CUMBERLAND ADVISORS INC Activity Q4 2004-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
SPY	Buy	SPDR S&P 500 ETF TRunits ser 1 s&p	$41,525,407	+19.6%	97,140	+24.0%	18.41%	+16.0%
XAR	Buy	SPDR SERIES TRUSTaerospace def	$21,195,868	-6.0%	189,080	+1.9%	9.40%	-8.8%
MDY	Buy	SPDR S&P MIDCAP 400utser1 s&pdcrp	$20,023,207	-3.9%	43,849	+0.8%	8.88%	-6.8%
IJR	Buy	ISHARES TRcore s&p small-cap	$15,617,275	+6.5%	165,560	+12.5%	6.92%	+3.3%
IHI	Buy	ISHARESu.s. med dvc etf	$12,980,006	-14.0%	267,629	+0.1%	5.76%	-16.6%
XME	Buy	SPDR S&P MTLS&MNGspdr series trust	$10,032,225	+360.6%	191,090	+345.9%	4.45%	+347.0%
UPRO	Buy	PROSHARES TRultrpro s&p500	$9,137,682	+3082.5%	221,950	+3562.5%	4.05%	+2992.4%
BRKB	Buy	BERKSHIRE HATHAWAYclass b	$9,130,570	+3.0%	26,065	+0.2%	4.05%	-0.1%
IBB	New	ISHARES TRishares biotech	$6,296,712	–	51,490	–	2.79%	–
IWC	New	ISHARESmicro-cap etf	$4,338,334	–	43,340	–	1.92%	–
ACWX	Sell	ISHARESmsci acwi us etf	$4,276,265	-8.5%	90,965	-4.2%	1.90%	-11.2%
EWT	Sell	ISHARES INCmsci taiwan etf	$4,147,605	-7.6%	93,100	-2.5%	1.84%	-10.4%
URI	Sell	UNITED RENTALS INC	$4,047,810	-0.7%	9,105	-0.5%	1.80%	-3.7%
XLE	Buy	SELECT SECTOR SPDRsbi int-energy	$3,604,983	+11.7%	39,882	+0.3%	1.60%	+8.3%
XLI	New	SELECT SECTOR SPDRamex industrial sel	$3,586,824	–	35,380	–	1.59%	–
FB	Sell	META PLATFORMS INC	$2,972,079	-3.2%	9,900	-7.5%	1.32%	-6.1%
GOOG	Sell	ALPHABET INCclass c	$2,637,000	+8.5%	20,000	-0.5%	1.17%	+5.2%
ADBE	Buy	ADOBE INC	$2,506,158	+4.4%	4,915	+0.1%	1.11%	+1.3%
JPM	Sell	JPMORGAN CHASE & CO	$2,381,228	-2.3%	16,420	-2.0%	1.06%	-5.2%
EWJ	Sell	ISHARES INCmsci japan etf	$2,216,984	-5.5%	36,772	-3.0%	0.98%	-8.3%
EWC	Sell	ISHARES INCmsci cda index	$2,150,307	-7.0%	64,265	-2.7%	0.95%	-9.8%
INDA	Sell	ISHARES MSCIindia index fund	$1,946,786	-0.6%	44,025	-1.8%	0.86%	-3.6%
ILF	Sell	ISHARESlatn amer 40 etf	$1,914,444	-7.5%	74,900	-1.7%	0.85%	-10.3%
EWW	Sell	ISHARES INCmsci mexico capped e	$1,678,189	-8.9%	28,820	-2.7%	0.74%	-11.6%
XLK	New	SELECT SECTOR SPDRsbi int-tech	$1,517,992	–	9,260	–	0.67%	–
XLY	New	SELECT SECTOR SPDRsbi cons discr	$1,490,675	–	9,260	–	0.66%	–
BAC	Sell	BANK OF AMERICA CORP	$1,434,712	-17.8%	52,400	-13.8%	0.64%	-20.2%
M	Buy	MACYS INC	$1,352,681	-26.4%	116,510	+1.7%	0.60%	-28.6%
DIS	Buy	WALT DISNEY CO	$1,163,068	-7.9%	14,350	+1.4%	0.52%	-10.6%
BSV	Buy	VANGUARD BD INDEX FDetf short trm bond	$654,205	+49.7%	8,703	+50.5%	0.29%	+45.0%
WFC	Sell	WELLS FARGO & CO	$502,578	-31.9%	12,300	-28.9%	0.22%	-33.8%
MUB	Buy	ISHARES TRnatl amt free muni b	$381,449	-3.4%	3,720	+0.5%	0.17%	-6.1%
VGK	Sell	VANGUARD INTL EQ INDftse europe etf	$375,966	-6.7%	6,490	-0.6%	0.17%	-9.2%
EEMV	Sell	ISHARES INCmsci emerg mrkt	$346,242	-3.6%	6,490	-0.6%	0.15%	-6.1%
SCZ	Sell	ISHARESeafe sml cp etf	$260,891	-5.1%	4,620	-0.9%	0.12%	-7.9%
BND	New	VANGUARD BD INDEX FDtotal bnd mrkt etf	$247,649	–	3,549	–	0.11%	–
VPL	Sell	VANGUARD INTL EQ INDpacific	$242,106	-4.6%	3,620	-0.5%	0.11%	-7.8%
KO	Sell	COCA-COLA CO	$221,737	-11.5%	3,961	-4.8%	0.10%	-14.8%
GOOGL	New	ALPHABET INCclass a	$206,759	–	1,580	–	0.09%	–
ET	Buy	ENERGY TRANSFER L P	$185,322	+24.4%	13,209	+12.6%	0.08%	+20.6%
EEM	Exit	ISHARESemerg mkts etf	$0	–	-5,890	–	-0.11%	–
MET	Exit	METLIFE INC	$0	–	-9,550	–	-0.25%	–
IEI	Exit	ISHARES3-7 yr tr bd etf	$0	–	-14,820	–	-0.78%	–
XLU	Exit	SELECT SECTOR SPDRsbi int-utils	$0	–	-27,130	–	-0.81%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-41,100	–	-1.10%	–
XLP	Exit	SELECT SECTOR SPDRsbi cons stpls	$0	–	-41,370	–	-1.40%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-20,130	–	-3.13%	–
XLV	Exit	SELECT SECTOR SPDRhealth care	$0	–	-99,625	–	-6.04%	–

Q2 2023

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRunits ser 1 s&p	$34,719,906	–	78,325	–	15.87%	–
XAR	New	SPDR SERIES TRUSTaerospace def	$22,549,892	–	185,550	–	10.30%	–
MDY	New	SPDR S&P MIDCAP 400utser1 s&pdcrp	$20,841,684	–	43,519	–	9.52%	–
IHI	New	ISHARESu.s. med dvc etf	$15,093,678	–	267,334	–	6.90%	–
IJR	New	ISHARES TRcore s&p small-cap	$14,665,490	–	147,170	–	6.70%	–
XLV	New	SELECT SECTOR SPDRhealth care	$13,223,226	–	99,625	–	6.04%	–
BRKB	New	BERKSHIRE HATHAWAYclass b	$8,867,705	–	26,005	–	4.05%	–
MSFT	New	MICROSOFT CORP	$6,855,070	–	20,130	–	3.13%	–
ACWX	New	ISHARESmsci acwi us etf	$4,672,455	–	94,930	–	2.14%	–
EWT	New	ISHARES INCmsci taiwan etf	$4,489,940	–	95,490	–	2.05%	–
URI	New	UNITED RENTALS INC	$4,077,362	–	9,155	–	1.86%	–
AAPL	New	APPLE INC	$3,831,877	–	19,755	–	1.75%	–
FCX	New	FREEPORT-MCMORAN INC	$3,682,400	–	92,060	–	1.68%	–
XLE	New	SELECT SECTOR SPDRsbi int-energy	$3,227,319	–	39,760	–	1.48%	–
FB	New	META PLATFORMS INC	$3,070,686	–	10,700	–	1.40%	–
XLP	New	SELECT SECTOR SPDRsbi cons stpls	$3,068,413	–	41,370	–	1.40%	–
FDX	New	FEDEX CORP	$2,547,172	–	10,275	–	1.16%	–
JPM	New	JPMORGAN CHASE & CO	$2,437,574	–	16,760	–	1.11%	–
GOOG	New	ALPHABET INCclass c	$2,431,497	–	20,100	–	1.11%	–
CAT	New	CATERPILLAR INC	$2,423,592	–	9,850	–	1.11%	–
OXY	New	OCCIDENTAL PETE CORP	$2,416,680	–	41,100	–	1.10%	–
ADBE	New	ADOBE INC	$2,400,941	–	4,910	–	1.10%	–
EWJ	New	ISHARES INCmsci japan etf	$2,346,753	–	37,912	–	1.07%	–
EWC	New	ISHARES INCmsci cda index	$2,311,964	–	66,075	–	1.06%	–
MELI	New	MERCADOLIBRE INC	$2,286,278	–	1,930	–	1.04%	–
XME	New	SPDR S&P MTLS&MNGspdr series trust	$2,177,891	–	42,855	–	1.00%	–
CMI	New	CUMMINS INC	$2,096,118	–	8,550	–	0.96%	–
ILF	New	ISHARESlatn amer 40 etf	$2,069,811	–	76,180	–	0.95%	–
INDA	New	ISHARES MSCIindia index fund	$1,958,634	–	44,820	–	0.90%	–
MAT	New	MATTEL INC	$1,920,782	–	98,300	–	0.88%	–
EWW	New	ISHARES INCmsci mexico capped e	$1,841,772	–	29,620	–	0.84%	–
M	New	MACYS INC	$1,837,886	–	114,510	–	0.84%	–
XLU	New	SELECT SECTOR SPDRsbi int-utils	$1,775,387	–	27,130	–	0.81%	–
BAC	New	BANK OF AMERICA CORP	$1,744,352	–	60,800	–	0.80%	–
IEI	New	ISHARES3-7 yr tr bd etf	$1,708,153	–	14,820	–	0.78%	–
AMZN	New	AMAZON COM INC	$1,261,885	–	9,680	–	0.58%	–
DIS	New	WALT DISNEY CO	$1,263,312	–	14,150	–	0.58%	–
BABA	New	ALIBABA GROUP HLDG	$1,052,294	–	12,625	–	0.48%	–
PST	New	PROSHARES TR ETF	$799,406	–	36,115	–	0.36%	–
CMCSA	New	COMCAST CORPclass a	$781,140	–	18,800	–	0.36%	–
WFC	New	WELLS FARGO & CO	$738,364	–	17,300	–	0.34%	–
PFF	New	ISHARES TRpfd and incm sec	$649,839	–	21,010	–	0.30%	–
MET	New	METLIFE INC	$539,862	–	9,550	–	0.25%	–
LYB	New	LYONDELLBASELL INDUSshares a	$486,699	–	5,300	–	0.22%	–
BSV	New	VANGUARD BD INDEX FDetf short trm bond	$437,021	–	5,783	–	0.20%	–
VGK	New	VANGUARD INTL EQ INDftse europe etf	$402,901	–	6,530	–	0.18%	–
MUB	New	ISHARES TRnatl amt free muni b	$394,901	–	3,700	–	0.18%	–
EEMV	New	ISHARES INCmsci emerg mrkt	$359,019	–	6,530	–	0.16%	–
TBT	New	PROSHARES TR	$299,439	–	10,185	–	0.14%	–
UPRO	New	PROSHARES TRultrpro s&p500	$287,123	–	6,060	–	0.13%	–
SCZ	New	ISHARESeafe sml cp etf	$274,847	–	4,660	–	0.13%	–
VPL	New	VANGUARD INTL EQ INDpacific	$253,781	–	3,640	–	0.12%	–
KO	New	COCA-COLA CO	$250,575	–	4,161	–	0.12%	–
EEM	New	ISHARESemerg mkts etf	$233,008	–	5,890	–	0.11%	–
CVX	New	CHEVRON CORP	$202,982	–	1,290	–	0.09%	–
ET	New	ENERGY TRANSFER L P	$148,958	–	11,729	–	0.07%	–
OPK	New	OPKO HEALTH INC	$42,315	–	19,500	–	0.02%	–

Q4 2022

			Value		Shares		↓ Weighting
OPK	Exit	OPKO HEALTH INC	$0	–	-19,500	–	-0.02%	–
ET	Exit	ENERGY TRANSFER L P	$0	–	-11,729	–	-0.05%	–
VPL	Exit	VANGUARD INTL EQ INDpacific	$0	–	-3,640	–	-0.08%	–
SCZ	Exit	ISHARESeafe sml cp etf	$0	–	-4,660	–	-0.09%	–
VGK	Exit	VANGUARD INTL EQ INDftse europe etf	$0	–	-6,530	–	-0.12%	–
BSV	Exit	VANGUARD BD INDEX FDetf short trm bond	$0	–	-4,390	–	-0.13%	–
EEMV	Exit	ISHARES INCmsci emerg mrkt	$0	–	-6,530	–	-0.13%	–
MUB	Exit	ISHARES TRnatl amt free muni b	$0	–	-3,450	–	-0.14%	–
C	Exit	CITIGROUP INC	$0	–	-10,420	–	-0.17%	–
CMCSA	Exit	COMCAST CORPclass a	$0	–	-18,000	–	-0.21%	–
TBT	Exit	PROSHARES TR	$0	–	-18,455	–	-0.23%	–
LYB	Exit	LYONDELLBASELL INDUSshares a	$0	–	-8,000	–	-0.24%	–
PFF	Exit	ISHARES TRpfd and incm sec	$0	–	-21,010	–	-0.26%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-19,100	–	-0.31%	–
BABA	Exit	ALIBABA GROUP HLDG	$0	–	-10,175	–	-0.32%	–
MET	Exit	METLIFE INC	$0	–	-16,650	–	-0.40%	–
AMZN	Exit	AMAZON COM INC	$0	–	-9,680	–	-0.44%	–
PST	Exit	PROSHARES TR ETF	$0	–	-56,486	–	-0.50%	–
FB	Exit	META PLATFORMS INC	$0	–	-10,100	–	-0.54%	–
FDX	Exit	FEDEX CORP	$0	–	-10,275	–	-0.61%	–
ILF	Exit	ISHARESlatn amer 40 etf	$0	–	-66,230	–	-0.62%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-1,930	–	-0.64%	–
CAT	Exit	CATERPILLAR INC	$0	–	-9,850	–	-0.64%	–
M	Exit	MACYS INC	$0	–	-108,010	–	-0.67%	–
CMI	Exit	CUMMINS INC	$0	–	-8,550	–	-0.69%	–
MAT	Exit	MATTEL INC	$0	–	-96,800	–	-0.73%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-62,000	–	-0.74%	–
EWW	Exit	ISHARES INCmsci mexico capped e	$0	–	-42,550	–	-0.75%	–
GOOG	Exit	ALPHABET INCclass c	$0	–	-20,100	–	-0.77%	–
XME	Exit	SPDR S&P MTLS&MNGspdr series trust	$0	–	-52,185	–	-0.88%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-39,900	–	-0.98%	–
XLE	Exit	SELECT SECTOR SPDRsbi int-energy	$0	–	-34,250	–	-0.98%	–
URI	Exit	UNITED RENTALS INC	$0	–	-9,180	–	-0.99%	–
FCX	Exit	FREEPORT-MCMORAN INC	$0	–	-91,060	–	-0.99%	–
SPXL	Exit	DIREXION SHS ETF TRlarge cap bull	$0	–	-47,520	–	-1.01%	–
EWJ	Exit	ISHARES INCmsci japan etf	$0	–	-52,855	–	-1.03%	–
ADBE	Exit	ADOBE INC	$0	–	-9,795	–	-1.07%	–
AAPL	Exit	APPLE INC	$0	–	-19,755	–	-1.09%	–
XLK	Exit	SELECT SECTOR SPDRsbi int-tech	$0	–	-30,745	–	-1.45%	–
XLY	Exit	SELECT SECTOR SPDRsbi cons discr	$0	–	-27,345	–	-1.55%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-47,615	–	-1.98%	–
ACWX	Exit	ISHARESmsci acwi us etf	$0	–	-131,530	–	-2.10%	–
EWT	Exit	ISHARES INCmsci taiwan etf	$0	–	-128,300	–	-2.20%	–
EWC	Exit	ISHARES INCmsci cda index	$0	–	-183,005	–	-2.24%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-85,135	–	-2.44%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-39,930	–	-3.70%	–
XLV	Exit	SELECT SECTOR SPDRhealth care	$0	–	-84,385	–	-4.07%	–
BRKB	Exit	BERKSHIRE HATHAWAYclass b	$0	–	-44,487	–	-4.73%	–
XBI	Exit	SPDR S&P BIOTECHspdr series trust	$0	–	-170,790	–	-5.39%	–
IHI	Exit	ISHARESu.s. med dvc etf	$0	–	-308,050	–	-5.79%	–
UPRO	Exit	PROSHARES TRultrpro s&p500	$0	–	-551,390	–	-6.24%	–
MDY	Exit	SPDR S&P MIDCAP 400utser1 s&pdcrp	$0	–	-49,010	–	-7.84%	–
XAR	Exit	SPDR SERIES TRUSTaerospace def	$0	–	-216,380	–	-7.90%	–
SPY	Exit	SPDR S&P 500 ETF TRunits ser 1 s&p	$0	–	-141,283	–	-20.09%	–

