Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	CenturyLink Inc	4,714,806	$113M	0.4%	$23.88	—	Common StockUSD1	156700106
OXY	Occidental Petroleum Corp	1,133,974	$67.92M	0.2%	$48.52	0.0%	Common StockUSD.2	674599105
—	SL Green Realty Corp	500,357	$52.93M	0.2%	$105.78	—	REITUSD.01	78440X101
KRC	Kilroy Realty Corp	559,849	$42.07M	0.1%	$75.15	—	REITUSD.01	49427F108
CE	Celanese Corp	406,057	$38.55M	0.1%	$75.56	0.0%	Common StockUSD.0001	150870103
YUM	Yum! Brands Inc	429,785	$31.71M	0.1%	$59.63	0.0%	Common StockUSD0	988498101
O	Realty Income Corp	536,674	$29.61M	0.1%	$36.61	0.0%	REITUSD1	756109104
—	Azul SA	898,190	$18.92M	0.1%	$21.06	—	ADRUSD1	05501U106
—	Physicians Realty Trust	478,564	$9.631M	0.0%	$20.12	—	REITUSD.01	71943U104
—	MGM Growth Properties LLC	237,977	$6.945M	0.0%	$29.18	—	REITUSD	55303A105
—	Paramount Group Inc	410,395	$6.565M	0.0%	$16.00	—	REITUSD.01	69924R108
CME	CME Group Inc	5,566	$697K	0.0%	$87.55	0.0%	Common StockUSD.01	12572Q105
LBTYAUSD	Liberty Global Plc LiLAC	4,826	$105K	0.0%	$21.76	—	Tracking StkUSD	G5480U104

Increased Positions (46)

PM Philip Morris International Inc 0.9%

Value $280M (+262.6%) Shares 2,384,628 (+248.6%) Est. Cost $70.28 Unrealized +5.7%

MCD McDonald's Corp 1.5%

Value $455M (+66.6%) Shares 2,971,243 (+41.0%) Est. Cost $101.87 Unrealized +15.8%

MS Morgan Stanley 0.5%

Value $159M (+875.2%) Shares 3,570,298 (+837.7%) Est. Cost $33.63 Unrealized -0.3%

MRK Merck & Co Inc 0.8%

Value $242M (+107.2%) Shares 3,781,203 (+105.4%) Est. Cost $44.76 Unrealized +4.0%

— General Electric Co 0.5%

Value $141M (+654.3%) Shares 5,236,683 (+731.9%) Est. Cost $26.85 Unrealized —

MA Mastercard Inc 1.0%

Value $297M (+52.5%) Shares 2,449,394 (+41.2%) Est. Cost $104.42 Unrealized +8.3%

WELL Welltower Inc 0.6%

Value $171M (+94.9%) Shares 2,279,176 (+84.5%) Est. Cost $52.08 Unrealized +2.9%

AYI Acuity Brands Inc 1.2%

Value $363M (+24.5%) Shares 1,786,392 (+24.9%) Est. Cost $180.22 Unrealized -4.9%

CSX CSX Corp 1.2%

Value $352M (+25.2%) Shares 6,454,641 (+6.8%) Est. Cost $12.60 Unrealized +20.9%

— Rockwell Collins Inc 0.4%

Value $112M (+159.1%) Shares 1,065,815 (+139.6%) Est. Cost $99.54 Unrealized —

CFG Citizens Financial Group Inc 0.6%

Value $178M (+61.7%) Shares 4,980,789 (+56.5%) Est. Cost $22.71 Unrealized +10.8%

— Celgene Corp 1.6%

Value $462M (+16.5%) Shares 3,558,666 (+11.6%) Est. Cost $104.38 Unrealized —

PLD Prologis Inc 0.8%

Value $244M (+33.0%) Shares 4,167,497 (+17.6%) Est. Cost $40.53 Unrealized +7.9%

DVN Devon Energy Corp 0.7%

Value $194M (-22.4%) Shares 6,054,868 (+1.3%) Est. Cost $27.95 Unrealized -7.5%

— Time Warner Inc 0.6%

Value $174M (+31.6%) Shares 1,734,940 (+28.0%) Est. Cost $97.50 Unrealized —

MAA Mid-America Apartment Communities Inc 0.2%

Value $58.77M (+213.0%) Shares 557,660 (+202.1%) Est. Cost $75.26 Unrealized +1.6%

AVB AvalonBay Communities Inc 0.6%

Value $181M (+20.7%) Shares 941,809 (+15.2%) Est. Cost $128.60 Unrealized +10.5%

NSC Norfolk Southern Corp 0.7%

Value $194M (+17.0%) Shares 1,593,054 (+7.7%) Est. Cost $86.05 Unrealized +14.8%

KT KT Corporation 0.4%

Value $121M (+25.6%) Shares 7,241,821 (+26.9%) Est. Cost $14.85 Unrealized —

ALSN Allison Transmission Holdings Inc 0.5%

Value $138M (+20.5%) Shares 3,682,743 (+15.9%) Est. Cost $27.25 Unrealized +19.4%

CL Colgate-Palmolive Co 0.7%

Value $216M (+11.6%) Shares 2,907,391 (+10.2%) Est. Cost $52.30 Unrealized +16.0%

— HCP Inc 0.5%

Value $140M (+17.6%) Shares 4,383,771 (+15.1%) Est. Cost $30.04 Unrealized —

VC Visteon Corp 0.7%

Value $206M (+11.1%) Shares 2,021,035 (+6.6%) Est. Cost $58.16 Unrealized +69.1%

— DCT Industrial Trust Inc 0.3%

Value $82.21M (+31.7%) Shares 1,538,501 (+18.6%) Est. Cost $47.91 Unrealized —

T AT&T Inc 0.1%

Value $21.13M (+856.0%) Shares 559,899 (+952.8%) Est. Cost $15.83 Unrealized +0.6%

VZ Verizon Communications Inc 0.5%

Value $151M (+13.5%) Shares 3,383,658 (+23.8%) Est. Cost $27.53 Unrealized +7.3%

HAL Halliburton Co 1.1%

Value $316M (-4.8%) Shares 7,395,844 (+9.7%) Est. Cost $38.05 Unrealized +1.6%

— Allergan PLC 0.2%

Value $44.98M (+53.6%) Shares 184,974 (+51.0%) Est. Cost $240.43 Unrealized —

— Hess Corp 0.6%

Value $187M (-7.2%) Shares 4,265,396 (+2.0%) Est. Cost $66.13 Unrealized —

— Luxoft Holding Inc 0.1%

Value $20.11M (+147.0%) Shares 330,669 (+153.9%) Est. Cost $61.50 Unrealized —

GT Goodyear Tire & Rubber Co/The 0.4%

Value $107M (+10.5%) Shares 3,071,582 (+13.8%) Est. Cost $31.39 Unrealized +9.7%

BMA Banco Macro SA 0.0%

Value $12.51M (+326.1%) Shares 135,752 (+300.5%) Est. Cost $85.80 Unrealized —

ESS Essex Property Trust Inc 0.1%

Value $38.75M (+26.5%) Shares 150,603 (+13.8%) Est. Cost $164.93 Unrealized +13.9%

NTES NetEase Inc 0.0%

Value $7.534M (+15275.5%) Shares 25,063 (+14556.7%) Est. Cost $300.14 Unrealized —

DLTR Dollar Tree Inc 1.2%

Value $356M (+1.5%) Shares 5,085,240 (+13.9%) Est. Cost $80.95 Unrealized -4.7%

— Colony Starwood Homes 0.1%

Value $43.1M (+13.4%) Shares 1,256,439 (+12.1%) Est. Cost $33.97 Unrealized —

ZION Zions Bancorporation 0.3%

Value $84.81M (+5.6%) Shares 1,931,672 (+1.1%) Est. Cost $30.50 Unrealized +35.0%

