13F-HR 1 zk1313103.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: MARCH 31, 2013 Check here if Amendment [_]; Amendment Number: ______ This Amendment (Check only one.): [_] is a restatement. [_] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: PSAGOT INVESTMENT HOUSE LTD. Address: 14 AHAD HA'AM STREET TEL AVIV 65142, ISRAEL Form 13F File Number: 28-15465 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: SHLOMO PASHA Title: CHIEF FINANCIAL OFFICER Phone: +972-3-796-8805 Signature, Place, and Date of Signing: /s/ Shlomo Pasha Tel Aviv, Israel May 9, 2013 ---------------- ---------------- -------------- [Signature] [City, State] [Date] Name: LILACH GEVA HAREL Title: SENIOR VICE PRESIDENT Phone: +972-3-796-8805 Signature, Place, and Date of Signing: /s/ Lilach Geva Harel Tel Aviv, Israel May 9, 2013 --------------------- ---------------- -------------- [Signature] [City, State] [Date] Additional information: The securities reported herein are beneficially owned by one or more of the following: portfolio accounts managed by Psagot Securities Ltd., mutual funds managed by Psagot Mutual Funds Ltd., and provident funds and pension funds managed by Psagot Provident Funds and Pension Ltd. Each of Psagot Securities Ltd., Psagot Mutual Funds Ltd., and Psagot Provident Funds and Pension Ltd., (the "Subsidiaries") is a wholly-owned subsidiary of Psagot Investment House Ltd. The Subsidiaries operate under independent management and make their own independent voting and investment decisions. Any economic interest or beneficial ownership in any of the securities covered by this report is held for the benefit of the owners of the portfolio accounts or for the benefit of the members of the mutual funds, provident funds, or pension funds, as the case may be. This Form 13F shall not be construed as an admission by Psagot Investment House Ltd. or by any of the Subsidiaries that it is the beneficial owner of any of the securities covered by this Form 13F, and each of Psagot Investment House Ltd. and the Subsidiaries disclaims beneficial ownership of any such securities. Per informal guidance received from the Division of Investment Management, section 13(f) securities that are dual listed on a U.S. stock exchange and the Tel Aviv Stock Exchange were included in this Form 13F only if they were purchased in the U.S. As indicated in the Information Table, Psagot Securities Ltd. has sole voting authority over all Section 13(f) securities over which it exercises investment discretion, except that it has no voting authority over certain of those Section 13(f) securities beneficially owned by certain employer funds organized under the laws of the State of Israel ("Factory Funds"). Voting decisions regarding securities beneficially owned by Factory Funds are made pursuant to instructions received from such Factory Funds. Report Type (Check only one.): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [_] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [_] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of other Managers Reporting for this Manager: None 2 FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 2 Form 13F Information Table Entry Total: 310 Form 13F Information Table Value Total: 2,114,859 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. No. Form 13F File Number Name 1 28-15466 Psagot Securities Ltd. 2 28-15467 Psagot Provident Funds and Pension Ltd. 3 FORM13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ---------------------------- --------------- --------- -------- -------------------- ---------- -------- ------------------- VOTING AUTHORITY VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER ------------------- NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE -------------- --------------- --------- -------- ------- --- ---- ---------- ------- ---- ------ ---- ABBOTT LABS COM 002824100 58 1,650 SH DEFINED 1,650 PROLOGIS COM 74340W103 296 7,400 SH DEFINED 7,400 INTERNATIONAL BUSINESS MACHS COM 459200101 1,725 8,085 SH DEFINED 8,085 AETNA INC NEW COM 00817Y108 36 700 SH DEFINED 700 JOHNSON & JOHNSON COM 478160104 269 3,294 SH DEFINED 1 , 2 3,294 JOHNSON & JOHNSON COM 478160104 1,297 15,910 SH DEFINED 15,910 NEWMONT MINING CORP COM 651639106 193 4,600 SH DEFINED 4,600 YAHOO COM 984332106 12,946 550,200 SH DEFINED 2 550,200 WELLS FARGO & CO NEW COM 949746101 23 620 SH DEFINED 2 620 WELLS FARGO & CO NEW COM 949746101 1,240 33,530 SH DEFINED 33,530 PFIZER INC COM 717081103 44,835 1,553,535 SH DEFINED 1 , 2 1,553,535 PFIZER INC COM 717081103 1,148 39,770 SH DEFINED 39,770 HEWLETT PACKARD CO COM 428236103 272 11,400 SH DEFINED 11,400 ORACLE CORP COM 68389X105 779 24,080 SH DEFINED 24,080 SPDR DOW JONES INDL AVRG ETF UT SER 1 78467X109 56,110 386,110 SH DEFINED 1 , 2 386,110 PEPSICO INC COM 713448108 4,275 54,040 SH DEFINED 1 54,040 PEPSICO INC COM 713448108 1,558 19,690 SH DEFINED 19,690 CISCO SYS INC COM 17275R102 6,702 320,727 SH DEFINED 1 , 2 320,727 CISCO SYS INC COM 17275R102 2,553 122,192 SH DEFINED 122,192 LILLY ELI & CO COM 532457108 3 60 SH DEFINED 1 60 LILLY ELI & CO COM 532457108 159 2,800 SH DEFINED 2,800 CITIGROUP INC COM NEW 172967424 41,573 939,705 SH DEFINED 1 , 2 939,705 CITIGROUP INC COM NEW 172967424 1,105 24,976 SH DEFINED 24,976 APPLE INC COM 037833100 19,099 43,146 SH DEFINED 1 , 2 43,146 APPLE INC COM 037833100 1,381 3,120 SH DEFINED 3,120 TARGET CORP COM 87612E106 4,353 63,590 SH DEFINED 1 63,590 TARGET CORP COM 87612E106 1,157 16,907 SH DEFINED 16,907
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WAL-MART STORES INC COM 931142103 1,788 23,900 SH DEFINED 23,900 INTEL CORP COM 458140100 124 5,668 SH DEFINED 1 5,668 AMGEN COM 031162100 1,333 13,000 SH DEFINED 13,000 MICROSOFT CORP COM 594918104 122 4,280 SH DEFINED 1 , 2 4,280 MICROSOFT CORP COM 594918104 1,671 58,400 SH DEFINED 58,400 3MCO COM 88579Y101 3,907 36,751 SH DEFINED 1 36,751 AMERICAN INTL GROUP INC COM NEW 026874784 47,533 1,224,439 SH DEFINED 1 , 2 1,224,439 AMERICAN INTL GROUP INC COM NEW 026874784 820 21,130 SH DEFINED 21,130 CATERPILLAR INC DEL COM 149123101 280 3,220 SH DEFINED 2 3,220 CATERPILLAR INC DEL COM 149123101 445 5,116 SH DEFINED 5,116 AT&T INC COM 00206R102 88 2,400 SH DEFINED 2,400 