Q3 2022

			Value		Shares		↓ Weighting
SPY	Sell	SPDR S&P 500 ETF TRunits ser 1 s&p	$50,463,000	-29.2%	141,283	-25.2%	20.09%	-15.1%
XAR	Buy	SPDR SERIES TRUSTaerospace def	$19,838,000	-5.2%	216,380	+4.1%	7.90%	+13.7%
MDY	Buy	SPDR S&P MIDCAP 400utser1 s&pdcrp	$19,685,000	+3.1%	49,010	+6.1%	7.84%	+23.5%
UPRO	Sell	PROSHARES TRultrpro s&p500	$15,665,000	-34.3%	551,390	-19.3%	6.24%	-21.2%
IHI	Sell	ISHARESu.s. med dvc etf	$14,534,000	-9.7%	308,050	-3.4%	5.79%	+8.3%
XBI	Sell	SPDR S&P BIOTECHspdr series trust	$13,547,000	+2.7%	170,790	-3.8%	5.39%	+23.2%
BRKB	Sell	BERKSHIRE HATHAWAYclass b	$11,879,000	-3.0%	44,487	-0.8%	4.73%	+16.3%
XLV	Sell	SELECT SECTOR SPDRhealth care	$10,220,000	-9.1%	84,385	-3.8%	4.07%	+8.9%
MSFT	Sell	MICROSOFT CORP	$9,300,000	-10.5%	39,930	-1.3%	3.70%	+7.4%
SCHW	Buy	SCHWAB CHARLES CORP	$6,119,000	+69.5%	85,135	+49.0%	2.44%	+103.2%
EWC	Sell	ISHARES INCmsci cda index	$5,629,000	-15.2%	183,005	-7.1%	2.24%	+1.7%
EWT	Sell	ISHARES INCmsci taiwan etf	$5,530,000	-19.8%	128,300	-6.2%	2.20%	-3.8%
ACWX	Sell	ISHARESmsci acwi us etf	$5,263,000	-44.5%	131,530	-37.6%	2.10%	-33.5%
JPM	Sell	JPMORGAN CHASE & CO	$4,976,000	-7.6%	47,615	-0.4%	1.98%	+10.8%
XLY	Sell	SELECT SECTOR SPDRsbi cons discr	$3,895,000	-58.3%	27,345	-59.7%	1.55%	-50.0%
XLK	Sell	SELECT SECTOR SPDRsbi int-tech	$3,652,000	-63.5%	30,745	-61.0%	1.45%	-56.3%
ADBE	Sell	ADOBE INC	$2,696,000	-25.1%	9,795	-0.4%	1.07%	-10.3%
EWJ	Sell	ISHARES INCmsci japan etf	$2,582,000	-14.1%	52,855	-7.1%	1.03%	+2.9%
SPXL	New	DIREXION SHS ETF TRlarge cap bull	$2,546,000	–	47,520	–	1.01%	–
FCX	Buy	FREEPORT-MCMORAN INC	$2,489,000	-6.3%	91,060	+0.3%	0.99%	+12.4%
XLE	New	SELECT SECTOR SPDRsbi int-energy	$2,467,000	–	34,250	–	0.98%	–
OXY	Buy	OCCIDENTAL PETE CORP	$2,452,000	+8.4%	39,900	+3.9%	0.98%	+30.0%
XME	Sell	SPDR S&P MTLS&MNGspdr series trust	$2,217,000	-2.8%	52,185	-0.6%	0.88%	+16.6%
GOOG	Buy	ALPHABET INCclass c	$1,933,000	-16.0%	20,100	+1810.6%	0.77%	+0.8%
EWW	Sell	ISHARES INCmsci mexico capped e	$1,882,000	-12.6%	42,550	-7.9%	0.75%	+4.8%
MAT	Buy	MATTEL INC	$1,833,000	-11.4%	96,800	+4.5%	0.73%	+6.3%
M	Buy	MACYS INC	$1,693,000	+0.4%	108,010	+17.4%	0.67%	+20.4%
ILF	Sell	ISHARESlatn amer 40 etf	$1,571,000	-1.9%	66,230	-6.8%	0.62%	+17.5%
FDX	Buy	FEDEX CORP	$1,526,000	-26.6%	10,275	+12.0%	0.61%	-12.0%
FB	Buy	META PLATFORMS INC	$1,370,000	+0.8%	10,100	+19.9%	0.54%	+20.8%
MET	Sell	METLIFE INC	$1,012,000	-6.0%	16,650	-2.9%	0.40%	+12.6%
BABA	Buy	ALIBABA GROUP HLDG	$814,000	+1.9%	10,175	+44.8%	0.32%	+22.3%
WFC	Sell	WELLS FARGO & CO	$768,000	-12.4%	19,100	-14.7%	0.31%	+5.2%
LYB	Buy	LYONDELLBASELL INDUSshares a	$602,000	-8.8%	8,000	+6.0%	0.24%	+9.6%
CMCSA	Sell	COMCAST CORPclass a	$528,000	-55.1%	18,000	-40.0%	0.21%	-46.3%
C	Sell	CITIGROUP INC	$434,000	-9.4%	10,420	-0.0%	0.17%	+8.8%
MUB	Buy	ISHARES TRnatl amt free muni b	$354,000	+49.4%	3,450	+55.1%	0.14%	+78.5%
BSV	Buy	VANGUARD BD INDEX FDetf short trm bond	$328,000	+26.2%	4,390	+29.5%	0.13%	+52.3%
SCZ	Sell	ISHARESeafe sml cp etf	$227,000	-50.2%	4,660	-44.3%	0.09%	-40.4%
EEM	Exit	ISHARESemerg mkts etf	$0	–	-5,710	–	-0.08%	–
GOOGL	Exit	ALPHABET INCclass a	$0	–	-126	–	-0.09%	–
EWU	Exit	ISHARES TRmsci uk etf	$0	–	-66,480	–	-0.66%	–

Q2 2022

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRunits ser 1 s&p	$71,244,000	–	188,851	–	23.66%	–
UPRO	New	PROSHARES TRultrpro s&p500	$23,827,000	–	683,310	–	7.91%	–
XAR	New	SPDR SERIES TRUSTaerospace def	$20,916,000	–	207,895	–	6.95%	–
MDY	New	SPDR S&P MIDCAP 400utser1 s&pdcrp	$19,101,000	–	46,195	–	6.34%	–
IHI	New	ISHARESu.s. med dvc etf	$16,087,000	–	318,930	–	5.34%	–
XBI	New	SPDR S&P BIOTECHspdr series trust	$13,185,000	–	177,525	–	4.38%	–
BRKB	New	BERKSHIRE HATHAWAYclass b	$12,250,000	–	44,867	–	4.07%	–
XLV	New	SELECT SECTOR SPDRhealth care	$11,247,000	–	87,700	–	3.74%	–
MSFT	New	MICROSOFT CORP	$10,386,000	–	40,440	–	3.45%	–
XLK	New	SELECT SECTOR SPDRsbi int-tech	$10,016,000	–	78,795	–	3.33%	–
ACWX	New	ISHARESmsci acwi us etf	$9,481,000	–	210,685	–	3.15%	–
XLY	New	SELECT SECTOR SPDRsbi cons discr	$9,334,000	–	67,890	–	3.10%	–
EWT	New	ISHARES INCmsci taiwan etf	$6,895,000	–	136,745	–	2.29%	–
EWC	New	ISHARES INCmsci cda index	$6,636,000	–	197,025	–	2.20%	–
JPM	New	JPMORGAN CHASE & CO	$5,384,000	–	47,815	–	1.79%	–
SCHW	New	SCHWAB CHARLES CORP	$3,610,000	–	57,145	–	1.20%	–
ADBE	New	ADOBE INC	$3,600,000	–	9,835	–	1.20%	–
EWJ	New	ISHARES INCmsci japan etf	$3,007,000	–	56,910	–	1.00%	–
AAPL	New	APPLE INC	$2,701,000	–	19,755	–	0.90%	–
FCX	New	FREEPORT-MCMORAN INC	$2,656,000	–	90,760	–	0.88%	–
GOOG	New	ALPHABET INCclass c	$2,301,000	–	1,052	–	0.76%	–
XME	New	SPDR S&P MTLS&MNGspdr series trust	$2,280,000	–	52,525	–	0.76%	–
OXY	New	OCCIDENTAL PETE CORP	$2,261,000	–	38,400	–	0.75%	–
URI	New	UNITED RENTALS INC	$2,230,000	–	9,180	–	0.74%	–
EWW	New	ISHARES INCmsci mexico capped e	$2,153,000	–	46,215	–	0.72%	–
FDX	New	FEDEX CORP	$2,080,000	–	9,175	–	0.69%	–
MAT	New	MATTEL INC	$2,068,000	–	92,600	–	0.69%	–
EWU	New	ISHARES TRmsci uk etf	$1,992,000	–	66,480	–	0.66%	–
BAC	New	BANK OF AMERICA CORP	$1,930,000	–	62,000	–	0.64%	–
CAT	New	CATERPILLAR INC	$1,761,000	–	9,850	–	0.58%	–
M	New	MACYS INC	$1,686,000	–	92,010	–	0.56%	–
CMI	New	CUMMINS INC	$1,655,000	–	8,550	–	0.55%	–
ILF	New	ISHARESlatn amer 40 etf	$1,601,000	–	71,050	–	0.53%	–
FB	New	META PLATFORMS INC	$1,359,000	–	8,425	–	0.45%	–
MELI	New	MERCADOLIBRE INC	$1,229,000	–	1,930	–	0.41%	–
CMCSA	New	COMCAST CORPclass a	$1,177,000	–	30,000	–	0.39%	–
PST	New	PROSHARES TR ETF	$1,117,000	–	56,486	–	0.37%	–
MET	New	METLIFE INC	$1,077,000	–	17,150	–	0.36%	–
AMZN	New	AMAZON COM INC	$1,028,000	–	9,680	–	0.34%	–
WFC	New	WELLS FARGO & CO	$877,000	–	22,400	–	0.29%	–
BABA	New	ALIBABA GROUP HLDG	$799,000	–	7,025	–	0.26%	–
PFF	New	ISHARES TRpfd and incm sec	$691,000	–	21,010	–	0.23%	–
LYB	New	LYONDELLBASELL INDUSshares a	$660,000	–	7,550	–	0.22%	–
TBT	New	PROSHARES TR	$483,000	–	18,455	–	0.16%	–
C	New	CITIGROUP INC	$479,000	–	10,421	–	0.16%	–
SCZ	New	ISHARESeafe sml cp etf	$456,000	–	8,360	–	0.15%	–
EEMV	New	ISHARES INCmsci emerg mrkt	$362,000	–	6,530	–	0.12%	–
VGK	New	VANGUARD INTL EQ INDftse europe etf	$345,000	–	6,530	–	0.12%	–
GOOGL	New	ALPHABET INCclass a	$275,000	–	126	–	0.09%	–
BSV	New	VANGUARD BD INDEX FDetf short trm bond	$260,000	–	3,390	–	0.09%	–
MUB	New	ISHARES TRnatl amt free muni b	$237,000	–	2,225	–	0.08%	–
VPL	New	VANGUARD INTL EQ INDpacific	$231,000	–	3,640	–	0.08%	–
EEM	New	ISHARESemerg mkts etf	$229,000	–	5,710	–	0.08%	–
ET	New	ENERGY TRANSFER L P	$117,000	–	11,729	–	0.04%	–
OPK	New	OPKO HEALTH INC	$49,000	–	19,500	–	0.02%	–

Q4 2021

			Value		Shares		↓ Weighting
OPK	Exit	OPKO HEALTH INC	$0	–	-19,500	–	-0.02%	–
BND	Exit	VANGUARD BD INDEX FDtotal bnd mrkt etf	$0	–	-2,520	–	-0.05%	–
RDSA	Exit	ROYAL DUTCH SHELLspons adr a	$0	–	-5,160	–	-0.05%	–
EEM	Exit	ISHARESemerg mkts etf	$0	–	-4,780	–	-0.06%	–
VPL	Exit	VANGUARD INTL EQ INDpacific	$0	–	-3,060	–	-0.06%	–
MRK	Exit	MERCK & CO INC	$0	–	-3,585	–	-0.06%	–
GOOGL	Exit	ALPHABET INCclass a	$0	–	-112	–	-0.07%	–
PFE	Exit	PFIZER INC	$0	–	-7,796	–	-0.08%	–
EEMV	Exit	ISHARES INCmsci emerg mrkt	$0	–	-5,480	–	-0.08%	–
BSV	Exit	VANGUARD BD INDEX FDetf short trm bond	$0	–	-4,400	–	-0.08%	–
TBT	Exit	PROSHARES TR	$0	–	-20,080	–	-0.08%	–
VGK	Exit	VANGUARD INTL EQ INDftse europe etf	$0	–	-5,580	–	-0.08%	–
RDSB	Exit	ROYAL DUTCH SHELLspon adr b	$0	–	-9,800	–	-0.10%	–
SCZ	Exit	ISHARESeafe sml cp etf	$0	–	-7,180	–	-0.12%	–
LYB	Exit	LYONDELLBASELL INDUSshares a	$0	–	-7,550	–	-0.16%	–
PFF	Exit	ISHARES TRpfd and incm sec	$0	–	-21,010	–	-0.19%	–
BABA	Exit	ALIBABA GROUP HLDG	$0	–	-5,575	–	-0.19%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-28,600	–	-0.20%	–
PST	Exit	PROSHARES TR ETF	$0	–	-59,550	–	-0.22%	–
C	Exit	CITIGROUP INC	$0	–	-14,770	–	-0.24%	–
MET	Exit	METLIFE INC	$0	–	-18,110	–	-0.26%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-24,150	–	-0.26%	–
ACHC	Exit	ACADIA HEALTHCAREclass a	$0	–	-18,600	–	-0.27%	–
AMZN	Exit	AMAZON COM INC	$0	–	-452	–	-0.34%	–
LAZ	Exit	LAZARD LTDshares a	$0	–	-35,760	–	-0.38%	–
EWU	Exit	ISHARES TRmsci uk etf	$0	–	-52,240	–	-0.39%	–
CMCSA	Exit	COMCAST CORPclass a	$0	–	-30,660	–	-0.40%	–
MAT	Exit	MATTEL INC	$0	–	-95,400	–	-0.41%	–
CAT	Exit	CATERPILLAR INC	$0	–	-9,550	–	-0.42%	–
FB	Exit	FACEBOOK INCclass a	$0	–	-5,710	–	-0.45%	–
CMI	Exit	CUMMINS INC	$0	–	-8,725	–	-0.45%	–
EWD	Exit	ISHARES INCmsci sweden capped e	$0	–	-45,380	–	-0.47%	–
FDX	Exit	FEDEX CORP	$0	–	-9,375	–	-0.48%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-1,460	–	-0.57%	–
M	Exit	MACYS INC	$0	–	-114,710	–	-0.60%	–
GOOG	Exit	ALPHABET INCclass c	$0	–	-995	–	-0.61%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-63,450	–	-0.62%	–
AAPL	Exit	APPLE INC	$0	–	-19,590	–	-0.64%	–
FCX	Exit	FREEPORT-MCMORAN INC	$0	–	-94,300	–	-0.71%	–
EWG	Exit	ISHARESmsci germany etf	$0	–	-95,800	–	-0.73%	–
URI	Exit	UNITED RENTALS INC	$0	–	-9,410	–	-0.76%	–
VBK	Exit	VANGUARD INDEX TRsmall cap growth	$0	–	-15,310	–	-0.99%	–
ADBE	Exit	ADOBE INC	$0	–	-9,961	–	-1.33%	–
BMY	Exit	BRISTOL MYERS SQUIBB	$0	–	-122,546	–	-1.68%	–
EWC	Exit	ISHARES INCmsci cda index	$0	–	-202,070	–	-1.70%	–
EWJ	Exit	ISHARES INCmsci japan etf	$0	–	-110,120	–	-1.79%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-49,825	–	-1.89%	–
EWT	Exit	ISHARES INCmsci taiwan etf	$0	–	-140,520	–	-2.02%	–
BRKB	Exit	BERKSHIRE HATHAWAYclass b	$0	–	-41,460	–	-2.62%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-44,938	–	-2.93%	–
XLK	Exit	SELECT SECTOR SPDRsbi int-tech	$0	–	-98,355	–	-3.40%	–
XLY	Exit	SELECT SECTOR SPDRsbi cons discr	$0	–	-83,565	–	-3.47%	–
XLE	Exit	SELECT SECTOR SPDRsbi int-energy	$0	–	-314,460	–	-3.79%	–
XLV	Exit	SELECT SECTOR SPDRhealth care	$0	–	-157,492	–	-4.64%	–
MDY	Exit	SPDR S&P MIDCAP 400utser1 s&pdcrp	$0	–	-43,645	–	-4.85%	–
IHI	Exit	ISHARESu.s. med dvc etf	$0	–	-335,943	–	-4.88%	–
ACWX	Exit	ISHARESmsci acwi us etf	$0	–	-398,110	–	-5.10%	–
XAR	Exit	SPDR SERIES TRUSTaerospace def	$0	–	-206,525	–	-5.69%	–
UPRO	Exit	PROSHARES TRultrpro s&p500	$0	–	-276,860	–	-7.28%	–
XBI	Exit	SPDR S&P BIOTECHspdr series trust	$0	–	-257,314	–	-7.48%	–
SPY	Exit	SPDR S&P 500 ETF TRunits ser 1 s&p	$0	–	-202,523	–	-20.09%	–

Q3 2021

			Value		Shares		↓ Weighting
SPY	Buy	SPDR S&P 500 ETF TRunits ser 1 s&p	$86,911,000	+3.3%	202,523	+3.0%	20.09%	+1.8%
XBI	Buy	SPDR S&P BIOTECHspdr series trust	$32,347,000	+0.7%	257,314	+8.5%	7.48%	-0.8%
UPRO	Buy	PROSHARES TRultrpro s&p500	$31,482,000	+6.6%	276,860	+6.3%	7.28%	+5.1%
XAR	Buy	SPDR SERIES TRUSTaerospace def	$24,632,000	-9.6%	206,525	+0.3%	5.69%	-10.9%
ACWX	Buy	ISHARESmsci acwi us etf	$22,059,000	-1.2%	398,110	+2.6%	5.10%	-2.6%
IHI	Buy	ISHARESu.s. med dvc etf	$21,091,000	+4.1%	335,943	+498.9%	4.88%	+2.6%
MDY	Buy	SPDR S&P MIDCAP 400utser1 s&pdcrp	$20,988,000	+0.6%	43,645	+2.7%	4.85%	-0.9%
XLV	Buy	SELECT SECTOR SPDRhealth care	$20,049,000	+1.6%	157,492	+0.6%	4.64%	+0.2%
XLE	New	SELECT SECTOR SPDRsbi int-energy	$16,380,000	–	314,460	–	3.79%	–
XLY	Buy	SELECT SECTOR SPDRsbi cons discr	$14,996,000	+4.7%	83,565	+4.2%	3.47%	+3.2%
XLK	Sell	SELECT SECTOR SPDRsbi int-tech	$14,686,000	-1.2%	98,355	-2.3%	3.40%	-2.6%
MSFT	Buy	MICROSOFT CORP	$12,669,000	+4.7%	44,938	+0.6%	2.93%	+3.1%
BRKB	Buy	BERKSHIRE HATHAWAYclass b	$11,316,000	+6.8%	41,460	+8.7%	2.62%	+5.2%
EWT	Buy	ISHARES INCmsci taiwan etf	$8,714,000	-2.6%	140,520	+0.4%	2.02%	-4.0%
JPM	Buy	JPMORGAN CHASE & CO	$8,156,000	+6.0%	49,825	+0.7%	1.89%	+4.5%
EWJ	Buy	ISHARES INCmsci japan etf	$7,736,000	+5.2%	110,120	+1.2%	1.79%	+3.7%
EWC	Buy	ISHARES INCmsci cda index	$7,335,000	-1.7%	202,070	+0.9%	1.70%	-3.1%
BMY	Buy	BRISTOL MYERS SQUIBB	$7,251,000	+3.8%	122,546	+17.3%	1.68%	+2.3%
ADBE	Buy	ADOBE INC	$5,735,000	-0.8%	9,961	+0.9%	1.33%	-2.2%
VBK	Sell	VANGUARD INDEX TRsmall cap growth	$4,289,000	-4.4%	15,310	-1.1%	0.99%	-5.7%
URI	Sell	UNITED RENTALS INC	$3,302,000	+8.0%	9,410	-1.8%	0.76%	+6.4%
EWG	Buy	ISHARESmsci germany etf	$3,154,000	-3.6%	95,800	+1.3%	0.73%	-5.1%
FCX	Sell	FREEPORT-MCMORAN INC	$3,068,000	-13.9%	94,300	-1.8%	0.71%	-15.2%
AAPL	Sell	APPLE INC	$2,772,000	-2.2%	19,590	-5.3%	0.64%	-3.6%
BAC	Sell	BANK OF AMERICA CORP	$2,693,000	+0.3%	63,450	-2.5%	0.62%	-1.1%
GOOG	Sell	ALPHABET INCclass c	$2,652,000	+5.3%	995	-1.0%	0.61%	+3.7%
M	Sell	MACYS INC	$2,592,000	+12.9%	114,710	-5.3%	0.60%	+11.1%
FDX	Sell	FEDEX CORP	$2,056,000	-28.4%	9,375	-2.6%	0.48%	-29.4%
EWD	Buy	ISHARES INCmsci sweden capped e	$2,035,000	-1.7%	45,380	+1.7%	0.47%	-3.3%
CMI	Sell	CUMMINS INC	$1,959,000	-9.2%	8,725	-1.4%	0.45%	-10.5%
FB	Sell	FACEBOOK INCclass a	$1,938,000	-8.2%	5,710	-6.0%	0.45%	-9.5%
MAT	Sell	MATTEL INC	$1,771,000	-11.5%	95,400	-4.2%	0.41%	-13.0%
CMCSA	Sell	COMCAST CORPclass a	$1,715,000	-6.0%	30,660	-4.2%	0.40%	-7.5%
EWU	Buy	ISHARES TRmsci uk etf	$1,685,000	+8.7%	52,240	+10.2%	0.39%	+7.1%
LAZ	Sell	LAZARD LTDshares a	$1,638,000	-0.3%	35,760	-1.5%	0.38%	-1.6%
AMZN	Sell	AMAZON COM INC	$1,485,000	-11.3%	452	-7.2%	0.34%	-12.7%
ACHC	Sell	ACADIA HEALTHCAREclass a	$1,186,000	-6.2%	18,600	-7.7%	0.27%	-7.7%
WFC	Sell	WELLS FARGO & CO	$1,121,000	-2.5%	24,150	-4.9%	0.26%	-4.1%
MET	Sell	METLIFE INC	$1,118,000	-1.4%	18,110	-4.4%	0.26%	-3.0%
C	Sell	CITIGROUP INC	$1,037,000	-3.5%	14,770	-2.8%	0.24%	-4.8%
PST	Sell	PROSHARES TR ETF	$969,000	-20.1%	59,550	-19.5%	0.22%	-21.4%
OXY	Sell	OCCIDENTAL PETE CORP	$846,000	-10.1%	28,600	-5.0%	0.20%	-11.3%
BABA	Sell	ALIBABA GROUP HLDG	$825,000	-38.1%	5,575	-5.1%	0.19%	-38.8%
BSV	Buy	VANGUARD BD INDEX FDetf short trm bond	$361,000	+32.2%	4,400	+32.3%	0.08%	+29.7%
PFE	Buy	PFIZER INC	$335,000	+17.5%	7,796	+7.2%	0.08%	+14.9%
GOOGL	Sell	ALPHABET INCclass a	$299,000	-40.0%	112	-45.1%	0.07%	-41.0%
RDSA	Sell	ROYAL DUTCH SHELLspons adr a	$230,000	-18.7%	5,160	-26.3%	0.05%	-19.7%
BND	New	VANGUARD BD INDEX FDtotal bnd mrkt etf	$215,000	–	2,520	–	0.05%	–
V	Exit	VISA INCclass a	$0	–	-870	–	-0.05%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-15,225	–	-0.19%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-217,000	–	-0.68%	–
IWM	Exit	ISHARESrussell 2000 etf	$0	–	-39,883	–	-2.15%	–