EQR Equity Residential 0.2%

Value $53.34M (+8.4%) Shares 810,169 (+2.4%) Est. Cost $44.13 Unrealized +7.9%

VRTX Vertex Pharmaceuticals 0.1%

Value $19.55M (+26.5%) Shares 151,725 (+7.3%) Est. Cost $120.70 Unrealized -0.3%

YUMC Yum China Holdings Inc 0.0%

Value $3.664M (+11350.0%) Shares 92,923 (+7735.0%) Est. Cost $35.97 Unrealized +0.3%

LLY Eli Lilly & Co 0.6%

Value $178M (+1.0%) Shares 2,161,631 (+3.3%) Est. Cost $62.85 Unrealized +13.4%

HIW Highwoods Properties Inc 0.1%

Value $34.98M (+5.2%) Shares 689,861 (+1.9%) Est. Cost $51.10 Unrealized —

INVH Invitation Homes Inc 0.1%

Value $39.91M (+3.6%) Shares 1,845,639 (+4.6%) Est. Cost $17.06 Unrealized +1.1%

HST Host Hotels & Resorts Inc 0.3%

Value $75.35M (+1.7%) Shares 4,125,366 (+3.9%) Est. Cost $11.87 Unrealized +10.7%

— Hudson Pacific Properties Inc 0.3%

Value $87.83M (+1.4%) Shares 2,570,743 (+2.9%) Est. Cost $34.71 Unrealized —

BBD Banco Bradesco SA 0.0%

Value $4.788M (-8.5%) Shares 563,616 (+10.4%) Est. Cost $10.08 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PM	Philip Morris International Inc	2,384,628 (+248.6%)	$280M (+262.6%)	0.9%	$70.28	+5.7%	Common StockUSD0	718172109
MCD	McDonald's Corp	2,971,243 (+41.0%)	$455M (+66.6%)	1.5%	$101.87	+15.8%	Common StockUSD.01	580135101
MS	Morgan Stanley	3,570,298 (+837.7%)	$159M (+875.2%)	0.5%	$33.63	-0.3%	Common StockUSD.01	617446448
MRK	Merck & Co Inc	3,781,203 (+105.4%)	$242M (+107.2%)	0.8%	$44.76	+4.0%	Common StockUSD.5	58933Y105
—	General Electric Co	5,236,683 (+731.9%)	$141M (+654.3%)	0.5%	$26.85	—	Common StockUSD.06	369604103
MA	Mastercard Inc	2,449,394 (+41.2%)	$297M (+52.5%)	1.0%	$104.42	+8.3%	Common StockUSD.0001	57636Q104
WELL	Welltower Inc	2,279,176 (+84.5%)	$171M (+94.9%)	0.6%	$52.08	+2.9%	REITUSD1	95040Q104
AYI	Acuity Brands Inc	1,786,392 (+24.9%)	$363M (+24.5%)	1.2%	$180.22	-4.9%	Common StockUSD.01	00508Y102
CSX	CSX Corp	6,454,641 (+6.8%)	$352M (+25.2%)	1.2%	$12.60	+20.9%	Common StockUSD1	126408103
—	Rockwell Collins Inc	1,065,815 (+139.6%)	$112M (+159.1%)	0.4%	$99.54	—	Common StockUSD.01	774341101
CFG	Citizens Financial Group Inc	4,980,789 (+56.5%)	$178M (+61.7%)	0.6%	$22.71	+10.8%	Common StockUSD.01	174610105
—	Celgene Corp	3,558,666 (+11.6%)	$462M (+16.5%)	1.6%	$104.38	—	Common StockUSD.01	151020104
PLD	Prologis Inc	4,167,497 (+17.6%)	$244M (+33.0%)	0.8%	$40.53	+7.9%	REITUSD.01	74340W103
DVN	Devon Energy Corp	6,054,868 (+1.3%)	$194M (-22.4%)	0.7%	$27.95	-7.5%	Common StockUSD.1	25179M103
—	Time Warner Inc	1,734,940 (+28.0%)	$174M (+31.6%)	0.6%	$97.50	—	Common StockUSD.01	887317303
MAA	Mid-America Apartment Communities Inc	557,660 (+202.1%)	$58.77M (+213.0%)	0.2%	$75.26	+1.6%	REITUSD.01	59522J103
AVB	AvalonBay Communities Inc	941,809 (+15.2%)	$181M (+20.7%)	0.6%	$128.60	+10.5%	REITUSD.01	053484101
NSC	Norfolk Southern Corp	1,593,054 (+7.7%)	$194M (+17.0%)	0.7%	$86.05	+14.8%	Common StockUSD1	655844108
KT	KT Corporation	7,241,821 (+26.9%)	$121M (+25.6%)	0.4%	$14.85	—	ADRUSD	48268K101
ALSN	Allison Transmission Holdings Inc	3,682,743 (+15.9%)	$138M (+20.5%)	0.5%	$27.25	+19.4%	Common StockUSD.01	01973R101
CL	Colgate-Palmolive Co	2,907,391 (+10.2%)	$216M (+11.6%)	0.7%	$52.30	+16.0%	Common StockUSD1	194162103
—	HCP Inc	4,383,771 (+15.1%)	$140M (+17.6%)	0.5%	$30.04	—	REITUSD1	40414L109
VC	Visteon Corp	2,021,035 (+6.6%)	$206M (+11.1%)	0.7%	$58.16	+69.1%	Common StockUSD	92839U206
—	DCT Industrial Trust Inc	1,538,501 (+18.6%)	$82.21M (+31.7%)	0.3%	$47.91	—	REITUSD.01	233153204
T	AT&T Inc	559,899 (+952.8%)	$21.13M (+856.0%)	0.1%	$15.83	+0.6%	Common StockUSD1	00206R102
VZ	Verizon Communications Inc	3,383,658 (+23.8%)	$151M (+13.5%)	0.5%	$27.53	+7.3%	Common StockUSD.1	92343V104
HAL	Halliburton Co	7,395,844 (+9.7%)	$316M (-4.8%)	1.1%	$38.05	+1.6%	Common StockUSD2.5	406216101
—	Allergan PLC	184,974 (+51.0%)	$44.98M (+53.6%)	0.2%	$240.43	—	Common StockUSD.0033	G0177J108
—	Hess Corp	4,265,396 (+2.0%)	$187M (-7.2%)	0.6%	$66.13	—	Common StockUSD1	42809H107
—	Luxoft Holding Inc	330,669 (+153.9%)	$20.11M (+147.0%)	0.1%	$61.50	—	Common StockUSD	G57279104
GT	Goodyear Tire & Rubber Co/The	3,071,582 (+13.8%)	$107M (+10.5%)	0.4%	$31.39	+9.7%	Common StockUSD0	382550101
BMA	Banco Macro SA	135,752 (+300.5%)	$12.51M (+326.1%)	0.0%	$85.80	—	ADRUSD	05961W105
ESS	Essex Property Trust Inc	150,603 (+13.8%)	$38.75M (+26.5%)	0.1%	$164.93	+13.9%	REITUSD.0001	297178105
NTES	NetEase Inc	25,063 (+14556.7%)	$7.534M (+15275.5%)	0.0%	$300.14	—	ADRUSD.0001	64110W102
DLTR	Dollar Tree Inc	5,085,240 (+13.9%)	$356M (+1.5%)	1.2%	$80.95	-4.7%	Common StockUSD.01	256746108
—	Colony Starwood Homes	1,256,439 (+12.1%)	$43.1M (+13.4%)	0.1%	$33.97	—	REITUSD.01	19625X102
ZION	Zions Bancorporation	1,931,672 (+1.1%)	$84.81M (+5.6%)	0.3%	$30.50	+35.0%	Common StockUSD0	989701107
EQR	Equity Residential	810,169 (+2.4%)	$53.34M (+8.4%)	0.2%	$44.13	+7.9%	REITUSD.01	29476L107
VRTX	Vertex Pharmaceuticals	151,725 (+7.3%)	$19.55M (+26.5%)	0.1%	$120.70	-0.3%	Common StockUSD.01	92532F100
YUMC	Yum China Holdings Inc	92,923 (+7735.0%)	$3.664M (+11350.0%)	0.0%	$35.97	+0.3%	Common StockUSD.01	98850P109
LLY	Eli Lilly & Co	2,161,631 (+3.3%)	$178M (+1.0%)	0.6%	$62.85	+13.4%	Common StockUSD0	532457108
HIW	Highwoods Properties Inc	689,861 (+1.9%)	$34.98M (+5.2%)	0.1%	$51.10	—	REITUSD.01	431284108
INVH	Invitation Homes Inc	1,845,639 (+4.6%)	$39.91M (+3.6%)	0.1%	$17.06	+1.1%	REITUSD.01	46187W107
HST	Host Hotels & Resorts Inc	4,125,366 (+3.9%)	$75.35M (+1.7%)	0.3%	$11.87	+10.7%	REITUSD.01	44107P104
—	Hudson Pacific Properties Inc	2,570,743 (+2.9%)	$87.83M (+1.4%)	0.3%	$34.71	—	REITUSD.01	444097109
BBD	Banco Bradesco SA	563,616 (+10.4%)	$4.788M (-8.5%)	0.0%	$10.08	—	ADRUSD0	059460303

