Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
IEUR	iShares Core MSCI Europe ETF	880,030	$36.37M	14.1%	$41.33	$46.82	—	COM	46434V738
MCHI	iShares MSCI China ETF	560,801	$29.5M	11.5%	$52.61	$61.93	—	COM	46429B671
JPXN	iShares JPX-Nikkei 400 ETF	364,648	$19.86M	7.7%	$54.47	$62.10	—	COM	464287382
EWY	iShares MSCI South Korea ETF	219,797	$12.93M	5.0%	$58.85	$73.05	—	COM	464286772
EWC	iShares MSCI Canada ETF	494,985	$11.86M	4.6%	$23.95	$28.45	—	COM	464286509
EWT	iShares MSCI Taiwan ETF	352,937	$11.15M	4.3%	$31.61	$33.94	—	COM	46434G772
EWL	iShares MSCI Switzerland ETF	322,502	$10.16M	4.0%	$31.51	$33.50	—	COM	464286749
INDA	iShares MSCI India ETF	289,035	$9.633M	3.7%	$33.33	$32.81	—	COM	46429B598
EWA	iShares MSCI Australia ETF	500,599	$9.633M	3.7%	$19.24	$20.89	—	COM	464286103
SSSXF	SPDR MSCI Europe Energy UCITS ETF (Ireland)	62,654	$9.225M	3.6%	$147.24	$162.42	—	COM	G8T03D194
—	iShares MSCI Russia ETF	281,905	$8.679M	3.4%	$30.79	$35.18	—	COM	46434G798
THD	iShares MSCI Thailand ETF	104,305	$8.634M	3.4%	$82.78	$86.03	—	COM	464286624
SCJ	iShares MSCI Japan Small-Cap ETF	120,833	$7.879M	3.1%	$65.21	$76.45	—	COM	464286582
ERCTF	SPDR MSCI Europe Consumer Staples UCITS ETF (Ireland)	42,351	$7.838M	3.0%	$185.07	$194.04	—	COM	G8T03D186
SPEU	SPDR STOXX Europe 50 ETF	249,850	$7.464M	2.9%	$29.87	$36.30	—	COM	78463X103
DFJ	WisdomTree Japan SmallCap Dividend Fund	61,620	$3.965M	1.5%	$64.35	$82.37	—	COM	97717W836
EZA	iShares MSCI South Africa ETF	76,688	$3.865M	1.5%	$50.40	$68.69	—	COM	464286780
—	Xtrackers MSCI South Korea Hedged Equity ETF	151,435	$3.854M	1.5%	$25.45	$28.94	—	COM	233051812
EWZ	iShares MSCI Brazil ETF	95,680	$3.651M	1.4%	$38.16	$33.60	—	COM	464286400
IVLU	iShares Edge MSCI Intl Value Factor ETF	165,426	$3.614M	1.4%	$21.85	$21.85	—	COM	46435G409
EWW	iShares MSCI Mexico ETF	74,773	$3.074M	1.2%	$41.11	$51.19	—	COM	464286822
SMIN	iShares MSCI India Small Cap ETF	71,661	$2.761M	1.1%	$38.53	$42.49	—	COM	46429B614
—	TOPIX Banks ETF	1,705,936	$2.376M	0.9%	$1.39	$1.65	—	COM	J4911E109
EIDO	iShares MSCI Indonesia ETF	89,553	$2.222M	0.9%	$24.81	$23.62	—	COM	46429B309
IEMG	iShares Core MSCI Emerging Markets ETF	30,429	$1.434M	0.6%	$47.13	$51.76	—	COM	46434G103
CHFFF	China Everbright International Limited	1,351,501	$1.208M	0.5%	$0.89 *	$0.70	-22.5%	COM	Y14226107
—	Dynagreen Environmental Protection Group Co., Ltd. Class H	2,823,185	$1.147M	0.4%	$0.41	$0.41	—	COM	Y21869105
—	Canvest Environmental Protection Group Co. Ltd.	2,180,888	$1.144M	0.4%	$0.52	$0.52	—	COM	G18322100
—	Cobham plc	889,620	$1.105M	0.4%	$1.24	$1.24	—	COM	G41440143
ESLT	Elbit Systems Ltd	9,617	$1.094M	0.4%	$113.76	$112.55	0.0%	COM	M3760D101
BJWTF	Beijing Enterprises Water Group Limited	2,151,550	$1.093M	0.4%	$0.51	$0.53	—	COM	G0957L109