Q2 2021

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRunits ser 1 s&p	$84,147,000	–	196,578	–	19.74%	–
XBI	New	SPDR S&P BIOTECHspdr series trust	$32,125,000	–	237,259	–	7.54%	–
UPRO	New	PROSHARES TRultrpro s&p500	$29,534,000	–	260,460	–	6.93%	–
XAR	New	SPDR SERIES TRUSTaerospace def	$27,241,000	–	205,900	–	6.39%	–
ACWX	New	ISHARESmsci acwi us etf	$22,321,000	–	388,120	–	5.24%	–
MDY	New	SPDR S&P MIDCAP 400utser1 s&pdcrp	$20,865,000	–	42,495	–	4.89%	–
IHI	New	ISHARESu.s. med dvc etf	$20,252,000	–	56,093	–	4.75%	–
XLV	New	SELECT SECTOR SPDRhealth care	$19,725,000	–	156,610	–	4.63%	–
XLK	New	SELECT SECTOR SPDRsbi int-tech	$14,859,000	–	100,630	–	3.49%	–
XLY	New	SELECT SECTOR SPDRsbi cons discr	$14,320,000	–	80,200	–	3.36%	–
MSFT	New	MICROSOFT CORP	$12,106,000	–	44,688	–	2.84%	–
BRKB	New	BERKSHIRE HATHAWAYclass b	$10,598,000	–	38,135	–	2.49%	–
IWM	New	ISHARESrussell 2000 etf	$9,148,000	–	39,883	–	2.15%	–
EWT	New	ISHARES INCmsci taiwan etf	$8,951,000	–	139,970	–	2.10%	–
JPM	New	JPMORGAN CHASE & CO	$7,692,000	–	49,455	–	1.80%	–
EWC	New	ISHARES INCmsci cda index	$7,461,000	–	200,185	–	1.75%	–
EWJ	New	ISHARES INCmsci japan etf	$7,351,000	–	108,835	–	1.72%	–
BMY	New	BRISTOL MYERS SQUIBB	$6,983,000	–	104,511	–	1.64%	–
ADBE	New	ADOBE INC	$5,781,000	–	9,871	–	1.36%	–
VBK	New	VANGUARD INDEX TRsmall cap growth	$4,485,000	–	15,475	–	1.05%	–
FCX	New	FREEPORT-MCMORAN INC	$3,563,000	–	96,000	–	0.84%	–
EWG	New	ISHARESmsci germany etf	$3,272,000	–	94,560	–	0.77%	–
URI	New	UNITED RENTALS INC	$3,056,000	–	9,580	–	0.72%	–
GE	New	GENERAL ELECTRIC CO	$2,921,000	–	217,000	–	0.68%	–
FDX	New	FEDEX CORP	$2,871,000	–	9,625	–	0.67%	–
AAPL	New	APPLE INC	$2,834,000	–	20,690	–	0.66%	–
BAC	New	BANK OF AMERICA CORP	$2,684,000	–	65,100	–	0.63%	–
GOOG	New	ALPHABET INCclass c	$2,519,000	–	1,005	–	0.59%	–
M	New	MACYS INC	$2,296,000	–	121,110	–	0.54%	–
MELI	New	MERCADOLIBRE INC	$2,274,000	–	1,460	–	0.53%	–
CMI	New	CUMMINS INC	$2,158,000	–	8,850	–	0.51%	–
FB	New	FACEBOOK INCclass a	$2,112,000	–	6,075	–	0.50%	–
CAT	New	CATERPILLAR INC	$2,078,000	–	9,550	–	0.49%	–
EWD	New	ISHARES INCmsci sweden capped e	$2,070,000	–	44,620	–	0.49%	–
MAT	New	MATTEL INC	$2,002,000	–	99,600	–	0.47%	–
CMCSA	New	COMCAST CORPclass a	$1,825,000	–	32,000	–	0.43%	–
AMZN	New	AMAZON COM INC	$1,675,000	–	487	–	0.39%	–
LAZ	New	LAZARD LTDshares a	$1,643,000	–	36,300	–	0.38%	–
EWU	New	ISHARES TRmsci uk etf	$1,550,000	–	47,415	–	0.36%	–
BABA	New	ALIBABA GROUP HLDG	$1,332,000	–	5,875	–	0.31%	–
ACHC	New	ACADIA HEALTHCAREclass a	$1,264,000	–	20,150	–	0.30%	–
PST	New	PROSHARES TR ETF	$1,213,000	–	73,985	–	0.28%	–
WFC	New	WELLS FARGO & CO	$1,150,000	–	25,400	–	0.27%	–
MET	New	METLIFE INC	$1,134,000	–	18,950	–	0.27%	–
C	New	CITIGROUP INC	$1,075,000	–	15,190	–	0.25%	–
OXY	New	OCCIDENTAL PETE CORP	$941,000	–	30,100	–	0.22%	–
PFF	New	ISHARES TRpfd and incm sec	$826,000	–	21,010	–	0.19%	–
LVS	New	LAS VEGAS SANDS CORP	$802,000	–	15,225	–	0.19%	–
LYB	New	LYONDELLBASELL INDUSshares a	$777,000	–	7,550	–	0.18%	–
SCZ	New	ISHARESeafe sml cp etf	$532,000	–	7,180	–	0.12%	–
GOOGL	New	ALPHABET INCclass a	$498,000	–	204	–	0.12%	–
RDSB	New	ROYAL DUTCH SHELLspon adr b	$381,000	–	9,800	–	0.09%	–
TBT	New	PROSHARES TR	$378,000	–	20,080	–	0.09%	–
VGK	New	VANGUARD INTL EQ INDftse europe etf	$375,000	–	5,580	–	0.09%	–
EEMV	New	ISHARES INCmsci emerg mrkt	$352,000	–	5,480	–	0.08%	–
PFE	New	PFIZER INC	$285,000	–	7,269	–	0.07%	–
RDSA	New	ROYAL DUTCH SHELLspons adr a	$283,000	–	7,000	–	0.07%	–
MRK	New	MERCK & CO INC	$279,000	–	3,585	–	0.06%	–
BSV	New	VANGUARD BD INDEX FDetf short trm bond	$273,000	–	3,325	–	0.06%	–
EEM	New	ISHARESemerg mkts etf	$264,000	–	4,780	–	0.06%	–
VPL	New	VANGUARD INTL EQ INDpacific	$252,000	–	3,060	–	0.06%	–
V	New	VISA INCclass a	$203,000	–	870	–	0.05%	–
OPK	New	OPKO HEALTH INC	$79,000	–	19,500	–	0.02%	–

Q3 2020

			Value		Shares		↓ Weighting
	Exit	LOAN FOR JEREMIAH C. JOHNSON3.125 apr 24 22	$0	–	-18,983	–	-0.01%	–
OPK	Exit	OPKO HEALTH INC	$0	–	-19,500	–	-0.02%	–
VPL	Exit	VANGUARD INTL EQ INDpacific	$0	–	-3,170	–	-0.08%	–
MSGN	Exit	MSG NETWORKS INC	$0	–	-20,500	–	-0.08%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-4,550	–	-0.08%	–
V	Exit	VISA INCclass a	$0	–	-1,370	–	-0.10%	–
VGK	Exit	VANGUARD INTL EQ INDftse europe etf	$0	–	-5,670	–	-0.11%	–
EEMV	Exit	ISHARESmsci emrg mkts min v	$0	–	-5,510	–	-0.11%	–
GOOGL	Exit	ALPHABET INCclass a	$0	–	-204	–	-0.11%	–
MRK	Exit	MERCK & CO INC	$0	–	-4,385	–	-0.13%	–
SCZ	Exit	ISHARESeafe sml cp etf	$0	–	-7,390	–	-0.15%	–
LYB	Exit	LYONDELLBASELL INDUSshares a	$0	–	-7,550	–	-0.19%	–
ACHC	Exit	ACADIA HEALTHCAREclass a	$0	–	-20,150	–	-0.19%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-30,050	–	-0.21%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-21,400	–	-0.21%	–
TBT	Exit	PROSHARES TR	$0	–	-34,456	–	-0.21%	–
PFE	Exit	PFIZER INC	$0	–	-21,900	–	-0.27%	–
PFF	Exit	ISHARES TRpfd and incm sec	$0	–	-21,010	–	-0.28%	–
RDSB	Exit	ROYAL DUTCH SHELLspon adr b	$0	–	-24,950	–	-0.29%	–
M	Exit	MACYS INC	$0	–	-114,310	–	-0.30%	–
C	Exit	CITIGROUP INC	$0	–	-16,090	–	-0.31%	–
STX	Exit	SEAGATE TECHNOLOGY	$0	–	-18,750	–	-0.34%	–
MAT	Exit	MATTEL INC	$0	–	-99,600	–	-0.36%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-24,625	–	-0.42%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-168,000	–	-0.43%	–
CMCSA	Exit	COMCAST CORPclass a	$0	–	-30,000	–	-0.44%	–
CAT	Exit	CATERPILLAR INC	$0	–	-9,950	–	-0.48%	–
BABA	Exit	ALIBABA GROUP HLDG	$0	–	-6,175	–	-0.50%	–
FCX	Exit	FREEPORT-MCMORAN INC	$0	–	-117,615	–	-0.52%	–
FDX	Exit	FEDEX CORP	$0	–	-10,615	–	-0.56%	–
PST	Exit	PROSHARES TR ETF	$0	–	-98,546	–	-0.57%	–
AMZN	Exit	AMAZON COM INC	$0	–	-547	–	-0.57%	–
FB	Exit	FACEBOOK INCclass a	$0	–	-6,760	–	-0.58%	–
CMI	Exit	CUMMINS INC	$0	–	-8,950	–	-0.59%	–
GOOG	Exit	ALPHABET INCclass c	$0	–	-1,135	–	-0.61%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-69,400	–	-0.62%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-1,750	–	-0.65%	–
URI	Exit	UNITED RENTALS INC	$0	–	-12,455	–	-0.70%	–
MUB	Exit	ISHARES TRnatl amt free muni b	$0	–	-18,896	–	-0.83%	–
AAPL	Exit	APPLE INC	$0	–	-6,111	–	-0.84%	–
EWG	Exit	ISHARESmsci germany etf	$0	–	-86,115	–	-0.88%	–
ADBE	Exit	ADOBE INC	$0	–	-5,830	–	-0.96%	–
VBK	Exit	VANGUARD INDEX TRsmall cap growth	$0	–	-13,530	–	-1.02%	–
BMY	Exit	BRISTOL MYERS SQUIBB	$0	–	-62,160	–	-1.38%	–
EWC	Exit	ISHARES INCmsci cda index	$0	–	-187,460	–	-1.84%	–
EWJ	Exit	ISHARES INCmsci japan etf	$0	–	-101,230	–	-2.11%	–
EWT	Exit	ISHARES INCmsci taiwan etf	$0	–	-142,122	–	-2.16%	–
BRKB	Exit	BERKSHIRE HATHAWAYclass b	$0	–	-32,382	–	-2.19%	–
ACWX	Exit	ISHARESmsci acwi us etf	$0	–	-151,945	–	-2.49%	–
XLB	Exit	SELECT SECTOR SPDRmaterials	$0	–	-117,840	–	-2.52%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-37,800	–	-2.91%	–
XLF	Exit	SELECT SECTOR SPDRamex financial index	$0	–	-434,475	–	-3.81%	–
XLI	Exit	SELECT SECTOR SPDRamex industrial sel	$0	–	-151,100	–	-3.93%	–
XLK	Exit	SELECT SECTOR SPDRsbi int-tech	$0	–	-109,970	–	-4.35%	–
MDY	Exit	SPDR S&P MIDCAP 400etf trutser1 s&pdcr	$0	–	-38,580	–	-4.74%	–
XLV	Exit	SELECT SECTOR SPDRhealth care	$0	–	-133,600	–	-5.06%	–
XBI	Exit	SPDR S&P BIOTECHspdr series trust	$0	–	-120,269	–	-5.10%	–
IHI	Exit	ISHARESu.s. med dvc etf	$0	–	-55,959	–	-5.61%	–
UPRO	Exit	PROSHARES TRultrpro s&p500	$0	–	-334,690	–	-5.62%	–
XAR	Exit	SPDR SERIES TRUSTaerospace def	$0	–	-194,280	–	-6.45%	–
SPY	Exit	SPDR S&P 500 ETF TRunits ser 1 s&p	$0	–	-86,583	–	-10.11%	–
IVV	Exit	ISHARES TRUSTcore s&p 500 etf	$0	–	-91,170	–	-10.69%	–

Q2 2020

			Value		Shares		↓ Weighting
IVV	New	ISHARES TRUSTcore s&p 500 etf	$28,234,000	–	91,170	–	10.69%	–
SPY	New	SPDR S&P 500 ETF TRunits ser 1 s&p	$26,699,000	–	86,583	–	10.11%	–
XAR	New	SPDR SERIES TRUSTaerospace def	$17,036,000	–	194,280	–	6.45%	–
UPRO	New	PROSHARES TRultrpro s&p500	$14,847,000	–	334,690	–	5.62%	–
IHI	New	ISHARESu.s. med dvc etf	$14,816,000	–	55,959	–	5.61%	–
XBI	New	SPDR S&P BIOTECHspdr series trust	$13,464,000	–	120,269	–	5.10%	–
XLV	New	SELECT SECTOR SPDRhealth care	$13,369,000	–	133,600	–	5.06%	–
MDY	New	SPDR S&P MIDCAP 400etf trutser1 s&pdcr	$12,519,000	–	38,580	–	4.74%	–
XLK	New	SELECT SECTOR SPDRsbi int-tech	$11,491,000	–	109,970	–	4.35%	–
XLI	New	SELECT SECTOR SPDRamex industrial sel	$10,381,000	–	151,100	–	3.93%	–
XLF	New	SELECT SECTOR SPDRamex financial index	$10,054,000	–	434,475	–	3.81%	–
MSFT	New	MICROSOFT CORP	$7,693,000	–	37,800	–	2.91%	–
XLB	New	SELECT SECTOR SPDRmaterials	$6,640,000	–	117,840	–	2.52%	–
ACWX	New	ISHARESmsci acwi us etf	$6,570,000	–	151,945	–	2.49%	–
BRKB	New	BERKSHIRE HATHAWAYclass b	$5,781,000	–	32,382	–	2.19%	–
EWT	New	ISHARES INCmsci taiwan etf	$5,716,000	–	142,122	–	2.16%	–
EWJ	New	ISHARES INCmsci japan etf	$5,560,000	–	101,230	–	2.11%	–
EWC	New	ISHARES INCmsci cda index	$4,851,000	–	187,460	–	1.84%	–
BMY	New	BRISTOL MYERS SQUIBB	$3,655,000	–	62,160	–	1.38%	–
VBK	New	VANGUARD INDEX TRsmall cap growth	$2,701,000	–	13,530	–	1.02%	–
ADBE	New	ADOBE INC	$2,538,000	–	5,830	–	0.96%	–
EWG	New	ISHARESmsci germany etf	$2,335,000	–	86,115	–	0.88%	–
AAPL	New	APPLE INC	$2,229,000	–	6,111	–	0.84%	–
MUB	New	ISHARES TRnatl amt free muni b	$2,181,000	–	18,896	–	0.83%	–
URI	New	UNITED RENTALS INC	$1,856,000	–	12,455	–	0.70%	–
MELI	New	MERCADOLIBRE INC	$1,725,000	–	1,750	–	0.65%	–
BAC	New	BANK OF AMERICA CORP	$1,648,000	–	69,400	–	0.62%	–
GOOG	New	ALPHABET INCclass c	$1,604,000	–	1,135	–	0.61%	–
CMI	New	CUMMINS INC	$1,551,000	–	8,950	–	0.59%	–
FB	New	FACEBOOK INCclass a	$1,535,000	–	6,760	–	0.58%	–
AMZN	New	AMAZON COM INC	$1,509,000	–	547	–	0.57%	–
PST	New	PROSHARES TR ETF	$1,505,000	–	98,546	–	0.57%	–
FDX	New	FEDEX CORP	$1,488,000	–	10,615	–	0.56%	–
FCX	New	FREEPORT-MCMORAN INC	$1,361,000	–	117,615	–	0.52%	–
BABA	New	ALIBABA GROUP HLDG	$1,332,000	–	6,175	–	0.50%	–
CAT	New	CATERPILLAR INC	$1,259,000	–	9,950	–	0.48%	–
CMCSA	New	COMCAST CORPclass a	$1,169,000	–	30,000	–	0.44%	–
GE	New	GENERAL ELECTRIC CO	$1,147,000	–	168,000	–	0.43%	–
LVS	New	LAS VEGAS SANDS CORP	$1,121,000	–	24,625	–	0.42%	–
MAT	New	MATTEL INC	$963,000	–	99,600	–	0.36%	–
STX	New	SEAGATE TECHNOLOGY	$908,000	–	18,750	–	0.34%	–
C	New	CITIGROUP INC	$822,000	–	16,090	–	0.31%	–
M	New	MACYS INC	$786,000	–	114,310	–	0.30%	–
RDSB	New	ROYAL DUTCH SHELLspon adr b	$760,000	–	24,950	–	0.29%	–
PFF	New	ISHARES TRpfd and incm sec	$728,000	–	21,010	–	0.28%	–
PFE	New	PFIZER INC	$716,000	–	21,900	–	0.27%	–
WFC	New	WELLS FARGO & CO	$548,000	–	21,400	–	0.21%	–
TBT	New	PROSHARES TR	$548,000	–	34,456	–	0.21%	–
OXY	New	OCCIDENTAL PETE CORP	$550,000	–	30,050	–	0.21%	–
ACHC	New	ACADIA HEALTHCAREclass a	$506,000	–	20,150	–	0.19%	–
LYB	New	LYONDELLBASELL INDUSshares a	$496,000	–	7,550	–	0.19%	–
SCZ	New	ISHARESeafe sml cp etf	$396,000	–	7,390	–	0.15%	–
MRK	New	MERCK & CO INC	$339,000	–	4,385	–	0.13%	–
EEMV	New	ISHARESmsci emrg mkts min v	$287,000	–	5,510	–	0.11%	–
GOOGL	New	ALPHABET INCclass a	$289,000	–	204	–	0.11%	–
VGK	New	VANGUARD INTL EQ INDftse europe etf	$285,000	–	5,670	–	0.11%	–
V	New	VISA INCclass a	$265,000	–	1,370	–	0.10%	–
CSCO	New	CISCO SYSTEMS INC	$212,000	–	4,550	–	0.08%	–
MSGN	New	MSG NETWORKS INC	$204,000	–	20,500	–	0.08%	–
VPL	New	VANGUARD INTL EQ INDpacific	$202,000	–	3,170	–	0.08%	–
OPK	New	OPKO HEALTH INC	$66,000	–	19,500	–	0.02%	–
	New	LOAN FOR JEREMIAH C. JOHNSON3.125 apr 24 22	$19,000	–	18,983	–	0.01%	–