Exited Positions (12)

MU Micron Technology Inc 0.4%

Value $118M Shares 4,086,039 Est. Cost $11.09 Unrealized +157.5%

DAL Delta Air Lines Inc 0.3%

Value $79.67M Shares 1,733,565 Est. Cost $20.62 Unrealized +114.9%

BMY Bristol-Myers Squibb Co 0.2%

Value $57.71M Shares 1,061,139 Est. Cost $45.97 Unrealized -13.2%

BRX Brixmor Property Group Inc 0.2%

Value $50.77M Shares 2,366,808 Est. Cost $24.69 Unrealized —

— Gulfport Energy Corp 0.1%

Value $24.97M Shares 1,453,243 Est. Cost $37.67 Unrealized —

KIM Kimco Realty Corp 0.1%

Value $23.21M Shares 1,050,968 Est. Cost $17.46 Unrealized -27.4%

— Ingersoll-Rand PLC 0.1%

Value $16.99M Shares 208,953 Est. Cost $63.88 Unrealized —

— Lazard Ltd 0.0%

Value $6.814M Shares 148,189 Est. Cost $37.64 Unrealized —

CBRE CBRE Group Inc 0.0%

Value $5.488M Shares 157,775 Est. Cost $35.81 Unrealized -2.9%

— Enel Americas SA 0.0%

Value $3.513M Shares 337,969 Est. Cost $9.64 Unrealized —

— Liberty Global Plc LiLAC 0.0%

Value $108K Shares 4,826 Est. Cost $22.38 Unrealized —

HIMX Himax Technologies Inc 0.0%

Value $33,000 Shares 3,594 Est. Cost $8.52 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MU	Micron Technology Inc	4,086,039	$118M	0.4%	$11.09	+157.5%	—	595112103
DAL	Delta Air Lines Inc	1,733,565	$79.67M	0.3%	$20.62	+114.9%	—	247361702
BMY	Bristol-Myers Squibb Co	1,061,139	$57.71M	0.2%	$45.97	-13.2%	—	110122108
BRX	Brixmor Property Group Inc	2,366,808	$50.77M	0.2%	$24.69	—	—	11120U105
—	Gulfport Energy Corp	1,453,243	$24.97M	0.1%	$37.67	—	—	402635304
KIM	Kimco Realty Corp	1,050,968	$23.21M	0.1%	$17.46	-27.4%	—	49446R109
—	Ingersoll-Rand PLC	208,953	$16.99M	0.1%	$63.88	—	—	G47791101
—	Lazard Ltd	148,189	$6.814M	0.0%	$37.64	—	—	G54050102
CBRE	CBRE Group Inc	157,775	$5.488M	0.0%	$35.81	-2.9%	—	12504L109
—	Enel Americas SA	337,969	$3.513M	0.0%	$9.64	—	—	29274F104
—	Liberty Global Plc LiLAC	4,826	$108K	0.0%	$22.38	—	—	G5480U138
HIMX	Himax Technologies Inc	3,594	$33,000	0.0%	$8.52	—	—	43289P106

Decreased Positions (102)

— FleetCor Technologies Inc 0.5%

Value $135M (-60.0%) Shares 936,275 (-57.9%) Est. Cost $144.05 Unrealized —

BAC Bank of America Corp 2.0%

Value $600M (-18.5%) Shares 24,711,446 (-20.8%) Est. Cost $13.90 Unrealized +37.4%

AMGN Amgen Inc 0.1%

Value $23.6M (-82.8%) Shares 137,015 (-83.6%) Est. Cost $79.81 Unrealized +57.1%

AIG American International Group Inc 0.6%

Value $180M (-35.7%) Shares 2,884,095 (-35.8%) Est. Cost $48.02 Unrealized +3.7%

— CR Bard Inc 0.7%

Value $199M (-33.4%) Shares 630,050 (-47.7%) Est. Cost $232.65 Unrealized —

VNO Vornado Realty Trust 0.3%

Value $75.24M (-56.9%) Shares 801,269 (-54.0%) Est. Cost $101.56 Unrealized —

XOM Exxon Mobil Corp 0.1%

Value $23.02M (-79.6%) Shares 285,185 (-79.2%) Est. Cost $53.76 Unrealized +3.2%

WFC Wells Fargo & Co 3.1%

Value $906M (-8.8%) Shares 16,352,284 (-8.4%) Est. Cost $37.86 Unrealized +11.4%

EQIX Equinix Inc 0.6%

Value $172M (-33.5%) Shares 401,339 (-38.0%) Est. Cost $227.71 Unrealized +57.8%

HIG Hartford Financial Services Group Inc/Th 0.1%

Value $29.02M (-74.7%) Shares 552,131 (-76.9%) Est. Cost $35.95 Unrealized +14.2%

PNC PNC Financial Services Group Inc/The 1.4%

Value $421M (-15.8%) Shares 3,374,647 (-18.9%) Est. Cost $73.43 Unrealized +23.0%

USB US Bancorp 1.4%

Value $412M (-14.6%) Shares 7,939,306 (-15.3%) Est. Cost $32.27 Unrealized +14.6%

C Citigroup Inc 2.3%

Value $667M (-9.2%) Shares 9,979,570 (-18.8%) Est. Cost $39.03 Unrealized +19.0%

— Broadcom Ltd 1.5%

Value $444M (-13.3%) Shares 1,906,413 (-18.5%) Est. Cost $218.99 Unrealized —

MLM Martin Marietta Materials Inc 0.6%

Value $164M (-28.6%) Shares 736,267 (-30.0%) Est. Cost $118.49 Unrealized +79.0%

BSX Boston Scientific Corp 1.4%

Value $403M (-14.0%) Shares 14,537,918 (-22.9%) Est. Cost $16.53 Unrealized +60.6%

EA Electronic Arts Inc 0.8%

Value $229M (-22.2%) Shares 2,164,798 (-34.1%) Est. Cost $32.31 Unrealized +209.9%

— Cavium Inc 0.6%

Value $167M (-27.5%) Shares 2,693,945 (-16.3%) Est. Cost $62.50 Unrealized —

KHC Kraft Heinz Co/The 1.7%

Value $500M (-10.9%) Shares 5,839,480 (-5.5%) Est. Cost $48.22 Unrealized +26.0%

BXP Boston Properties Inc 0.3%

Value $101M (-37.2%) Shares 824,391 (-32.4%) Est. Cost $89.52 Unrealized -2.9%

UNH UnitedHealth Group Inc 2.0%

Value $604M (+10.7%) Shares 3,259,520 (-2.1%) Est. Cost $117.83 Unrealized +29.6%

BABA Alibaba Group Holding Ltd 0.9%

Value $260M (+28.5%) Shares 1,847,720 (-1.7%) Est. Cost $86.31 Unrealized —

TMO Thermo Fisher Scientific Inc 0.3%

Value $76.15M (-41.8%) Shares 436,380 (-48.8%) Est. Cost $146.97 Unrealized +11.6%