GENERAL ELECTRIC CO COM 369604103 25,897 1,120,114 SH DEFINED 1 , 2 1,120,114 GENERAL ELECTRIC CO COM 369604103 799 34,564 SH DEFINED 34,564 NIKE INC CL B 654106103 5,225 88,545 SH DEFINED 1 88,545 NIKE INC CL B 654106103 1,821 30,853 SH DEFINED 30,853 D R HORTON INC COM 23331A109 500 20,560 SH DEFINED 20,560 AMERICAN EXPRESS CO COM 025816109 3,503 51,931 SH DEFINED 1 51,931 AMERICAN EXPRESS CO COM 025816109 1,125 16,681 SH DEFINED 16,681 EBAYINC COM 278642103 3,498 64,510 SH DEFINED 1 64,510 EBAYINC COM 278642103 912 16,824 SH DEFINED 16,824 ISHARES INC MSCI SINGAPORE 464286673 27,496 1,969,638 SH DEFINED 1 , 2 1,969,638 CSX CORP COM 126408103 13 531 SH DEFINED 1 531 AMAZON COM INC COM 023135106 107 402 SH DEFINED 2 402 SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 89,810 2,966,956 SH DEFINED 1 , 2 2,966,956 SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 46,569 1,170,946 SH DEFINED 1 , 2 1,170,946 SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 109,608 2,382,308 SH DEFINED 1 , 2 2,382,308 MATTEL INC COM 577081102 847 19,350 SH DEFINED 19,350 E M C CORP MASS COM 268648102 2,919 122,184 SH DEFINED 1 122,184 E M C CORP MASS COM 268648102 632 26,460 SH DEFINED 26,460
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LOCKHEE DMARTIN CORP COM 539830109 1,004 10,400 SH DEFINED 10,400 CA INC COM 12673P105 4 148 SH DEFINED 1 148 CA INC COM 12673P105 1,503 59,700 SH DEFINED 59,700 PROCTER &GAMBLE CO COM 742718109 3,733 48,440 SH DEFINED 1 48,440 PROCTER &GAMBLE CO COM 742718109 154 2,000 SH DEFINED 2,000 PRICELINE COM INC COM NEW 741503403 1,603 2,330 SH DEFINED 2,330 EXXON MOBIL CORP COM 30231G102 10,155 112,698 SH DEFINED 1 112,698 EXXON MOBIL CORP COM 30231G102 1,252 13,890 SH DEFINED 13,890 COCA COLA CO COM 191216100 1,464 36,200 SH DEFINED 36,200 QUALCOMM INC COM 747525103 767 11,455 SH DEFINED 11,455 SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 119,828 6,580,708 SH DEFINED 1 , 2 6,580,708 COMMONWEALTH REIT COM SH BEN INT 203233101 180 8,000 SH DEFINED 8,000 POWERSHARES QQQ TRUST UNIT SER 1 73935A104 63,885 926,270 SH DEFINED 1 , 2 926,270 UNITED PARCEL SERVICE INC CLB 911312106 43 500 SH DEFINED 500 UNION PAC CORP COM 907818108 38 265 SH DEFINED 265 BECTON DICKINSON & CO COM 075887109 1,339 14,000 SH DEFINED 14,000 HONEYWELL INTL INC COM 438516106 943 12,515 SH DEFINED 12,515 BROADCOM CORP CLA 111320107 106 3,060 SH DEFINED 2 3,060 ISHARES INC MSCI JAPAN 464286848 70,906 6,565,338 SH DEFINED 1 , 2 6,565,338 ISHARES INC MSCI JAPAN 464286848 834 77,190 SH DEFINED 77,190 03027X 10 0 * AMERICAN TOWER CORP NEW COM NEW COM 03027X100 138 1,800 SH DEFINED 1,800 AFLAC INC COM 001055102 26 500 SH DEFINED 500 PRAXAIR COM 74005P104 2,430 21,783 SH DEFINED 1 21,783 PRAXAIR COM 74005P104 758 6,800 SH DEFINED 6,800 CELGENE CORP COM 151020104 2,423 20,900 SH DEFINED 20,900 AMERISOURCEBERGEN CORP COM 03073E105 2,071 40,250 SH DEFINED 40,250 NVIDIA COM 67066G104 82 6,400 SH DEFINED 1 6,400 CYBERONICS INC COM 23251P102 627 13,400 SH DEFINED 13,400 JPMORGAN CHASE & CO COM 46625H100 5,691 119,914 SH DEFINED 1 119,914
