Montag A & Associates 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
3M CO	COM	88579Y101	2,565	13,405	SH		SOLE		0	0	13,405
ABBOTT LABS	COM	002824100	2,645	59,567	SH		SOLE		0	0	59,567
ABBVIE INC.	COM	00287y109	4,567	70,096	SH		SOLE		0	0	70,096
ACCENTURE PLC	COM	G1151C101	1,036	8,646	SH		SOLE		0	0	8,646
ACUITY BRANDS INC	COM	00508Y102	249	1,220	SH		SOLE		0	0	1,220
ADOBE SYS INC COM	COM	00724F101	5,906	45,386	SH		SOLE		0	0	45,386
AIR PRODS & CHEMS INC	COM	009158106	629	4,650	SH		SOLE		0	0	4,650
AKAMAI TECHNOLOGIES, INC.	COM	00971T101	6,563	109,934	SH		SOLE		0	0	109,934
ALLEGHANY CORP DEL	COM	017175100	639	1,040	SH		SOLE		0	0	1,040
ALLSTATE CORP	COM	020002101	209	2,560	SH		SOLE		0	0	2,560
ALPHABET INC CAP STK CL A	COM	02079K305	4,499	5,307	SH		SOLE		0	0	5,307
ALPHABET INC CAP STK CL C	COM	02079K107	11,466	13,822	SH		SOLE		0	0	13,822
ALTRIA GROUP INC	COM	02209S103	657	9,202	SH		SOLE		0	0	9,202
AMAZON COM INC	COM	023135106	4,070	4,591	SH		SOLE		0	0	4,591
AMERICAN EXPRESS CO	COM	025816109	492	6,219	SH		SOLE		0	0	6,219
AMERICAN INTL GROUP	COM	026874784	5,669	90,811	SH		SOLE		0	0	90,811
AMERISOURCEBERGEN CORP.	COM	03073E105	3,644	41,170	SH		SOLE		0	0	41,170
AMGEN INC	COM	031162100	673	4,103	SH		SOLE		0	0	4,103
ANALOG DEVICES INC	COM	032654105	356	4,344	SH		SOLE		0	0	4,344
APPLE INC COM	COM	037833100	12,642	88,002	SH		SOLE		0	0	88,002
APPLIED MATLS INC	COM	038222105	217	5,582	SH		SOLE		0	0	5,582
AT&T INC	COM	00206R102	834	20,071	SH		SOLE		0	0	20,071
AUTOMATIC DATA PROCESS	COM	053015103	471	4,600	SH		SOLE		0	0	4,600
BANC OF CALIFORNIA INC COM	COM	05990K106	9,763	471,666	SH		SOLE		0	0	471,666
BANK AMER CORP COM	COM	060505104	6,175	261,778	SH		SOLE		0	0	261,778
BANK NEW YORK MELLON CORP	COM	064058100	260	5,501	SH		SOLE		0	0	5,501
BARD C R INC	COM	067383109	508	2,045	SH		SOLE		0	0	2,045
BARRICK GOLD CORP COM	COM	067901108	2,194	115,544	SH		SOLE		0	0	115,544
BB&T CORP	COM	054937107	990	22,154	SH		SOLE		0	0	22,154
BECTON DICKINSON & CO	COM	075887109	1,087	5,927	SH		SOLE		0	0	5,927
BERKSHIRE HATHAWAY INC CL A	COM	084670108	1,249	5	SH		SOLE		0	0	5
BERKSHIRE HATHAWAY INC CL B	COM	084670702	4,187	25,123	SH		SOLE		0	0	25,123
BOEING CO COM	COM	097023105	6,745	38,138	SH		SOLE		0	0	38,138
BORGWARNER INC COM	COM	099724106	8,652	207,039	SH		SOLE		0	0	207,039
BRISTOL MYERS SQUIBB	COM	110122108	728	13,382	SH		SOLE		0	0	13,382