— Activision Blizzard Inc 0.8%

Value $236M (-18.4%) Shares 4,107,477 (-29.3%) Est. Cost $22.10 Unrealized —

TJX TJX Cos Inc/The 0.4%

Value $108M (-27.0%) Shares 1,503,295 (-20.0%) Est. Cost $22.72 Unrealized +47.0%

— Federal Realty Investment Trust 0.3%

Value $76.31M (-34.1%) Shares 604,149 (-30.3%) Est. Cost $146.33 Unrealized —

AAPL Apple 3.1%

Value $926M (-4.0%) Shares 6,430,954 (-4.2%) Est. Cost $23.40 Unrealized +46.6%

DEI Douglas Emmett Inc 0.3%

Value $75.01M (-33.7%) Shares 1,962,923 (-33.4%) Est. Cost $36.10 Unrealized —

— BB&T Corp 1.1%

Value $311M (-10.4%) Shares 6,846,706 (-11.8%) Est. Cost $43.31 Unrealized —

MTB M&T Bank Corp 0.6%

Value $178M (-16.7%) Shares 1,100,084 (-20.4%) Est. Cost $100.54 Unrealized +21.7%

ALLE Allegion PLC 1.2%

Value $347M (-9.2%) Shares 4,271,807 (-15.3%) Est. Cost $47.08 Unrealized +50.0%

NWL Newell Brands Inc 1.5%

Value $454M (+8.2%) Shares 8,461,414 (-4.8%) Est. Cost $27.42 Unrealized +26.0%

AAP Advance Auto Parts Inc 0.2%

Value $68.41M (-31.8%) Shares 586,795 (-13.3%) Est. Cost $119.93 Unrealized +0.4%

— Duke Realty Corp 0.3%

Value $75.18M (-28.8%) Shares 2,689,338 (-33.1%) Est. Cost $26.61 Unrealized —

MO Altria Group Inc 0.9%

Value $270M (-10.1%) Shares 3,623,309 (-13.8%) Est. Cost $27.26 Unrealized +44.1%

MDT Medtronic PLC 0.8%

Value $225M (-11.3%) Shares 2,538,339 (-19.5%) Est. Cost $65.31 Unrealized +3.6%

NNN National Retail Properties Inc 0.2%

Value $50.07M (-36.4%) Shares 1,280,641 (-29.0%) Est. Cost $49.09 Unrealized —

RF Regions Financial Corp 0.4%

Value $133M (-16.7%) Shares 9,072,205 (-17.4%) Est. Cost $7.50 Unrealized +35.3%

REG Regency Centers Corp 0.2%

Value $50.02M (-34.6%) Shares 798,402 (-30.7%) Est. Cost $53.80 Unrealized -17.0%

HLT Hilton Worldwide Holdings Inc 0.3%

Value $76.22M (-25.7%) Shares 1,232,658 (-29.8%) Est. Cost $55.58 Unrealized +8.3%

FRCB First Republic Bank/CA 1.7%

Value $495M (+5.5%) Shares 4,946,283 (-1.1%) Est. Cost $40.50 Unrealized +124.3%

MAR Marriott International Inc/MD 0.3%

Value $97.33M (-19.2%) Shares 970,071 (-24.2%) Est. Cost $69.39 Unrealized +33.9%

GOOG Alphabet Inc 1.7%

Value $500M (+4.6%) Shares 550,394 (-4.5%) Est. Cost $35.69 Unrealized +27.3%

— Blackhawk Network Holdings Inc 0.1%

Value $16.65M (-56.5%) Shares 382,014 (-59.5%) Est. Cost $37.67 Unrealized —

AMZN Amazon.com Inc 1.0%

Value $309M (-6.2%) Shares 319,045 (-14.0%) Est. Cost $25.35 Unrealized +88.2%

ALL Allstate Corp/The 0.8%

Value $230M (-7.8%) Shares 2,605,726 (-15.1%) Est. Cost $54.01 Unrealized +29.2%

MDLZ Mondelez International Inc 0.6%

Value $170M (-10.2%) Shares 3,941,213 (-10.4%) Est. Cost $25.48 Unrealized +43.9%

EOG EOG Resources Inc 0.5%

Value $136M (-12.2%) Shares 1,500,251 (-5.4%) Est. Cost $64.81 Unrealized +6.0%

JD JD.com Inc 0.4%

Value $113M (+18.1%) Shares 2,887,713 (-6.3%) Est. Cost $26.09 Unrealized —

AMT American Tower Corp 2.0%

Value $578M (-2.9%) Shares 4,369,326 (-10.8%) Est. Cost $66.29 Unrealized +55.2%

CRM salesforce.com Inc 0.6%

Value $174M (-8.7%) Shares 2,013,113 (-13.0%) Est. Cost $66.27 Unrealized +29.8%

PSA Public Storage 0.5%

Value $142M (-10.0%) Shares 681,226 (-5.5%) Est. Cost $153.94 Unrealized -1.8%

AJG Arthur J Gallagher & Co 0.4%

Value $108M (-11.7%) Shares 1,880,750 (-12.8%) Est. Cost $35.24 Unrealized +40.8%

GOOGL Alphabet Inc 1.2%

Value $349M (-3.6%) Shares 375,828 (-12.0%) Est. Cost $36.89 Unrealized +25.8%

CMA Comerica Inc 0.3%

Value $97.21M (-11.5%) Shares 1,327,339 (-17.1%) Est. Cost $33.97 Unrealized +43.3%

— People's United Financial Inc 0.2%

Value $45.46M (-20.2%) Shares 2,573,276 (-17.9%) Est. Cost $16.88 Unrealized —

— Validus Holdings Ltd 0.1%

Value $36.94M (-22.5%) Shares 710,670 (-15.9%) Est. Cost $56.40 Unrealized —

META Facebook Inc 2.3%

Value $674M (-1.3%) Shares 4,466,274 (-7.2%) Est. Cost $57.20 Unrealized +158.1%

— Mobileye NV 0.2%

Value $58.62M (-12.1%) Shares 932,686 (-14.2%) Est. Cost $41.81 Unrealized —

EFX Equifax Inc 0.4%

Value $121M (-5.6%) Shares 877,362 (-6.1%) Est. Cost $95.94 Unrealized +32.2%

MELI MercadoLibre Inc 0.0%

Value $5.663M (-55.5%) Shares 22,571 (-62.5%) Est. Cost $125.78 Unrealized +104.0%

GRFS Grifols SA 0.0%

Value $891K (-88.7%) Shares 42,169 (-89.9%) Est. Cost $25.40 Unrealized —

ELS Equity LifeStyle Properties Inc 0.2%

Value $73.35M (+10.1%) Shares 849,928 (-1.7%) Est. Cost $73.20 Unrealized —

JPM JPMorgan Chase & Co. 2.3%

Value $669M (+1.0%) Shares 7,314,185 (-3.0%) Est. Cost $49.34 Unrealized +38.9%

— China Lodging Group Ltd 0.3%

Value $93.49M (+7.2%) Shares 1,158,674 (-17.5%) Est. Cost $43.95 Unrealized —

KEY KeyCorp 0.6%

Value $180M (+3.3%) Shares 9,601,981 (-2.0%) Est. Cost $9.84 Unrealized +26.0%

PEP PepsiCo Inc 1.2%

Value $343M (-1.6%) Shares 2,968,069 (-4.7%) Est. Cost $69.19 Unrealized +27.5%

HD Home Depot Inc/The 1.1%

Value $314M (-1.7%) Shares 2,048,298 (-5.9%) Est. Cost $62.07 Unrealized +100.5%

ICE Intercontinental Exchange Inc 0.1%

Value $21.11M (-20.7%) Shares 320,278 (-28.0%) Est. Cost $52.22 Unrealized +5.2%

STLD Steel Dynamics Inc 0.1%

Value $35.34M (-13.4%) Shares 987,157 (-15.9%) Est. Cost $17.30 Unrealized +67.5%