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JPMORGAN CHASE & CO COM 46625H100 1,296 27,307 SH DEFINED 27,307 ISHARES INC MSCI GERMAN 464286806 9,298 379,970 SH DEFINED 1 , 2 379,970 DOLLAR TREE INC COM 256746108 2,545 52,550 SH DEFINED 52,550 INTUIT COM 461202103 742 11,300 SH DEFINED 11,300 VISA INC COM CL A 92826C839 4,238 24,952 SH DEFINED 1 , 2 24,952 VISA INC COM CL A 92826C839 1,039 6,120 SH DEFINED 6,120 COLGATE PALMOLIVE CO COM 194162103 675 5,721 SH DEFINED 1 5,721 COLGATE PALMOLIVE CO COM 194162103 2,500 21,179 SH DEFINED 21,179 LIVEPERSON INC COM 538146101 3,837 282,526 SH DEFINED 2 282,526 MCDONALDS CORP COM 580135101 3,269 32,793 SH DEFINED 1 32,793 MCDONALDS CORP COM 580135101 2,368 23,752 SH DEFINED 23,752 SPDR S&P 500ETF TR TR UNIT 78462F103 41,279 263,478 SH DEFINED 1 , 2 263,478 ISHARES INC MSCI UTD KINGO 464286699 41,847 2,290,453 SH DEFINED 1 , 2 2,290,453 HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 466 17,000 SH DEFINED 17,000 BED BATH & BEYOND INC COM 075896100 3,714 57,646 SH DEFINED 1 57,646 BED BATH & BEYOND INC COM 075896100 2,731 42,390 SH DEFINED 42,390 BANK OF AMERICA CORPORATION COM 060505104 34,459 2,829,175 SH DEFINED 2 2,829,175 EXELON CORP COM 30161N101 2,666 77,310 SH DEFINED 1 77,310 EXELON CORP COM 30161N101 829 24,030 SH DEFINED 24,030 US BANCORP DEL COM NEW 902973304 13 395 SH DEFINED 1 395 APACHE COM 037411105 23 300 SH DEFINED 2 300 LENNAR CORP CLA 526057104 2,699 65,071 SH DEFINED 1 65,071 LENNAR CORP CLA 526057104 657 15,835 SH DEFINED 15,835 VORNADO RLTY TR SH BEN INT 929042109 309 3,700 SH DEFINED 3,700 NATIONAL RETAIL PPTYS COM 637417106 279 7,700 SH DEFINED 7,700 PETSMART INC COM 716768106 1,747 28,130 SH DEFINED 28,130 ISHARES INC MSCI ITALY 464286855 11,194 948,614 SH DEFINED 1 , 2 948,614 PERRIGO CO COM 714290103 27,008 227,452 SH DEFINED 2 227,452 KB HOME COM 48666K109 1,707 78,403 SH DEFINED 1 78,403
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KB HOME COM 48666K109 596 27,370 SH DEFINED 27,370 PULTE GROUP INC COM 745867101 202 10,000 SH DEFINED 10,000 ISHARES TR RUSSELL 2000 464287655 16,305 172,666 SH DEFINED 1 , 2 172,666 HALLIBURTON CO COM 406216101 7,766 192,189 SH DEFINED 1 , 2 192,189 HALLIBURTON CO COM 406216101 699 17,300 SH DEFINED 17,300 WELLPOINT INC COM 94973V107 1,937 29,250 SH DEFINED 29,250 MARKET VECTORS ETF TR EM LC CURR DBT 57060U522 1,009 37,305 SH DEFINED 2 37,305 MARKET VECTORS ETF TR EM LC CURR DBT 57060U522 272 10,053 SH DEFINED 10,053 WISDOMTREE TR EM LCL DEBT FD 97717X867 105 2,008 SH DEFINED 1 2,008 WALGREEN COM 931422109 14 293 SH DEFINED 1 293 CEVA INC COM 157210105 45 2,910 SH DEFINED 1 2,910 HUMANA INC COM 444859102 1,707 24,700 SH DEFINED 24,700 ANNALY CAP MGMT COM 035710409 461 29,000 SH DEFINED 29,000 AUTO ZONE INC COM 053332102 2,476 6,240 SH DEFINED 6,240 SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 1,463 37,337 SH DEFINED 2 37,337 ISHARES INC MSCI STH KOR CAP 464286772 20,331 342,104 SH DEFINED 1 342,104 CONOCOPHILLIPS COM 20825C104 210 3,500 SH DEFINED 3,500 PLURISTEM THERAPEUTICS INC COM 72940R102 52 17,000 SH DEFINED 1 17,000 PLURISTEM THERAPEUTICS INC COM 72940R102 