Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
MCHI	iShares MSCI China ETF	711,909	$42.32M	14.9%	$59.44	$61.15	—	COM	46429B671
IEUR	iShares Core MSCI Europe ETF	791,125	$36.86M	13.0%	$46.60	$46.82	—	COM	46434V738
JPXN	iShares JPX-Nikkei 400 ETF	344,953	$20.18M	7.1%	$58.51	$62.10	—	COM	464287382
EWY	iShares MSCI South Korea ETF	279,340	$16.72M	5.9%	$59.86	$70.41	—	COM	464286772
EWC	iShares MSCI Canada ETF	542,735	$15.53M	5.5%	$28.61	$28.46	—	COM	464286509
EWT	iShares MSCI Taiwan ETF	426,863	$14.92M	5.3%	$34.96	$34.06	—	COM	46434G772
EWA	iShares MSCI Australia ETF	563,420	$12.7M	4.5%	$22.54	$21.21	—	COM	464286103
INDA	iShares MSCI India ETF	316,918	$11.18M	3.9%	$35.29	$33.65	—	COM	46429B598
EWL	iShares MSCI Switzerland ETF	271,924	$10.21M	3.6%	$37.55	$33.50	—	COM	464286749
SSSXF	SPDR MSCI Europe Energy UCITS ETF (Ireland)	61,073	$9.933M	3.5%	$162.64	$162.42	—	COM	G8T03D194
ERCTF	SPDR MSCI Europe Consumer Staples UCITS ETF (Ireland)	41,283	$9.079M	3.2%	$219.92	$194.04	—	COM	G8T03D186
EWZ	iShares MSCI Brazil ETF	190,259	$8.316M	2.9%	$43.71	$37.68	—	COM	464286400
AIVI	WisdomTree International Dividend ex-Financials Fund	200,825	$8.249M	2.9%	$41.08	$41.15	—	COM	97717W786
EZA	iShares MSCI South Africa ETF	125,949	$6.882M	2.4%	$54.64	$62.45	—	COM	464286780
—	iShares MSCI Russia ETF	154,922	$6.095M	2.1%	$39.34	$35.18	—	COM	46434G798
EWJ	iShares MSCI Japan ETF	96,519	$5.265M	1.9%	$54.55	$54.66	—	COM	46434G822
THD	iShares MSCI Thailand ETF	50,407	$4.814M	1.7%	$95.50	$86.03	—	COM	464286624
—	Xtrackers Japan JPX-Nikkei 400 Equity ETF	167,977	$4.444M	1.6%	$26.46	$26.69	—	COM	233051663
EWW	iShares MSCI Mexico ETF	93,190	$4.039M	1.4%	$43.34	$49.67	—	COM	464286822
SSHXF	SPDR MSCI Europe Health Care UCITS ETF	25,019	$3.964M	1.4%	$158.44	$152.95	—	COM	G8T03D210
IVLU	iShares Edge MSCI Intl Value Factor ETF	161,276	$3.714M	1.3%	$23.03	$21.85	—	COM	46435G409
SMIN	iShares MSCI India Small Cap ETF	75,069	$2.898M	1.0%	$38.60	$42.37	—	COM	46429B614
EWG	iShares MSCI Germany ETF	77,256	$2.163M	0.8%	$28.00	$26.91	—	COM	464286806
EPOL	iShares MSCI Poland ETF	71,014	$1.683M	0.6%	$23.70	$24.37	—	COM	46429B606
EIDO	iShares MSCI Indonesia ETF	58,870	$1.53M	0.5%	$25.99	$23.62	—	COM	46429B309
CAE	CAE Inc.	47,981	$1.286M	0.5%	$26.80 *	$18.71	+29.0%	COM	124765108
ESLT	Elbit Systems Ltd	8,033	$1.198M	0.4%	$149.13 *	$112.55	+18.9%	COM	M3760D101
—	Leonardo SpA	91,433	$1.157M	0.4%	$12.65	$14.45	—	COM	T63512106
—	Airbus SE	8,088	$1.146M	0.4%	$141.69	$57.54	—	COM	N0280E105
THLEF	Thales SA	8,804	$1.086M	0.4%	$123.35 *	$113.65	+2.9%	COM	F9156M108
EWP	iShares MSCI Spain ETF	36,562	$1.055M	0.4%	$28.86	$28.86	—	COM	464286764
EWI	iShares MSCI Italy ETF	38,319	$1.052M	0.4%	$27.45	$27.45	—	COM	46434G830
