Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
IHI	iShares U.S. Medical Devices ETF	143,586	$21.74M	5.8%	$151.41	$142.94	—	COM	464288810
EWC	iShares MSCI Canada ETF	730,572	$19.63M	5.3%	$26.87	$26.87	—	COM	464286509
DEM	WisdomTree Emerging Markets High Dividend Fund	439,953	$17.97M	4.8%	$40.84	$38.77	—	COM	97717W315
—	WisdomTree Japan Hedged Financials Fund	758,545	$17.88M	4.8%	$23.58	$24.51	—	COM	97717W463
—	PowerShares International BuyBack Achievers Portfolio	561,563	$17.34M	4.7%	$30.88	$27.30	—	COM	73937B621
IYW	iShares U.S. Technology ETF	127,902	$17.29M	4.6%	$135.16	$135.16	—	COM	464287721
FEZ	SPDR EURO STOXX 50 ETF	474,869	$17.26M	4.6%	$36.34	$36.34	—	COM	78463X202
—	PowerShares KBW Bank Portfolio	331,825	$15.76M	4.2%	$47.51	$47.93	—	COM	73937B746
—	iShares Currency Hedged MSCI Germany ETF	428,750	$11.93M	3.2%	$27.82	$24.79	—	COM	46434V704
—	WisdomTree Japan Hedged Capital Goods Fund	442,264	$11.08M	3.0%	$25.04	$24.82	—	COM	97717W356
EWA	iShares MSCI Australia ETF	487,766	$11.03M	3.0%	$22.60	$21.41	—	COM	464286103
—	SPDR S&P International Energy Sector ETF	502,156	$9.165M	2.5%	$18.25	$18.56	—	COM	78463X715
IHF	iShares U.S. Healthcare Providers ETF	63,679	$8.538M	2.3%	$134.08	$124.67	—	COM	464288828
HEWJ	iShares Currency Hedged MSCI Japan ETF	294,339	$8.249M	2.2%	$28.03	$28.46	—	COM	46434V886
KRE	SPDR S&P Regional Banking ETF	149,672	$8.172M	2.2%	$54.60	$55.73	—	COM	78464A698
—	iShares MSCI Russia Capped ETF	253,144	$8.127M	2.2%	$32.10	$33.95	—	COM	46434G798
—	SPDR S&P International Health Care Sector ETF	169,324	$7.94M	2.1%	$46.89	$45.99	—	COM	78463X681
EWT	iShares MSCI Taiwan Capped ETF	237,912	$7.901M	2.1%	$33.21	$33.21	—	COM	46434G772
XLE	Energy Select Sector SPDR Fund	110,711	$7.738M	2.1%	$69.89	$68.23	—	COM	81369Y506
EWJ	iShares MSCI Japan ETF	147,781	$7.61M	2.0%	$51.50	$50.39	—	COM	46434G822
EIS	iShares MSCI Israel Capped ETF	146,295	$7.494M	2.0%	$51.23	$51.23	—	COM	464286632
IXC	iShares Global Energy ETF	222,308	$7.379M	2.0%	$33.19	$32.34	—	COM	464287341
XLB	Materials Select Sector SPDR Fund	106,533	$5.582M	1.5%	$52.40	$50.74	—	COM	81369Y100
KIE	SPDR S&P Insurance ETF	62,966	$5.41M	1.5%	$85.92	$78.73	—	COM	78464A789
—	SPDR S&P International Consumer Staples Sector ETF	124,135	$5.331M	1.4%	$42.95	$41.28	—	COM	78463X723
EZA	iShares MSCI South Africa ETF	89,201	$4.92M	1.3%	$55.16	$55.16	—	COM	464286780
EWP	iShares MSCI Spain Capped ETF	160,526	$4.879M	1.3%	$30.39	$27.10	—	COM	464286764
EPI	WisdomTree India Earnings Fund	187,659	$4.525M	1.2%	$24.11	$24.11	—	COM	97717W422
—	SPDR S&P International Materials Sector ETF	200,945	$4.386M	1.2%	$21.83	$20.83	—	COM	78463X665
—	Guggenheim China Technology ETF	102,860	$4.332M	1.2%	$42.12	$38.13	—	COM	18383Q135
—	iShares Europe Developed Real Estate ETF	113,218	$3.86M	1.0%	$34.09	$37.14	—	COM	464288471
—	Global X MSCI Pakistan ETF	204,374	$3.468M	0.9%	$16.97	$16.97	—	COM	37950E689
EWZ	iShares MSCI Brazil Capped ETF	91,097	$3.41M	0.9%	$37.43	$37.43	—	COM	464286400
SPTI	SPDR Barclays Intermediate Term Treasury ETF	56,266	$3.368M	0.9%	$59.86	$61.64	—	COM	78464A672
EUFN	iShares MSCI Europe Financials ETF	163,404	$3.319M	0.9%	$20.31	$19.26	—	COM	464289180
EWZS	iShares MSCI Brazil Small-Cap ETF	223,020	$3.04M	0.8%	$13.63	$13.63	—	COM	464289131