THLEF	Thales SA	9,029	$1.05M	0.4%	$116.29 *	$113.65	+10.9%	COM	F9156M108
—	Leonardo SpA	119,498	$1.045M	0.4%	$8.74	$14.45	—	COM	T63512106
CAE	CAE Inc.	56,611	$1.036M	0.4%	$18.30 *	$18.71	0.0%	COM	124765108
—	Airbus SE	10,775	$1.03M	0.4%	$95.59	$57.54	—	COM	N0280E105
—	Dassault Aviation SA	736	$1.016M	0.4%	$1380.43	$389.47	—	COM	F24539102
BAESF	BAE Systems plc	171,617	$1.001M	0.4%	$5.83 *	$6.16	-14.9%	COM	G06940103
CQQQ	Invesco China Technology ETF	24,873	$979K	0.4%	$39.36	$55.56	—	COM	46138E800
EWM	iShares MSCI Malaysia ETF	32,251	$960K	0.4%	$29.77	$32.34	—	COM	46434G814
SZDEF	Dongjiang Environmental Company Limited Class H	901,087	$943K	0.4%	$1.05	$1.18	—	COM	Y2121H121
TCEHY	Tencent Holdings Ltd. Unsponsored ADR	21,591	$865K	0.3%	$40.06	$41.27	—	COM	88032Q109
PSCT	Invesco S&P SmallCap Information Technology ETF	11,947	$824K	0.3%	$68.97	$82.29	—	COM	46138E115
EPOL	iShares MSCI Poland ETF	34,253	$788K	0.3%	$23.01	$25.08	—	COM	46429B606
—	Global X MSCI Colombia ETF	100,172	$780K	0.3%	$7.79	$10.68	—	COM	37950E200
PSCI	Invesco S&P SmallCap Industrials ETF	13,402	$746K	0.3%	$55.66	$67.67	—	COM	46138E123
ECH	iShares MSCI Chile ETF	17,909	$741K	0.3%	$41.38	$52.99	—	COM	464286640
PSCD	Invesco S&P SmallCap Consumer Discretionary ETF	13,287	$727K	0.3%	$54.72	$62.56	—	COM	46138E180
TSM	Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR	17,760	$655K	0.3%	$36.88	$44.14	—	COM	874039100
PSCH	Invesco S&P SmallCap Health Care ETF	5,942	$638K	0.2%	$107.37	$128.43	—	COM	46138E149
BABA	Alibaba Group Holding Ltd. Sponsored ADR	3,874	$531K	0.2%	$137.07	$183.50	—	COM	01609W102
TUR	iShares MSCI Turkey ETF	17,446	$428K	0.2%	$24.53	$24.53	—	COM	464286715
BIDU	Baidu, Inc. Sponsored ADR Class A	2,374	$376K	0.1%	$158.38	$222.83	—	COM	056752108
SBIO	ALPS Medical Breakthroughs ETF	12,941	$364K	0.1%	$28.13	$35.97	—	COM	00162Q593
NPSNY	Naspers Limited Sponsored ADR Class N	8,306	$329K	0.1%	$39.61	$42.74	—	COM	631512209
PSCC	Invesco S&P SmallCap Consumer Staples ETF	2,939	$203K	0.1%	$69.07	$83.31	—	COM	46138E172
KIE	SPDR S&P Insurance ETF	5,915	$167K	0.1%	$28.23	$28.23	—	COM	78464A789
PSCM	Invesco S&P SmallCap Materials ETF	3,697	$146K	0.1%	$39.49	$52.73	—	COM	46138G201
WSIOF	Wasion Holdings Limited	205,689	$100K	0.0%	$0.49	$0.54	—	COM	G9463P108
TNJIF	Tianjin Capital Environmental Protection Group Co., Ltd. Class H	227,886	$87,000	0.0%	$0.38 *	$0.02	-33.9%	COM	Y88228112
—	China Power Clean Energy Development Company Limited	220,483	$66,000	0.0%	$0.30	$0.49	—	COM	Y15006102
EOG	EOG Resources, Inc.	222	$19,000	0.0%	$85.59 *	$69.83	+15.5%	COM	26875P101
—	Anadarko Petroleum Corporation	369	$16,000	0.0%	$43.36	$49.93	—	COM	032511107
—	Pioneer Natural Resources Company	93	$12,000	0.0%	$129.03	$149.02	—	COM	723787107
—	Concho Resources Inc.	88	$9,000	0.0%	$102.27	$132.45	—	COM	20605P101