71,417	$13.97M	1.6%	$87.28	+29.6%	COM	828806109
GIS	GENERAL MLS INC	246,244	$13.94M	1.6%	$36.07	+1.6%	COM	370334104
—	ZHAOPIN LTD	859,381	$13.54M	1.5%	$15.11	—	SPONSORED ADR	98954L103
OXY	OCCIDENTAL PETE CORP DEL	175,129	$12.78M	1.4%	$58.11	-4.0%	COM	674599105
MSFT	MICROSOFT CORP	291,132	$11.84M	1.3%	$24.91	+49.5%	COM	594918104
DKS	DICKS SPORTING GOODS INC	207,120	$11.8M	1.3%	$39.70	+3.9%	COM	253393102
—	TWENTY FIRST CENTY FOX INC	340,978	$11.54M	1.3%	$38.40	—	CL A	90130A101
—	E M C CORP MASS	428,964	$10.96M	1.2%	$24.97	—	COM	268648102
AVB	AVALONBAY CMNTYS INC	60,015	$10.46M	1.2%	$92.30	+30.2%	COM	053484101
—	ICONIX BRAND GROUP INC	310,361	$10.45M	1.2%	$35.26	—	COM	451055107
WHR	WHIRLPOOL CORP	51,200	$10.35M	1.2%	$191.76	+5.9%	COM	963320106
AAPL	APPLE INC	83,122	$10.34M	1.2%	$18.54	+44.8%	COM	037833100
GME	GAMESTOP CORP NEW	258,800	$9.824M	1.1%	$7.17	-2.3%	CL A	36467W109
JNJ	JOHNSON & JOHNSON	86,058	$8.657M	1.0%	$53.87	+39.4%	COM	478160104
—	SL GREEN RLTY CORP	64,036	$8.221M	0.9%	$91.88	—	COM	78440X101
—	VIACOM INC NEW	119,257	$8.145M	0.9%	$70.06	—	CL B	92553P201
LOW	LOWES COS INC	108,777	$8.092M	0.9%	$39.47	+49.3%	COM	548661107
IBM	INTERNATIONAL BUSINESS MACHS	49,059	$7.874M	0.9%	$99.26	-2.8%	COM	459200101
V	VISA INC	119,148	$7.793M	0.9%	$58.60	+4.6%	COM CL A	92826C839
PM	PHILIP MORRIS INTL INC	94,027	$7.083M	0.8%	$46.91	+0.3%	COM	718172109
CTSH	COGNIZANT TECHNOLOGY SOLUTIO	110,650	$6.903M	0.8%	$39.46	+32.5%	CL A	192446102
HD	HOME DEPOT INC	60,714	$6.898M	0.8%	$60.23	+41.7%	COM	437076102
YUM	YUM BRANDS INC	83,822	$6.598M	0.7%	$41.40	+7.6%	COM	988498101
SLB	SCHLUMBERGER LTD	79,022	$6.594M	0.7%	$63.32	-3.1%	COM	806857108
INTC	INTEL CORP	205,259	$6.418M	0.7%	$15.32	+69.7%	COM	458140100
KRC	KILROY RLTY CORP	79,373	$6.046M	0.7%	$56.25	—	COM	49427F108
—	CYTEC INDS INC	110,560	$5.975M	0.7%	$57.75	—	COM	232820100
EWC	ISHARES	59,000	$5.851M	0.7%	$104.91	—	MSCI CDA ETF	464286509
TGT	TARGET CORP	69,878	$5.735M	0.6%	$41.64	+34.5%	COM	87612E106
XOM	EXXON MOBIL CORP	67,298	$5.72M	0.6%	$55.19	+0.7%	COM	30231G102
PFE	PFIZER INC	161,938	$5.634M	0.6%	$15.97	+25.9%	COM	717081103
CVX	CHEVRON CORP NEW	53,587	$5.626M	0.6%	$67.91	-1.5%	COM	166764100
PEP	PEPSICO INC	58,048	$5.551M	0.6%	$56.04	+24.4%	COM	713448108
CVS	CVS HEALTH CORP	53,403	$5.512M	0.6%	$49.52	+50.0%	COM	126650100
FFIV	F5 NETWORKS INC	47,810	$5.495M	0.6%	$105.14	+11.9%	COM	315616102
NXPI	NXP SEMICONDUCTORS N V	54,088	$5.428M	0.6%	$53.38	+46.6%	COM	N6596X109