IXN	iShares Global Tech ETF	24,024	$2.984M	0.8%	$124.21	$87.81	—	COM	464287291
VOX	Vanguard Telecommunication Services Index Fund	27,261	$2.585M	0.7%	$94.82	$93.52	—	COM	92204A884
—	iShares Currency Hedged MSCI Spain ETF	113,069	$2.573M	0.7%	$22.76	$20.39	—	COM	46435G813
SPAB	SPDR Barclays Aggregate Bond ETF	39,191	$2.238M	0.6%	$57.10	$59.40	—	COM	78464A649
—	SPDR S&P International Industrial Sector ETF	65,947	$2.129M	0.6%	$32.28	$30.27	—	COM	78463X673
—	SPDR S&P International Telecommunications Sector ETF	86,944	$2.093M	0.6%	$24.07	$23.55	—	COM	78463X640
—	Airbus SE	23,376	$1.78M	0.5%	$76.15	$76.15	—	COM	N0280E105
—	Dassault Aviation SA	1,397	$1.778M	0.5%	$1272.73	$1272.73	—	COM	F24539102
BAESF	BAE Systems plc	217,967	$1.747M	0.5%	$8.01 *	$5.61	0.0%	COM	G06940103
THLEF	Thales SA	17,414	$1.687M	0.5%	$96.88	$95.27	0.0%	COM	F9156M108
—	PowerShares S&P SmallCap Information Technology Portfolio	23,093	$1.686M	0.5%	$73.01	$63.45	—	COM	73937B860
FINMF	Leonardo SpA	117,227	$1.662M	0.4%	$14.18 *	$12.30	0.0%	COM	T6S996112
XLP	Consumer Staples Select Sector SPDR Fund	30,419	$1.66M	0.4%	$54.57	$49.90	—	COM	81369Y308
EXI	iShares Global Industrials ETF	17,250	$1.386M	0.4%	$80.35	$73.50	—	COM	464288729
RXI	iShares Global Consumer Discretionary ETF	13,918	$1.342M	0.4%	$96.42	$86.95	—	COM	464288745
—	PowerShares S&P SmallCap Consumer Discretionary Portfolio	24,190	$1.275M	0.3%	$52.71	$47.76	—	COM	73937B506
—	PowerShares S&P SmallCap Materials Portfolio	24,864	$1.167M	0.3%	$46.94	$46.94	—	COM	73937B852
—	PowerShares S&P SmallCap Health Care Portfolio	14,516	$1.161M	0.3%	$79.98	$67.02	—	COM	73937B886
SUPV	Grupo Supervielle SA Class B	317,504	$1.092M	0.3%	$3.44	$5.54	—	COM	40054A108
—	Cresud SA	536,455	$1.068M	0.3%	$1.99	$1.99	—	COM	P3311R127
—	Pampa Energia SA	458,004	$1M	0.3%	$2.18	$2.18	—	COM	P7464E114
MXI	iShares Global Materials ETF	16,704	$989K	0.3%	$59.21	$49.48	—	COM	464288695
—	YPF SA Class D	40,182	$977K	0.3%	$24.31	$24.31	—	COM	P9897X131
—	BBVA Banco Frances SA	140,640	$867K	0.2%	$6.16	$6.16	—	COM	P1624B102
VDC	Vanguard Consumer Staples Index Fund	5,814	$817K	0.2%	$140.52	$136.30	—	COM	92204A207
—	PowerShares S&P SmallCap Industrials Portfolio	13,571	$757K	0.2%	$55.78	$55.78	—	COM	73937B878
—	Banco Macro SA Class B	85,021	$735K	0.2%	$8.64	$8.64	—	COM	P1047V123
GGAL	Grupo Financiero Galicia SA Class B	190,623	$725K	0.2%	$3.80 *	$25.45	0.0%	COM	P49525101
XHB	SPDR S&P Homebuilders ETF	18,419	$685K	0.2%	$37.19	$33.96	—	COM	78464A888
AGRO	Adecoagro S.A.	51,158	$584K	0.2%	$11.42 *	$9.63	+8.6%	COM	L00849106
—	SPDR MSCI Europe Health Care UCITS ETF	4,192	$566K	0.2%	$135.02	$146.20	—	COM	F89826196
ECON	Columbia Emerging Markets Consumer ETF	17,052	$423K	0.1%	$24.81	$22.70	—	COM	19762B509
—	PowerShares S&P SmallCap Energy Portfolio	22,344	$405K	0.1%	$18.13	$18.13	—	COM	73937B704
—	PowerShares S&P SmallCap Consumer Staples Portfolio	5,827	$403K	0.1%	$69.16	$68.38	—	COM	73937B605
XLU	Utilities Select Sector SPDR Fund	5,731	$294K	0.1%	$51.30	$41.64	—	COM	81369Y886
—	SPDR EURO STOXX Small Cap ETF	5,219	$270K	0.1%	$51.73	$48.36	—	COM	78463X392
—	Petrobras Argentina SA Class B	116,272	$129K	0.0%	$1.11	$1.11	—	COM	P7873P114
—	iShares Currency Hedged MSCI South Korea ETF	1,938	$50,000	0.0%	$25.80	$25.02	—	COM	46435G888