Q4 2019

			Value		Shares		↓ Weighting
	Exit	LOAN FOR JEREMIAH C. JOHNSON3.125 apr 24 22	$0	–	-26,550	–	-0.01%	–
OPK	Exit	OPKO HEALTH INC	$0	–	-19,500	–	-0.01%	–
EPD	Exit	ENTERPRISE PRODS	$0	–	-7,840	–	-0.06%	–
UTX	Exit	UNITED TECHNOLOGIES	$0	–	-1,695	–	-0.06%	–
MA	Exit	MASTERCARD INCclass a	$0	–	-900	–	-0.07%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-1,470	–	-0.07%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-5,550	–	-0.08%	–
VPL	Exit	VANGUARD INTL EQ INDpacific	$0	–	-4,180	–	-0.08%	–
GOOGL	Exit	ALPHABET INCclass a	$0	–	-234	–	-0.08%	–
ORCL	Exit	ORACLE CORP	$0	–	-5,332	–	-0.08%	–
PFF	Exit	ISHARES TRpfd and incm sec	$0	–	-7,955	–	-0.08%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-2,650	–	-0.09%	–
V	Exit	VISA INCclass a	$0	–	-2,070	–	-0.10%	–
MRK	Exit	MERCK & CO INC	$0	–	-4,385	–	-0.10%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-8,700	–	-0.11%	–
VGK	Exit	VANGUARD INTL EQ INDftse europe etf	$0	–	-7,490	–	-0.11%	–
EEMV	Exit	ISHARESmsci emrg mkts min v	$0	–	-7,220	–	-0.12%	–
CAT	Exit	CATERPILLAR INC	$0	–	-3,550	–	-0.13%	–
SCZ	Exit	ISHARESeafe sml cp etf	$0	–	-9,380	–	-0.15%	–
MSGN	Exit	MSG NETWORKS INC	$0	–	-34,600	–	-0.16%	–
MYL	Exit	MYLAN N Veur0.01	$0	–	-33,730	–	-0.19%	–
M	Exit	MACYS INC	$0	–	-44,710	–	-0.20%	–
ACHC	Exit	ACADIA HEALTHCAREclass a	$0	–	-24,150	–	-0.21%	–
LYB	Exit	LYONDELLBASELL INDUSshares a	$0	–	-10,150	–	-0.26%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-1,900	–	-0.30%	–
MAT	Exit	MATTEL INC	$0	–	-93,100	–	-0.30%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-19,150	–	-0.31%	–
FDX	Exit	FEDEX CORP	$0	–	-7,855	–	-0.32%	–
STX	Exit	SEAGATE TECHNOLOGY	$0	–	-21,850	–	-0.33%	–
GOOG	Exit	ALPHABET INCclass c	$0	–	-977	–	-0.34%	–
FCX	Exit	FREEPORT-MCMORAN INC	$0	–	-125,715	–	-0.34%	–
BABA	Exit	ALIBABA GROUP HLDG	$0	–	-7,575	–	-0.36%	–
C	Exit	CITIGROUP INC	$0	–	-18,980	–	-0.37%	–
FB	Exit	FACEBOOK INCclass a	$0	–	-7,410	–	-0.37%	–
CHK	Exit	CHESAPEAKE ENERGY	$0	–	-975,500	–	-0.39%	–
CTSH	Exit	COGNIZANT TECH SOLNSclass a	$0	–	-23,390	–	-0.40%	–
RDSB	Exit	ROYAL DUTCH SHELLspon adr b	$0	–	-24,550	–	-0.42%	–
AGN	Exit	ALLERGAN PLCshares	$0	–	-8,880	–	-0.42%	–
AAPL	Exit	APPLE INC	$0	–	-6,997	–	-0.44%	–
INTC	Exit	INTEL CORP	$0	–	-30,900	–	-0.45%	–
CMI	Exit	CUMMINS INC	$0	–	-9,900	–	-0.46%	–
URI	Exit	UNITED RENTALS INC	$0	–	-13,055	–	-0.46%	–
MUB	Exit	ISHARES TRnatl amt free muni b	$0	–	-18,106	–	-0.58%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-73,800	–	-0.61%	–
ECH	Exit	ISHARESchile capped etf	$0	–	-67,624	–	-0.72%	–
EWH	Exit	ISHAREShong kong etf	$0	–	-112,830	–	-0.72%	–
EWG	Exit	ISHARESmsci germany etf	$0	–	-100,365	–	-0.76%	–
TBT	Exit	PROSHARES TR	$0	–	-115,871	–	-0.80%	–
BRKB	Exit	BERKSHIRE HATHAWAYclass b	$0	–	-14,967	–	-0.88%	–
FCG	Exit	FIRST TRnat gas etf	$0	–	-307,350	–	-1.00%	–
VBK	Exit	VANGUARD INDEX TRsmall cap growth	$0	–	-21,605	–	-1.11%	–
PST	Exit	PROSHARES TR ETF	$0	–	-251,581	–	-1.31%	–
ILF	Exit	ISHARESlatn amer 40 etf	$0	–	-151,900	–	-1.36%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-38,595	–	-1.52%	–
IYT	Exit	ISHAREStrans avg etf	$0	–	-32,410	–	-1.70%	–
EWT	Exit	ISHARES INCmsci taiwan etf	$0	–	-171,167	–	-1.76%	–
KIE	Exit	SPDR SERIES TRUSTkbw ins etf	$0	–	-177,500	–	-1.77%	–
EWC	Exit	ISHARES INCmsci cda index	$0	–	-217,480	–	-1.78%	–
EWJ	Exit	ISHARES INCmsci japan etf	$0	–	-119,975	–	-1.92%	–
XLY	Exit	SELECT SECTOR SPDRsbi cons discr	$0	–	-59,575	–	-2.03%	–
XLK	Exit	SELECT SECTOR SPDRsbi int-tech	$0	–	-89,690	–	-2.04%	–
XLI	Exit	SELECT SECTOR SPDRamex industrial sel	$0	–	-94,480	–	-2.07%	–
IVV	Exit	ISHARES TRUSTcore s&p 500 etf	$0	–	-32,825	–	-2.77%	–
IWV	Exit	ISHARESrussell 3000 etf	$0	–	-58,024	–	-2.85%	–
ITB	Exit	ISHARESus home cons etf	$0	–	-295,350	–	-3.61%	–
IYZ	Exit	ISHARES	$0	–	-449,650	–	-3.71%	–
XLV	Exit	SELECT SECTOR SPDRhealth care	$0	–	-148,315	–	-3.78%	–
IHI	Exit	ISHARESu.s. med dvc etf	$0	–	-61,919	–	-4.32%	–
XBI	Exit	SPDR S&P BIOTECHspdr series trust	$0	–	-211,059	–	-4.55%	–
XOP	Exit	SPDR S&P O&G EXP&PRDspdr series trust	$0	–	-871,785	–	-5.51%	–
XAR	Exit	SPDR SERIES TRUSTaerospace def	$0	–	-200,905	–	-6.06%	–
MDY	Exit	SPDR S&P MIDCAP 400etf trutser1 s&pdcr	$0	–	-78,550	–	-7.82%	–
UPRO	Exit	PROSHARES TRultrpro s&p500	$0	–	-565,070	–	-8.82%	–
SPY	Exit	SPDR S&P 500 ETF TRunits ser 1 s&p	$0	–	-123,798	–	-10.38%	–

Q3 2019

			Value		Shares		↓ Weighting
SPY	Buy	SPDR S&P 500 ETF TRunits ser 1 s&p	$36,740,000	+75.0%	123,798	+72.8%	10.38%	+46.5%
UPRO	New	PROSHARES TRultrpro s&p500	$31,231,000	–	565,070	–	8.82%	–
MDY	Buy	SPDR S&P MIDCAP 400etf trutser1 s&pdcr	$27,687,000	+1.5%	78,550	+2.1%	7.82%	-15.0%
XAR	Sell	SPDR SERIES TRUSTaerospace def	$21,463,000	-0.8%	200,905	-3.5%	6.06%	-17.0%
XOP	Buy	SPDR S&P O&G EXP&PRDspdr series trust	$19,493,000	+4.3%	871,785	+27.1%	5.51%	-12.7%
XBI	Buy	SPDR S&P BIOTECHspdr series trust	$16,093,000	-10.9%	211,059	+2.5%	4.55%	-25.4%
IHI	Sell	ISHARESu.s. med dvc etf	$15,309,000	-0.2%	61,919	-2.8%	4.32%	-16.5%
XLV	Sell	SELECT SECTOR SPDRhealth care	$13,368,000	-5.8%	148,315	-3.2%	3.78%	-21.1%
IYZ	Buy	ISHARES	$13,134,000	+131.0%	449,650	+132.8%	3.71%	+93.3%
ITB	Buy	ISHARESus home cons etf	$12,792,000	+109.2%	295,350	+84.6%	3.61%	+75.2%
IWV	Sell	ISHARESrussell 3000 etf	$10,083,000	-2.6%	58,024	-3.4%	2.85%	-18.5%
IVV	New	ISHARES TRUSTcore s&p 500 etf	$9,799,000	–	32,825	–	2.77%	–
XLI	New	SELECT SECTOR SPDRamex industrial sel	$7,334,000	–	94,480	–	2.07%	–
XLK	New	SELECT SECTOR SPDRsbi int-tech	$7,223,000	–	89,690	–	2.04%	–
XLY	New	SELECT SECTOR SPDRsbi cons discr	$7,191,000	–	59,575	–	2.03%	–
EWJ	Sell	ISHARES INCmsci japan etf	$6,807,000	-0.3%	119,975	-4.1%	1.92%	-16.5%
EWC	Sell	ISHARES INCmsci cda index	$6,285,000	-3.5%	217,480	-4.5%	1.78%	-19.2%
KIE	Buy	SPDR SERIES TRUSTkbw ins etf	$6,253,000	+5.8%	177,500	+2.1%	1.77%	-11.4%
EWT	Sell	ISHARES INCmsci taiwan etf	$6,224,000	-0.2%	171,167	-4.0%	1.76%	-16.4%
IYT	Buy	ISHAREStrans avg etf	$6,033,000	+0.3%	32,410	+1.4%	1.70%	-16.0%
MSFT	Buy	MICROSOFT CORP	$5,366,000	+34.3%	38,595	+29.4%	1.52%	+12.5%
ILF	Sell	ISHARESlatn amer 40 etf	$4,797,000	-9.4%	151,900	-3.2%	1.36%	-24.2%
VBK	Sell	VANGUARD INDEX TRsmall cap growth	$3,933,000	-4.5%	21,605	-2.4%	1.11%	-20.1%
FCG	Buy	FIRST TRnat gas etf	$3,522,000	+12.1%	307,350	+41.8%	1.00%	-6.1%
BRKB	Buy	BERKSHIRE HATHAWAYclass b	$3,113,000	-0.9%	14,967	+1.6%	0.88%	-17.1%
TBT	Sell	PROSHARES TR	$2,823,000	-16.0%	115,871	-0.3%	0.80%	-29.7%
EWG	Sell	ISHARESmsci germany etf	$2,701,000	-7.1%	100,365	-3.2%	0.76%	-22.2%
EWH	Sell	ISHAREShong kong etf	$2,561,000	-15.2%	112,830	-3.3%	0.72%	-29.0%
ECH	Sell	ISHARESchile capped etf	$2,533,000	-10.7%	67,624	-2.5%	0.72%	-25.2%
BAC	Sell	BANK OF AMERICA CORP	$2,153,000	+0.0%	73,800	-0.5%	0.61%	-16.3%
URI	Buy	UNITED RENTALS INC	$1,627,000	-5.3%	13,055	+0.8%	0.46%	-20.7%
AGN	Sell	ALLERGAN PLCshares	$1,494,000	-4.6%	8,880	-5.1%	0.42%	-20.1%
CHK	Buy	CHESAPEAKE ENERGY	$1,375,000	-0.1%	975,500	+38.3%	0.39%	-16.4%
C	Sell	CITIGROUP INC	$1,311,000	-1.9%	18,980	-0.5%	0.37%	-18.0%
FCX	Buy	FREEPORT-MCMORAN INC	$1,203,000	-16.9%	125,715	+0.8%	0.34%	-30.5%
GOOG	Sell	ALPHABET INCclass c	$1,191,000	-1.3%	977	-12.5%	0.34%	-17.4%
FDX	Buy	FEDEX CORP	$1,143,000	-9.1%	7,855	+2.6%	0.32%	-23.8%
MAT	Buy	MATTEL INC	$1,060,000	+2.7%	93,100	+1.1%	0.30%	-14.1%
M	Buy	MACYS INC	$695,000	-26.8%	44,710	+1.1%	0.20%	-38.8%
MYL	Buy	MYLAN N Veur0.01	$667,000	+6.0%	33,730	+2.1%	0.19%	-11.3%
SCZ	Sell	ISHARESeafe sml cp etf	$537,000	-2.0%	9,380	-1.7%	0.15%	-17.8%
EEMV	Sell	ISHARESmsci emrg mkts min v	$412,000	-4.6%	7,220	-1.6%	0.12%	-20.5%
VGK	Sell	VANGUARD INTL EQ INDftse europe etf	$402,000	-3.8%	7,490	-1.6%	0.11%	-19.1%
OXY	Buy	OCCIDENTAL PETE CORP	$387,000	+64.0%	8,700	+85.1%	0.11%	+36.2%
V	Sell	VISA INCclass a	$356,000	-4.8%	2,070	-3.9%	0.10%	-19.8%
PFF	Sell	ISHARES TRpfd and incm sec	$299,000	-9.4%	7,955	-11.2%	0.08%	-24.3%
ORCL	Sell	ORACLE CORP	$293,000	-16.8%	5,332	-13.8%	0.08%	-30.3%
VPL	Sell	VANGUARD INTL EQ INDpacific	$276,000	-1.4%	4,180	-1.4%	0.08%	-17.0%
	Sell	LOAN FOR JEREMIAH C. JOHNSON3.125 apr 24 22	$27,000	-6.9%	26,550	-8.6%	0.01%	-20.0%
PFE	Exit	PFIZER INC	$0	–	-5,250	–	-0.08%	–
UAL	Exit	UNITED AIRLINES HLDG	$0	–	-11,500	–	-0.34%	–
TGT	Exit	TARGET CORPORATION	$0	–	-19,210	–	-0.56%	–
AAXJ	Exit	ISHARESmsci ac asia etf	$0	–	-78,610	–	-1.85%	–
IEMG	Exit	ISHARES INCcore msci emkt	$0	–	-180,720	–	-3.14%	–
GDX	Exit	VANECK VECTORSgold miner etf	$0	–	-530,860	–	-4.58%	–

Q2 2019

			Value		Shares		↓ Weighting
MDY	New	SPDR S&P MIDCAP 400etf trutser1 s&pdcr	$27,267,000	–	76,897	–	9.20%	–
XAR	New	SPDR SERIES TRUSTaerospace def	$21,633,000	–	208,165	–	7.30%	–
SPY	New	SPDR S&P 500 ETF TRunits ser 1 s&p	$20,992,000	–	71,645	–	7.08%	–
XOP	New	SPDR S&P O&G EXP&PRDspdr series trust	$18,691,000	–	685,915	–	6.31%	–
XBI	New	SPDR S&P BIOTECHspdr series trust	$18,053,000	–	205,829	–	6.09%	–
IHI	New	ISHARESu.s. med dvc etf	$15,342,000	–	63,734	–	5.18%	–
XLV	New	SELECT SECTOR SPDRhealth care	$14,189,000	–	153,160	–	4.79%	–
GDX	New	VANECK VECTORSgold miner etf	$13,569,000	–	530,860	–	4.58%	–
IWV	New	ISHARESrussell 3000 etf	$10,356,000	–	60,084	–	3.50%	–
IEMG	New	ISHARES INCcore msci emkt	$9,296,000	–	180,720	–	3.14%	–
EWJ	New	ISHARES INCmsci japan etf	$6,827,000	–	125,090	–	2.30%	–
EWC	New	ISHARES INCmsci cda index	$6,515,000	–	227,640	–	2.20%	–
EWT	New	ISHARES INCmsci taiwan etf	$6,236,000	–	178,367	–	2.10%	–
ITB	New	ISHARESus home cons etf	$6,114,000	–	159,980	–	2.06%	–
IYT	New	ISHAREStrans avg etf	$6,013,000	–	31,950	–	2.03%	–
KIE	New	SPDR SERIES TRUSTkbw ins etf	$5,908,000	–	173,810	–	1.99%	–
IYZ	New	ISHARES	$5,685,000	–	193,170	–	1.92%	–
AAXJ	New	ISHARESmsci ac asia etf	$5,486,000	–	78,610	–	1.85%	–
ILF	New	ISHARESlatn amer 40 etf	$5,294,000	–	156,910	–	1.79%	–
PST	New	PROSHARES TR ETF	$4,891,000	–	251,581	–	1.65%	–
VBK	New	VANGUARD INDEX TRsmall cap growth	$4,120,000	–	22,125	–	1.39%	–
MSFT	New	MICROSOFT CORP	$3,995,000	–	29,825	–	1.35%	–
TBT	New	PROSHARES TR	$3,362,000	–	116,176	–	1.14%	–
BRKB	New	BERKSHIRE HATHAWAYclass b	$3,141,000	–	14,737	–	1.06%	–
FCG	New	FIRST TRnat gas etf	$3,141,000	–	216,740	–	1.06%	–
EWH	New	ISHAREShong kong etf	$3,019,000	–	116,660	–	1.02%	–
EWG	New	ISHARESmsci germany etf	$2,907,000	–	103,635	–	0.98%	–
ECH	New	ISHARESchile capped etf	$2,837,000	–	69,384	–	0.96%	–
BAC	New	BANK OF AMERICA CORP	$2,152,000	–	74,200	–	0.73%	–
MUB	New	ISHARES TRnatl amt free muni b	$2,048,000	–	18,106	–	0.69%	–
URI	New	UNITED RENTALS INC	$1,718,000	–	12,955	–	0.58%	–
CMI	New	CUMMINS INC	$1,696,000	–	9,900	–	0.57%	–
TGT	New	TARGET CORPORATION	$1,664,000	–	19,210	–	0.56%	–
RDSB	New	ROYAL DUTCH SHELLspon adr b	$1,614,000	–	24,550	–	0.54%	–
AGN	New	ALLERGAN PLCshares	$1,566,000	–	9,355	–	0.53%	–
CTSH	New	COGNIZANT TECH SOLNSclass a	$1,483,000	–	23,390	–	0.50%	–
INTC	New	INTEL CORP	$1,479,000	–	30,900	–	0.50%	–
FCX	New	FREEPORT-MCMORAN INC	$1,448,000	–	124,715	–	0.49%	–
FB	New	FACEBOOK INCclass a	$1,430,000	–	7,410	–	0.48%	–
AAPL	New	APPLE INC	$1,385,000	–	6,997	–	0.47%	–
CHK	New	CHESAPEAKE ENERGY	$1,376,000	–	705,500	–	0.46%	–
C	New	CITIGROUP INC	$1,336,000	–	19,080	–	0.45%	–
BABA	New	ALIBABA GROUP HLDGsponsored ads	$1,284,000	–	7,575	–	0.43%	–
FDX	New	FEDEX CORP	$1,257,000	–	7,655	–	0.42%	–
GOOG	New	ALPHABET INCclass c	$1,207,000	–	1,117	–	0.41%	–
MELI	New	MERCADOLIBRE INC	$1,162,000	–	1,900	–	0.39%	–
LVS	New	LAS VEGAS SANDS CORP	$1,132,000	–	19,150	–	0.38%	–
STX	New	SEAGATE TECHNOLOGY	$1,030,000	–	21,850	–	0.35%	–
MAT	New	MATTEL INC	$1,032,000	–	92,100	–	0.35%	–
UAL	New	UNITED AIRLINES HLDG	$1,007,000	–	11,500	–	0.34%	–
M	New	MACYS INC	$949,000	–	44,210	–	0.32%	–
LYB	New	LYONDELLBASELL INDUSshares a	$874,000	–	10,150	–	0.30%	–
ACHC	New	ACADIA HEALTHCAREclass a	$844,000	–	24,150	–	0.28%	–
MSGN	New	MSG NETWORKS INC	$718,000	–	34,600	–	0.24%	–
MYL	New	MYLAN N Veur0.01	$629,000	–	33,030	–	0.21%	–
SCZ	New	ISHARESeafe sml cp etf	$548,000	–	9,540	–	0.18%	–
CAT	New	CATERPILLAR INC	$484,000	–	3,550	–	0.16%	–
EEMV	New	ISHARESmsci emrg mkts min v	$432,000	–	7,340	–	0.15%	–
VGK	New	VANGUARD INTL EQ INDftse europe etf	$418,000	–	7,610	–	0.14%	–
V	New	VISA INCclass a	$374,000	–	2,155	–	0.13%	–
MRK	New	MERCK & CO INC	$368,000	–	4,385	–	0.12%	–
ORCL	New	ORACLE CORP	$352,000	–	6,183	–	0.12%	–
PFF	New	ISHARES TRpfd and incm sec	$330,000	–	8,955	–	0.11%	–
CSCO	New	CISCO SYSTEMS INC	$304,000	–	5,550	–	0.10%	–
JPM	New	JPMORGAN CHASE & CO	$296,000	–	2,650	–	0.10%	–
VPL	New	VANGUARD INTL EQ INDpacific	$280,000	–	4,240	–	0.09%	–
HON	New	HONEYWELL INTL INC	$257,000	–	1,470	–	0.09%	–
GOOGL	New	ALPHABET INCclass a	$253,000	–	234	–	0.08%	–
MA	New	MASTERCARD INCclass a	$238,000	–	900	–	0.08%	–
OXY	New	OCCIDENTAL PETE CORP	$236,000	–	4,700	–	0.08%	–
PFE	New	PFIZER INC	$227,000	–	5,250	–	0.08%	–
EPD	New	ENTERPRISE PRODS	$226,000	–	7,840	–	0.08%	–
UTX	New	UNITED TECHNOLOGIES	$221,000	–	1,695	–	0.08%	–
OPK	New	OPKO HEALTH INC	$48,000	–	19,500	–	0.02%	–
	New	LOAN FOR JEREMIAH C. JOHNSON3.125 apr 24 22	$29,000	–	29,034	–	0.01%	–

