Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XLK	SELECT SECTOR SPDR TR	98,077 (+40.5%)	$18.69M (+101.5%)	9.8%	$154.77	—	ST STR TECHN ETF	81369Y803
IXUS	ISHARES TR	195,098 (+36.2%)	$18.62M (+50.0%)	9.8%	$87.51	—	CORE MSCI TOTAL	46432F834
AGG	ISHARES TR	207,027 (+33.9%)	$20.49M (+33.5%)	10.8%	$99.65	—	CORE US AGGBD ET	464287226
IEUR	ISHARES TR	366,091 (+2.1%)	$27.52M (+9.2%)	14.5%	$71.06	—	CORE MSCI EURO	46434V738
XLV	SELECT SECTOR SPDR TR	38,218 (+31.7%)	$6.064M (+42.5%)	3.2%	$153.92	—	ST STR CARE ETF	81369Y209
XLI	SELECT SECTOR SPDR TR	18,633 (+43.0%)	$3.451M (+63.8%)	1.8%	$166.03	—	ST STR INDL ETF	81369Y704
XLY	SELECT SECTOR SPDR TR	36,243 (+33.5%)	$4.251M (+43.6%)	2.2%	$116.33	—	ST STR DISCR ETF	81369Y407
XLF	SELECT SECTOR SPDR TR	63,657 (+32.2%)	$3.413M (+43.6%)	1.8%	$53.21	—	ST STR FINL ETF	81369Y605
XLB	SELECT SECTOR SPDR TR	53,845 (+27.8%)	$2.737M (+30.0%)	1.4%	$47.53	—	ST STR MATER ETF	81369Y100
XLP	SELECT SECTOR SPDR TR	32,651 (+25.3%)	$2.712M (+26.9%)	1.4%	$79.62	—	ST STR STAPL ETF	81369Y308
XLC	SELECT SECTOR SPDR TR	23,179 (+27.0%)	$2.483M (+22.7%)	1.3%	$114.03	—	ST STR SVC ETF	81369Y852
IPAC	ISHARES TR	51,646 (+1.0%)	$4.231M (+8.2%)	2.2%	$73.30	—	CORE MSCI PAC	46434V696
XLRE	SELECT SECTOR SPDR TR	17,836 (+37.9%)	$785K (+48.8%)	0.4%	$41.45	—	ST STR REAL ETF	81369Y860
EWP	ISHARES INC	10,916 (+1.6%)	$648K (+11.1%)	0.3%	$53.99	—	MSCI SPAIN ETF	464286764
IBDS	ISHARES TR	217,898 (+1.1%)	$5.277M (+1.0%)	2.8%	$24.28	—	IBONDS 27 ETF	46435UAA9
XLE	SELECT SECTOR SPDR TR	49,464 (+16.1%)	$2.627M (+0.7%)	1.4%	$51.59	—	ST STR ENERG ETF	81369Y506
ECH	ISHARES INC	12,967 (+1.6%)	$515K (+1.4%)	0.3%	$40.06	—	MSCI CHILE ETF	464286640

Exited Positions (1)

IBDU ISHARES TR 5.5%

Value $10.53M Shares 452,711 Est. Cost $23.26 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IBDU	ISHARES TR	452,711	$10.53M	5.5%	$23.26	—	—	46436E205

Decreased Positions (1)

EMXC ISHARES INC 10.7%

Value $20.35M (+5.5%) Shares 198,962 (-18.9%) Est. Cost $72.68 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EMXC	ISHARES INC	198,962 (-18.9%)	$20.35M (+5.5%)	10.7%	$72.68	—	MSCI EMRG CHN	46434G764

Unchanged Positions (13)

OEF ISHARES TR 5.8%

Value $11.04M Shares 30,162 Est. Cost $342.97 Unrealized —

FLJP FRANKLIN TEMPLETON ETF TR 4.0%

Value $7.691M Shares 193,477 Est. Cost $34.45 Unrealized —

USRT ISHARES TR 1.7%

Value $3.257M Shares 49,011 Est. Cost $59.19 Unrealized —

SPYG SPDR SERIES TRUST 0.9%

Value $1.659M Shares 13,946 Est. Cost $106.70 Unrealized —

IVOG VANGUARD ADMIRAL FDS INC 0.9%

Value $1.767M Shares 12,075 Est. Cost $120.21 Unrealized —

FLCA FRANKLIN TEMPLETON ETF TR 2.6%

Value $4.889M Shares 94,991 Est. Cost $48.30 Unrealized —

IWD ISHARES TR 0.6%

Value $1.128M Shares 4,654 Est. Cost $210.33 Unrealized —

FLBR FRANKLIN TEMPLETON ETF TR 0.5%

Value $891K Shares 41,600 Est. Cost $22.48 Unrealized —

VNAM GLOBAL X FDS 0.4%

Value $839K Shares 33,300 Est. Cost $25.15 Unrealized —

EPU ISHARES TR 0.1%

Value $284K Shares 3,405 Est. Cost $80.71 Unrealized —

FLAU FRANKLIN TEMPLETON ETF TR 0.2%

Value $310K Shares 9,205 Est. Cost $31.44 Unrealized —

ASEA GLOBAL X FDS 0.3%

Value $650K Shares 33,130 Est. Cost $18.35 Unrealized —

FLMX FRANKLIN TEMPLETON ETF TR 0.3%

Value $511K Shares 13,951 Est. Cost $33.85 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
OEF	ISHARES TR	30,162	$11.04M	5.8%	$342.97	—	S&P 100 ETF	464287101
FLJP	FRANKLIN TEMPLETON ETF TR	193,477	$7.691M	4.0%	$34.45	—	FTSE JAPAN ETF	35473P744
USRT	ISHARES TR	49,011	$3.257M	1.7%	$59.19	—	CRE U S REIT ETF	464288521
SPYG	SPDR SERIES TRUST	13,946	$1.659M	0.9%	$106.70	—	ST STR P500GRW	78464A409
IVOG	VANGUARD ADMIRAL FDS INC	12,075	$1.767M	0.9%	$120.21	—	MIDCP 400 GRTH	921932869
FLCA	FRANKLIN TEMPLETON ETF TR	94,991	$4.889M	2.6%	$48.30	—	FTSE CANADA	35473P827
IWD	ISHARES TR	4,654	$1.128M	0.6%	$210.33	—	RUS 1000 VAL ETF	464287598
FLBR	FRANKLIN TEMPLETON ETF TR	41,600	$891K	0.5%	$22.48	—	FTSE BRAZIL	35473P835
VNAM	GLOBAL X FDS	33,300	$839K	0.4%	$25.15	—	MSCI VIETNAM ETF	37960A883
EPU	ISHARES TR	3,405	$284K	0.1%	$80.71	—	MSCI PERU GL ETF	464289842
FLAU	FRANKLIN TEMPLETON ETF TR	9,205	$310K	0.2%	$31.44	—	FTSE AUSTRALIA	35473P843
ASEA	GLOBAL X FDS	33,130	$650K	0.3%	$18.35	—	GBL X FTSE ETF	37950E648
FLMX	FRANKLIN TEMPLETON ETF TR	13,951	$511K	0.3%	$33.85	—	FTSE MEXICO	35473P736