— First Data Corp 0.4%

Value $132M (+4.1%) Shares 7,248,251 (-11.4%) Est. Cost $12.50 Unrealized —

— Hanesbrands Inc 0.5%

Value $153M (-2.9%) Shares 6,623,069 (-13.0%) Est. Cost $35.58 Unrealized —

— Aetna Inc 0.1%

Value $40.44M (-9.3%) Shares 266,438 (-23.8%) Est. Cost $113.29 Unrealized —

— Ctrip.com International Ltd 0.8%

Value $223M (+1.6%) Shares 4,142,994 (-7.2%) Est. Cost $41.46 Unrealized —

EVR Evercore Partners Inc 0.0%

Value $8.584M (-29.5%) Shares 121,811 (-22.1%) Est. Cost $42.60 Unrealized +41.5%

— Torchmark Corp 0.4%

Value $105M (-3.1%) Shares 1,366,602 (-2.4%) Est. Cost $62.47 Unrealized —

— STORE Capital Corp 0.1%

Value $37.28M (-7.6%) Shares 1,661,094 (-1.7%) Est. Cost $28.56 Unrealized —

— FLIR Systems Inc 0.0%

Value $12.36M (-18.8%) Shares 356,833 (-15.0%) Est. Cost $35.38 Unrealized —

ESRT Empire State Realty Trust Inc 0.0%

Value $7.122M (-25.0%) Shares 343,011 (-25.5%) Est. Cost $19.78 Unrealized —

PK Park Hotels & Resorts Inc 0.0%

Value $604K (-78.9%) Shares 22,392 (-79.9%) Est. Cost $25.68 Unrealized —

ADBE Adobe Systems Inc 0.1%

Value $18.08M (-9.7%) Shares 127,798 (-16.9%) Est. Cost $117.37 Unrealized +16.7%