CABELAS INC COM	COM	126804301	225	4,235	SH		SOLE		0	0	4,235
CAPITAL ONE FINANCIAL CORP.	COM	14040H105	1,777	20,500	SH		SOLE		0	0	20,500
CBRE GROUP INC CL A	COM	12504L109	1,814	52,147	SH		SOLE		0	0	52,147
CHEVRON TEXACO CORP	COM	166764100	6,997	65,167	SH		SOLE		0	0	65,167
CHUBB LTD	COM	H1467J104	3,693	27,106	SH		SOLE		0	0	27,106
CISCO SYS INC COM	COM	17275R102	5,423	160,436	SH		SOLE		0	0	160,436
CITIGROUP INC COM NEW	COM	172967424	6,884	115,073	SH		SOLE		0	0	115,073
CME GROUP INC	COM	12572Q105	653	5,497	SH		SOLE		0	0	5,497
COCA COLA CO COM	COM	191216100	33,257	783,623	SH		SOLE		0	0	783,623
COLGATE PALMOLIVE CO	COM	194162103	1,567	21,416	SH		SOLE		0	0	21,416
COMERICA INC COM	COM	200340107	2,239	32,646	SH		SOLE		0	0	32,646
CONNECTURE, INC.	COM	20786J106	62	57,527	SH		SOLE		0	0	57,527
CONOCOPHILIPS	COM	20825C104	3,702	74,240	SH		SOLE		0	0	74,240
COPART INC	COM	217204106	2,366	38,210	SH		SOLE		0	0	38,210
CORNING INC	COM	219350105	3,058	113,255	SH		SOLE		0	0	113,255
COSTCO WHOLESALE CORP	COM	22160K105	2,212	13,190	SH		SOLE		0	0	13,190
CRANE COMPANY	COM	224399105	522	6,975	SH		SOLE		0	0	6,975
CSX CORP	COM	126408103	547	11,760	SH		SOLE		0	0	11,760
CVS CAREMARK CORP.	COM	126650100	4,836	61,602	SH		SOLE		0	0	61,602
DAVITA INC	COM	23918K108	4,254	62,581	SH		SOLE		0	0	62,581
DELTA AIR LINES INC DEL COM NE	COM	247361702	460	10,000	SH		SOLE		0	0	10,000
DISH NETWORK CORP. CORP A	COM	25470M109	653	10,280	SH		SOLE		0	0	10,280
DOLLAR GEN CORP NEW COM	COM	256677105	535	7,666	SH		SOLE		0	0	7,666
DOMINION RES VA NEW	COM	25746U109	355	4,573	SH		SOLE		0	0	4,573
DU PONT E I DE NEMOURS	COM	263534109	887	11,044	SH		SOLE		0	0	11,044
DUKE ENERGY CORP	COM	26441C204	779	9,503	SH		SOLE		0	0	9,503
EASTMAN CHEM CO	COM	277432100	2,600	32,175	SH		SOLE		0	0	32,175
EATON VANCE CORP COM NON VTG	COM	278265103	1,472	32,735	SH		SOLE		0	0	32,735
EBAY INC	COM	278642103	388	11,555	SH		SOLE		0	0	11,555
EDWARDS LIFESCIENCES	COM	28176E108	3,059	32,520	SH		SOLE		0	0	32,520
EMERSON ELEC CO COM	COM	291011104	1,059	17,684	SH		SOLE		0	0	17,684
ENTERPRISE PRODUCTS PARTNERS	COM	293792107	321	11,633	SH		SOLE		0	0	11,633
EOG RESOURCES INC	COM	26875P101	3,712	38,055	SH		SOLE		0	0	38,055
EQUIFAX INC	COM	294429105	13,644	99,779	SH		SOLE		0	0	99,779
EXPRESS SCRIPTS HOLDING CO.	COM	30219G108	1,037	15,733	SH		SOLE		0	0	15,733
EXXON MOBIL CORP COM	COM	30231G102	7,910	96,446	SH		SOLE		0	0	96,446
