| D.R. Horton, Inc. CMN(DHI) | COM | 23331A109 | $3.0M | 142,485 | 97.0% |
| Liberty Global, Plc. CMN Class C | SHS CL C | G5480U120 | $12.3K | 180,643 | 0.4% |
| Liberty Media Corporation CMN Series A Class A | CL A | 531229102 | $11.4K | 90,281 | 0.4% |
| Mastercard Incorporated CMN Class A(MA) | CL A | 57636Q104 | $9.5K | 16,563 | 0.3% |
| Visa Inc. CMN Class A(V) | COM CL A | 92826C839 | $7.1K | 38,596 | 0.2% |
| Ishares Barclays 20+ Year Treasury Bond Fund ETF(TLT) | BARCLAYS 20+YR | 464287432 | $6.6K | 59,685 | 0.2% |
| Liberty Ventures CMN Series Class A | LBT VENT COM A | 53071M880 | $5.9K | 68,858 | 0.2% |
| Lennar Corporation CMN Class A(LEN) | CL A | 526057104 | $3.5K | 97,996 | 0.1% |
| Ishares DOW Jones U.S. Real Estate Sector Index Fund ETF(IYR) | DJ US REAL EST | 464287739 | $3.0K | 45,000 | 0.1% |
| Toll Brothers, Inc. CMN(TOL) | COM | 889478103 | $2.8K | 85,497 | 0.1% |
| Standard Pacific Corp New CMN | COM | 85375C101 | $2.5K | 303,064 | 0.1% |
| Pultegroup Inc. CMN(PHM) | COM | 745867101 | $2.5K | 132,536 | 0.1% |
| Fifth & Pacific Companies Inc CMN | COM | 316645100 | $2.2K | 96,746 | 0.1% |
| Berkshire Hathaway Inc. Class B(BRK/B) | CL B NEW | 084670702 | $2.0K | 17,963 | 0.1% |
| Pain Therapeutics Inc CMN | COM | 69562K100 | $2.0K | 901,670 | 0.1% |
| QLT Inc. CMN | COM | 746927102 | $2.0K | 450,139 | 0.1% |
| Homestreet, Inc. CMN(MCHB) | COM | 43785V102 | $1.8K | 85,321 | 0.1% |
| Saks Incorporated CMN | COM | 79377W108 | $1.7K | 126,615 | 0.1% |
| E*trade Financial Corporation CMN(ETRA) | COM NEW | 269246401 | $1.5K | 119,472 | 0.0% |
| Forestar Real Estate Group Inc*. CMN | COM | 346233109 | $1.5K | 74,336 | 0.0% |
| Ocwen Financial Corporation CMN | COM NEW | 675746309 | $1.3K | 32,688 | 0.0% |
| Coinstar Inc CMN | COM | 19259P300 | $1.2K | 20,677 | 0.0% |
| Lululemon Athletica Inc. CMN(LULU) | COM | 550021109 | $1.0K | 15,860 | 0.0% |
| Brookfield Ppty Partners L P CMN | UNIT LTD PARTN | G16249107 | $1.0K | 49,472 | 0.0% |
| Nationstar MTG Hldgs Inc CMN | COM | 63861C109 | $983 | 26,242 | 0.0% |
| Citigroup Inc. CMN(C) | COM NEW | 172967424 | $959 | 20,000 | 0.0% |
| ADT Corporation (the) CMN | COM | 00101J106 | $837 | 20,994 | 0.0% |
| Huntington Bancshares Incorpor*ated CMN(HBAN) | COM | 446150104 | $816 | 103,727 | 0.0% |
| L Brands, Inc. CMN | COM | 501797104 | $775 | 15,745 | 0.0% |
| Invensense Inc CMN | COM | 46123D205 | $739 | 48,065 | 0.0% |
| CVR Refining LP CMN | COMUNIT REP LT | 12663P107 | $601 | 20,000 | 0.0% |
| The Howard Hughes Corp CMN(HHC*) | COM | 44267D107 | $569 | 5,077 | 0.0% |