Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	WisdomTree Japan Hedged Financials Fund	934,612	$22.91M	6.2%	$24.51	—	COM	97717W463
—	iShares Currency Hedged MSCI Germany ETF	792,288	$20.75M	5.6%	$24.79	—	COM	46434V704
IGV	iShares North American Tech-Software ETF	162,315	$18.3M	4.9%	$103.89	—	COM	464287515
—	PowerShares International BuyBack Achievers Portfolio	606,753	$17.7M	4.8%	$27.30	—	COM	73937B621
IHF	iShares U.S. Healthcare Providers ETF	127,502	$16.07M	4.3%	$124.67	—	COM	464288828
—	PowerShares KBW Bank Portfolio	311,188	$14.93M	4.0%	$47.96	—	COM	73937B746
HEWJ	iShares Currency Hedged MSCI Japan ETF	506,388	$14.41M	3.9%	$28.46	—	COM	46434V886
EWP	iShares MSCI Spain Capped ETF	491,708	$13.32M	3.6%	$27.10	—	COM	464286764
DEM	WisdomTree Emerging Markets High Dividend Fund	337,637	$13.09M	3.5%	$38.15	—	COM	97717W315
EWJ	iShares MSCI Japan ETF	254,449	$12.82M	3.5%	$50.39	—	COM	46434G822
XLB	Materials Select Sector SPDR Fund	227,156	$11.53M	3.1%	$50.74	—	COM	81369Y100
KIE	SPDR S&P Insurance ETF	139,922	$11.34M	3.1%	$78.73	—	COM	78464A789
—	WisdomTree Japan Hedged Capital Goods Fund	440,110	$10.92M	2.9%	$24.82	—	COM	97717W356
XLI	Industrial Select Sector SPDR Fund	154,802	$9.769M	2.6%	$63.00	—	COM	81369Y704
XLE	Energy Select Sector SPDR Fund	121,184	$8.996M	2.4%	$68.23	—	COM	81369Y506
EWA	iShares MSCI Australia ETF	419,531	$8.9M	2.4%	$21.21	—	COM	464286103
—	iShares Currency Hedged MSCI South Korea ETF	345,997	$8.516M	2.3%	$25.02	—	COM	46435G888
—	iShares MSCI Russia Capped ETF	238,667	$8.129M	2.2%	$34.06	—	COM	46434G798
IXC	iShares Global Energy ETF	213,244	$7.408M	2.0%	$32.30	—	COM	464287341
KRE	SPDR S&P Regional Banking ETF	132,132	$7.384M	2.0%	$55.88	—	COM	78464A698
VDC	Vanguard Consumer Staples Index Fund	53,196	$6.709M	1.8%	$136.30	—	COM	92204A207
—	SPDR S&P International Consumer Staples Sector ETF	166,712	$6.666M	1.8%	$41.28	—	COM	78463X723
EUFN	iShares MSCI Europe Financials ETF	327,064	$6.3M	1.7%	$19.26	—	COM	464289180
—	SPDR S&P International Energy Sector ETF	298,259	$5.599M	1.5%	$18.77	—	COM	78463X715
XHB	SPDR S&P Homebuilders ETF	154,670	$5.306M	1.4%	$33.96	—	COM	78464A888
—	iShares Currency Hedged MSCI Spain ETF	235,370	$4.799M	1.3%	$20.39	—	COM	46435G813
IHI	iShares U.S. Medical Devices ETF	34,538	$4.453M	1.2%	$116.19	—	COM	464288810
—	PowerShares International BuyBack Achievers Portfolio	125,155	$4.102M	1.1%	$37.14	—	COM	464288471
—	Guggenheim China Technology ETF	100,067	$3.804M	1.0%	$38.01	—	COM	18383Q135
VOX	iShares U.S. Healthcare Providers ETF	36,557	$3.778M	1.0%	$93.52	—	COM	92204A884
EWG	iShares Currency Hedged MSCI South Korea ETF	138,464	$3.712M	1.0%	$24.95	—	COM	464286806
SPTI	SPDR Barclays Intermediate Term Treasury ETF	56,266	$3.363M	0.9%	$61.64	—	COM	78464A672
—	SPDR S&P International Materials Sector ETF	158,698	$3.263M	0.9%	$20.56	—	COM	78463X665
—	SPDR S&P International Health Care Sector ETF	71,944	$3.22M	0.9%	$44.76	—	COM	78463X681
—	SPDR S&P International Telecommunications Sector ETF	125,600	$2.958M	0.8%	$23.55	—	COM	78463X640
—	SPDR S&P International Industrial Sector ETF	97,715	$2.958M	0.8%	$30.27	—	COM	78463X673
IXN	iShares Global Tech ETF	24,024	$2.72M	0.7%	$87.81	—	COM	464287291
GLIN	VanEck Vectors India Small-Cap Index ETF	56,111	$2.444M	0.7%	$42.37	—	COM	92189F767