FACEBOOK INC-A	COM	30303m102	480	3,381	SH		SOLE		0	0	3,381
FIDELITY NATIONAL INFORMATION	COM	31620M106	557	7,000	SH		SOLE		0	0	7,000
FISERV INC	COM	337738108	7,331	63,576	SH		SOLE		0	0	63,576
FORTIVE CORPORATION	COM	34959J108	3,036	50,410	SH		SOLE		0	0	50,410
GENERAL ELECTRIC CO COM	COM	369604103	10,523	353,131	SH		SOLE		0	0	353,131
GENUINE PARTS CO	COM	372460105	3,161	34,203	SH		SOLE		0	0	34,203
GLOBAL ENERGY HOLDINGS GROUP	COM	37991A100	0	11,700	SH		SOLE		0	0	11,700
HALLIBURTON CO	COM	406216101	384	7,800	SH		SOLE		0	0	7,800
HALYARD HEALTH INC	COM	40650V100	381	10,000	SH		SOLE		0	0	10,000
HARRIS CORP DEL	COM	413875105	639	5,744	SH		SOLE		0	0	5,744
HD SUPPLY HOLDINGS, INC.	COM	40416M105	8,493	206,527	SH		SOLE		0	0	206,527
HELMERICH & PAYNE INC	COM	423452101	2,305	34,618	SH		SOLE		0	0	34,618
HILTON WORLDWIDE HOLDINGS INC	COM	43300A203	249	4,266	SH		SOLE		0	0	4,266
HOME DEPOT INC	COM	437076102	12,124	82,570	SH		SOLE		0	0	82,570
HONEYWELL INTL INC	COM	438516106	1,249	10,002	SH		SOLE		0	0	10,002
HUNTINGTON INGALLS INDS INC CO	COM	446413106	887	4,430	SH		SOLE		0	0	4,430
INGERSOLL-RAND CO CL A	COM	G47791101	689	8,470	SH		SOLE		0	0	8,470
INTEL CORP	COM	458140100	2,869	79,526	SH		SOLE		0	0	79,526
INTERNATIONAL BUSINESS MACHS C	COM	459200101	7,491	43,014	SH		SOLE		0	0	43,014
INTERPUBLIC GROUP COS INC COM	COM	460690100	2,857	116,300	SH		SOLE		0	0	116,300
JOHNSON & JOHNSON	COM	478160104	12,893	103,518	SH		SOLE		0	0	103,518
JPMORGAN CHASE & CO COM	COM	46625H100	8,787	100,032	SH		SOLE		0	0	100,032
KIMBERLY CLARK CORP	COM	494368103	1,739	13,212	SH		SOLE		0	0	13,212
KRAFT HEINZ COMPANY	COM	500754106	1,218	13,408	SH		SOLE		0	0	13,408
LILLY ELI & CO	COM	532457108	4,221	50,185	SH		SOLE		0	0	50,185
LKQ CORP	COM	501889208	5,248	179,300	SH		SOLE		0	0	179,300
LOCKHEED MARTIN CORP	COM	539830109	3,425	12,799	SH		SOLE		0	0	12,799
LOWES COS INC	COM	548661107	361	4,392	SH		SOLE		0	0	4,392
MAGELLAN MIDSTREAM PARTNERS, L	COM	559080106	308	4,000	SH		SOLE		0	0	4,000
MARATHON PETROLEUM CORP	COM	56585A102	471	9,312	SH		SOLE		0	0	9,312
MARKEL CORP	COM	570535104	6,285	6,440	SH		SOLE		0	0	6,440
MARRIOTT INTL INC NEW CL A	COM	571903202	6,547	69,518	SH		SOLE		0	0	69,518
MARTIN MARIETTA MATERIALS INC	COM	573284106	1,458	6,680	SH		SOLE		0	0	6,680
MARVELL TECHNOLOGY GROUP LTD O	COM	G5876H105	7,591	497,448	SH		SOLE		0	0	497,448