Q4 2018

			Value		Shares		↓ Weighting
IBB	Exit	ISHARES Trnasdq bio indx	$0	–	-2,005	–	-0.16%	–
VPL	Exit	VANGUARD MSCI PACIFIC ETFmsci pac etf	$0	–	-3,930	–	-0.19%	–
EEMV	Exit	I SHARES ETFemmkt min vol	$0	–	-4,700	–	-0.19%	–
VGK	Exit	Vanguard Intl Equity Indftse europe etf	$0	–	-6,920	–	-0.26%	–
	Exit	Rydex ETF Trgug s&p 500 eqwi	$0	–	-3,020	–	-0.34%	–
XLB	Exit	Select Sec Spdr Trsbi materials	$0	–	-8,930	–	-0.35%	–
SCJ	Exit	ISHARES ETFmsci japan smc	$0	–	-6,950	–	-0.36%	–
SCZ	Exit	ISHARES TRmsci small cap	$0	–	-8,740	–	-0.36%	–
IJT	Exit	ISHARES TRs&p sml 600 gwt	$0	–	-3,560	–	-0.48%	–
EWG	Exit	ISHARES INCmsci german	$0	–	-59,330	–	-1.18%	–
EPI	Exit	WISDOMTREE TRindia erngs fd	$0	–	-74,040	–	-1.20%	–
EWQ	Exit	ISHARES INCmsci france	$0	–	-59,420	–	-1.25%	–
VBK	Exit	Vanguard Index Fundssm cap grw etf	$0	–	-10,165	–	-1.27%	–
EPOL	Exit	ISHARES TRpolnd invt mkt	$0	–	-79,820	–	-1.28%	–
CQQQ	Exit	INVESCO ETFchina tech	$0	–	-40,500	–	-1.30%	–
EUFN	Exit	ISHARES TRmsci euro fl etf	$0	–	-97,330	–	-1.32%	–
DFJ	Exit	Wisdomtreejapan smcap div	$0	–	-25,800	–	-1.34%	–
QQQ	Exit	POWERSHARES QQQ TRUSTunit ser 1	$0	–	-11,260	–	-1.40%	–
ECH	Exit	ISHARES INCmsci chile inves	$0	–	-50,520	–	-1.53%	–
ILF	Exit	iShareslatin america	$0	–	-73,300	–	-1.54%	–
EWA	Exit	ISHARES INCmsci australia	$0	–	-139,390	–	-2.06%	–
RPV	Exit	Rydex ETF Trgug s&p 500 pu v	$0	–	-45,340	–	-2.08%	–
RSP	Exit	RYDEX ETF TRs&p 500 eq trd	$0	–	-30,965	–	-2.21%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-12,525	–	-2.44%	–
EWC	Exit	ISHARES INCmsci cda index	$0	–	-136,880	–	-2.64%	–
AAXJ	Exit	I SHARES TRmsci ac asia	$0	–	-59,620	–	-2.82%	–
EWT	Exit	ISHARES INCmsci taiwan	$0	–	-113,300	–	-2.86%	–
EWJ	Exit	ISHARES INCmsci japan	$0	–	-74,585	–	-3.01%	–
GDX	Exit	MARKET VECTORS ETFgold mine etf	$0	–	-262,455	–	-3.25%	–
XLV	Exit	SELECT SECTOR SPDR TRsbi healthcare	$0	–	-55,060	–	-3.51%	–
XBI	Exit	SPDR Series Trs&p biotech	$0	–	-56,640	–	-3.64%	–
IWC	Exit	ISHARES TRmico-cap etf	$0	–	-51,700	–	-3.68%	–
QABA	Exit	First TR NASDAQcmnty bnk etf	$0	–	-103,760	–	-3.70%	–
IYT	Exit	ISHARES TRtransp ave idx	$0	–	-29,920	–	-4.10%	–
RHS	Exit	INVESCO ETFs&p500 eql stp	$0	–	-53,360	–	-4.58%	–
KRE	Exit	SPDR SERIES TRUSTs&p regl bkg	$0	–	-123,910	–	-4.93%	–
IHI	Exit	ISHARES TRdj med devices	$0	–	-32,750	–	-4.99%	–
XOP	Exit	SPDR SERIES TRUSTs&p oilgas exp	$0	–	-181,680	–	-5.26%	–
MDY	Exit	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$0	–	-27,840	–	-6.85%	–
XAR	Exit	SPDR SERIES TRUSTaerospace defens	$0	–	-102,795	–	-6.85%	–
IWV	Exit	ISHARES TRrussell 3000 etf	$0	–	-62,850	–	-7.25%	–

Q3 2018

			Value		Shares		↓ Weighting
IWV	Buy	ISHARES TRrussell 3000 etf	$10,829,000	+37.4%	62,850	+29.4%	7.25%	+47.3%
XAR	Buy	SPDR SERIES TRUSTaerospace defens	$10,233,000	+81.0%	102,795	+58.4%	6.85%	+93.9%
MDY	Buy	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$10,230,000	+30.8%	27,840	+26.3%	6.85%	+40.2%
XOP	New	SPDR SERIES TRUSTs&p oilgas exp	$7,865,000	–	181,680	–	5.26%	–
IHI	Sell	ISHARES TRdj med devices	$7,450,000	+5.0%	32,750	-7.4%	4.99%	+12.5%
KRE	Buy	SPDR SERIES TRUSTs&p regl bkg	$7,363,000	+16.1%	123,910	+19.1%	4.93%	+24.4%
RHS	Buy	INVESCO ETFs&p500 eql stp	$6,848,000	+36.7%	53,360	+33.2%	4.58%	+46.5%
IYT	Sell	ISHARES TRtransp ave idx	$6,122,000	+3.4%	29,920	-5.9%	4.10%	+10.8%
QABA	Buy	First TR NASDAQcmnty bnk etf	$5,535,000	+43.6%	103,760	+47.4%	3.70%	+53.9%
IWC	Sell	ISHARES TRmico-cap etf	$5,496,000	-5.3%	51,700	-5.9%	3.68%	+1.5%
XBI	Buy	SPDR Series Trs&p biotech	$5,430,000	+32.0%	56,640	+31.1%	3.64%	+41.5%
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$5,239,000	–	55,060	–	3.51%	–
GDX	Buy	MARKET VECTORS ETFgold mine etf	$4,861,000	-7.7%	262,455	+11.1%	3.25%	-1.1%
EWJ	Sell	ISHARES INCmsci japan	$4,492,000	-0.9%	74,585	-4.7%	3.01%	+6.3%
EWT	Buy	ISHARES INCmsci taiwan	$4,271,000	+82.6%	113,300	+74.4%	2.86%	+95.7%
AAXJ	Sell	I SHARES TRmsci ac asia	$4,210,000	-6.5%	59,620	-5.1%	2.82%	+0.2%
EWC	New	ISHARES INCmsci cda index	$3,939,000	–	136,880	–	2.64%	–
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$3,641,000	-70.1%	12,525	-72.1%	2.44%	-67.9%
RSP	Buy	RYDEX ETF TRs&p 500 eq trd	$3,307,000	+31.6%	30,965	+25.5%	2.21%	+41.0%
RPV	New	Rydex ETF Trgug s&p 500 pu v	$3,113,000	–	45,340	–	2.08%	–
EWA	Sell	ISHARES INCmsci australia	$3,083,000	-5.6%	139,390	-3.5%	2.06%	+1.2%
ILF	Sell	iShareslatin america	$2,301,000	+0.5%	73,300	-5.3%	1.54%	+7.7%
ECH	Sell	ISHARES INCmsci chile inves	$2,288,000	-4.5%	50,520	-2.9%	1.53%	+2.3%
QQQ	Sell	POWERSHARES QQQ TRUSTunit ser 1	$2,092,000	+7.7%	11,260	-0.5%	1.40%	+15.4%
DFJ	Sell	Wisdomtreejapan smcap div	$1,996,000	-4.1%	25,800	-4.6%	1.34%	+2.8%
EUFN	Sell	ISHARES TRmsci euro fl etf	$1,974,000	-2.2%	97,330	-2.5%	1.32%	+4.8%
CQQQ	New	INVESCO ETFchina tech	$1,946,000	–	40,500	–	1.30%	–
EPOL	New	ISHARES TRpolnd invt mkt	$1,905,000	–	79,820	–	1.28%	–
VBK	Sell	Vanguard Index Fundssm cap grw etf	$1,904,000	-4.3%	10,165	-10.2%	1.27%	+2.5%
EWQ	New	ISHARES INCmsci france	$1,865,000	–	59,420	–	1.25%	–
EPI	Sell	WISDOMTREE TRindia erngs fd	$1,785,000	-8.7%	74,040	-4.7%	1.20%	-2.1%
EWG	Sell	ISHARES INCmsci german	$1,764,000	-5.4%	59,330	-4.6%	1.18%	+1.5%
IJT	Buy	ISHARES TRs&p sml 600 gwt	$718,000	+67.4%	3,560	+56.8%	0.48%	+79.5%
SCZ	Sell	ISHARES TRmsci small cap	$544,000	-92.0%	8,740	-91.9%	0.36%	-91.4%
SCJ	Buy	ISHARES ETFmsci japan smc	$542,000	+3.2%	6,950	+3.3%	0.36%	+10.7%
XLB	Sell	Select Sec Spdr Trsbi materials	$517,000	-6.8%	8,930	-6.6%	0.35%	-0.3%
	New	Rydex ETF Trgug s&p 500 eqwi	$508,000	–	3,020	–	0.34%	–
VGK	Sell	Vanguard Intl Equity Indftse europe etf	$389,000	-10.0%	6,920	-10.1%	0.26%	-3.7%
VPL	Sell	VANGUARD MSCI PACIFIC ETFmsci pac etf	$279,000	-8.8%	3,930	-10.1%	0.19%	-2.1%
EEMV	Sell	I SHARES ETFemmkt min vol	$279,000	-7.6%	4,700	-10.1%	0.19%	-1.1%
IBB	Sell	ISHARES Trnasdq bio indx	$244,000	+2.5%	2,005	-7.6%	0.16%	+9.4%
ETP	Exit	Energy Tfr Prtnrsunit lp int	$0	–	-428	–	-0.01%	–
EPD	Exit	Enterprise Prods Partners L	$0	–	-550	–	-0.01%	–
UPRO	Exit	Proshares TRultrapro s&p 500	$0	–	-2,505	–	-0.07%	–
IVV	Exit	ISHARES TRcore s&p 500 etf	$0	–	-1,465	–	-0.25%	–
DFE	Exit	Wisdomtree Treurope smcp dv	$0	–	-29,650	–	-1.21%	–
EWH	Exit	ISHARES INCmsci hong kong	$0	–	-100,190	–	-1.52%	–
VWO	Exit	VANGUARD INTL EQUITYftse emr mkt	$0	–	-116,805	–	-3.08%	–
XLI	Exit	SELECT SECTOR SPDR TRsbi int-inds	$0	–	-70,400	–	-3.15%	–
KBWB	Exit	Powershares ETF Trustkbw bk port	$0	–	-227,765	–	-7.63%	–
XLG	Exit	Rydex ETF TRgug russ top 50	$0	–	-66,470	–	-8.00%	–

Q2 2018

			Value		Shares		↓ Weighting
XLG	New	Rydex ETF TRgug russ top 50	$12,811,000	–	66,470	–	8.00%	–
KBWB	New	Powershares ETF Trustkbw bk port	$12,210,000	–	227,765	–	7.63%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$12,166,000	–	44,845	–	7.60%	–
IWV	New	ISHARES TRrussell 3000 etf	$7,881,000	–	48,560	–	4.92%	–
MDY	New	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$7,823,000	–	22,035	–	4.89%	–
IHI	New	ISHARES TRdj med devices	$7,095,000	–	35,360	–	4.43%	–
SCZ	New	ISHARES TRmsci small cap	$6,802,000	–	108,410	–	4.25%	–
KRE	New	SPDR SERIES TRUSTs&p regl bkg	$6,344,000	–	103,995	–	3.96%	–
IYT	New	ISHARES TRtransp ave idx	$5,922,000	–	31,785	–	3.70%	–
IWC	New	ISHARES TRmico-cap etf	$5,802,000	–	54,930	–	3.62%	–
XAR	New	SPDR SERIES TRUSTaerospace defens	$5,655,000	–	64,905	–	3.53%	–
GDX	New	MARKET VECTORS ETFgold mine etf	$5,269,000	–	236,190	–	3.29%	–
XLI	New	SELECT SECTOR SPDR TRsbi int-inds	$5,043,000	–	70,400	–	3.15%	–
RHS	New	INVESCO ETFs&p500 eql stp	$5,009,000	–	40,070	–	3.13%	–
VWO	New	VANGUARD INTL EQUITYftse emr mkt	$4,929,000	–	116,805	–	3.08%	–
EWJ	New	ISHARES INCmsci japan	$4,531,000	–	78,235	–	2.83%	–
AAXJ	New	I SHARES TRmsci ac asia	$4,504,000	–	62,840	–	2.81%	–
XBI	New	SPDR Series Trs&p biotech	$4,114,000	–	43,220	–	2.57%	–
QABA	New	First TR NASDAQcmnty bnk etf	$3,854,000	–	70,380	–	2.41%	–
EWA	New	ISHARES INCmsci australia	$3,266,000	–	144,450	–	2.04%	–
RSP	New	RYDEX ETF TRs&p 500 eq trd	$2,513,000	–	24,665	–	1.57%	–
EWH	New	ISHARES INCmsci hong kong	$2,426,000	–	100,190	–	1.52%	–
ECH	New	ISHARES INCmsci chile inves	$2,397,000	–	52,040	–	1.50%	–
EWT	New	ISHARES INCmsci taiwan	$2,339,000	–	64,970	–	1.46%	–
ILF	New	iShareslatin america	$2,290,000	–	77,400	–	1.43%	–
DFJ	New	Wisdomtreejapan smcap div	$2,082,000	–	27,040	–	1.30%	–
EUFN	New	ISHARES TRmsci euro fl etf	$2,019,000	–	99,780	–	1.26%	–
VBK	New	Vanguard Index Fundssm cap grw etf	$1,990,000	–	11,320	–	1.24%	–
EPI	New	WISDOMTREE TRindia erngs fd	$1,955,000	–	77,690	–	1.22%	–
QQQ	New	POWERSHARES QQQ TRUSTunit ser 1	$1,942,000	–	11,315	–	1.21%	–
DFE	New	Wisdomtree Treurope smcp dv	$1,935,000	–	29,650	–	1.21%	–
EWG	New	ISHARES INCmsci german	$1,864,000	–	62,190	–	1.16%	–
XLB	New	Select Sec Spdr Trsbi materials	$555,000	–	9,560	–	0.35%	–
SCJ	New	ISHARES ETFmsci japan smc	$525,000	–	6,730	–	0.33%	–
VGK	New	Vanguard Intl Equity Indftse europe etf	$432,000	–	7,700	–	0.27%	–
IJT	New	ISHARES TRs&p sml 600 gwt	$429,000	–	2,270	–	0.27%	–
IVV	New	ISHARES TRcore s&p 500 etf	$400,000	–	1,465	–	0.25%	–
VPL	New	VANGUARD MSCI PACIFIC ETFmsci pac etf	$306,000	–	4,370	–	0.19%	–
EEMV	New	I SHARES ETFemmkt min vol	$302,000	–	5,230	–	0.19%	–
IBB	New	ISHARES Trnasdq bio indx	$238,000	–	2,170	–	0.15%	–
UPRO	New	Proshares TRultrapro s&p 500	$117,000	–	2,505	–	0.07%	–
EPD	New	Enterprise Prods Partners L	$15,000	–	550	–	0.01%	–
ETP	New	Energy Tfr Prtnrsunit lp int	$8,000	–	428	–	0.01%	–

