#	Issuer	Ticker	Shares	Value	% of Portfolio
1	TECHNOLOGY SELECT SECT SPDR	81369Y803	126,578	$18.2M	10.32%
2	COMM SERV SELECT SECTOR SPDR	81369Y852	148,180	$17.4M	9.87%
3	FINANCIAL SELECT SECTOR SPDR	81369Y605	290,982	$15.9M	9.02%
4	INDUSTRIAL SELECT SECT SPDR	81369Y704	83,731	$13.0M	7.35%
5	HEALTH CARE SELECT SECTOR	81369Y209	66,870	$10.4M	5.86%
6	CONSUMER DISCRETIONARY SELT	81369Y407	62,542	$7.5M	4.23%
7	FRANKLIN FTSE JAPAN ETF	FGDL	181,944	$6.3M	3.55%
8	VANGUARD TOTAL STOCK MKT ETF	922908769	16,726	$5.6M	3.17%
9	CONSUMER STAPLES SPDR	81369Y308	68,261	$5.3M	3.00%
10	VANGUARD FTSE DEVELOPED ETF	921943858	73,313	$4.6M	2.59%
11	UTILITIES SELECT SECTOR SPDR	81369Y886	106,376	$4.5M	2.57%
12	ISHARES MSCI SOUTH KOREA ETF	464286772	36,059	$3.5M	1.98%
13	FRANKLIN FTSE CANADA ETF	FGDL	71,991	$3.5M	1.97%
14	FRANKLIN FTSE UNITED KINGDOM	FGDL	91,315	$3.1M	1.74%
15	ISHARES MSCI SPAIN ETF	464286764	54,698	$2.9M	1.67%
16	FRANKLIN FTSE CHINA ETF	FGDL	122,989	$2.9M	1.66%
17	FRANKLIN FTSE GERMANY ETF	FGDL	86,689	$2.9M	1.65%
18	SPDR PORT S&P 500 VALUE	78464A508	44,799	$2.5M	1.44%
19	ISHARES MSCI ITALY ETF	46434G830	45,897	$2.5M	1.41%
20	ISHARES RUSSELL MID-CAP GROW	464287481	17,618	$2.4M	1.37%