41 37,348 SH DEFINED 2 37,348 ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 119 1,200 SH DEFINED 1 1,200 ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 794 7,975 SH DEFINED 7,975 ISHARES TR RUSL 2000 GROW 464287648 7 61 SH DEFINED 2 61 MANHATTAN ASSOCS INC COM 562750109 646 8,700 SH DEFINED 8,700 SIMON PPTY GROUP INC NEW COM 828806109 285 1,800 SH DEFINED 1,800 ISHARES TR MSCI EMERG MKT 464287234 62,520 1,461,761 SH DEFINED 1 , 2 1,461,761 GENERAL GROWTH PPTYS NEW COM 370023103 175 8,800 SH DEFINED 8,800 SELECT SECTOR SPD RTR SBI CONS DISCR 81369Y407 38,942 734,749 SH DEFINED 1 , 2 734,749 ISHARES TR BARCLYS 7-10 YR 464287440 1,513 14,099 SH DEFINED 1 14,099 ISHARES TR IBOXX INV CPBD 464287242 3,340 27,858 SH DEFINED 1 , 2 27,858
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ISHARES TR RUSL 2000 VALU 464287630 3,013 35,955 SH DEFINED 1 , 2 35,955 ISHARES TR DJ SEL DIV INX 464287168 4,328 68,266 SH DEFINED 1 68,266 ISHARES TR BARCLYS TIPS BD 464287176 8,522 70,271 SH DEFINED 1 70,271 SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 50,241 633,471 SH DEFINED 1 , 2 633,471 FACTSET RESH SYS INC COM 303075105 1,530 16,520 SH DEFINED 16,520 TOTAL SYS SVCS COM 891906109 1,417 57,200 SH DEFINED 57,200 ISHARES TR COHEN&ST RLTY 464287564 410 4,971 SH DEFINED 1 4,971 YUM BRANDS INC COM 988498101 1,003 13,946 SH DEFINED 1 13,946 YUM BRANDS INC COM 988498101 823 11,445 SH DEFINED 11,445 DIRECTV COM 25490A309 2,050 36,230 SH DEFINED 36,230 GOOGLE INC CLA 38259P508 5,412 6,814 SH DEFINED 1 , 2 6,814 GOOGLE INC CLA 38259P508 1,002 1,262 SH DEFINED 1,262 HORMEL FOODS CORP COM 440452100 1,919 46,450 SH DEFINED 46,450 ISHARES INC MSCI PAC J IDX 464286665 2,650 53,326 SH DEFINED 1 , 2 53,326 GENUINE PARTS CO COM 372460105 1,349 17,300 SH DEFINED 17,300 ORMAT TECHNOLOGIES INC COM 686688102 7,591 367,579 SH DEFINED 2 367,579 MCKESSON CORP COM 58155Q103 2,544 23,560 SH DEFINED 23,560 SPDR GOLD TRUST GOLD SHS 78463V107 6,895 44,635 SH DEFINED 1 , 2 44,635 SPDR GOLD TRUST GOLD SHS 78463V107 116 750 SH DEFINED 750 SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 117 3,000 SH DEFINED 2 3,000 LAS VEGAS SANDS CORP COM 517834107 848 15,051 SH DEFINED 1 15,051 LAS VEGAS SANDS CORP COM 517834107 806 14,302 SH DEFINED 14,302 ISHARES INC MSCI BRAZIL CAP 464286400 23,885 438,410 SH DEFINED 1 , 2 438,410 ISHARES TR FTSE CHINA25 IDX 464287184 13,890 376,111 SH DEFINED 1 , 2 376,111 CLIFFS NAT RES INC COM 18683K101 22 1,150 SH DEFINED 1 1,150 ISHARES INC MSCI MEXICO CAP 464286822 15,937 213,658 SH DEFINED 1 , 2 213,658 ISHARES INC MSCI MEXICO CAP 464286822 536 7,180 SH DEFINED 7,180 APPLIED INDL TECHNOLOGIES IN COM 03820C105 13 295 SH DEFINED 1 295 ISHARES INC MSCI AUST CAPPED 464286202 678 39,395 SH DEFINED 2 39,395