ADBE	ADOBE SYS INC	72,810	$5.384M	0.6%	$62.03	+20.2%	COM	00724F101
—	CELGENE CORP	46,530	$5.364M	0.6%	$94.78	—	COM	151020104
—	PALL CORP	53,360	$5.357M	0.6%	$78.77	—	COM	696429307
—	GENERAL GROWTH PPTYS INC NEW	165,945	$4.904M	0.6%	$22.06	—	COM	370023103
BIDU	BAIDU INC	22,080	$4.601M	0.5%	$227.99	—	SPON ADR REP A	056752108
PLD	PROLOGIS INC	104,322	$4.544M	0.5%	$27.11	+17.0%	COM	74340W103
WU	WESTERN UN CO	217,500	$4.526M	0.5%	$16.76	—	COM	959802109
—	CHICAGO BRIDGE & IRON CO N V	89,800	$4.424M	0.5%	$188.67	—	COM	167250109
DRH	DIAMONDROCK HOSPITALITY CO	306,600	$4.332M	0.5%	$13.67	—	COM	252784301
PG	PROCTER & GAMBLE CO	51,808	$4.245M	0.5%	$54.21	+17.3%	COM	742718109
—	DDR CORP	225,478	$4.198M	0.5%	$18.28	—	COM	23317H102
ESRT	EMPIRE ST RLTY TR INC	220,500	$4.148M	0.5%	$15.64	—	CL A	292104106
HST	HOST HOTELS & RESORTS INC	204,234	$4.121M	0.5%	$11.27	+27.3%	COM	44107P104
ELS	EQUITY LIFESTYLE PPTYS INC	71,394	$3.923M	0.4%	$50.17	—	COM	29472R108
BCO	BRINKS CO	137,750	$3.806M	0.4%	$23.13	-1.5%	COM	109696104
EOG	EOG RES INC	41,200	$3.778M	0.4%	$68.65	-3.6%	COM	26875P101
BK	BANK NEW YORK MELLON CORP	93,562	$3.765M	0.4%	$25.22	+17.9%	COM	064058100
MRK	MERCK & CO INC NEW	64,612	$3.714M	0.4%	$27.22	+48.1%	COM	58933Y105
STT	STATE STR CORP	49,377	$3.631M	0.4%	$50.38	+9.5%	COM	857477103
CLH	CLEAN HARBORS INC	62,000	$3.52M	0.4%	$54.79	-5.5%	COM	184496107
MA	MASTERCARD INC	40,614	$3.509M	0.4%	$72.51	+12.1%	CL A	57636Q104
—	UNITED TECHNOLOGIES CORP	28,449	$3.334M	0.4%	$98.74	—	COM	913017109
T	AT&T INC	100,764	$3.29M	0.4%	$11.09	+6.3%	COM	00206R102
AGCO	AGCO CORP	68,900	$3.282M	0.4%	$38.90	-4.2%	COM	001084102
DAR	DARLING INGREDIENTS INC	220,000	$3.082M	0.3%	$16.45	0.0%	COM	237266101
KO	COCA COLA CO	75,520	$3.062M	0.3%	$26.70	+10.9%	COM	191216100
CMCSA	COMCAST CORP NEW	53,665	$3.03M	0.3%	$19.18	+16.8%	CL A	20030N101
SWK	STANLEY BLACK & DECKER INC	30,980	$2.954M	0.3%	$62.52	+16.0%	COM	854502101
—	NEWFIELD EXPL CO	82,800	$2.905M	0.3%	$26.44	—	COM	651290108
BAX	BAXTER INTL INC	42,281	$2.896M	0.3%	$30.52	+3.7%	COM	071813109
TRNO	TERRENO RLTY CORP	126,100	$2.875M	0.3%	$19.27	—	COM	88146M101
QCOM	QUALCOMM INC	41,085	$2.849M	0.3%	$51.37	+0.6%	COM	747525103
AKR	ACADIA RLTY TR	80,984	$2.825M	0.3%	$28.11	—	COM SH BEN INT	004239109
—	HOME PROPERTIES INC	40,218	$2.787M	0.3%	$63.15	—	COM	437306103
HDB	HDFC BANK LTD	46,410	$2.733M	0.3%	$58.89	—	ADR REPS 3 SHS	40415F101
ESS	ESSEX PPTY TR INC	11,298	$2.597M	0.3%	$112.17	+41.9%	COM	297178105