CCL Carnival Corp 0.1%

Value $25.71M (-6.6%) Shares 392,001 (-16.2%) Est. Cost $42.63 Unrealized +32.4%

EXR Extra Space Storage Inc 0.2%

Value $64.84M (+2.9%) Shares 830,967 (-1.9%) Est. Cost $59.28 Unrealized -6.4%

ABBV AbbVie Inc 0.1%

Value $20.38M (+9.3%) Shares 281,085 (-1.7%) Est. Cost $37.47 Unrealized +25.3%

FBIN Fortune Brands Home & Security Inc 1.5%

Value $458M (+0.4%) Shares 7,013,881 (-6.4%) Est. Cost $31.41 Unrealized +51.5%

CMS CMS Energy Corp 1.2%

Value $342M (-0.5%) Shares 7,392,075 (-3.7%) Est. Cost $25.24 Unrealized +42.1%

CPA Copa Holdings SA 0.1%

Value $30.74M (-4.6%) Shares 262,793 (-8.5%) Est. Cost $79.07 Unrealized +13.6%

COP ConocoPhillips 0.0%

Value $9.117M (-13.4%) Shares 207,357 (-1.8%) Est. Cost $36.44 Unrealized -2.6%

— China Biologic Products Inc 0.1%

Value $14.82M (+10.3%) Shares 131,045 (-2.4%) Est. Cost $114.16 Unrealized —

FITB Fifth Third Bancorp 0.6%

Value $175M (+0.7%) Shares 6,746,176 (-1.5%) Est. Cost $15.65 Unrealized +15.1%

DIS Walt Disney Co/The 0.0%

Value $3.666M (-25.0%) Shares 34,511 (-19.9%) Est. Cost $74.98 Unrealized +36.6%

SCHW Charles Schwab Corp/The 1.0%

Value $309M (-0.3%) Shares 7,189,673 (-5.3%) Est. Cost $23.05 Unrealized +55.1%

HBAN Huntington Bancshares Inc/OH 0.4%

Value $130M (-0.6%) Shares 9,648,807 (-1.6%) Est. Cost $7.68 Unrealized +15.7%

D Dominion Energy Inc 0.0%

Value $1.099M (-39.2%) Shares 14,344 (-38.5%) Est. Cost $34.53 Unrealized +55.6%

INTU Intuit Inc 0.0%

Value $7.452M (-8.4%) Shares 56,111 (-20.0%) Est. Cost $88.38 Unrealized +38.1%

RYAAY Ryanair Holdings PLC 0.1%

Value $37.71M (-1.8%) Shares 350,559 (-24.2%) Est. Cost $84.70 Unrealized —

PAM Pampa Energia SA 0.0%

Value $1.507M (-25.7%) Shares 25,614 (-31.5%) Est. Cost $34.80 Unrealized —

BIDU Baidu Inc 0.5%

Value $146M (+0.3%) Shares 818,945 (-3.2%) Est. Cost $191.05 Unrealized —

TGS Transportadora de Gas del Sur SA 0.0%

Value $944K (-31.0%) Shares 56,853 (-40.8%) Est. Cost $8.99 Unrealized —

ARCO Arcos Dorados Holdings Inc 0.0%

Value $801K (-31.8%) Shares 107,993 (-26.2%) Est. Cost $5.48 Unrealized +31.2%

— Petrobras Argentina SA 0.0%

Value $1M (-25.8%) Shares 83,143 (-31.5%) Est. Cost $7.00 Unrealized —

IVZ Invesco Ltd 0.0%

Value $625K (-18.9%) Shares 17,750 (-29.5%) Est. Cost $19.50 Unrealized +11.7%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	FleetCor Technologies Inc	936,275 (-57.9%)	$135M (-60.0%)	0.5%	$144.05	—	Common StockUSD.001	339041105
BAC	Bank of America Corp	24,711,446 (-20.8%)	$600M (-18.5%)	2.0%	$13.90	+37.4%	Common StockUSD.01	060505104
AMGN	Amgen Inc	137,015 (-83.6%)	$23.6M (-82.8%)	0.1%	$79.81	+57.1%	Common StockUSD.0001	031162100
AIG	American International Group Inc	2,884,095 (-35.8%)	$180M (-35.7%)	0.6%	$48.02	+3.7%	Common StockUSD2.5	026874784
—	CR Bard Inc	630,050 (-47.7%)	$199M (-33.4%)	0.7%	$232.65	—	Common StockUSD.25	067383109
VNO	Vornado Realty Trust	801,269 (-54.0%)	$75.24M (-56.9%)	0.3%	$101.56	—	REITUSD.04	929042109
XOM	Exxon Mobil Corp	285,185 (-79.2%)	$23.02M (-79.6%)	0.1%	$53.76	+3.2%	Common StockUSD0	30231G102
WFC	Wells Fargo & Co	16,352,284 (-8.4%)	$906M (-8.8%)	3.1%	$37.86	+11.4%	Common StockUSD1.666	949746101
EQIX	Equinix Inc	401,339 (-38.0%)	$172M (-33.5%)	0.6%	$227.71	+57.8%	REITUSD.001	29444U700
HIG	Hartford Financial Services Group Inc/Th	552,131 (-76.9%)	$29.02M (-74.7%)	0.1%	$35.95	+14.2%	Common StockUSD.01	416515104
PNC	PNC Financial Services Group Inc/The	3,374,647 (-18.9%)	$421M (-15.8%)	1.4%	$73.43	+23.0%	Common StockUSD5	693475105
USB	US Bancorp	7,939,306 (-15.3%)	$412M (-14.6%)	1.4%	$32.27	+14.6%	Common StockUSD.01	902973304
C	Citigroup Inc	9,979,570 (-18.8%)	$667M (-9.2%)	2.3%	$39.03	+19.0%	Common StockUSD.01	172967424
—	Broadcom Ltd	1,906,413 (-18.5%)	$444M (-13.3%)	1.5%	$218.99	—	Common StockUSD	Y09827109
MLM	Martin Marietta Materials Inc	736,267 (-30.0%)	$164M (-28.6%)	0.6%	$118.49	+79.0%	Common StockUSD.01	573284106
BSX	Boston Scientific Corp	14,537,918 (-22.9%)	$403M (-14.0%)	1.4%	$16.53	+60.6%	Common StockUSD.01	101137107
EA	Electronic Arts Inc	2,164,798 (-34.1%)	$229M (-22.2%)	0.8%	$32.31	+209.9%	Common StockUSD.01	285512109
—	Cavium Inc	2,693,945 (-16.3%)	$167M (-27.5%)	0.6%	$62.50	—	Common StockUSD.001	14964U108
KHC	Kraft Heinz Co/The	5,839,480 (-5.5%)	$500M (-10.9%)	1.7%	$48.22	+26.0%	Common StockUSD.01	500754106
BXP	Boston Properties Inc	824,391 (-32.4%)	$101M (-37.2%)	0.3%	$89.52	-2.9%	REITUSD.01	101121101
UNH	UnitedHealth Group Inc	3,259,520 (-2.1%)	$604M (+10.7%)	2.0%	$117.83	+29.6%	Common StockUSD.01	91324P102
BABA	Alibaba Group Holding Ltd	1,847,720 (-1.7%)	$260M (+28.5%)	0.9%	$86.31	—	ADRUSD.000025	01609W102
TMO	Thermo Fisher Scientific Inc	436,380 (-48.8%)	$76.15M (-41.8%)	0.3%	$146.97	+11.6%	Common StockUSD1	883556102
—	Activision Blizzard Inc	4,107,477 (-29.3%)	$236M (-18.4%)	0.8%	$22.10	—	Common StockUSD.000001	00507V109
TJX	TJX Cos Inc/The	1,503,295 (-20.0%)	$108M (-27.0%)	0.4%	$22.72	+47.0%	Common StockUSD1	872540109
—	Federal Realty Investment Trust	604,149 (-30.3%)	$76.31M (-34.1%)	0.3%	$146.33	—	REITUSD.01	313747206
AAPL	Apple	6,430,954 (-4.2%)	$926M (-4.0%)	3.1%	$23.40	+46.6%	Common StockUSD.00001	037833100
DEI	Douglas Emmett Inc	1,962,923 (-33.4%)	$75.01M (-33.7%)	0.3%	$36.10	—	REITUSD.01	25960P109
—	BB&T Corp	6,846,706 (-11.8%)	$311M (-10.4%)	1.1%	$43.31	—	Common StockUSD5	054937107
MTB	M&T Bank Corp	1,100,084 (-20.4%)	$178M (-16.7%)	0.6%	$100.54	+21.7%	Common StockUSD.5	55261F104
ALLE	Allegion PLC	4,271,807 (-15.3%)	$347M (-9.2%)	1.2%	$47.08	+50.0%	Common StockUSD.01	G0176J109
NWL	Newell Brands Inc	8,461,414 (-4.8%)	$454M (+8.2%)	1.5%	$27.42	+26.0%	Common StockUSD1	651229106
AAP	Advance Auto Parts Inc	586,795 (-13.3%)	$68.41M (-31.8%)	0.2%	$119.93	+0.4%	Common StockUSD.0001	00751Y106
—	Duke Realty Corp	2,689,338 (-33.1%)	$75.18M (-28.8%)	0.3%	$26.61	—	REITUSD.01	264411505
MO	Altria Group Inc	3,623,309 (-13.8%)	$270M (-10.1%)	0.9%	$27.26	+44.1%	Common StockUSD.333	02209S103
MDT	Medtronic PLC	2,538,339 (-19.5%)	$225M (-11.3%)	0.8%	$65.31	+3.6%	Common StockUSD.1	G5960L103
NNN	National Retail Properties Inc	1,280,641 (-29.0%)	$50.07M (-36.4%)	0.2%	$49.09	—	REITUSD.01	637417106
RF	Regions Financial Corp	9,072,205 (-17.4%)	$133M (-16.7%)	0.4%	$7.50	+35.3%	Common StockUSD.01	7591EP100
REG	Regency Centers Corp	798,402 (-30.7%)	$50.02M (-34.6%)	0.2%	$53.80	-17.0%	REITUSD.01	758849103