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MORGAN STANLEY INDIA INVS FD COM 61745C105 23 1,315 SH DEFINED 1 1,315 ISHARES TR BARCLYS 1-3 YR 464287457 733 8,683 SH DEFINED 1 8,683 HEALTH CARE REIT COM 42217K106 455 6,700 SH DEFINED 6,700 SPDR SERIES TRUST DJ REIT ETF 78464A607 328 4,226 SH DEFINED 1 4,226 ISHARES TR TRANSP AVE IDX 464287192 12,637 113,541 SH DEFINED 2 113,541 ISHARES INC MSCI BELG CAPPED 464286301 92 6,500 SH DEFINED 2 6,500 BARD CR INC COM 067383109 1,702 16,890 SH DEFINED 16,890 TIM KEN CO COM 887389104 31 550 SH DEFINED 550 DANAHER CORP DEL COM 235851102 788 12,678 SH DEFINED 1 12,678 DANAHER CORP DEL COM 235851102 908 14,610 SH DEFINED 14,610 BORGWARNER INC COM 099724106 868 11,225 SH DEFINED 1 11,225 BORGWARNER INC COM 099724106 610 7,883 SH DEFINED 7,883 ISHARES TR CORE S&P MCP ETF 464287507 616 5,350 SH DEFINED 2 5,350 EQUITY RESIDENTIAL SH BEN INT 29476L107 440 8,000 SH DEFINED 8,000 VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 9,592 223,610 SH DEFINED 1 , 2 223,610 ISHARES TR S&P MIDCP VALU 464287705 115 1,140 SH DEFINED 1 1,140 ISHARES TR S&P GBL HLTHCR 464287325 309 4,195 SH DEFINED 1 4,195 ISHARES INC MSCI SWEDEN 464286756 22,546 693,511 SH DEFINED 1 693,511 STEWART INFORMATION SVCS COM 860372101 13 500 SH DEFINED 2 500 AZZ INC COM 002474104 67 1,400 SH DEFINED 1,400 ISHARES TR DJ US REAL EST 464287739 11,221 161,500 SH DEFINED 2 161,500 HIBBETT SPORTS INC COM 428567101 591 10,500 SH DEFINED 10,500 HCP COM 40414L109 519 10,400 SH DEFINED 10,400 VERIFONES YS INC COM 92342Y109 520 25,151 SH DEFINED 1 , 2 25,151 VOXX INTL CL A 91829F104 31 2,900 SH DEFINED 2,900 RYDEX ETF TRUST GUG S&P500 EQ WT 78355W106 12,919 216,615 SH DEFINED 2 216,615 ISHARES TR CORE TOTUSBD ETF 464287226 2,354 21,263 SH DEFINED 1 21,263 VANGUARD INDEX FDS TOTAL STK MKT 922908769 737 9,102 SH DEFINED 1 9,102 VANGUARD INTLE QUITY INDEX F MSCIP AC ETF 922042866 442 7,622 SH DEFINED 1 7,622
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VANGUARD INTLE QUITY INDEX F MSCI EUROPE ETF 922042874 5,859 119,250 SH DEFINED 1 , 2 119,250 GRAINGER W W INC COM 384802104 765 3,400 SH DEFINED 3,400 ISHARES TR RUSSELL 3000 464287689 455 4,864 SH DEFINED 1 4,864 ISHARES INC MSCI SWITZ CAPP 464286749 20,882 711,227 SH DEFINED 1 , 2 711,227 DONEGAL GROUP INC CLA 257701201 0 1 SH DEFINED 1 ISHARES TR DJ OIL EQUIP 464288844 106 1,841 SH DEFINED 1 1,841 SPDR SERIES TRUST S&P BIOTECH 78464A870 13,600 136,166 SH DEFINED 2 136,166 CHEVRON CORP NEW COM 166764100 840 7,070 SH DEFINED 7,070 ISHARES TR DJ US UTILS 464287697 21,697 223,455 SH DEFINED 2 223,455 NVR INC COM 62944T105 159 147 SH DEFINED 147 ROSS STORES INC COM 778296103 1,682 27,750 SH DEFINED 27,750 AUTOMATIC DATA PROCESSING IN COM 053015103 832 12,800 SH DEFINED 12,800 ISHARES INC MSCI FRANCE 464286707 33,201 1,430,452 SH DEFINED 1 , 2 1,430,452 ISHARES INC MSCI AUSTRIALIA 464286103 39,371 1,456,017 SH DEFINED 1 , 2 1,456,017 KIMCO RLTY CORP COM 49446R109 325 14,500 SH DEFINED 14,500 SELECT SECTO RSPDR TR SBI INT-INDS 81369Y704 79,286 1,898,621 SH DEFINED 1 , 2 1,898,621 ISHARES TR S&P EURO PLUS 464287861 70,181 1,767,348 SH DEFINED 1 1,767,348 ISHARES TR CORE S&P500 ETF 464287200 52 333 SH DEFINED 1 333 ISHARES INC MSCI CDA INDEX 464286509 27,374 960,169 SH DEFINED 1 , 2 960,169 TIME WARNER CABLE INC COM 88732J207 32 330 SH DEFINED 330 CHEESECAKE FACTORY INC COM 163072101 830 21,500 SH DEFINED 21,500 SPDR S&P MIDCAP 400 ETF TR UTSER1 S&PDCRP 78467Y107 827 