Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	ISHARES MSCI JAPAN ETF	2,631,975	$33.71M	11.9%	$12.81	$12.81	—	COM	46428684
—	WISDOMTREE EUROPE HEDGED EQUITY FUND	545,420	$33.59M	11.9%	$61.59	$61.59	—	COM	97717X70
—	WISDOMTREE TRUST WISDOMTREE JAPAN HEDGED EQUITY FUND	551,064	$31.52M	11.1%	$57.19	$57.19	—	COM	97717W85
—	ISHARES EUROPE DEVELOPMENT REAL ESTATE ETF	588,153	$21.96M	7.8%	$37.35	$37.35	—	COM	46428847
—	SPDR S&P INTERNATIONAL CONSUMER STAPLES SECTOR ETF	500,703	$20.25M	7.2%	$40.44	$40.44	—	COM	78463X72
—	WISDOMTREE JAPAN HEDGED SMALLCAP EQUITY FUND	496,418	$17.82M	6.3%	$35.90	$35.90	—	COM	97717W52
—	ISHARES NORTH AMERICAN TECH-SOFTWARE ETF	178,314	$17.72M	6.3%	$99.37	$99.37	—	COM	46428751
—	ISHARES MSCI SWITZERLAND CAPPED ETF	448,363	$14.68M	5.2%	$32.75	$32.75	—	COM	46428674
—	ISHARES MSCI SWEDEN ETF	461,357	$14.66M	5.2%	$31.77	$31.77	—	COM	46428675
—	ISHARES U.S. HEALTHCARE PROVIDERS ETF	91,279	$13.04M	4.6%	$142.91	$142.91	—	COM	46428882
—	ISHARES U.S. MEDICAL DEVICES ETF	90,885	$10.88M	3.8%	$119.71	$119.71	—	COM	46428881
—	SPDR S&P INSURANCE ETF	137,434	$9.391M	3.3%	$68.33	$68.33	—	COM	78464A78
—	SPDR S&P REGIONAL BANKING ETF	183,212	$8.088M	2.9%	$44.15	$44.15	—	COM	78464A69
—	ISHARES MSCI TAIWAN ETF	392,333	$6.188M	2.2%	$15.77	$15.77	—	COM	46428673
—	SPDR BARCLAYS AGGREGATE BOND ETF	97,670	$5.606M	2.0%	$57.40	$57.40	—	COM	78464A64
—	POWERSHARES S&P SMALLCAP HEALTH CARE PORTFOLIO	43,736	$3.117M	1.1%	$71.27	$71.27	—	COM	73937B88
—	MARKET VECTORS INDIA SMALL-CAP INDEX ETF	59,604	$2.523M	0.9%	$42.33	$42.33	—	COM	57061R55
—	ISHARES GLOBAL TECH ETF	26,155	$2.502M	0.9%	$95.66	$95.66	—	COM	46428729
—	ISHARES MSCI CHINA ETF	41,031	$2.298M	0.8%	$56.01	$56.01	—	COM	46429B67
—	ISHARES GLOBAL CONSUMER DISCRETIONARY ETF	23,804	$2.173M	0.8%	$91.29	$91.29	—	COM	46428874
—	ISHARES MSCI INDIA SMALL CAP ETF	53,325	$1.774M	0.6%	$33.27	$33.27	—	COM	46429B61
—	CONSUMER STAPLES SELECT SECTOR SPDR FUND	29,695	$1.413M	0.5%	$47.58	$47.58	—	COM	81369Y30
—	SPDR MSCI EUROPE HEALTH CARESM UCITS ETF	6,577	$862K	0.3%	$131.06	$131.06	—	COM	F8982619
—	ISHARES MSCI JAPAN SMALL-CAP ETF	10,858	$640K	0.2%	$58.94	$58.94	—	COM	46428658
—	POWERSHARES S&P SMALLCAP CONSUMER DISCRETIONARY PORTFOLIO	11,568	$633K	0.2%	$54.72	$54.72	—	COM	73937B50
—	SPDR S&P SEMICONDUCTOR ETF	6,967	$599K	0.2%	$85.98	$85.98	—	COM	78464A86
—	ISHARES US TELECOMMUNICATIONS ETF	19,963	$584K	0.2%	$29.25	$29.25	—	COM	46428771
—	POWERSHARES DWA EMERGING MARKETS TECHNICAL LEADERS PORTFOLIO	31,219	$565K	0.2%	$18.10	$18.10	—	COM	73936Q20
—	ISHARES GLOBAL CONSUMER STAPLES ETF	5,266	$473K	0.2%	$89.82	$89.82	—	COM	46428873
—	EGSHARES EMERGING MARKETS CONSUMER ETF	17,627	$459K	0.2%	$26.04	$26.04	—	COM	26846177
—	UTILITIES SELECT SECTOR SPDR FUND	10,158	$421K	0.1%	$41.45	$41.45	—	COM	81369Y88
—	POWERSHARES S&P SMALLCAP CONSUMER STAPLES PORTFOLIO	7,391	$419K	0.1%	$56.69	$56.69	—	COM	73937B60
—	DELTA AIR LINES INC	7,905	$324K	0.1%	$40.99	$40.99	—	COM	24736170
—	AMERICAN AIRLINES GROUP, INC.	7,524	$300K	0.1%	$39.87	$39.87	—	COM	02376R10
—	UNITED CONTINENTAL HOLDINGS	5,347	$283K	0.1%	$52.93	$52.93	—	COM	91004710
—	FIRST TRUST NASDAQ GLOBAL AUTO INDEX FUND	6,701	$262K	0.1%	$39.10	$39.10	—	COM	33734X30
—	OCCIDENTAL PETROLEUM CORP	1,828	$142K	0.1%	$77.68	$77.68	—	COM	67459910
—	HOLLYFRONTIER CORP	3,361	$142K	0.1%	$42.25	$42.25	—	COM	43610610
—	MARATHON PETROLEUM CORP	2,672	$138K	0.0%	$51.65	$51.65	—	COM	56585A10
—	PHILLIPS 66	1,714	$137K	0.0%	$79.93	$79.93	—	COM	71854610
—	ISHARES MSCI HONG KONG ETF	5,954	$134K	0.0%	$22.51	$22.51	—	COM	46428687
—	DEVON ENERGY CORPORATION	2,247	$132K	0.0%	$58.74	$58.74	—	COM	25179M10
—	WISDOMTREE EMERGING MARKETS CONSUMER GROWTH FUND	5,053	$123K	0.0%	$24.34	$24.34	—	COM	97717W53
—	ISHARES GLOBAL UTILITIES ETF	2,750	$121K	0.0%	$44.00	$44.00	—	COM	46428871
—	SOUTHWEST AIRLINES CO	2,700	$89,000	0.0%	$32.96	$32.96	—	COM	84474110