HLT	Hilton Worldwide Holdings Inc	1,232,658 (-29.8%)	$76.22M (-25.7%)	0.3%	$55.58	+8.3%	Common StockUSD.01	43300A203
FRCB	First Republic Bank/CA	4,946,283 (-1.1%)	$495M (+5.5%)	1.7%	$40.50	+124.3%	Common StockUSD.01	33616C100
MAR	Marriott International Inc/MD	970,071 (-24.2%)	$97.33M (-19.2%)	0.3%	$69.39	+33.9%	Common StockUSD.01	571903202
GOOG	Alphabet Inc	550,394 (-4.5%)	$500M (+4.6%)	1.7%	$35.69	+27.3%	Common StockUSD.001	02079K107
—	Blackhawk Network Holdings Inc	382,014 (-59.5%)	$16.65M (-56.5%)	0.1%	$37.67	—	Common StockUSD.001	09238E104
AMZN	Amazon.com Inc	319,045 (-14.0%)	$309M (-6.2%)	1.0%	$25.35	+88.2%	Common StockUSD.01	023135106
ALL	Allstate Corp/The	2,605,726 (-15.1%)	$230M (-7.8%)	0.8%	$54.01	+29.2%	Common StockUSD.01	020002101
MDLZ	Mondelez International Inc	3,941,213 (-10.4%)	$170M (-10.2%)	0.6%	$25.48	+43.9%	Common StockUSD0	609207105
EOG	EOG Resources Inc	1,500,251 (-5.4%)	$136M (-12.2%)	0.5%	$64.81	+6.0%	Common StockUSD.01	26875P101
JD	JD.com Inc	2,887,713 (-6.3%)	$113M (+18.1%)	0.4%	$26.09	—	ADRUSD.00002	47215P106
AMT	American Tower Corp	4,369,326 (-10.8%)	$578M (-2.9%)	2.0%	$66.29	+55.2%	REITUSD.01	03027X100
CRM	salesforce.com Inc	2,013,113 (-13.0%)	$174M (-8.7%)	0.6%	$66.27	+29.8%	Common StockUSD.001	79466L302
PSA	Public Storage	681,226 (-5.5%)	$142M (-10.0%)	0.5%	$153.94	-1.8%	REITUSD.1	74460D109
AJG	Arthur J Gallagher & Co	1,880,750 (-12.8%)	$108M (-11.7%)	0.4%	$35.24	+40.8%	Common StockUSD1	363576109
GOOGL	Alphabet Inc	375,828 (-12.0%)	$349M (-3.6%)	1.2%	$36.89	+25.8%	Common StockUSD.001	02079K305
CMA	Comerica Inc	1,327,339 (-17.1%)	$97.21M (-11.5%)	0.3%	$33.97	+43.3%	Common StockUSD5	200340107
—	People's United Financial Inc	2,573,276 (-17.9%)	$45.46M (-20.2%)	0.2%	$16.88	—	Common StockUSD.01	712704105
—	Validus Holdings Ltd	710,670 (-15.9%)	$36.94M (-22.5%)	0.1%	$56.40	—	Common StockUSD.175	G9319H102
META	Facebook Inc	4,466,274 (-7.2%)	$674M (-1.3%)	2.3%	$57.20	+158.1%	Common StockUSD.000006	30303M102
—	Mobileye NV	932,686 (-14.2%)	$58.62M (-12.1%)	0.2%	$41.81	—	Common StockEUR.01	N51488117
EFX	Equifax Inc	877,362 (-6.1%)	$121M (-5.6%)	0.4%	$95.94	+32.2%	Common StockUSD1.25	294429105
MELI	MercadoLibre Inc	22,571 (-62.5%)	$5.663M (-55.5%)	0.0%	$125.78	+104.0%	Common StockUSD.001	58733R102
GRFS	Grifols SA	42,169 (-89.9%)	$891K (-88.7%)	0.0%	$25.40	—	ADRUSD	398438408
ELS	Equity LifeStyle Properties Inc	849,928 (-1.7%)	$73.35M (+10.1%)	0.2%	$73.20	—	REITUSD.01	29472R108
JPM	JPMorgan Chase & Co.	7,314,185 (-3.0%)	$669M (+1.0%)	2.3%	$49.34	+38.9%	Common StockUSD1	46625H100
—	China Lodging Group Ltd	1,158,674 (-17.5%)	$93.49M (+7.2%)	0.3%	$43.95	—	ADRUSD	16949N109
KEY	KeyCorp	9,601,981 (-2.0%)	$180M (+3.3%)	0.6%	$9.84	+26.0%	Common StockUSD1	493267108
PEP	PepsiCo Inc	2,968,069 (-4.7%)	$343M (-1.6%)	1.2%	$69.19	+27.5%	Common StockUSD.017	713448108
HD	Home Depot Inc/The	2,048,298 (-5.9%)	$314M (-1.7%)	1.1%	$62.07	+100.5%	Common StockUSD.05	437076102
ICE	Intercontinental Exchange Inc	320,278 (-28.0%)	$21.11M (-20.7%)	0.1%	$52.22	+5.2%	Common StockUSD.01	45866F104
STLD	Steel Dynamics Inc	987,157 (-15.9%)	$35.34M (-13.4%)	0.1%	$17.30	+67.5%	Common StockUSD.005	858119100
—	First Data Corp	7,248,251 (-11.4%)	$132M (+4.1%)	0.4%	$12.50	—	Common StockUSD.01	32008D106
—	Hanesbrands Inc	6,623,069 (-13.0%)	$153M (-2.9%)	0.5%	$35.58	—	Common StockUSD.01	410345102
—	Aetna Inc	266,438 (-23.8%)	$40.44M (-9.3%)	0.1%	$113.29	—	Common StockUSD.01	00817Y108
—	Ctrip.com International Ltd	4,142,994 (-7.2%)	$223M (+1.6%)	0.8%	$41.46	—	ADRUSD.01	22943F100
EVR	Evercore Partners Inc	121,811 (-22.1%)	$8.584M (-29.5%)	0.0%	$42.60	+41.5%	Common StockUSD.01	29977A105
—	Torchmark Corp	1,366,602 (-2.4%)	$105M (-3.1%)	0.4%	$62.47	—	Common StockUSD1	891027104
—	STORE Capital Corp	1,661,094 (-1.7%)	$37.28M (-7.6%)	0.1%	$28.56	—	REITUSD.01	862121100
—	FLIR Systems Inc	356,833 (-15.0%)	$12.36M (-18.8%)	0.0%	$35.38	—	Common StockUSD.01	302445101
ESRT	Empire State Realty Trust Inc	343,011 (-25.5%)	$7.122M (-25.0%)	0.0%	$19.78	—	REITUSD.01	292104106
PK	Park Hotels & Resorts Inc	22,392 (-79.9%)	$604K (-78.9%)	0.0%	$25.68	—	REITUSD.01	700517105
ADBE	Adobe Systems Inc	127,798 (-16.9%)	$18.08M (-9.7%)	0.1%	$117.37	+16.7%	Common StockUSD.0001	00724F101
CCL	Carnival Corp	392,001 (-16.2%)	$25.71M (-6.6%)	0.1%	$42.63	+32.4%	Common StockUSD.01	143658300
EXR	Extra Space Storage Inc	830,967 (-1.9%)	$64.84M (+2.9%)	0.2%	$59.28	-6.4%	REITUSD.01	30225T102
ABBV	AbbVie Inc	281,085 (-1.7%)	$20.38M (+9.3%)	0.1%	$37.47	+25.3%	Common StockUSD.01	00287Y109
FBIN	Fortune Brands Home & Security Inc	7,013,881 (-6.4%)	$458M (+0.4%)	1.5%	$31.41	+51.5%	Common StockUSD.01	34964C106
CMS	CMS Energy Corp	7,392,075 (-3.7%)	$342M (-0.5%)	1.2%	$25.24	+42.1%	Common StockUSD.01	125896100
CPA	Copa Holdings SA	262,793 (-8.5%)	$30.74M (-4.6%)	0.1%	$79.07	+13.6%	Common StockUSD0	P31076105
COP	ConocoPhillips	207,357 (-1.8%)	$9.117M (-13.4%)	0.0%	$36.44	-2.6%	Common StockUSD.01	20825C104
—	China Biologic Products Inc	131,045 (-2.4%)	$14.82M (+10.3%)	0.1%	$114.16	—	Common StockUSD.0001	16938C106
FITB	Fifth Third Bancorp	6,746,176 (-1.5%)	$175M (+0.7%)	0.6%	$15.65	+15.1%	Common StockUSD0	316773100
DIS	Walt Disney Co/The	34,511 (-19.9%)	$3.666M (-25.0%)	0.0%	$74.98	+36.6%	Common StockUSD.01	254687106
SCHW	Charles Schwab Corp/The	7,189,673 (-5.3%)	$309M (-0.3%)	1.0%	$23.05	+55.1%	Common StockUSD.01	808513105
HBAN	Huntington Bancshares Inc/OH	9,648,807 (-1.6%)	$130M (-0.6%)	0.4%	$7.68	+15.7%	Common StockUSD.01	446150104
D	Dominion Energy Inc	14,344 (-38.5%)	$1.099M (-39.2%)	0.0%	$34.53	+55.6%	Common StockUSD0	25746U109
INTU	Intuit Inc	56,111 (-20.0%)	$7.452M (-8.4%)	0.0%	$88.38	+38.1%	Common StockUSD.01	461202103
RYAAY	Ryanair Holdings PLC	350,559 (-24.2%)	$37.71M (-1.8%)	0.1%	$84.70	—	ADRUSD	783513203
PAM	Pampa Energia SA	25,614 (-31.5%)	$1.507M (-25.7%)	0.0%	$34.80	—	ADRUSD	697660207
BIDU	Baidu Inc	818,945 (-3.2%)	$146M (+0.3%)	0.5%	$191.05	—	ADRUSD.00005	056752108
TGS	Transportadora de Gas del Sur SA	56,853 (-40.8%)	$944K (-31.0%)	0.0%	$8.99	—	ADRUSD	893870204
ARCO	Arcos Dorados Holdings Inc	107,993 (-26.2%)	$801K (-31.8%)	0.0%	$5.48	+31.2%	Common StockUSD	G0457F107
—	Petrobras Argentina SA	83,143 (-31.5%)	$1M (-25.8%)	0.0%	$7.00	—	ADRUSD	71646J109
IVZ	Invesco Ltd	17,750 (-29.5%)	$625K (-18.9%)	0.0%	$19.50	+11.7%	Common StockUSD.2	G491BT108