3,945 SH DEFINED 2 3,945 CAMDEN PPTY TR SH BEN INT 133131102 323 4,700 SH DEFINED 4,700 MACERICH CO COM 554382101 328 5,100 SH DEFINED 5,100 SENIOR HSG PPTYS TR SH BEN INT 81721M109 303 11,300 SH DEFINED 11,300 FIRST TR FTSE EPRA/NAREIT DE COM 33736N101 492 11,930 SH DEFINED 1 11,930 ISHARES TR BARCLYS CR BD 464288620 221 1,961 SH DEFINED 1 1,961 WISDOMTREE TRUST EARNING 500 FD 97717W588 43 785 SH DEFINED 2 785 SPDR SERIES TRUST BARC SHT TR CP 78464A474 26 844 SH DEFINED 1 844
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VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD 92206C409 29 366 SH DEFINED 1 366 LEUCADIA NATL CORP COM 527288104 9,601 350,000 SH DEFINED 350,000 ISHARES TR RUSSELL 1000 464287622 74 850 SH DEFINED 2 850 MARKEL CORP COM 570535104 18 35 SH DEFINED 2 35 SPDR INDEX SHS FDS EURO STOXX 50 78463X202 147 4,450 SH DEFINED 1 4,450 BRANDYWINE RLTY TR SH BEN INT NEW 105368203 322 21,700 SH DEFINED 21,700 AMERICAN RAILCAR INDS INC COM 02916P103 738 15,800 SH DEFINED 15,800 RESMED INC COM 761152107 1,298 28,000 SH DEFINED 28,000 TJX COS INC NEW COM 872540109 1,625 34,750 SH DEFINED 34,750 SYNTEL INC COM 87162H103 675 10,000 SH DEFINED 10,000 POWERSHARES DB CMDTY IDX TRA UNIT BEN INT 73935S105 1,045 38,257 SH DEFINED 1 , 2 38,257 HARTFORD FINL SVCS GROUP INC COM 416515104 14 535 SH DEFINED 2 535 HOST HOTELS & RESORTS INC COM 44107P104 332 19,000 SH DEFINED 19,000 PAPA JOHNS INTL INC COM 698813102 767 12,400 SH DEFINED 12,400 VANGUARD INDEX FDS SMALL CP ETF 922908751 708 7,770 SH DEFINED 1 7,770 SPDR SERIES TRUST S&P DIVID ETF 78464A763 205 3,109 SH DEFINED 2 3,109 VANGUARD INDEX FDS REIT ETF 922908553 1,314 18,637 SH DEFINED 1 , 2 18,637 SPDR SERIES TRUST S&P BK ETF 78464A797 18,301 679,574 SH DEFINED 1 679,574 BOSTON PROPERTIES INC COM 101121101 303 3,000 SH DEFINED 3,000 MASTERCARD INC CL A 57636Q104 595 1,100 SH DEFINED 1,100 MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 2,687 71,000 SH DEFINED 2 71,000 SNAP ON INC COM 833034101 25 300 SH DEFINED 300 PUBLICS TORAGE COM 74460D109 335 2,200 SH DEFINED 2,200 ISHARES TR DJ HOME CONSTN 464288752 256 10,735 SH DEFINED 2 10,735 SPDR SERIES TRUST S&P HOMEBUILD 78464A888 52,593 1,749,611 SH DEFINED 1 , 2 1,749,611 POWERSHARES ETF TRUST DYN FD & BEV 73935X849 464 19,759 SH DEFINED 2 19,759 BIOMED REALTY TRUST INC COM 09063H107 324 15,000 SH DEFINED 15,000 GENES CO INC COM 371532102 745 12,400 SH DEFINED 12,400 PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 186 9,600 SH DEFINED 9,600
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WISDOMTREE TRUST JAPN HEDGE EQT 97717W851 333 7,700 SH DEFINED 2 7,700 PROTALIXB IOTHERAPEUTICS INC COM 74365A101 373 67,984 SH DEFINED 1 , 2 67,984 STURM RUGER &CO INC COM 864159108 127 2,500 SH DEFINED 2,500 MARKET VECTORS ETF TR RUSSIA ETF 57060U506 2,249 81,036 SH DEFINED 1 , 2 81,036 ISHARES TR HIGH YLD CORP 464288513 873 9,249 SH DEFINED 1 9,249 ISHARES TR HIGH YLD CORP 464288513 9 100 SH DEFINED 100 SPDR INDEX SHS FDS S&P CHINA ETF 78463X400 4,687 67,000 SH DEFINED 2 67,000 WISDOMTREE TRUST GLB EX US RL EST 97717W331 1,298 43,179 SH DEFINED 2 