MASCO CORP COM	COM	574599106	4,729	139,126	SH		SOLE		0	0	139,126
MCDONALDS CORP COM	COM	580135101	1,053	8,127	SH		SOLE		0	0	8,127
MCKESSON CORP	COM	58155Q103	6,652	44,864	SH		SOLE		0	0	44,864
MEDTRONIC PLC	COM	G5960L103	367	4,551	SH		SOLE		0	0	4,551
MERCK & CO INC COM	COM	58933Y105	12,844	202,134	SH		SOLE		0	0	202,134
METLIFE INC COM	COM	59156R108	5,775	109,329	SH		SOLE		0	0	109,329
MICROSOFT CORP COM	COM	594918104	9,796	148,745	SH		SOLE		0	0	148,745
MONDELEZ INTERNATIONAL INC	COM	609207105	1,872	43,457	SH		SOLE		0	0	43,457
MORGAN STANLEY DEAN WITTER COM	COM	617446448	3,888	90,767	SH		SOLE		0	0	90,767
NABORS INDS INC	COM	G6359F103	163	12,450	SH		SOLE		0	0	12,450
NATIONAL-OILWELL VARCO, INC.	COM	637071101	1,209	30,156	SH		SOLE		0	0	30,156
NEXTERA ENERGY INC COM	COM	65339F101	1,676	13,056	SH		SOLE		0	0	13,056
NIKE INC CL B	COM	654106103	2,911	52,239	SH		SOLE		0	0	52,239
NORFOLK SOUTHERN CORP	COM	655844108	805	7,190	SH		SOLE		0	0	7,190
NORTHROP GRUMMAN CORP	COM	666807102	550	2,313	SH		SOLE		0	0	2,313
NVIDIA CORP	COM	67066G104	217	1,990	SH		SOLE		0	0	1,990
OMNICOM GROUP INC	COM	681919106	2,414	28,000	SH		SOLE		0	0	28,000
ORACLE CORP	COM	68389X105	2,172	48,691	SH		SOLE		0	0	48,691
PEPSICO INC COM	COM	713448108	6,911	61,786	SH		SOLE		0	0	61,786
PFIZER INC COM	COM	717081103	6,397	186,990	SH		SOLE		0	0	186,990
PHILLIPS 66	COM	718546104	358	4,518	SH		SOLE		0	0	4,518
PNC FINANCIAL SVCS GROUP	COM	693475105	753	6,263	SH		SOLE		0	0	6,263
POLARIS INDS INC COM	COM	731068102	264	3,155	SH		SOLE		0	0	3,155
PPG INDS INC	COM	693506107	980	9,326	SH		SOLE		0	0	9,326
PPL CORP.	COM	69351T106	1,009	26,975	SH		SOLE		0	0	26,975
PRINCIPAL FINANCIAL GROUP	COM	74251V102	2,216	35,120	SH		SOLE		0	0	35,120
PROCTER & GAMBLE CO	COM	742718109	7,219	80,340	SH		SOLE		0	0	80,340
QORVO INC COM	COM	74736K101	7,662	111,760	SH		SOLE		0	0	111,760
RAYTHEON CO	COM	755111507	388	2,542	SH		SOLE		0	0	2,542
ROCKWELL COLLINS	COM	774341101	204	2,100	SH		SOLE		0	0	2,100
RYDER SYS INC	COM	783549108	1,298	17,200	SH		SOLE		0	0	17,200
SANDERSON FARMS INC	COM	800013104	571	5,500	SH		SOLE		0	0	5,500
SCHLUMBERGER LTD COM	COM	806857108	3,878	49,652	SH		SOLE		0	0	49,652
SITEONE LANDSCAPE SUPPLY, INC.	COM	82982L103	1,995	41,215	SH		SOLE		0	0	41,215
SKYWORKS SOLUTIONS INC	COM	83088M102	888	9,067	SH		SOLE		0	0	9,067
SOUTHERN CO COM	COM	842587107	487	9,774	SH		SOLE		0	0	9,774