BAESF	BAE Systems plc	167,333	$1.052M	0.4%	$6.29 *	$6.16	-19.4%	COM	G06940103
—	Dassault Aviation SA	718	$1.03M	0.4%	$1434.54	$389.47	—	COM	F24539102
PSCT	Invesco S&P SmallCap Information Technology ETF	11,947	$999K	0.4%	$83.62	$82.29	—	COM	46138E115
—	Cobham plc	728,543	$985K	0.3%	$1.35	$1.24	—	COM	G41440143
EWM	iShares MSCI Malaysia ETF	32,251	$958K	0.3%	$29.70	$32.34	—	COM	46434G814
EWU	iShares MSCI United Kingdom ETF	27,939	$900K	0.3%	$32.21	$32.21	—	COM	46435G334
PSCI	Invesco S&P SmallCap Industrials ETF	13,402	$892K	0.3%	$66.56	$67.67	—	COM	46138E123
IEMG	iShares Core MSCI Emerging Markets ETF	16,185	$832K	0.3%	$51.41	$51.76	—	COM	46434G103
NPSNY	Naspers Limited Sponsored ADR Class N	15,944	$768K	0.3%	$48.17	$48.17	—	COM	631512209
ECH	iShares MSCI Chile ETF	17,909	$731K	0.3%	$40.82	$52.99	—	COM	464286640
PSCH	Invesco S&P SmallCap Health Care ETF	5,942	$700K	0.2%	$117.81	$128.43	—	COM	46138E149
PSCD	Invesco S&P SmallCap Consumer Discretionary ETF	9,953	$592K	0.2%	$59.48	$62.56	—	COM	46138E180
SBIO	ALPS Medical Breakthroughs ETF	15,591	$563K	0.2%	$36.11	$36.00	—	COM	00162Q593
TUR	iShares MSCI Turkey ETF	17,446	$415K	0.1%	$23.79	$24.53	—	COM	464286715
KIE	SPDR S&P Insurance ETF	5,915	$201K	0.1%	$33.98	$28.23	—	COM	78464A789
PSCM	Invesco S&P SmallCap Materials ETF	3,697	$169K	0.1%	$45.71	$52.73	—	COM	46138G201
PSCC	Invesco S&P SmallCap Consumer Staples ETF	1,830	$133K	0.0%	$72.68	$80.25	—	COM	46138E172
PSCU	Invesco S&P SmallCap Utilities & Communication Services ETF	1,792	$92,000	0.0%	$51.34	$51.34	—	COM	46138G409
—	Anadarko Petroleum Corporation	369	$26,000	0.0%	$70.46	$49.93	—	COM	032511107
EOG	EOG Resources, Inc.	222	$20,000	0.0%	$90.09 *	$69.83	+0.7%	COM	26875P101
—	PS Business Parks, Inc.	91	$15,000	0.0%	$164.84	$164.84	—	COM	69360J107
—	Pioneer Natural Resources Company	93	$14,000	0.0%	$150.54	$149.02	—	COM	723787107
NMRK	Newmark Group, Inc. Class A	1,640	$14,000	0.0%	$8.54 *	$7.69	0.0%	COM	65158N102
EGP	EastGroup Properties, Inc.	123	$14,000	0.0%	$113.82	$113.82	—	COM	277276101
COLD	Americold Realty Trust	449	$14,000	0.0%	$31.18	$31.18	—	COM	03064D108
—	HFF, Inc. Class A	287	$13,000	0.0%	$45.30	$45.30	—	COM	40418F108
RHP	Ryman Hospitality Properties, Inc.	162	$13,000	0.0%	$80.25	$80.25	—	COM	78377T107
NHI	National Health Investors, Inc.	176	$13,000	0.0%	$73.86	$73.86	—	COM	63633D104
KW	Kennedy-Wilson Holdings, Inc.	625	$12,000	0.0%	$19.20 *	$21.28	0.0%	COM	489398107
FCPT	Four Corners Property Trust, Inc.	471	$12,000	0.0%	$25.48	$25.48	—	COM	35086T109
—	Redfin Corporation	599	$10,000	0.0%	$16.69	$16.69	—	COM	75737F108
—	Concho Resources Inc.	88	$9,000	0.0%	$102.27	$132.45	—	COM	20605P101