Q4 2017

			Value		Shares		↓ Weighting
VPL	Exit	VANGUARD MSCI PACIFIC ETFmsci pac etf	$0	–	-4,750	–	-0.20%	–
EEMV	Exit	I SHARES ETFemmkt min vol	$0	–	-5,690	–	-0.20%	–
XBI	Exit	SPDR Series Trs&p biotech	$0	–	-4,100	–	-0.22%	–
IVV	Exit	ISHARES TRcore s&p 500 etf	$0	–	-1,580	–	-0.24%	–
VGK	Exit	Vanguard Intl Equity Indftse europe etf	$0	–	-8,410	–	-0.30%	–
SCJ	Exit	ISHARES ETFmsci japan smc	$0	–	-7,040	–	-0.32%	–
XLP	Exit	SELECT SECTOR SPDR TRsbi cons stpls	$0	–	-14,590	–	-0.48%	–
VCR	Exit	Vanguard World Fdcons dis etf	$0	–	-6,880	–	-0.60%	–
XLG	Exit	Rydex ETF TRgug russ top 50	$0	–	-6,135	–	-0.67%	–
EWT	Exit	ISHARES INCmsci taiwan	$0	–	-33,120	–	-0.73%	–
MDY	Exit	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$0	–	-4,130	–	-0.83%	–
ECH	Exit	ISHARES INCmsci chile inves	$0	–	-33,460	–	-1.00%	–
VBK	Exit	Vanguard Index Fundssm cap grw etf	$0	–	-12,075	–	-1.13%	–
EPI	Exit	WISDOMTREE TRindia erngs fd	$0	–	-77,280	–	-1.19%	–
EWG	Exit	ISHARES INCmsci german	$0	–	-61,650	–	-1.22%	–
DFE	Exit	Wisdomtree Treurope smcp dv	$0	–	-29,310	–	-1.25%	–
DFJ	Exit	Wisdomtreejapan smcap div	$0	–	-27,240	–	-1.25%	–
EWH	Exit	ISHARES INCmsci hong kong	$0	–	-100,280	–	-1.52%	–
EWA	Exit	ISHARES INCmsci australia	$0	–	-121,640	–	-1.67%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-13,060	–	-2.01%	–
QQQ	Exit	POWERSHARES QQQ TRUSTunit ser 1	$0	–	-24,120	–	-2.15%	–
ILF	Exit	iShareslatin america	$0	–	-110,340	–	-2.37%	–
EWJ	Exit	ISHARES INCmsci japan	$0	–	-78,635	–	-2.68%	–
AAXJ	Exit	I SHARES TRmsci ac asia	$0	–	-64,170	–	-2.84%	–
XLB	Exit	Select Sec Spdr Trsbi materials	$0	–	-88,260	–	-3.07%	–
VWO	Exit	VANGUARD INTL EQUITYftse emr mkt	$0	–	-115,110	–	-3.07%	–
XLI	Exit	SELECT SECTOR SPDR TRsbi int-inds	$0	–	-71,000	–	-3.09%	–
GDX	Exit	MARKET VECTORS ETFgold mine etf	$0	–	-220,145	–	-3.10%	–
IGN	Exit	ISHARES TRs&p na multimd	$0	–	-109,910	–	-3.11%	–
FCG	Exit	FIRST TR ISE REVERE NAT GAS	$0	–	-233,860	–	-3.12%	–
XAR	Exit	SPDR SERIES TRUSTaerospace defens	$0	–	-65,950	–	-3.22%	–
XOP	Exit	SPDR SERIES TRUSTs&p oilgas exp	$0	–	-154,410	–	-3.22%	–
KIE	Exit	SPDR SERIES TRUSTs&p ins etf	$0	–	-58,560	–	-3.23%	–
KRE	Exit	SPDR SERIES TRUSTs&p regl bkg	$0	–	-97,710	–	-3.40%	–
IYT	Exit	ISHARES TRtransp ave idx	$0	–	-31,090	–	-3.40%	–
IHI	Exit	ISHARES TRdj med devices	$0	–	-33,260	–	-3.40%	–
IBB	Exit	ISHARES Trnasdq bio indx	$0	–	-16,810	–	-3.44%	–
SCZ	Exit	ISHARES TRmsci small cap	$0	–	-109,520	–	-4.16%	–
RSP	Exit	RYDEX ETF TRs&p 500 eq trd	$0	–	-94,245	–	-5.52%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-183,090	–	-6.63%	–
KBWB	Exit	Powershares ETF Trustkbw bk port	$0	–	-231,990	–	-7.28%	–
DVY	Exit	ISHARES TRselect divid etf	$0	–	-130,335	–	-7.48%	–

Q3 2017

			Value		Shares		↓ Weighting
DVY	Sell	ISHARES TRselect divid etf	$12,206,000	-7.4%	130,335	-8.8%	7.48%	-3.5%
KBWB	Sell	Powershares ETF Trustkbw bk port	$11,878,000	-2.6%	231,990	-6.2%	7.28%	+1.5%
XLK	Sell	SELECT SECTOR SPDR TRtechnology	$10,821,000	-12.7%	183,090	-19.2%	6.63%	-9.0%
RSP	Buy	RYDEX ETF TRs&p 500 eq trd	$9,004,000	+575.5%	94,245	+555.2%	5.52%	+603.6%
SCZ	Sell	ISHARES TRmsci small cap	$6,790,000	-3.7%	109,520	-10.1%	4.16%	+0.4%
IBB	Sell	ISHARES Trnasdq bio indx	$5,608,000	-1.8%	16,810	-8.7%	3.44%	+2.3%
IHI	Sell	ISHARES TRdj med devices	$5,555,000	-10.9%	33,260	-11.1%	3.40%	-7.1%
IYT	Buy	ISHARES TRtransp ave idx	$5,547,000	+289.3%	31,090	+275.5%	3.40%	+305.5%
KRE	Buy	SPDR SERIES TRUSTs&p regl bkg	$5,546,000	+31.5%	97,710	+27.4%	3.40%	+37.1%
KIE	Buy	SPDR SERIES TRUSTs&p ins etf	$5,270,000	+23.9%	58,560	+21.2%	3.23%	+29.1%
XOP	Sell	SPDR SERIES TRUSTs&p oilgas exp	$5,264,000	+1.2%	154,410	-5.3%	3.22%	+5.4%
XAR	Buy	SPDR SERIES TRUSTaerospace defens	$5,263,000	+484.1%	65,950	+415.2%	3.22%	+508.3%
FCG	Sell	FIRST TR ISE REVERE NAT GAS	$5,086,000	+2.6%	233,860	-3.4%	3.12%	+6.9%
IGN	Sell	ISHARES TRs&p na multimd	$5,070,000	-54.9%	109,910	-55.2%	3.11%	-53.0%
GDX	Sell	MARKET VECTORS ETFgold mine etf	$5,055,000	-5.4%	220,145	-9.1%	3.10%	-1.5%
XLI	New	SELECT SECTOR SPDR TRsbi int-inds	$5,041,000	–	71,000	–	3.09%	–
VWO	Sell	VANGUARD INTL EQUITYftse emr mkt	$5,015,000	-3.0%	115,110	-9.1%	3.07%	+1.1%
XLB	Buy	Select Sec Spdr Trsbi materials	$5,013,000	+927.3%	88,260	+873.1%	3.07%	+970.0%
AAXJ	Sell	I SHARES TRmsci ac asia	$4,634,000	-3.9%	64,170	-10.2%	2.84%	+0.2%
EWJ	Sell	ISHARES INCmsci japan	$4,381,000	-6.0%	78,635	-9.5%	2.68%	-2.0%
ILF	Sell	iShareslatin america	$3,872,000	+3.1%	110,340	-11.0%	2.37%	+7.5%
QQQ	Sell	POWERSHARES QQQ TRUSTunit ser 1	$3,508,000	-76.6%	24,120	-77.8%	2.15%	-75.6%
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$3,281,000	-8.1%	13,060	-11.5%	2.01%	-4.2%
EWA	Sell	ISHARES INCmsci australia	$2,730,000	-7.1%	121,640	-10.3%	1.67%	-3.2%
EWH	Sell	ISHARES INCmsci hong kong	$2,476,000	-3.4%	100,280	-8.3%	1.52%	+0.7%
DFJ	Sell	Wisdomtreejapan smcap div	$2,044,000	-2.9%	27,240	-9.3%	1.25%	+1.1%
DFE	Sell	Wisdomtree Treurope smcp dv	$2,036,000	-2.9%	29,310	-9.8%	1.25%	+1.2%
EWG	Sell	ISHARES INCmsci german	$1,999,000	-3.2%	61,650	-9.7%	1.22%	+0.9%
EPI	Sell	WISDOMTREE TRindia erngs fd	$1,945,000	-8.2%	77,280	-10.6%	1.19%	-4.3%
VBK	Sell	Vanguard Index Fundssm cap grw etf	$1,843,000	-74.9%	12,075	-76.1%	1.13%	-73.9%
ECH	Sell	ISHARES INCmsci chile inves	$1,627,000	+6.1%	33,460	-9.1%	1.00%	+10.7%
MDY	Sell	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$1,348,000	-9.1%	4,130	-11.6%	0.83%	-5.3%
EWT	Sell	ISHARES INCmsci taiwan	$1,196,000	-9.7%	33,120	-10.6%	0.73%	-5.8%
XLG	Buy	Rydex ETF TRgug russ top 50	$1,092,000	+52.5%	6,135	+46.6%	0.67%	+58.9%
VCR	Sell	Vanguard World Fdcons dis etf	$986,000	-0.2%	6,880	-1.1%	0.60%	+4.0%
XLP	Sell	SELECT SECTOR SPDR TRsbi cons stpls	$788,000	-2.7%	14,590	-1.1%	0.48%	+1.5%
SCJ	Sell	ISHARES ETFmsci japan smc	$522,000	+5.0%	7,040	-1.1%	0.32%	+9.6%
VGK	Sell	Vanguard Intl Equity Indftse europe etf	$491,000	-1.6%	8,410	-7.1%	0.30%	+2.7%
XBI	Sell	SPDR Series Trs&p biotech	$355,000	+10.6%	4,100	-1.4%	0.22%	+14.8%
EEMV	Sell	I SHARES ETFemmkt min vol	$331,000	-2.4%	5,690	-7.0%	0.20%	+2.0%
VPL	Sell	VANGUARD MSCI PACIFIC ETFmsci pac etf	$324,000	-3.6%	4,750	-6.9%	0.20%	0.0%
ETP	Exit	Energy Tfr Prtnrsunit lp int	$0	–	-428	–	-0.01%	–
EPD	Exit	Enterprise Prods Partners L	$0	–	-550	–	-0.01%	–
UPRO	Exit	Proshares TRultrapro s&p 500	$0	–	-900	–	-0.06%	–
IJR	Exit	ISHARES TRs&p smlcap 600	$0	–	-4,340	–	-0.18%	–
SDOG	Exit	ALPS ETfsector div dogs	$0	–	-143,870	–	-3.61%	–

Q2 2017

			Value		Shares		↓ Weighting
QQQ	New	POWERSHARES QQQ TRUSTunit ser 1	$14,970,000	–	108,760	–	8.80%	–
DVY	New	ISHARES TRselect divid etf	$13,179,000	–	142,925	–	7.75%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$12,396,000	–	226,540	–	7.29%	–
KBWB	New	Powershares ETF Trustkbw bk port	$12,201,000	–	247,290	–	7.17%	–
IGN	New	ISHARES TRs&p na multimd	$11,243,000	–	245,275	–	6.61%	–
VBK	New	Vanguard Index Fundssm cap grw etf	$7,356,000	–	50,480	–	4.32%	–
SCZ	New	ISHARES TRmsci small cap	$7,048,000	–	121,850	–	4.14%	–
IHI	New	ISHARES TRdj med devices	$6,235,000	–	37,420	–	3.66%	–
SDOG	New	ALPS ETfsector div dogs	$6,139,000	–	143,870	–	3.61%	–
IBB	New	ISHARES Trnasdq bio indx	$5,710,000	–	18,415	–	3.36%	–
GDX	New	MARKET VECTORS ETFgold mine etf	$5,346,000	–	242,115	–	3.14%	–
XOP	New	SPDR SERIES TRUSTs&p oilgas exp	$5,203,000	–	163,000	–	3.06%	–
VWO	New	VANGUARD INTL EQUITYftse emr mkt	$5,170,000	–	126,620	–	3.04%	–
FCG	New	FIRST TR ISE REVERE NAT GAS	$4,957,000	–	242,150	–	2.91%	–
AAXJ	New	I SHARES TRmsci ac asia	$4,821,000	–	71,480	–	2.83%	–
EWJ	New	ISHARES INCmsci japan	$4,661,000	–	86,875	–	2.74%	–
KIE	New	SPDR SERIES TRUSTs&p ins etf	$4,254,000	–	48,310	–	2.50%	–
KRE	New	SPDR SERIES TRUSTs&p regl bkg	$4,216,000	–	76,720	–	2.48%	–
ILF	New	iShareslatin america	$3,755,000	–	124,010	–	2.21%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$3,569,000	–	14,760	–	2.10%	–
EWA	New	ISHARES INCmsci australia	$2,940,000	–	135,620	–	1.73%	–
EWH	New	ISHARES INCmsci hong kong	$2,562,000	–	109,360	–	1.51%	–
EPI	New	WISDOMTREE TRindia erngs fd	$2,118,000	–	86,420	–	1.24%	–
DFJ	New	Wisdomtreejapan smcap div	$2,106,000	–	30,040	–	1.24%	–
DFE	New	Wisdomtree Treurope smcp dv	$2,096,000	–	32,480	–	1.23%	–
EWG	New	ISHARES INCmsci german	$2,066,000	–	68,240	–	1.21%	–
ECH	New	ISHARES INCmsci chile inves	$1,533,000	–	36,790	–	0.90%	–
MDY	New	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$1,483,000	–	4,670	–	0.87%	–
IYT	New	ISHARES TRtransp ave idx	$1,425,000	–	8,280	–	0.84%	–
RSP	New	RYDEX ETF TRs&p 500 eq trd	$1,333,000	–	14,385	–	0.78%	–
EWT	New	ISHARES INCmsci taiwan	$1,324,000	–	37,030	–	0.78%	–
VCR	New	Vanguard World Fdcons dis etf	$988,000	–	6,960	–	0.58%	–
XAR	New	SPDR SERIES TRUSTaerospace defens	$901,000	–	12,800	–	0.53%	–
XLP	New	SELECT SECTOR SPDR TRsbi cons stpls	$810,000	–	14,750	–	0.48%	–
XLG	New	Rydex ETF TRgug russ top 50	$716,000	–	4,185	–	0.42%	–
VGK	New	Vanguard Intl Equity Indftse europe etf	$499,000	–	9,050	–	0.29%	–
SCJ	New	ISHARES ETFmsci japan smc	$497,000	–	7,120	–	0.29%	–
XLB	New	Select Sec Spdr Trsbi materials	$488,000	–	9,070	–	0.29%	–
IVV	New	ISHARES TRcore s&p 500 etf	$385,000	–	1,580	–	0.23%	–
EEMV	New	I SHARES ETFemmkt min vol	$339,000	–	6,120	–	0.20%	–
VPL	New	VANGUARD MSCI PACIFIC ETFmsci pac etf	$336,000	–	5,100	–	0.20%	–
XBI	New	SPDR Series Trs&p biotech	$321,000	–	4,160	–	0.19%	–
IJR	New	ISHARES TRs&p smlcap 600	$304,000	–	4,340	–	0.18%	–
UPRO	New	Proshares TRultrapro s&p 500	$93,000	–	900	–	0.06%	–
EPD	New	Enterprise Prods Partners L	$15,000	–	550	–	0.01%	–
ETP	New	Energy Tfr Prtnrsunit lp int	$9,000	–	428	–	0.01%	–

Q4 2016

			Value		Shares		↓ Weighting
DKL	Exit	Delek Logistics Partn Lp	$0	–	-320	–	-0.01%	–
EQM	Exit	EQT Midstream Partn Lpunit ltd partn	$0	–	-140	–	-0.01%	–
VLP	Exit	Valero Energy Partn LP	$0	–	-240	–	-0.01%	–
PBFX	Exit	PBF Logistics LPunit ltd ptnr	$0	–	-500	–	-0.01%	–
DM	Exit	Dominion Midstream Partn	$0	–	-530	–	-0.01%	–
PSXP	Exit	Phillips 66 Partn LP	$0	–	-240	–	-0.01%	–
SXL	Exit	SUNOCO LOGISTICS PTNRS LP	$0	–	-460	–	-0.01%	–
WNRL	Exit	Western Refng Logistics	$0	–	-580	–	-0.01%	–
TCP	Exit	TC Pipelines LP	$0	–	-240	–	-0.01%	–
APU	Exit	AMERIGAS PTNRS LPunit lp int	$0	–	-300	–	-0.01%	–
TLLP	Exit	TESORO LOGISTICS LP	$0	–	-315	–	-0.01%	–
SHLX	Exit	Shell Midstream Partn Lpunit ltd int	$0	–	-470	–	-0.01%	–
HEP	Exit	HOLLY ENERGY PTNRS	$0	–	-440	–	-0.01%	–
MPLX	Exit	MPLX LP	$0	–	-510	–	-0.01%	–
BPL	Exit	BUCKEYE PTNRSunit ltd ptnrs	$0	–	-240	–	-0.01%	–
CNNX	Exit	CONE MIDSTREAM PTNR	$0	–	-860	–	-0.01%	–
GEL	Exit	GENESIS ENERGYunit ltd ptnr	$0	–	-470	–	-0.01%	–
WES	Exit	WESTERN GAS PTNRS LP	$0	–	-350	–	-0.01%	–
SEP	Exit	SPECTRA ENERGY PTNRS LP	$0	–	-440	–	-0.01%	–
MMP	Exit	MAGELLAN MIDSTREAM PTNRS	$0	–	-320	–	-0.01%	–
EPD	Exit	Enterprise Prods Partners L	$0	–	-1,350	–	-0.02%	–
SPXL	Exit	DIREXION S&P 500 ETFs&p 500	$0	–	-870	–	-0.05%	–
VPL	Exit	VANGUARD MSCI PACIFIC ETFmsci pac etf	$0	–	-7,195	–	-0.24%	–
XLB	Exit	Select Sec Spdr Trsbi materials	$0	–	-13,170	–	-0.35%	–
XLV	Exit	SELECT SECTOR SPDR TRsbi healthcare	$0	–	-9,130	–	-0.37%	–
	Exit	ISHARESmsci japan smc e	$0	–	-10,380	–	-0.37%	–
DFE	Exit	Wisdomtree Treurope smcp dv	$0	–	-20,540	–	-0.63%	–
XLP	Exit	SELECT SECTOR SPDR TRsbi cons stpls	$0	–	-21,440	–	-0.64%	–
EWG	Exit	ISHARES INCmsci german	$0	–	-45,900	–	-0.67%	–
VCR	Exit	Vanguard World Fdcons dis etf	$0	–	-10,200	–	-0.72%	–
EWJ	Exit	ISHARES INCmsci japan	$0	–	-122,250	–	-0.85%	–
QQQ	Exit	POWERSHARES QQQ TRUSTunit ser 1	$0	–	-17,090	–	-1.13%	–
EPI	Exit	WISDOMTREE TRindia erngs fd	$0	–	-101,170	–	-1.22%	–
ILF	Exit	iShareslatin america	$0	–	-88,700	–	-1.38%	–
MDY	Exit	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$0	–	-9,295	–	-1.46%	–
EWA	Exit	ISHARES INCmsci australia	$0	–	-149,890	–	-1.74%	–
	Exit	I SHARESem mkt min vol e	$0	–	-66,710	–	-2.01%	–
VWO	Exit	VANGUARD INTNL EQUITYftse emr mkt etf	$0	–	-110,300	–	-2.31%	–
HEDJ	Exit	Wisdom Treeeurope hedge eq	$0	–	-81,613	–	-2.44%	–
FCG	Exit	FIRST TR ISE REVERE NAT GAS	$0	–	-170,980	–	-2.52%	–
XOP	Exit	SPDR SERIES TRUSTs&p oilgas exp	$0	–	-120,080	–	-2.57%	–
AAXJ	Exit	I SHARES TRmsci ac asia	$0	–	-86,340	–	-2.91%	–
XHB	Exit	SPDR SERIES TRUSTs&p homebuild	$0	–	-160,360	–	-3.03%	–
KBWB	Exit	Powershares ETF Trustkbw bk port	$0	–	-150,220	–	-3.05%	–
KRE	Exit	SPDR SERIES TRUSTs&p regl bkg	$0	–	-130,990	–	-3.08%	–
OIH	Exit	Market Vectors ETF TRoil svcs etf	$0	–	-195,960	–	-3.20%	–
IHI	Exit	ISHARES TRdj med devices	$0	–	-40,440	–	-3.28%	–
ITB	Exit	Ishares Trus home cons etf	$0	–	-229,240	–	-3.52%	–
DXJ	Exit	WISDOMTREE TRjp total divid	$0	–	-171,439	–	-4.10%	–
SCZ	Exit	ISHARES TRmsci small cap	$0	–	-160,885	–	-4.70%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-39,130	–	-4.71%	–
IGN	Exit	ISHARES TRs&p na multimd	$0	–	-226,455	–	-5.17%	–
RWL	Exit	REVENUESHARES ETF TRlargecap fd	$0	–	-249,445	–	-5.80%	–
IJR	Exit	ISHARES TRs&p smlcap 600	$0	–	-133,650	–	-9.24%	–
RSP	Exit	RYDEX ETF TRs&p 500 eq trd	$0	–	-437,015	–	-20.35%	–