MO	ALTRIA GROUP INC	51,590	$2.581M	0.3%	$15.48	+69.2%	COM	02209S103
WMT	WAL-MART STORES INC	29,965	$2.465M	0.3%	$19.86	+16.0%	COM	931142103
—	PARAMOUNT GROUP INC	125,727	$2.427M	0.3%	$18.59	—	COM	69924R108
ETN	EATON CORP PLC	35,580	$2.417M	0.3%	$55.08	-4.6%	SHS	G29183103
BBD	BANCO BRADESCO S A	253,431	$2.352M	0.3%	$13.40	—	SP ADR PFD NEW	059460303
—	FEDERAL REALTY INVT TR	15,797	$2.325M	0.3%	$111.48	—	SH BEN INT NEW	313747206
JPM	JPMORGAN CHASE & CO	38,075	$2.307M	0.3%	$36.73	+20.6%	COM	46625H100
FMX	FOMENTO ECONOMICO MEXICANO S	24,500	$2.291M	0.3%	$93.20	—	SPON ADR UNITS	344419106
TS	TENARIS S A	79,900	$2.237M	0.3%	$44.88	—	SPONSORED ADR	88031M109
—	PRAXAIR INC	18,311	$2.211M	0.2%	$122.08	—	COM	74005P104
BMY	BRISTOL MYERS SQUIBB CO	31,413	$2.026M	0.2%	$32.04	+35.6%	COM	110122108
ABBV	ABBVIE INC	32,512	$1.903M	0.2%	$25.80	+50.6%	COM	00287Y109
VTR	VENTAS INC	25,299	$1.847M	0.2%	$42.53	+25.6%	COM	92276F100
COP	CONOCOPHILLIPS	28,927	$1.801M	0.2%	$42.07	+8.3%	COM	20825C104
—	VALE S A	366,600	$1.778M	0.2%	$10.34	—	ADR REPSTG PFD	91912E204
EW	EDWARDS LIFESCIENCES CORP	12,180	$1.735M	0.2%	$15.38	+45.9%	COM	28176E108
—	FLIR SYS INC	54,390	$1.701M	0.2%	$29.30	—	COM	302445101
AMGN	AMGEN INC	10,332	$1.652M	0.2%	$62.49	+84.1%	COM	031162100
LLY	LILLY ELI & CO	21,425	$1.557M	0.2%	$42.82	+36.9%	COM	532457108
KMI	KINDER MORGAN INC DEL	36,162	$1.521M	0.2%	$21.82	+9.4%	COM	49456B101
CSCO	CISCO SYS INC	51,410	$1.415M	0.2%	$14.18	+41.7%	COM	17275R102
MDT	MEDTRONIC PLC	17,938	$1.399M	0.2%	$58.10	0.0%	SHS	G5960L103
—	DOW CHEM CO	28,670	$1.376M	0.2%	$35.74	—	COM	260543103
—	DU PONT E I DE NEMOURS & CO	18,077	$1.292M	0.1%	$53.51	—	COM	263534109
—	HCP INC	29,805	$1.288M	0.1%	$39.14	—	COM	40414L109
UNH	UNITEDHEALTH GROUP INC	10,351	$1.224M	0.1%	$44.59	+108.9%	COM	91324P102
—	KRAFT FOODS GROUP INC	13,881	$1.209M	0.1%	$55.09	—	COM	50076Q106
TJX	TJX COS INC NEW	16,500	$1.156M	0.1%	$29.28	0.0%	COM	872540109
—	HEALTH CARE REIT INC	14,719	$1.139M	0.1%	$62.38	—	COM	42217K106
PSA	PUBLIC STORAGE	5,743	$1.132M	0.1%	$98.61	+31.1%	COM	74460D109
MCD	MCDONALDS CORP	11,528	$1.123M	0.1%	$70.15	+2.9%	COM	580135101
ABT	ABBOTT LABS	24,112	$1.117M	0.1%	$28.84	+29.8%	COM	002824100
VNO	VORNADO RLTY TR	9,437	$1.057M	0.1%	$88.27	—	SH BEN INT	929042109
CL	COLGATE PALMOLIVE CO	15,088	$1.046M	0.1%	$47.00	+14.2%	COM	194162103
LYB	LYONDELLBASELL INDUSTRIES N	11,618	$1.02M	0.1%	$39.73	+17.6%	SHS - A -	N53745100
CUBE	CUBESMART	41,100	$993K	0.1%	$17.48	—	COM	229663109