SOUTHWEST AIRLS CO COM	COM	844741108	1,896	35,275	SH		SOLE		0	0	35,275
SPECTRUM BRANDS HLDGS INC COM	COM	84763R101	4,559	32,799	SH		SOLE		0	0	32,799
SPIRIT AEROSYSTEMS HOLDINGS	COM	848574109	1,138	19,650	SH		SOLE		0	0	19,650
STARBUCKS CORP	COM	855244109	1,923	32,933	SH		SOLE		0	0	32,933
STATE STREET CORP	COM	857477103	2,888	36,275	SH		SOLE		0	0	36,275
STIFEL FINANCIAL CORP	COM	860630102	378	7,529	SH		SOLE		0	0	7,529
SUNOCO LOGISTICS PARTNERS LP	COM	86764L108	212	8,700	SH		SOLE		0	0	8,700
SUNOPTA INC COM	COM	8676EP108	2,136	307,371	SH		SOLE		0	0	307,371
SUNTRUST BKS INC	COM	867914103	11,444	206,942	SH		SOLE		0	0	206,942
SYSCO CORP	COM	871829107	371	7,136	SH		SOLE		0	0	7,136
TARGET CORP COM	COM	87612E106	562	10,184	SH		SOLE		0	0	10,184
TEXAS INSTRS INC	COM	882508104	630	7,824	SH		SOLE		0	0	7,824
TIME WARNER INC COM NEW	COM	887317303	3,485	35,669	SH		SOLE		0	0	35,669
TOPBUILD CORP	COM	89055F103	279	5,942	SH		SOLE		0	0	5,942
TORCHMARK CORP	COM	891027104	516	6,697	SH		SOLE		0	0	6,697
TRANSOCEAN LTD.	COM	H8817H100	174	13,950	SH		SOLE		0	0	13,950
TRI POINTE HOMES INC.	COM	87265H109	300	23,922	SH		SOLE		0	0	23,922
U.S. TECHNOLOGIES	COM	91272D309	0	20,000	SH		SOLE		0	0	20,000
UNION PAC CORP	COM	907818108	6,699	63,249	SH		SOLE		0	0	63,249
UNITED PARCEL SERVICE INC CL B	COM	911312106	4,523	42,155	SH		SOLE		0	0	42,155
UNITED RENTALS INC.	COM	911363109	11,650	93,162	SH		SOLE		0	0	93,162
UNITED TECHNOLOGIES CP	COM	913017109	2,480	22,102	SH		SOLE		0	0	22,102
UNITEDHEALTH GROUP INC COM	COM	91324P102	4,344	26,485	SH		SOLE		0	0	26,485
V F CORP	COM	918204108	2,262	41,150	SH		SOLE		0	0	41,150
VISA INC - CLASS A	COM	92826C839	4,076	45,863	SH		SOLE		0	0	45,863
VOYA FINANCIAL INC.	COM	929089100	4,659	122,729	SH		SOLE		0	0	122,729
VULCAN MATLS CO	COM	929160109	6,082	50,485	SH		SOLE		0	0	50,485
WAL-MART STORES INC COM	COM	931142103	5,176	71,811	SH		SOLE		0	0	71,811
WALGREENS BOOTS ALLIANCE, INC.	COM	931427108	8,017	96,538	SH		SOLE		0	0	96,538
WALT DISNEY CO	COM	254687106	1,564	13,795	SH		SOLE		0	0	13,795
WEATHERFORD INTL PLC COM	COM	G48833100	123	18,500	SH		SOLE		0	0	18,500
WELLS FARGO & CO NEW COM	COM	949746101	3,987	71,640	SH		SOLE		0	0	71,640
WEST PHARMACEUTICAL SERVICES	COM	955306105	277	3,400	SH		SOLE		0	0	3,400
WEYERHAEUSER CO	COM	962166104	3,346	98,481	SH		SOLE		0	0	98,481