Q3 2016

			Value		Shares		↓ Weighting
RSP	Buy	RYDEX ETF TRs&p 500 eq trd	$36,530,000	+44.9%	437,015	+39.3%	20.35%	+31.0%
IJR	Buy	ISHARES TRs&p smlcap 600	$16,593,000	+37.0%	133,650	+28.3%	9.24%	+23.9%
RWL	Buy	REVENUESHARES ETF TRlargecap fd	$10,422,000	+6.9%	249,445	+4.3%	5.80%	-3.3%
IGN	Sell	ISHARES TRs&p na multimd	$9,278,000	+16.1%	226,455	-1.1%	5.17%	+5.0%
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$8,464,000	+2.4%	39,130	-0.8%	4.71%	-7.4%
SCZ	Sell	ISHARES TRmsci small cap	$8,432,000	+6.5%	160,885	-2.0%	4.70%	-3.8%
DXJ	Sell	WISDOMTREE TRjp total divid	$7,356,000	+9.9%	171,439	-0.7%	4.10%	-0.6%
ITB	Buy	Ishares Trus home cons etf	$6,316,000	+204.5%	229,240	+205.6%	3.52%	+175.3%
IHI	Sell	ISHARES TRdj med devices	$5,880,000	+6.6%	40,440	-0.7%	3.28%	-3.6%
OIH	New	Market Vectors ETF TRoil svcs etf	$5,738,000	–	195,960	–	3.20%	–
KRE	New	SPDR SERIES TRUSTs&p regl bkg	$5,537,000	–	130,990	–	3.08%	–
KBWB	New	Powershares ETF Trustkbw bk port	$5,480,000	–	150,220	–	3.05%	–
XHB	Buy	SPDR SERIES TRUSTs&p homebuild	$5,443,000	+10.5%	160,360	+9.2%	3.03%	-0.0%
AAXJ	Sell	I SHARES TRmsci ac asia	$5,225,000	+8.8%	86,340	-1.7%	2.91%	-1.7%
XOP	New	SPDR SERIES TRUSTs&p oilgas exp	$4,618,000	–	120,080	–	2.57%	–
FCG	New	FIRST TR ISE REVERE NAT GAS	$4,517,000	–	170,980	–	2.52%	–
HEDJ	Sell	Wisdom Treeeurope hedge eq	$4,386,000	+5.6%	81,613	-0.8%	2.44%	-4.6%
VWO	New	VANGUARD INTNL EQUITYftse emr mkt etf	$4,151,000	–	110,300	–	2.31%	–
	Sell	I SHARESem mkt min vol e	$3,606,000	+3.1%	66,710	-1.6%	2.01%	-6.8%
EWA	Sell	ISHARES INCmsci australia	$3,133,000	+5.6%	149,890	-1.7%	1.74%	-4.5%
MDY	Sell	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$2,624,000	-80.4%	9,295	-81.1%	1.46%	-82.3%
ILF	New	iShareslatin america	$2,487,000	–	88,700	–	1.38%	–
EPI	Buy	WISDOMTREE TRindia erngs fd	$2,187,000	+79.1%	101,170	+67.3%	1.22%	+62.0%
QQQ	Sell	POWERSHARES QQQ TRUSTunit ser 1	$2,029,000	+5.1%	17,090	-4.8%	1.13%	-5.0%
EWJ	Sell	ISHARES INCmsci japan	$1,533,000	+6.7%	122,250	-2.2%	0.85%	-3.5%
VCR	Sell	Vanguard World Fdcons dis etf	$1,283,000	-1.9%	10,200	-4.9%	0.72%	-11.3%
EWG	Sell	ISHARES INCmsci german	$1,206,000	+7.6%	45,900	-1.5%	0.67%	-2.7%
XLP	Sell	SELECT SECTOR SPDR TRsbi cons stpls	$1,141,000	-85.0%	21,440	-84.5%	0.64%	-86.4%
DFE	Sell	Wisdomtree Treurope smcp dv	$1,136,000	+6.6%	20,540	-1.6%	0.63%	-3.7%
	Sell	ISHARESmsci japan smc e	$671,000	+2.4%	10,380	-4.9%	0.37%	-7.2%
XLV	Sell	SELECT SECTOR SPDR TRsbi healthcare	$658,000	-4.4%	9,130	-4.8%	0.37%	-13.7%
XLB	New	Select Sec Spdr Trsbi materials	$629,000	–	13,170	–	0.35%	–
VPL	Sell	VANGUARD MSCI PACIFIC ETFmsci pac etf	$436,000	+7.4%	7,195	-1.2%	0.24%	-2.8%
SPXL	New	DIREXION S&P 500 ETFs&p 500	$85,000	–	870	–	0.05%	–
DM	Buy	Dominion Midstream Partn	$13,000	+30.0%	530	+47.2%	0.01%	+16.7%
HEWJ	Exit	ISHARES TRhdg msci japan	$0	–	-2,690	–	-0.04%	–
UGA	Exit	US GASOLINE FD LPunits	$0	–	-24,900	–	-0.40%	–
EWD	Exit	ISHARES INCmsci sweden	$0	–	-43,360	–	-0.73%	–
FDN	Exit	First TR ETFdj internt idx	$0	–	-89,340	–	-3.97%	–
XLY	Exit	SELECT SECTOR SPDR TRsbi cons discr	$0	–	-96,100	–	-4.62%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi materials	$0	–	-180,385	–	-5.83%	–

Q2 2016

			Value		Shares		↓ Weighting
RSP	New	RYDEX ETF TRs&p 500 eq trd	$25,215,000	–	313,820	–	15.53%	–
MDY	New	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$13,372,000	–	49,120	–	8.24%	–
IJR	New	ISHARES TRs&p smlcap 600	$12,108,000	–	104,190	–	7.46%	–
RWL	New	REVENUESHARES ETF TRlargecap fd	$9,746,000	–	239,096	–	6.00%	–
XLU	New	SELECT SECTOR SPDR TRsbi materials	$9,465,000	–	180,385	–	5.83%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$8,263,000	–	39,445	–	5.09%	–
IGN	New	ISHARES TRs&p na multimd	$7,989,000	–	228,915	–	4.92%	–
SCZ	New	ISHARES TRmsci small cap	$7,920,000	–	164,105	–	4.88%	–
XLP	New	SELECT SECTOR SPDR TRsbi cons stpls	$7,610,000	–	137,980	–	4.69%	–
XLY	New	SELECT SECTOR SPDR TRsbi cons discr	$7,502,000	–	96,100	–	4.62%	–
DXJ	New	WISDOMTREE TRjp total divid	$6,693,000	–	172,579	–	4.12%	–
FDN	New	First TR ETFdj internt idx	$6,443,000	–	89,340	–	3.97%	–
IHI	New	ISHARES TRdj med devices	$5,518,000	–	40,710	–	3.40%	–
XHB	New	SPDR SERIES TRUSTs&p homebuild	$4,924,000	–	146,820	–	3.03%	–
AAXJ	New	I SHARES TRmsci ac asia	$4,803,000	–	87,830	–	2.96%	–
HEDJ	New	Wisdom Treeeurope hedge eq	$4,155,000	–	82,233	–	2.56%	–
	New	I SHARESem mkt min vol e	$3,497,000	–	67,790	–	2.15%	–
EWA	New	ISHARES INCmsci australia	$2,966,000	–	152,490	–	1.83%	–
ITB	New	Ishares Trus home cons etf	$2,074,000	–	75,020	–	1.28%	–
QQQ	New	POWERSHARES QQQ TRUSTunit ser 1	$1,931,000	–	17,960	–	1.19%	–
EWJ	New	ISHARES INCmsci japan	$1,437,000	–	124,980	–	0.88%	–
VCR	New	Vanguard World Fdcons dis etf	$1,308,000	–	10,720	–	0.81%	–
EPI	New	WISDOMTREE TRindia erngs fd	$1,221,000	–	60,490	–	0.75%	–
EWD	New	ISHARES INCmsci sweden	$1,186,000	–	43,360	–	0.73%	–
EWG	New	ISHARES INCmsci german	$1,121,000	–	46,620	–	0.69%	–
DFE	New	Wisdomtree Treurope smcp dv	$1,066,000	–	20,880	–	0.66%	–
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$688,000	–	9,590	–	0.42%	–
	New	ISHARESmsci japan smc e	$655,000	–	10,910	–	0.40%	–
UGA	New	US GASOLINE FD LPunits	$647,000	–	24,900	–	0.40%	–
VPL	New	VANGUARD MSCI PACIFIC ETFmsci pac etf	$406,000	–	7,285	–	0.25%	–
HEWJ	New	ISHARES TRhdg msci japan	$63,000	–	2,690	–	0.04%	–
EPD	New	Enterprise Prods Partners L	$40,000	–	1,350	–	0.02%	–
MMP	New	MAGELLAN MIDSTREAM PTNRS	$24,000	–	320	–	0.02%	–
SEP	New	SPECTRA ENERGY PTNRS LP	$21,000	–	440	–	0.01%	–
WES	New	WESTERN GAS PTNRS LP	$18,000	–	350	–	0.01%	–
GEL	New	GENESIS ENERGYunit ltd ptnr	$18,000	–	470	–	0.01%	–
TLLP	New	TESORO LOGISTICS LP	$16,000	–	315	–	0.01%	–
SHLX	New	Shell Midstream Partn Lpunit ltd int	$16,000	–	470	–	0.01%	–
BPL	New	BUCKEYE PTNRSunit ltd ptnrs	$17,000	–	240	–	0.01%	–
MPLX	New	MPLX LP	$17,000	–	510	–	0.01%	–
HEP	New	HOLLY ENERGY PTNRS	$15,000	–	440	–	0.01%	–
TCP	New	TC Pipelines LP	$14,000	–	240	–	0.01%	–
WNRL	New	Western Refng Logistics	$15,000	–	580	–	0.01%	–
APU	New	AMERIGAS PTNRS LPunit lp int	$14,000	–	300	–	0.01%	–
CNNX	New	CONE MIDSTREAM PTNR	$15,000	–	860	–	0.01%	–
SXL	New	SUNOCO LOGISTICS PTNRS LP	$13,000	–	460	–	0.01%	–
PSXP	New	Phillips 66 Partn LP	$13,000	–	240	–	0.01%	–
VLP	New	Valero Energy Partn LP	$11,000	–	240	–	0.01%	–
EQM	New	EQT Midstream Partn Lpunit ltd partn	$11,000	–	140	–	0.01%	–
PBFX	New	PBF Logistics LPunit ltd ptnr	$12,000	–	500	–	0.01%	–
DM	New	Dominion Midstream Partn	$10,000	–	360	–	0.01%	–
DKL	New	Delek Logistics Partn Lp	$9,000	–	320	–	0.01%	–

Q4 2015

			Value		Shares		↓ Weighting
CMLP	Exit	??	$0	–	-930	–	-0.00%	–
APU	Exit	AMERIGAS PTNRS LPunit lp int	$0	–	-200	–	-0.01%	–
SPH	Exit	SUBURBAN PROPANE PTNRSunit ltd ptnrs	$0	–	-300	–	-0.01%	–
EEP	Exit	Enbridge Energy Ptnrs Lp	$0	–	-500	–	-0.01%	–
HEP	Exit	HOLLY ENERGY PTNRS	$0	–	-400	–	-0.01%	–
NGL	Exit	NGL Energy Ptnrs LP	$0	–	-600	–	-0.01%	–
SEP	Exit	SPECTRA ENERGY PTNRS LP	$0	–	-300	–	-0.01%	–
MWE	Exit	MARKWEST ENERGY PTNRunit ltd ptrn	$0	–	-300	–	-0.01%	–
ENLK	Exit	Enlink Midstream Ptnrs Lp	$0	–	-840	–	-0.01%	–
NGLS	Exit	TARGA RESOURCES PTNRS	$0	–	-520	–	-0.01%	–
OKS	Exit	ONEOK PTNRS LPunit ltd ptnrs	$0	–	-500	–	-0.01%	–
WPZ	Exit	WILLIAMS PRTNR LP	$0	–	-465	–	-0.01%	–
WES	Exit	WESTERN GAS PTNRS LP	$0	–	-350	–	-0.01%	–
SXL	Exit	SUNOCO LOGISTICS PTNRS LP	$0	–	-600	–	-0.01%	–
MMP	Exit	MAGELLAN MIDSTREAM PTNRS	$0	–	-300	–	-0.01%	–
ET	Exit	ENERGY TRANSFER EQ	$0	–	-800	–	-0.01%	–
GEL	Exit	GENESIS ENERGYunit ltd ptnr	$0	–	-520	–	-0.01%	–
TLLP	Exit	TESORO LOGISTICS LP	$0	–	-516	–	-0.01%	–
PAA	Exit	Plains All Amer Pipelineunit ltd partn	$0	–	-880	–	-0.02%	–
EPD	Exit	Enterprise Prods Partners L	$0	–	-1,250	–	-0.02%	–
VPL	Exit	VANGUARD MSCI PACIFIC ETFmsci pac etf	$0	–	-9,750	–	-0.32%	–
XPH	Exit	SPDR SERIES TRUSTs&p pharmac	$0	–	-18,180	–	-0.53%	–
FBT	Exit	First Tr Exchange Traded Fdny arca biotech	$0	–	-9,850	–	-0.62%	–
VGT	Exit	Vanguard World Fdinf tech etf	$0	–	-10,050	–	-0.62%	–
VB	Exit	Vanguard Index Fdsmall cap etf	$0	–	-11,640	–	-0.78%	–
VCR	Exit	Vanguard World Fdcons dis etf	$0	–	-10,880	–	-0.80%	–
MDY	Exit	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$0	–	-5,665	–	-0.88%	–
QQQ	Exit	POWERSHARES QQQ TRUSTunit ser 1	$0	–	-14,300	–	-0.90%	–
EWJ	Exit	ISHARES INCmsci japan	$0	–	-129,800	–	-0.92%	–
XTN	Exit	SPDR Series Trs&p transp etf	$0	–	-42,156	–	-1.15%	–
EPI	Exit	WISDOMTREE TRindia erngs fd	$0	–	-130,630	–	-1.62%	–
EWK	Exit	ISHARESbelgium capd etf	$0	–	-179,955	–	-1.84%	–
KBWB	Exit	Powershares ETF Trustkbw bk port	$0	–	-87,595	–	-1.96%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-17,350	–	-2.07%	–
HEWG	Exit	Ishares Trhdg msci germn	$0	–	-154,574	–	-2.18%	–
IYT	Exit	ISHARES TRtransp ave idx	$0	–	-25,914	–	-2.26%	–
IGN	Exit	ISHARES TRs&p na multimd	$0	–	-117,774	–	-2.64%	–
IAI	Exit	Ishares Trus br-deal etf	$0	–	-120,778	–	-2.90%	–
XHB	Exit	SPDR SERIES TRUSTs&p homebuild	$0	–	-145,830	–	-3.10%	–
XLY	Exit	SELECT SECTOR SPDR TRsbi cons discr	$0	–	-71,792	–	-3.32%	–
DBEF	Exit	DBX ETF Trxtrak msci eafe	$0	–	-223,992	–	-3.63%	–
SCZ	Exit	ISHARES TRmsci small cap	$0	–	-128,490	–	-3.82%	–
IYG	Exit	Isharesus fin svc etf	$0	–	-76,490	–	-4.07%	–
VO	Exit	Vanguard Index Fdmid cap etf	$0	–	-68,500	–	-4.97%	–
RPG	Exit	Rydex ETF Trgug s&p 500 pu g	$0	–	-103,755	–	-4.99%	–
HEDJ	Exit	Wisdom Treeeurope hedge eq	$0	–	-158,558	–	-5.39%	–
RWL	Exit	REVENUESHARES ETF TRlargecap fd	$0	–	-231,131	–	-5.42%	–
DXJ	Exit	WISDOMTREE TRjp total divid	$0	–	-179,759	–	-5.44%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi materials	$0	–	-286,722	–	-7.72%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-347,236	–	-8.53%	–
RSP	Exit	RYDEX ETF TRs&p 500 eq trd	$0	–	-315,104	–	-14.42%	–