—	WALGREENS BOOTS ALLIANCE INC	11,684	$989K	0.1%	$76.17	—	COM	931427108
MAC	MACERICH CO	11,467	$967K	0.1%	$64.04	—	COM	554382101
EQR	EQUITY RESIDENTIAL	11,825	$921K	0.1%	$30.37	+49.2%	SH BEN INT	29476L107
DUK	DUKE ENERGY CORP NEW	11,900	$914K	0.1%	$44.95	+15.2%	COM NEW	26441C204
FCX	FREEPORT-MCMORAN INC	45,993	$872K	0.1%	$23.24	-24.2%	CL B	35671D857
BA	BOEING CO	5,627	$845K	0.1%	$93.62	+36.5%	COM	097023105
MMM	3M CO	4,935	$814K	0.1%	$70.26	+37.9%	COM	88579Y101
AXP	AMERICAN EXPRESS CO	10,267	$802K	0.1%	$57.32	+23.9%	COM	025816109
KMB	KIMBERLY CLARK CORP	7,252	$777K	0.1%	$63.43	+20.3%	COM	494368103
BXP	BOSTON PROPERTIES INC	5,370	$754K	0.1%	$67.20	+34.8%	COM	101121101
—	MONSANTO CO NEW	6,376	$718K	0.1%	$113.35	—	COM	61166W101
PSX	PHILLIPS 66	8,692	$683K	0.1%	$48.18	+2.2%	COM	718546104
F	FORD MTR CO DEL	41,500	$670K	0.1%	$8.04	+9.8%	COM PAR $0.01	345370860
DLR	DIGITAL RLTY TR INC	10,147	$669K	0.1%	$34.58	+33.3%	COM	253868103
SO	SOUTHERN CO	14,728	$652K	0.1%	$25.73	+16.4%	COM	842587107
DIS	DISNEY WALT CO	5,832	$612K	0.1%	$72.21	+27.2%	COM DISNEY	254687106
UPS	UNITED PARCEL SERVICE INC	6,270	$608K	0.1%	$62.75	+10.6%	CL B	911312106
KIM	KIMCO RLTY CORP	22,512	$604K	0.1%	$12.40	+28.1%	COM	49446R109
DEI	DOUGLAS EMMETT INC	20,161	$601K	0.1%	$24.87	—	COM	25960P109
USB	US BANCORP DEL	13,741	$600K	0.1%	$26.58	+12.1%	COM NEW	902973304
GM	GENERAL MTRS CO	16,000	$600K	0.1%	$24.50	+14.9%	COM	37045V100
APD	AIR PRODS & CHEMS INC	3,776	$571K	0.1%	$88.79	+19.2%	COM	009158106
O	REALTY INCOME CORP	11,037	$570K	0.1%	$23.46	+28.2%	COM	756109104
D	DOMINION RES INC VA NEW	8,023	$569K	0.1%	$40.56	+14.9%	COM	25746U109
—	REYNOLDS AMERICAN INC	8,132	$560K	0.1%	$49.12	—	COM	761713106
LMT	LOCKHEED MARTIN CORP	2,704	$549K	0.1%	$119.57	+23.0%	COM	539830109
UNP	UNION PAC CORP	4,836	$524K	0.1%	$71.30	+28.8%	COM	907818108
NEE	NEXTERA ENERGY INC	4,936	$514K	0.1%	$18.12	+9.7%	COM	65339F101
ACN	ACCENTURE PLC IRELAND	5,399	$506K	0.1%	$67.66	+10.3%	SHS CLASS A	G1151C101
HON	HONEYWELL INTL INC	4,755	$496K	0.1%	$69.01	+5.8%	COM	438516106
CME	CME GROUP INC	5,215	$494K	0.1%	$48.92	+24.4%	COM	12572Q105
IP	INTL PAPER CO	8,458	$469K	0.1%	$23.95	+36.8%	COM	460146103
—	SPECTRA ENERGY CORP	12,479	$451K	0.1%	$39.24	—	COM	847560109
CAT	CATERPILLAR INC DEL	5,605	$449K	0.1%	$69.56	-9.2%	COM	149123101
BAP	CREDICORP LTD	3,100	$436K	0.0%	$93.96	+19.0%	COM	G2519Y108
HUM	HUMANA INC	2,000	$356K	0.0%	$145.13	0.0%	COM	444859102
