Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	ISHARES MSCI JAPAN ETF	3,260,134	$39.51M	14.6%	$12.12	$11.66	—	COM	464286848
SCJ	ISHARES MSCI JAPAN SMALL-CAP ETF	456,790	$26.7M	9.8%	$58.44	$58.28	—	COM	464286582
—	SPDR EURO STOXX SMALL CAP ETF	475,307	$22.99M	8.5%	$48.38	$48.38	—	COM	78463X392
VNQ	VANGUARD REIT INDEX FUND	245,106	$19.54M	7.2%	$79.72	$79.72	—	COM	922908553
IGV	ISHARES NORTH AMERICAN TECH-SOFTWARE ETF	176,691	$18.32M	6.8%	$103.70	$96.85	—	COM	464287515
EWG	ISHARES MSCI GERMANY ETF	687,398	$18M	6.6%	$26.19	$24.95	—	COM	464286806
KRE	SPDR S&P REGIONAL BANKING ETF	383,872	$16.09M	5.9%	$41.91	$40.53	—	COM	78464A698
IHI	ISHARES U.S. MEDICAL DEVICES ETF	109,687	$13.43M	5.0%	$122.47	$114.48	—	COM	464288810
IHF	ISHARES U.S. HEALTHCARE PROVIDERS ETF	97,990	$12.18M	4.5%	$124.31	$124.01	—	COM	464288828
—	MARKET VECTORS INDIA SMALL-CAP INDEX ETF	276,943	$11.98M	4.4%	$43.27	$43.12	—	COM	57061R551
EWP	ISHARES MSCI SPAIN CAPPED ETF	371,572	$10.5M	3.9%	$28.26	$28.47	—	COM	464286764
EXI	ISHARES GLOBAL INDUSTRIALS ETF	128,991	$8.72M	3.2%	$67.60	$67.60	—	COM	464288729
CHIQ	GLOBAL X CHINA CONSUMER ETF	543,829	$6.61M	2.4%	$12.15	$12.15	—	COM	37950E408
HEDJ	WISDOMTREE EUROPE HEDGED EQUITY FUND	96,807	$5.205M	1.9%	$53.77	$55.80	—	COM	97717X701
DXJ	WISDOMTREE TRUST WISDOMTREE JAPAN HEDGED EQUITY FUND	98,210	$4.916M	1.8%	$50.06	$49.51	—	COM	97717W851
KIE	SPDR S&P INSURANCE ETF	61,046	$4.241M	1.6%	$69.47	$67.34	—	COM	78464A789
SPTI	SPDR BARCLAYS INTERMEDIATE TERM TREASURY ETF	56,266	$3.386M	1.2%	$60.18	$60.32	—	COM	78464A672
—	POWERSHARES S&P SMALLCAP HEALTH CARE PORTFOLIO	41,001	$2.946M	1.1%	$71.85	$66.40	—	COM	73937B886
IXN	ISHARES GLOBAL TECH ETF	29,768	$2.902M	1.1%	$97.49	$87.81	—	COM	464287291
EPHE	ISHARES MSCI PHILIPPINES ETF	74,403	$2.507M	0.9%	$33.69	$35.40	—	COM	46429B408
XHB	SPDR S&P HOMEBUILDERS ETF	72,032	$2.459M	0.9%	$34.14	$34.14	—	COM	78464A888
RXI	ISHARES GLOBAL CONSUMER DISCRETIONARY ETF	27,313	$2.431M	0.9%	$89.01	$86.95	—	COM	464288745
EUFN	ISHARES MSCI EUROPE FINANCIALS ETF	119,385	$2.424M	0.9%	$20.30	$21.34	—	COM	464289180
SPAB	SPDR BARCLAYS AGGREGATE BOND ETF	39,191	$2.235M	0.8%	$57.03	$59.55	—	COM	78464A649
SMIN	ISHARES MSCI INDIA SMALL CAP ETF	62,605	$2.081M	0.8%	$33.24	$34.16	—	COM	46429B614
XLP	CONSUMER STAPLES SELECT SECTOR SPDR FUND	33,550	$1.693M	0.6%	$50.46	$45.39	—	COM	81369Y308
—	POWERSHARES S&P SMALLCAP CONSUMER DISCRETIONARY PORTFOLIO	22,309	$1.024M	0.4%	$45.90	$47.03	—	COM	73937B506
—	SPDR MSCI EUROPE HEALTH CARESM UCITS ETF	7,606	$992K	0.4%	$130.42	$146.20	—	COM	F89826196
—	ISHARES MSCI UNITED KINGDOM ETF	59,465	$959K	0.4%	$16.13	$16.13	—	COM	46434V548
—	POWERSHARES S&P SMALLCAP INDUSTRIALS PORTFOLIO	18,631	$805K	0.3%	$43.21	$43.21	—	COM	73937B878
IXJ	ISHARES GLOBAL HEALTHCARE ETF	6,498	$666K	0.2%	$102.49	$100.71	—	COM	464287325
KXI	ISHARES GLOBAL CONSUMER STAPLES ETF	5,931	$551K	0.2%	$92.90	$94.08	—	COM	464288737
XLU	UTILITIES SELECT SECTOR SPDR FUND	11,074	$479K	0.2%	$43.25	$41.36	—	COM	81369Y886
—	EGSHARES EMERGING MARKETS CONSUMER ETF	20,229	$430K	0.2%	$21.26	$27.29	—	COM	268461779
KWEB	KRANESHARES CSI CHINA INTERNET ETF	9,323	$357K	0.1%	$38.29	$31.86	—	COM	500767306
CARZ	FIRST TRUST NASDAQ GLOBAL AUTO INDEX FUND	7,708	$279K	0.1%	$36.20	$38.53	—	COM	33734X309
—	POWERSHARES S&P SMALLCAP CONSUMER STAPLES PORTFOLIO	3,681	$202K	0.1%	$54.88	$55.15	—	COM	73937B605
—	POWERSHARES S&P SMALLCAP FINANCIALS PORTFOLIO	4,932	$201K	0.1%	$40.75	$40.75	—	COM	73937B803
EWH	ISHARES MSCI HONG KONG ETF	5,954	$118K	0.0%	$19.82	$21.67	—	COM	464286871
—	WISDOMTREE EMERGING MARKETS CONSUMER GROWTH FUND	5,053	$97,000	0.0%	$19.20	$25.53	—	COM	97717W539