WR BERKLEY CORP	COM	084423102	3,405	48,212	SH		SOLE		0	0	48,212
AMEX ENERGY SECTOR SPDR	ETF	81369Y506	863	12,350	SH		SOLE		0	0	12,350
AMEX TECHNOLOGY SECTOR SPDR	ETF	81369Y803	210	3,932	SH		SOLE		0	0	3,932
HEALTH CARE SELECT SECTOR SPDR	ETF	81369y209	1,524	20,495	SH		SOLE		0	0	20,495
ISHARES DJ SELECT DIVIDEND	ETF	464287168	873	9,588	SH		SOLE		0	0	9,588
ISHARES DJ US HEALTHCARE SEC	ETF	464287762	707	4,540	SH		SOLE		0	0	4,540
ISHARES MSCI PACIFIC EX-JAPAN	ETF	464286665	398	8,900	SH		SOLE		0	0	8,900
ISHARES RUSSELL 1000 INDEX	ETF	464287622	8,728	66,500	SH		SOLE		0	0	66,500
ISHARES RUSSELL TOP 200 GROWTH	ETF	464289438	268	4,350	SH		SOLE		0	0	4,350
ISHARES S&P 100 INDEX FUND	ETF	464287101	386	3,690	SH		SOLE		0	0	3,690
ISHARES S&P GLOBAL INDEX 100	ETF	464287572	613	7,505	SH		SOLE		0	0	7,505
ISHARES TR CORE S&P SCP ETF	ETF	464287804	15,402	222,708	SH		SOLE		0	0	222,708
ISHARES TR CORE S&P500 ETF	ETF	464287200	50,256	211,808	SH		SOLE		0	0	211,808
ISHARES TR RUSSELL 2000 GROWTH	ETF	464287648	285	1,760	SH		SOLE		0	0	1,760
ISHARES TRUST RUSSELL 2000 IND	ETF	464287655	7,636	55,544	SH		SOLE		0	0	55,544
ISHARES TRUST S&P MIDCAP 400	ETF	464287507	2,735	15,976	SH		SOLE		0	0	15,976
JPMORGAN ALERIAN MLP ETN	ETF	46625H365	670	20,750	SH		SOLE		0	0	20,750
KBW REGIONAL BANKING ETF	ETF	78464A698	4,038	73,940	SH		SOLE		0	0	73,940
POWERSHARES FTSE RAFI US 1000	ETF	73935X583	1,223	11,935	SH		SOLE		0	0	11,935
POWERSHARES S&P HIGH QUALITY E	ETF	73935X682	2,379	86,916	SH		SOLE		0	0	86,916
RYDEX S&P EQUAL WEIGHT ETF	ETF	78355W106	8,501	93,604	SH		SOLE		0	0	93,604
SELECT SECTOR SPDR TR SBI INT-	ETF	81369Y605	9,669	407,466	SH		SOLE		0	0	407,466
SELECT SECTOR SPDR TR SBI INT-	ETF	81369Y704	344	5,290	SH		SOLE		0	0	5,290
SPDR DJIA TRUST	ETF	78467X109	2,153	10,435	SH		SOLE		0	0	10,435
SPDR GOLD TRUST	ETF	78463V107	1,946	16,390	SH		SOLE		0	0	16,390
SPDR S&P 500 ETF TR TR UNIT	ETF	78462F103	65,841	279,296	SH		SOLE		0	0	279,296
SPDR S&P DIVIDEND ETF	ETF	78464A763	2,425	27,509	SH		SOLE		0	0	27,509
SPDR S&P MIDCAP 400 ETF TR UTS	ETF	78467Y107	47,941	153,451	SH		SOLE		0	0	153,451
SPDR SERIES TRUST OILGAS EQUIP	ETF	78464A748	3,892	193,749	SH		SOLE		0	0	193,749
VANGUARD DIVIDEND APPRECIATION	ETF	921908844	8,738	97,158	SH		SOLE		0	0	97,158
VANGUARD FTSE DEVELOPED MARKET	ETF	921943858	9,245	235,252	SH		SOLE		0	0	235,252
VANGUARD INDEX FDS REIT ETF	ETF	922908553	4,072	49,305	SH		SOLE		0	0	49,305