MDLZ	MONDELEZ INTL INC	9,500	$343K	0.0%	$26.99	+5.0%	CL A	609207105
LVS	LAS VEGAS SANDS CORP	5,800	$319K	0.0%	$46.65	-12.7%	COM	517834107
UDR	UDR INC	9,287	$316K	0.0%	$16.02	+40.0%	COM	902653104
—	LORILLARD INC	4,500	$294K	0.0%	$60.00	—	COM	544147101
—	ANNALY CAP MGMT INC	28,000	$291K	0.0%	$10.82	—	COM	035710409
—	HOSPITALITY PPTYS TR	8,286	$273K	0.0%	$28.28	—	COM SH BEN INT	44106M102
CPT	CAMDEN PPTY TR	3,462	$270K	0.0%	$41.30	+21.2%	SH BEN INT	133131102
—	BLACKROCK INC	732	$268K	0.0%	$96.97	—	COM	09247X101
TXN	TEXAS INSTRS INC	4,675	$267K	0.0%	$31.94	+30.7%	COM	882508104
—	SENIOR HSG PPTYS TR	11,740	$261K	0.0%	$22.96	—	SH BEN INT	81721M109
—	CBL & ASSOC PPTYS INC	12,953	$256K	0.0%	$18.86	—	COM	124830100
—	DUKE REALTY CORP	11,768	$256K	0.0%	$17.11	—	COM NEW	264411505
—	TIME WARNER INC	2,892	$244K	0.0%	$85.41	—	COM NEW	887317303
ELV	ANTHEM INC	1,483	$229K	0.0%	$122.05	0.0%	COM	036752103
COST	COSTCO WHSL CORP NEW	1,489	$226K	0.0%	$109.42	+10.5%	COM	22160K105
GS	GOLDMAN SACHS GROUP INC	1,191	$224K	0.0%	$115.64	+29.5%	COM	38141G104
—	TAUBMAN CTRS INC	2,907	$224K	0.0%	$75.70	—	COM	876664103
C	CITIGROUP INC	4,273	$220K	0.0%	$35.54	+6.7%	COM NEW	172967424
TDG	TRANSDIGM GROUP INC	1,000	$219K	0.0%	$131.65	0.0%	COM	893641100
REG	REGENCY CTRS CORP	3,176	$216K	0.0%	$34.49	+29.2%	COM	758849103
CAH	CARDINAL HEALTH INC	2,397	$216K	0.0%	$63.64	0.0%	COM	14149Y108
MAA	MID-AMER APT CMNTYS INC	2,781	$215K	0.0%	$47.01	+11.7%	COM	59522J103
ARE	ALEXANDRIA REAL ESTATE EQ IN	2,195	$215K	0.0%	$44.33	+48.1%	COM	015271109
OHI	OMEGA HEALTHCARE INVS INC	5,191	$211K	0.0%	$36.79	—	COM	681936100
—	LIBERTY PPTY TR	5,889	$210K	0.0%	$35.26	—	SH BEN INT	531172104
—	APARTMENT INVT & MGMT CO	5,335	$210K	0.0%	$27.86	—	CL A	03748R101
MET	METLIFE INC	4,101	$207K	0.0%	$31.84	-2.0%	COM	59156R108
—	BIOMED REALTY TRUST INC	9,103	$206K	0.0%	$21.79	—	COM	09063H107
WPC	W P CAREY INC	3,021	$205K	0.0%	$64.43	—	COM	92936U109
ADM	ARCHER DANIELS MIDLAND CO	4,246	$201K	0.0%	$36.02	-4.0%	COM	039483102
PCG	PG&E CORP	3,782	$201K	0.0%	$44.42	+12.4%	COM	69331C108
—	LEXINGTON REALTY TRUST	15,217	$150K	0.0%	$11.03	—	COM	529043101
—	CHAMBERS STR PPTYS	17,169	$135K	0.0%	$8.03	—	COM	157842105
—	AMERICAN RLTY CAP PPTYS INC	12,000	$118K	0.0%	$9.08	—	COM	02917T104
—	COUSINS PPTYS INC	10,236	$109K	0.0%	$11.43	—	COM	222795106
—	INVESTORS REAL ESTATE TR	11,273	$85,000	0.0%	$7.72	—	SH BEN INT	461730103
—	FRONTIER COMMUNICATIONS CORP	10,495	$74,000	0.0%	$5.09	—	COM	35906A108