43,179 ISHARES TR BARCLYS 1-3YR CR 464288646 1,308 12,398 SH DEFINED 1 12,398 ISHARES TR BARCLYS 3-7 YR 464288661 2,492 20,182 SH DEFINED 1 20,182 INLAND REAL ESTATE CORP COM NEW 457461200 288 28,500 SH DEFINED 28,500 BRISTOW GROUP INC COM 110394103 330 5,000 SH DEFINED 5,000 SPDR SERIES TRUST S&P REGL BKG 78464A698 7,641 240,371 SH DEFINED 2 240,371 MARKET VECTORS ETF TR AGRIBUS ETF 57060U605 11 210 SH DEFINED 2 210 UNIVERSAL CORP VA COM 913456109 224 4,000 SH DEFINED 4,000 SPDR SERIES TRUST S&P RETAIL ETF 78464A714 29,022 412,304 SH DEFINED 2 412,304 LIBERTY PPTY TR SH BEN INT 531172104 318 8,000 SH DEFINED 8,000 ISHARES INC MSCI NETHR INVES 464286814 25 1,223 SH DEFINED 2 1,223 PHILIP MORRIS INTL INC COM 718172109 477 5,150 SH DEFINED 5,150 SPDR SERIES TRUST BRC HGH YLD BD 78464A417 1,349 32,819 SH DEFINED 1 , 2 32,819 SPDR SERIES TRUST BRC HGH YLD BD 78464A417 10 250 SH DEFINED 250 CREDIT SUISSE HIGH YLD BND F SH BEN INT 22544F103 623 190,973 SH DEFINED 1 190,973 ISHARES INC MSCI ISREAL FD 464286632 148 3,278 SH DEFINED 1 3,278 ISHARES TR MSCI ACWI INDX 464288257 5,421 106,810 SH DEFINED 1 106,810 ISHARES TR MSCI ACWI INDX 464288257 66 1,300 SH DEFINED 1,300 LORIL LARD INC COM 544147101 21 510 SH DEFINED 510 DORMAN PRODUCTS INC COM 258278100 696 18,700 SH DEFINED 18,700 ISHARES TR JPMORGAN USD 464288281 758 6,441 SH DEFINED 1 6,441 ISHARES TR MSCI ACJPN IDX 464288182 20,120 340,548 SH DEFINED 1 340,548
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VENTAS INC COM 92276F100 285 3,900 SH DEFINED 3,900 HOME PROPERTIES INC COM 437306103 330 5,200 SH DEFINED 5,200 MARKET VECTORS ETF TR BRAZL SMCP ETF 57060U613 360 8,938 SH DEFINED 2 8,938 ISHARES INC MSCI THAI CAPPED 464286624 182 2,000 SH DEFINED 2 2,000 AMERICAN CAPITAL AGENCY CORP COM 02503X105 443 13,500 SH DEFINED 13,500 PROSHARES TR SHRT 20+YR TRE 74347X849 56,714 1,896,160 SH DEFINED 2 1,896,160 FRANKLIN STREET PPTYS CORP COM 35471R106 285 19,500 SH DEFINED 19,500 GLOBALXFDS CHINA CONS ETF 37950E408 5,978 425,569 SH DEFINED 1 425,569 CLAYMORE EXCHANGE TRD FD TR GUGG CHN TECH 18383Q135 19 821 SH DEFINED 1 821 INVESCO MORTGAGE CAPITAL INC COM 46131B100 295 13,800 SH DEFINED 13,800 MID-AMER APT CMNTYS INC COM 59522J103 276 4,000 SH DEFINED 4,000 VANGUARD SCOTTSDALE FDS INT-TERM CORP 92206C870 15 168 SH DEFINED 1 168 EGA EMERGING GLOBAL SHS TR EGS EMKTCONS ETF 268461779 5,361 201,610 SH DEFINED 1 , 2 201,610 GENERAL MTRS CO COM 37045V100 52,660 1,892,897 SH DEFINED 2 1,892,897 PROSHARES TR SHT 7-10 YR TR 74348A608 154 4,800 SH DEFINED 2 4,800 PIMCO ETF TR TOTL RETN ETF 72201R775 2,403 21,891 SH DEFINED 1 21,891 ISHARES INC EMRG MRK LC BD 464286517 372 7,000 SH DEFINED 2 7,000 SPDR SERIES TRUST LNG TRM CORP BD 78464A367 604 14,945 SH DEFINED 1 14,945 GLOBAL X FDS GLOB X NOR ETF 37950E747 507 33,000 SH DEFINED 2 33,000 ISHARES TR BRC 0-5 YR TIP 46429B747 51 496 SH DEFINED 1 496 AMERICAN INTL GROUP INC *W EXP 01/19/202 026874156 5 323 SH DEFINED 2 323 MARKET VECTORS ETF TR PHARMACEUTICAL 57060U217 703 15,600 SH DEFINED 1 15,600 2,114,859.37 64,088,819.66
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