Unchanged Positions (37)

SPG Simon Property Group Inc 0.8%

Value $245M Shares 1,514,263 Est. Cost $122.61 Unrealized -16.3%

ARE Alexandria Real Estate Equities Inc 0.7%

Value $195M Shares 1,621,530 Est. Cost $77.20 Unrealized +10.4%

CMCSA Comcast Corp 1.9%

Value $556M Shares 14,271,863 Est. Cost $27.30 Unrealized +16.9%

— Raytheon Co 0.7%

Value $209M Shares 1,296,334 Est. Cost $127.33 Unrealized —

— Concho Resources Inc 0.6%

Value $185M Shares 1,521,718 Est. Cost $122.79 Unrealized —

MSFT Microsoft Corp 0.9%

Value $270M Shares 3,912,477 Est. Cost $45.16 Unrealized +38.0%

GD General Dynamics Corp 0.5%

Value $146M Shares 737,782 Est. Cost $98.85 Unrealized +63.9%

CVX Chevron Corp 0.7%

Value $221M Shares 2,121,912 Est. Cost $69.06 Unrealized +6.0%

— SunTrust Banks Inc 0.9%

Value $255M Shares 4,498,752 Est. Cost $48.52 Unrealized —

VIPS Vipshop Holdings Ltd 0.1%

Value $25.02M Shares 2,372,407 Est. Cost $12.40 Unrealized —

PFE Pfizer Inc 0.9%

Value $262M Shares 7,803,934 Est. Cost $19.81 Unrealized +9.1%

LMT Lockheed Martin Corp 0.3%

Value $87.43M Shares 314,847 Est. Cost $111.34 Unrealized +96.1%

TSM Taiwan Semiconductor Manufacturing Co Lt 0.1%

Value $34.48M Shares 986,280 Est. Cost $24.55 Unrealized —

BAP Credicorp Ltd 0.1%

Value $26.34M Shares 146,862 Est. Cost $110.45 Unrealized +21.3%

— GGP Inc 0.4%

Value $111M Shares 4,720,327 Est. Cost $23.17 Unrealized —

SLB Schlumberger Ltd 0.0%

Value $5.987M Shares 90,930 Est. Cost $58.30 Unrealized -4.3%

EL Estee Lauder Cos Inc/The 0.0%

Value $8.406M Shares 87,571 Est. Cost $60.72 Unrealized +35.7%

ACN Accenture PLC 0.1%

Value $25.5M Shares 206,147 Est. Cost $65.74 Unrealized +62.9%

— Nielsen Holdings PLC 0.0%

Value $12M Shares 310,541 Est. Cost $44.66 Unrealized —

NBIS Yandex NV 0.0%

Value $4.587M Shares 174,839 Est. Cost $21.93 Unrealized —

CVS CVS Health Corp 0.1%

Value $28.84M Shares 358,371 Est. Cost $47.72 Unrealized +26.4%

LUKOY LUKOIL PJSC 0.0%

Value $5.389M Shares 110,462 Est. Cost $53.06 Unrealized —

YPF YPF SA 0.0%

Value $3.956M Shares 180,752 Est. Cost $16.90 Unrealized —

GGAL Grupo Financiero Galicia SA 0.0%

Value $3.292M Shares 77,195 Est. Cost $27.98 Unrealized —

TEO Telecom Argentina SA 0.0%

Value $2.704M Shares 106,312 Est. Cost $18.12 Unrealized —

GLOB Globant SA 0.0%

Value $1.12M Shares 25,771 Est. Cost $34.90 Unrealized +10.8%

CSCO Cisco Systems Inc 0.0%

Value $1.726M Shares 55,146 Est. Cost $21.38 Unrealized +17.2%

AGRO Adecoagro SA 0.0%

Value $832K Shares 83,247 Est. Cost $10.45 Unrealized -6.9%

— BBVA Banco Frances SA 0.0%

Value $2.288M Shares 120,658 Est. Cost $17.69 Unrealized —

SUPV Grupo Supervielle SA 0.0%

Value $821K Shares 45,448 Est. Cost $13.14 Unrealized —

CHKP Check Point Software Technologies Ltd 0.0%

Value $644K Shares 5,900 Est. Cost $80.40 Unrealized +34.4%

F Ford Motor Co 0.0%

Value $843K Shares 75,142 Est. Cost $7.78 Unrealized -8.9%

— IRSA Inversiones y Representaciones SA 0.0%

Value $820K Shares 34,123 Est. Cost $18.49 Unrealized —

GOVT iShares US Treasury Bond ETF 0.0%

Value $119K Shares 4,717 Est. Cost $25.02 Unrealized —

PCG PG&E Corp 0.0%

Value $615K Shares 9,273 Est. Cost $61.62 Unrealized +6.4%

— Invest Holding Group Inc 0.0%

Value $0 Shares 50,000 Est. Cost — Unrealized —

— Real del Monte Mining Corp 0.0%

Value $0 Shares 16 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPG	Simon Property Group Inc	1,514,263	$245M	0.8%	$122.61	-16.3%	REITUSD.0001	828806109
ARE	Alexandria Real Estate Equities Inc	1,621,530	$195M	0.7%	$77.20	+10.4%	REITUSD.01	015271109
CMCSA	Comcast Corp	14,271,863	$556M	1.9%	$27.30	+16.9%	Common StockUSD.01	20030N101
—	Raytheon Co	1,296,334	$209M	0.7%	$127.33	—	Common StockUSD.01	755111507
—	Concho Resources Inc	1,521,718	$185M	0.6%	$122.79	—	Common StockUSD.001	20605P101
MSFT	Microsoft Corp	3,912,477	$270M	0.9%	$45.16	+38.0%	Common StockUSD.00000625	594918104
GD	General Dynamics Corp	737,782	$146M	0.5%	$98.85	+63.9%	Common StockUSD1	369550108
CVX	Chevron Corp	2,121,912	$221M	0.7%	$69.06	+6.0%	Common StockUSD.75	166764100
—	SunTrust Banks Inc	4,498,752	$255M	0.9%	$48.52	—	Common StockUSD1	867914103
VIPS	Vipshop Holdings Ltd	2,372,407	$25.02M	0.1%	$12.40	—	ADRUSD.0001	92763W103
PFE	Pfizer Inc	7,803,934	$262M	0.9%	$19.81	+9.1%	Common StockUSD.05	717081103
LMT	Lockheed Martin Corp	314,847	$87.43M	0.3%	$111.34	+96.1%	Common StockUSD1	539830109
TSM	Taiwan Semiconductor Manufacturing Co Lt	986,280	$34.48M	0.1%	$24.55	—	ADRUSD	874039100
BAP	Credicorp Ltd	146,862	$26.34M	0.1%	$110.45	+21.3%	Common StockUSD5	G2519Y108
—	GGP Inc	4,720,327	$111M	0.4%	$23.17	—	REITUSD.01	36174X101
SLB	Schlumberger Ltd	90,930	$5.987M	0.0%	$58.30	-4.3%	Common StockUSD.01	806857108
EL	Estee Lauder Cos Inc/The	87,571	$8.406M	0.0%	$60.72	+35.7%	Common StockUSD.01	518439104
ACN	Accenture PLC	206,147	$25.5M	0.1%	$65.74	+62.9%	Common StockUSD.0000225	G1151C101
—	Nielsen Holdings PLC	310,541	$12M	0.0%	$44.66	—	Common StockEUR.07	N63218106
NBIS	Yandex NV	174,839	$4.587M	0.0%	$21.93	—	Common StockEUR.01	N97284108
CVS	CVS Health Corp	358,371	$28.84M	0.1%	$47.72	+26.4%	Common StockUSD.01	126650100
LUKOY	LUKOIL PJSC	110,462	$5.389M	0.0%	$53.06	—	ADRRUB.025	69343P105
YPF	YPF SA	180,752	$3.956M	0.0%	$16.90	—	ADRUSD	984245100
GGAL	Grupo Financiero Galicia SA	77,195	$3.292M	0.0%	$27.98	—	ADRUSD	399909100
TEO	Telecom Argentina SA	106,312	$2.704M	0.0%	$18.12	—	ADRUSD1	879273209
GLOB	Globant SA	25,771	$1.12M	0.0%	$34.90	+10.8%	Common StockUSD1.2	L44385109
CSCO	Cisco Systems Inc	55,146	$1.726M	0.0%	$21.38	+17.2%	Common StockUSD.001	17275R102
AGRO	Adecoagro SA	83,247	$832K	0.0%	$10.45	-6.9%	Common StockUSD	L00849106
—	BBVA Banco Frances SA	120,658	$2.288M	0.0%	$17.69	—	ADRUSD	07329M100
SUPV	Grupo Supervielle SA	45,448	$821K	0.0%	$13.14	—	ADRUSD	40054A108
CHKP	Check Point Software Technologies Ltd	5,900	$644K	0.0%	$80.40	+34.4%	Common StockUSD.01	M22465104
F	Ford Motor Co	75,142	$843K	0.0%	$7.78	-8.9%	Common StockUSD.01	345370860
—	IRSA Inversiones y Representaciones SA	34,123	$820K	0.0%	$18.49	—	ADRUSD	450047204
GOVT	iShares US Treasury Bond ETF	4,717	$119K	0.0%	$25.02	—	ETPUSD	46429B267
PCG	PG&E Corp	9,273	$615K	0.0%	$61.62	+6.4%	Common StockUSD0	69331C108
—	Invest Holding Group Inc	50,000	$0	0.0%	—	—	Common StockUSD	461284101
—	Real del Monte Mining Corp	16	$0	0.0%	—	—	Common StockUSD0	755922101