—	PowerShares S&P SmallCap Information Technology Portfolio	34,087	$2.403M	0.6%	$47.76	—	COM	73937B506
SMIN	iShares U.S. Medical Devices ETF	60,888	$2.303M	0.6%	$35.51	—	COM	46429B614
YPF	YPF SA Sponsored ADR Class D	116,896	$2.301M	0.6%	$19.49	—	COM	984245100
SPAB	SPDR Barclays Aggregate Bond ETF	39,191	$2.24M	0.6%	$59.40	—	COM	78464A649
PAM	Pampa Energia SA Sponsored ADR	52,937	$2.041M	0.6%	$35.38	—	COM	697660207
EXI	iShares Global Industrials ETF	25,622	$1.809M	0.5%	$73.50	—	COM	464288729
BMA	Banco Macro SA Sponsored ADR Class B	24,357	$1.789M	0.5%	$73.58	—	COM	05961W105
—	SPDR S&P Health Care Services ETF	30,266	$1.668M	0.4%	$63.45	—	COM	73937B860
GGAL	Grupo Financiero Galicia SA Sponsored ADR Class B	55,258	$1.664M	0.4%	$30.18	—	COM	399909100
AGRO	Adecoagro S.A.	148,506	$1.601M	0.4%	$9.63	-0.5%	COM	L00849106
XLP	Consumer Staples Select Sector SPDR Fund	30,419	$1.568M	0.4%	$49.90	—	COM	81369Y308
MXI	iShares Global Materials ETF	30,160	$1.439M	0.4%	$49.48	—	COM	464288695
RXI	iShares Global Consumer Discretionary ETF	13,918	$1.29M	0.3%	$86.95	—	COM	464288745
—	PowerShares S&P SmallCap Health Care Portfolio	17,369	$1.289M	0.3%	$67.02	—	COM	73937B886
—	PowerShares S&P SmallCap Consumer Discretionary Portfolio	24,190	$1.259M	0.3%	$49.36	—	COM	73937B837
VNQ	Vanguard Consumer Staples Index Fund	11,834	$1.186M	0.3%	$80.41	—	COM	922908553
SCJ	Petrobras Argentina SA Sponsored ADR Class B	16,043	$934K	0.3%	$58.28	—	COM	464286582
CRESY	Cresud SA Sponsored ADR	52,267	$884K	0.2%	$16.91	—	COM	226406106
SUPV	Grupo Supervielle SA Sponsored ADR Class B	63,119	$883K	0.2%	$13.99	—	COM	40054A108
—	BBVA Banco Frances SA Sponsored ADR	46,231	$847K	0.2%	$18.32	—	COM	07329M100
KXI	iShares Global Consumer Staples ETF	8,776	$809K	0.2%	$96.27	—	COM	464288737
XLU	Utilities Select Sector SPDR Fund	11,566	$556K	0.1%	$41.64	—	COM	81369Y886
—	SPDR MSCI Europe Health Care UCITS ETF	4,192	$533K	0.1%	$146.20	—	COM	F89826196
—	PowerShares S&P SmallCap Consumer Staples Portfolio	7,312	$500K	0.1%	$68.38	—	COM	73937B605
JD	WisdomTree Emerging Markets High Dividend Fund	12,132	$435K	0.1%	$23.76	—	COM	47215P106
—	iShares Currency Hedged MSCI Japan ETF	14,320	$416K	0.1%	$32.57	—	COM	97717X503
ECON	Columbia Emerging Markets Consumer ETF	17,052	$387K	0.1%	$22.70	—	COM	19762B509
—	iShares Currency Hedged MSCI Germany ETF	14,835	$354K	0.1%	$24.34	—	COM	97717W638
XHS	PowerShares S&P SmallCap Industrials Portfolio	6,147	$341K	0.1%	$57.26	—	COM	78464A573
—	WisdomTree Japan Hedged Capital Goods Fund	12,297	$340K	0.1%	$42.59	—	COM	22943F100
MELI	WisdomTree Japan Hedged Financials Fund	10,389	$253K	0.1%	$135.87	+21.2%	COM	58733R102
—	SPDR EURO STOXX Small Cap ETF	5,219	$247K	0.1%	$48.36	—	COM	78463X392
TS	iShares Global Industrials ETF	3,176	$244K	0.1%	$28.78	—	COM	88031M109
VIPS	Guggenheim China Technology ETF	5,885	$119K	0.0%	$11.96	—	COM	92763W103
—	WisdomTree Emerging Markets Consumer Growth Fund	5,053	$102K	0.0%	$25.53	—	COM	97717W539
MLCO	Cresud SA Sponsored ADR	5,082	$85,000	0.0%	$14.45	—	COM	585464100
BABA	Grupo Financiero Galicia SA Sponsored ADR Class B	1,594	$82,000	0.0%	$79.20	—	COM	01609W102
—	Petrobras Argentina SA Sponsored ADR Class B	10,189	$78,000	0.0%	$6.16	—	COM	71646J109
—	BBVA Banco Frances SA Sponsored ADR	1,798	$60,000	0.0%	$38.54	—	COM	647581107
—	YPF SA Sponsored ADR Class D	2,256	$44,000	0.0%	$11.66	—	COM	464286848