VANGUARD INTL EQUITY INDEX FD	ETF	922042858	2,976	74,925	SH		SOLE		0	0	74,925
VANGUARD MID CAP ETF	ETF	922908629	9,029	64,843	SH		SOLE		0	0	64,843
VANGUARD MSCI EUROPE ETF	ETF	922042874	2,880	55,850	SH		SOLE		0	0	55,850
VANGUARD S&P 500 ETF	ETF	922908363	709	3,279	SH		SOLE		0	0	3,279
VANGUARD TOTAL INTERNATIONAL S	ETF	921909768	666	13,400	SH		SOLE		0	0	13,400
VANGUARD TOTAL STOCK MARKET ET	ETF	922908769	248	2,046	SH		SOLE		0	0	2,046
WISDOMTREE DIVIDEND EX-FIN ETF	ETF	97717W406	1,069	12,955	SH		SOLE		0	0	12,955
EMPIRE STATE REALTY OP LP SERI	CL END	292102209	220	10,737	SH		SOLE		0	0	10,737
EQUITY RESIDENTIAL PROPERTIES	CL END	29476L107	231	3,720	SH		SOLE		0	0	3,720
FEDERAL REALTY INV TRUST	CL END	313747206	281	2,105	SH		SOLE		0	0	2,105
GGP INC	CL END	36174x101	1,281	55,280	SH		SOLE		0	0	55,280
HOWARD HUGHES CORPORATION	CL END	44267D107	281	2,400	SH		SOLE		0	0	2,400
MID-AMER APT CMNTYS INC	CL END	59522J103	213	2,091	SH		SOLE		0	0	2,091
REDWOOD TRUST, INC.	CL END	758075402	1,288	77,550	SH		SOLE		0	0	77,550
VEREIT INC	CL END	92339v100	90	10,582	SH		SOLE		0	0	10,582
WELLTOWER INC COM	CL END	95040Q104	354	5,000	SH		SOLE		0	0	5,000
ALLERGAN PLC	FOR	G0177J108	363	1,520	SH		SOLE		0	0	1,520
ASTRAZENECA PLC - SPONS ADR	FOR	046353108	293	9,400	SH		SOLE		0	0	9,400
BP AMOCO PLC - SPONS ADR	FOR	055622104	2,558	74,110	SH		SOLE		0	0	74,110
DIAGEO PLC-SPONSORED ADR NEW	FOR	25243Q205	3,222	27,876	SH		SOLE		0	0	27,876
NESTLE S A - ADR REG SHS	FOR	641069406	4,170	54,312	SH		SOLE		0	0	54,312
NOVARTIS AG-ADR	FOR	66987V109	535	7,204	SH		SOLE		0	0	7,204
NXP SEMICONDUCTORS N V COM	FOR	N6596X109	4,114	39,745	SH		SOLE		0	0	39,745
PHILIP MORRIS INTL INC COM	FOR	718172109	1,830	16,209	SH		SOLE		0	0	16,209
RIO TINTO PLC SPONSORED ADR	FOR	767204100	3,836	94,290	SH		SOLE		0	0	94,290
ROYAL DUTCH SHELL PLC	FOR	780259206	2,559	48,538	SH		SOLE		0	0	48,538
ROYAL DUTCH SHELL PLC B	FOR	780259107	360	6,450	SH		SOLE		0	0	6,450
SANOFI-AVENTIS	FOR	80105N105	330	7,300	SH		SOLE		0	0	7,300
SIEMENS AG SPONS ADR	FOR	826197501	3,937	57,340	SH		SOLE		0	0	57,340
TENARIS S.A.	FOR	88031M109	3,863	113,156	SH		SOLE		0	0	113,156
UNILEVER N V N Y SHS NEW	FOR	904784709	256	5,150	SH		SOLE		0	0	5,150
WILLIS TOWERS WATSON PUBLIC LI	FOR	G96629103	2,432	18,579	SH		SOLE		0	0	18,579
WPP GROUP PLC	FOR	92937A102	1,427	13,041	SH		SOLE		0	0	13,041