Q3 2015

			Value		Shares		↓ Weighting
RSP	Sell	RYDEX ETF TRs&p 500 eq trd	$23,179,000	-12.0%	315,104	-4.6%	14.42%	+3.5%
XLK	Sell	SELECT SECTOR SPDR TRtechnology	$13,716,000	-11.5%	347,236	-7.2%	8.53%	+4.2%
XLU	Sell	SELECT SECTOR SPDR TRsbi materials	$12,412,000	-3.2%	286,722	-7.3%	7.72%	+13.9%
DXJ	Sell	WISDOMTREE TRjp total divid	$8,747,000	-21.1%	179,759	-7.3%	5.44%	-7.2%
RWL	Sell	REVENUESHARES ETF TRlargecap fd	$8,711,000	-12.3%	231,131	-4.7%	5.42%	+3.2%
HEDJ	Sell	Wisdom Treeeurope hedge eq	$8,665,000	-31.2%	158,558	-22.5%	5.39%	-19.1%
RPG	Buy	Rydex ETF Trgug s&p 500 pu g	$8,030,000	+361.5%	103,755	+383.9%	4.99%	+442.8%
VO	Buy	Vanguard Index Fdmid cap etf	$7,992,000	-1.5%	68,500	+7.6%	4.97%	+15.9%
IYG	Sell	Isharesus fin svc etf	$6,538,000	-12.9%	76,490	-4.2%	4.07%	+2.5%
SCZ	Buy	ISHARES TRmsci small cap	$6,138,000	+902.9%	128,490	+971.6%	3.82%	+1082.0%
DBEF	Sell	DBX ETF Trxtrak msci eafe	$5,842,000	-9.4%	223,992	-0.6%	3.63%	+6.6%
XLY	Sell	SELECT SECTOR SPDR TRsbi cons discr	$5,331,000	-10.9%	71,792	-8.3%	3.32%	+4.8%
XHB	Sell	SPDR SERIES TRUSTs&p homebuild	$4,992,000	-13.2%	145,830	-7.1%	3.10%	+2.2%
IAI	Buy	Ishares Trus br-deal etf	$4,655,000	-10.6%	120,778	+1.7%	2.90%	+5.2%
IGN	Sell	ISHARES TRs&p na multimd	$4,239,000	-13.2%	117,774	-8.1%	2.64%	+2.1%
IYT	Sell	ISHARES TRtransp ave idx	$3,626,000	-10.2%	25,914	-7.0%	2.26%	+5.7%
HEWG	Sell	Ishares Trhdg msci germn	$3,507,000	-13.2%	154,574	-0.1%	2.18%	+2.2%
SPY	Buy	SPDR S&P 500 ETF TRtr unit	$3,325,000	-4.1%	17,350	+3.0%	2.07%	+12.9%
KBWB	New	Powershares ETF Trustkbw bk port	$3,150,000	–	87,595	–	1.96%	–
EWK	Buy	ISHARESbelgium capd etf	$2,964,000	+28.8%	179,955	+35.8%	1.84%	+51.6%
EPI	New	WISDOMTREE TRindia erngs fd	$2,602,000	–	130,630	–	1.62%	–
XTN	Buy	SPDR Series Trs&p transp etf	$1,844,000	-17.1%	42,156	+83.5%	1.15%	-2.5%
EWJ	New	ISHARES INCmsci japan	$1,484,000	–	129,800	–	0.92%	–
QQQ	Buy	POWERSHARES QQQ TRUSTunit ser 1	$1,455,000	+43.2%	14,300	+50.7%	0.90%	+68.5%
MDY	Buy	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$1,410,000	-5.9%	5,665	+3.3%	0.88%	+10.7%
VCR	Buy	Vanguard World Fdcons dis etf	$1,282,000	+30.2%	10,880	+37.2%	0.80%	+53.0%
VB	Buy	Vanguard Index Fdsmall cap etf	$1,257,000	+31.6%	11,640	+48.1%	0.78%	+54.9%
VGT	Buy	Vanguard World Fdinf tech etf	$1,005,000	+6.7%	10,050	+13.3%	0.62%	+25.5%
FBT	Buy	First Tr Exchange Traded Fdny arca biotech	$998,000	+44.2%	9,850	+76.5%	0.62%	+69.7%
XPH	Buy	SPDR SERIES TRUSTs&p pharmac	$853,000	+4.5%	18,180	+178.0%	0.53%	+23.2%
EPD	Sell	Enterprise Prods Partners L	$31,000	-47.5%	1,250	-36.5%	0.02%	-38.7%
PAA	Sell	Plains All Amer Pipelineunit ltd partn	$27,000	-55.0%	880	-36.2%	0.02%	-46.9%
TLLP	Sell	TESORO LOGISTICS LP	$23,000	-42.5%	516	-26.3%	0.01%	-33.3%
GEL	Sell	GENESIS ENERGYunit ltd ptnr	$20,000	-56.5%	520	-50.0%	0.01%	-50.0%
ET	Sell	ENERGY TRANSFER EQ	$17,000	-70.7%	800	-11.1%	0.01%	-64.5%
SXL	Sell	SUNOCO LOGISTICS PTNRS LP	$17,000	-63.0%	600	-50.0%	0.01%	-54.2%
MMP	Sell	MAGELLAN MIDSTREAM PTNRS	$18,000	-59.1%	300	-50.0%	0.01%	-52.2%
WES	Sell	WESTERN GAS PTNRS LP	$16,000	-66.7%	350	-53.3%	0.01%	-60.0%
WPZ	Sell	WILLIAMS PRTNR LP	$15,000	-70.6%	465	-56.2%	0.01%	-66.7%
NGLS	Sell	TARGA RESOURCES PTNRS	$15,000	-63.4%	520	-50.9%	0.01%	-59.1%
OKS	Sell	ONEOK PTNRS LPunit ltd ptnrs	$15,000	-53.1%	500	-47.4%	0.01%	-47.1%
MWE	Sell	MARKWEST ENERGY PTNRunit ltd ptrn	$13,000	-66.7%	300	-57.1%	0.01%	-61.9%
ENLK	Sell	Enlink Midstream Ptnrs Lp	$13,000	-64.9%	840	-50.6%	0.01%	-60.0%
HEP	Sell	HOLLY ENERGY PTNRS	$12,000	-67.6%	400	-62.3%	0.01%	-65.0%
NGL	Sell	NGL Energy Ptnrs LP	$12,000	-66.7%	600	-50.0%	0.01%	-63.2%
SEP	Sell	SPECTRA ENERGY PTNRS LP	$12,000	-62.5%	300	-57.1%	0.01%	-58.8%
SPH	Sell	SUBURBAN PROPANE PTNRSunit ltd ptnrs	$10,000	-58.3%	300	-50.0%	0.01%	-53.8%
APU	Sell	AMERIGAS PTNRS LPunit lp int	$8,000	-65.2%	200	-60.0%	0.01%	-58.3%
CMLP	New	??	$6,000	–	930	–	0.00%	–
QEPM	Exit	QEP Midstream Ptn	$0	–	-700	–	-0.01%	–
BPL	Exit	BUCKEYE PTNRSunit ltd ptnrs	$0	–	-300	–	-0.01%	–
CEQP	Exit	Crestwood Equity Ptnr Lpunit ltd ptnrs	$0	–	-6,980	–	-0.02%	–
MOO	Exit	MARKET VECTORS ETF TRagribus etf	$0	–	-6,720	–	-0.20%	–
PGJ	Exit	Powershares ETF Trgoldn dragn chin	$0	–	-16,620	–	-0.29%	–
PDP	Exit	Powershares ETFdwa momentum ptf	$0	–	-22,470	–	-0.51%	–
EWD	Exit	ISHARES INCmsci sweden	$0	–	-57,500	–	-0.97%	–
ECH	Exit	ISHARES INCmsci chile inves	$0	–	-50,370	–	-1.02%	–
EPHE	Exit	ISHARES TRphill invstmrk	$0	–	-52,810	–	-1.08%	–
GMF	Exit	SPDR Index Shrs Fdsasia pacific etf	$0	–	-34,090	–	-1.59%	–
EWT	Exit	ISHARES INCmsci taiwan	$0	–	-209,710	–	-1.75%	–
GXC	Exit	SPDR S&P CHINA ETFs&p china etf	$0	–	-40,600	–	-1.91%	–
DON	Exit	WISDOMTREE TRUSTmidcap divi fd	$0	–	-153,055	–	-6.69%	–

Q2 2015

			Value		Shares		↓ Weighting
RSP	New	RYDEX ETF TRs&p 500 eq trd	$26,351,000	–	330,210	–	13.93%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$15,495,000	–	374,280	–	8.19%	–
XLU	New	SELECT SECTOR SPDR TRsbi materials	$12,824,000	–	309,320	–	6.78%	–
DON	New	WISDOMTREE TRUSTmidcap divi fd	$12,650,000	–	153,055	–	6.69%	–
HEDJ	New	Wisdom Treeeurope hedge eq	$12,601,000	–	204,595	–	6.66%	–
DXJ	New	WISDOMTREE TRjp total divid	$11,092,000	–	193,920	–	5.86%	–
RWL	New	REVENUESHARES ETF TRlargecap fd	$9,934,000	–	242,590	–	5.25%	–
VO	New	Vanguard Index Fdmid cap etf	$8,113,000	–	63,670	–	4.29%	–
IYG	New	Isharesus fin svc etf	$7,507,000	–	79,850	–	3.97%	–
DBEF	New	DBX ETF Trxtrak msci eafe	$6,448,000	–	225,300	–	3.41%	–
XLY	New	SELECT SECTOR SPDR TRsbi cons discr	$5,986,000	–	78,270	–	3.16%	–
XHB	New	SPDR SERIES TRUSTs&p homebuild	$5,748,000	–	156,970	–	3.04%	–
IAI	New	Ishares Trus br-deal etf	$5,207,000	–	118,780	–	2.75%	–
IGN	New	ISHARES TRs&p na multimd	$4,884,000	–	128,220	–	2.58%	–
HEWG	New	Ishares Trhdg msci germn	$4,038,000	–	154,790	–	2.13%	–
IYT	New	ISHARES TRtransp ave idx	$4,038,000	–	27,850	–	2.13%	–
GXC	New	SPDR S&P CHINA ETFs&p china etf	$3,611,000	–	40,600	–	1.91%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$3,467,000	–	16,840	–	1.83%	–
EWT	New	ISHARES INCmsci taiwan	$3,309,000	–	209,710	–	1.75%	–
GMF	New	SPDR Index Shrs Fdsasia pacific etf	$3,007,000	–	34,090	–	1.59%	–
EWK	New	ISHARESbelgium capd etf	$2,301,000	–	132,480	–	1.22%	–
XTN	New	SPDR Series Trs&p transp etf	$2,225,000	–	22,970	–	1.18%	–
EPHE	New	ISHARES TRphill invstmrk	$2,033,000	–	52,810	–	1.08%	–
ECH	New	ISHARES INCmsci chile inves	$1,920,000	–	50,370	–	1.02%	–
EWD	New	ISHARES INCmsci sweden	$1,827,000	–	57,500	–	0.97%	–
RPG	New	Rydex ETF Trgug s&p 500 pu g	$1,740,000	–	21,440	–	0.92%	–
MDY	New	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$1,499,000	–	5,485	–	0.79%	–
QQQ	New	POWERSHARES QQQ TRUSTunit ser 1	$1,016,000	–	9,490	–	0.54%	–
VCR	New	Vanguard World Fdcons dis etf	$985,000	–	7,930	–	0.52%	–
PDP	New	Powershares ETFdwa momentum ptf	$968,000	–	22,470	–	0.51%	–
VB	New	Vanguard Index Fdsmall cap etf	$955,000	–	7,860	–	0.50%	–
VGT	New	Vanguard World Fdinf tech etf	$942,000	–	8,870	–	0.50%	–
XPH	New	SPDR SERIES TRUSTs&p pharmac	$816,000	–	6,540	–	0.43%	–
FBT	New	First Tr Exchange Traded Fdny arca biotech	$692,000	–	5,580	–	0.37%	–
SCZ	New	ISHARES TRmsci small cap	$612,000	–	11,990	–	0.32%	–
VPL	New	VANGUARD MSCI PACIFIC ETFmsci pac etf	$595,000	–	9,750	–	0.31%	–
PGJ	New	Powershares ETF Trgoldn dragn chin	$557,000	–	16,620	–	0.29%	–
MOO	New	MARKET VECTORS ETF TRagribus etf	$370,000	–	6,720	–	0.20%	–
PAA	New	Plains All Amer Pipelineunit ltd partn	$60,000	–	1,380	–	0.03%	–
ET	New	ENERGY TRANSFER EQ	$58,000	–	900	–	0.03%	–
EPD	New	Enterprise Prods Partners L	$59,000	–	1,970	–	0.03%	–
WPZ	New	WILLIAMS PRTNR LP	$51,000	–	1,062	–	0.03%	–
WES	New	WESTERN GAS PTNRS LP	$48,000	–	750	–	0.02%	–
SXL	New	SUNOCO LOGISTICS PTNRS LP	$46,000	–	1,200	–	0.02%	–
GEL	New	GENESIS ENERGYunit ltd ptnr	$46,000	–	1,040	–	0.02%	–
MMP	New	MAGELLAN MIDSTREAM PTNRS	$44,000	–	600	–	0.02%	–
NGLS	New	TARGA RESOURCES PTNRS	$41,000	–	1,060	–	0.02%	–
MWE	New	MARKWEST ENERGY PTNRunit ltd ptrn	$39,000	–	700	–	0.02%	–
TLLP	New	TESORO LOGISTICS LP	$40,000	–	700	–	0.02%	–
ENLK	New	Enlink Midstream Ptnrs Lp	$37,000	–	1,700	–	0.02%	–
HEP	New	HOLLY ENERGY PTNRS	$37,000	–	1,060	–	0.02%	–
NGL	New	NGL Energy Ptnrs LP	$36,000	–	1,200	–	0.02%	–
SEP	New	SPECTRA ENERGY PTNRS LP	$32,000	–	700	–	0.02%	–
OKS	New	ONEOK PTNRS LPunit ltd ptnrs	$32,000	–	950	–	0.02%	–
CEQP	New	Crestwood Equity Ptnr Lpunit ltd ptnrs	$29,000	–	6,980	–	0.02%	–
SPH	New	SUBURBAN PROPANE PTNRSunit ltd ptnrs	$24,000	–	600	–	0.01%	–
BPL	New	BUCKEYE PTNRSunit ltd ptnrs	$22,000	–	300	–	0.01%	–
APU	New	AMERIGAS PTNRS LPunit lp int	$23,000	–	500	–	0.01%	–
EEP	New	Enbridge Energy Ptnrs Lp	$17,000	–	500	–	0.01%	–
QEPM	New	QEP Midstream Ptn	$12,000	–	700	–	0.01%	–

Q4 2014

			Value		Shares		↓ Weighting
BBEPQ	Exit	Breitburn Energy Ptn LP	$0	–	-900	–	-0.01%	–
LGCY	Exit	Legacy Reserves LPunit lp int	$0	–	-600	–	-0.01%	–
SEP	Exit	SPECTRA ENERGY PTNRS LP	$0	–	-400	–	-0.01%	–
HEP	Exit	HOLLY ENERGY PTNRS	$0	–	-600	–	-0.02%	–
APU	Exit	AMERIGAS PTNRS LPunit lp int	$0	–	-500	–	-0.02%	–
BPL	Exit	BUCKEYE PTNRSunit ltd ptnrs	$0	–	-300	–	-0.02%	–
WPZ	Exit	WILLIAMS PRTNR LP	$0	–	-500	–	-0.02%	–
SPH	Exit	SUBURBAN PROPANE PTNRSunit ltd ptnrs	$0	–	-600	–	-0.02%	–
NGLS	Exit	TARGA RESOURCES PTNRS	$0	–	-400	–	-0.02%	–
MWE	Exit	MARKWEST ENERGY PTNRunit ltd ptrn	$0	–	-400	–	-0.02%	–
NGL	Exit	NGL Energy Ptnrs LP	$0	–	-1,000	–	-0.03%	–
TLLP	Exit	TESORO LOGISTICS LP	$0	–	-600	–	-0.03%	–
ET	Exit	ENERGY TRANSFER EQ	$0	–	-750	–	-0.03%	–
OKS	Exit	ONEOK PTNRS LPunit ltd ptnrs	$0	–	-850	–	-0.03%	–
FCG	Exit	FIRST TR ISE REVERE NAT GAS	$0	–	-2,780	–	-0.03%	–
MMP	Exit	MAGELLAN MIDSTREAM PTNRScum unit rp lp	$0	–	-600	–	-0.03%	–
L109PS	Exit	ACCESS MIDSTREAM PTNunit	$0	–	-800	–	-0.03%	–
GEL	Exit	GENESIS ENERGYunit ltd ptnr	$0	–	-1,000	–	-0.04%	–
DCP	Exit	DCP MIDSTREAM PTNRS	$0	–	-1,000	–	-0.04%	–
WES	Exit	WESTERN GAS PTNRS LP	$0	–	-750	–	-0.04%	–
SXL	Exit	SUNOCO LOGISTICS PTNRS LP	$0	–	-1,200	–	-0.04%	–
PAA	Exit	Plains All Amer Pipelineunit ltd partn	$0	–	-1,280	–	-0.05%	–
EPD	Exit	Enterprise Prods Partners L	$0	–	-1,950	–	-0.05%	–
EWA	Exit	ISHARES INCmsci australia	$0	–	-3,520	–	-0.06%	–
VWO	Exit	VANGUARD INTNL EQUITYftse emr mkt etf	$0	–	-2,110	–	-0.06%	–
PIZ	Exit	Powershares ETF TR IIdwa devel mkts	$0	–	-3,700	–	-0.06%	–
VB	Exit	Vanguard Index Fdsmall cap etf	$0	–	-840	–	-0.06%	–
FBT	Exit	FIRST TR EXCHANGE TRADED FDny arca biotech	$0	–	-1,050	–	-0.06%	–
VGT	Exit	Vanguard World Fdinf tech etf	$0	–	-1,400	–	-0.09%	–
VCR	Exit	Vanguard World Fdcons dis etf	$0	–	-1,300	–	-0.09%	–
PDP	Exit	Powershares ETFdwa momentum ptf	$0	–	-3,620	–	-0.09%	–
IVV	Exit	ISHARES TRcore s&p 500 etf	$0	–	-1,950	–	-0.26%	–
EWC	Exit	ISHARES INCmsci cda index	$0	–	-43,820	–	-0.89%	–
MDY	Exit	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$0	–	-6,375	–	-1.05%	–
XTN	Exit	SPDR Series Trs&p transp etf	$0	–	-20,730	–	-1.27%	–
IYT	Exit	ISHARES TRtransp ave idx	$0	–	-13,120	–	-1.31%	–
NORW	Exit	Global X Fundsglbx msci norw	$0	–	-122,780	–	-1.33%	–
EWK	Exit	ISHARESbelgium capd etf	$0	–	-125,830	–	-1.35%	–
PGJ	Exit	Powershares ETF Trgoldn dragn chin	$0	–	-69,050	–	-1.37%	–
RWL	Exit	REVENUESHARES ETF TRlargecap fd	$0	–	-65,120	–	-1.66%	–
INDA	Exit	Ishares Trmsci india etf	$0	–	-83,565	–	-1.71%	–
EWU	Exit	ISHARES INCmsci utd kingd	$0	–	-136,130	–	-1.74%	–
XLY	Exit	SELECT SECTOR SPDR TRsbi cons discr	$0	–	-41,340	–	-1.82%	–
EPHE	Exit	ISHARES TRphill invstmrk	$0	–	-79,620	–	-2.00%	–
IEFA	Exit	Ishares Trcore msci eafe	$0	–	-53,100	–	-2.04%	–
IYG	Exit	Isharesus fin svc etf	$0	–	-36,960	–	-2.10%	–
EIDO	Exit	Ishares TRmsci indonia etf	$0	–	-119,975	–	-2.15%	–
DOO	Exit	WISDOMTREEintl div ex finl	$0	–	-72,520	–	-2.24%	–
IEMG	Exit	ISHAREScore msci emkt	$0	–	-72,760	–	-2.40%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-18,890	–	-2.45%	–
IGN	Exit	ISHARES TRs&p na multimd	$0	–	-116,510	–	-2.64%	–
XLV	Exit	SELECT SECTOR SPDR TRsbi healthcare	$0	–	-63,980	–	-2.70%	–
XPH	Exit	SPDR SERIES TRUSTs&p pharmac	$0	–	-40,850	–	-2.86%	–
THD	Exit	ISHARES INCmsci thailand	$0	–	-53,970	–	-2.98%	–
KBWB	Exit	Powershares ETF Trustkbw bk port	$0	–	-133,110	–	-3.23%	–
XLG	Exit	Rydex ETF TRgug russ top 50	$0	–	-42,400	–	-3.86%	–
RPV	Exit	Rydex ETF Trgug s&p 500 pu v	$0	–	-138,175	–	-4.82%	–
HEDJ	Exit	wisdom Treeeurope hedge eq	$0	–	-131,420	–	-5.01%	–
DXJ	Exit	WISDOMTREE TRjp total divid	$0	–	-180,510	–	-6.23%	–
PWC	Exit	POWERSHARES ETF TRdynamic mkt pt	$0	–	-152,140	–	-7.22%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi materials	$0	–	-286,095	–	-7.94%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-329,110	–	-8.66%	–
RSP	Exit	RYDEX ETF TRs&p 500 eq trd	$0	–	-190,970	–	-9.54%	–

Q3 2014

			Value		Shares		↓ Weighting
RSP	New	RYDEX ETF TRs&p 500 eq trd	$14,474,000	–	190,970	–	9.54%	–
XLK	Buy	SELECT SECTOR SPDR TRtechnology	$13,131,000	+179.3%	329,110	+168.4%	8.66%	+188.2%
XLU	Buy	SELECT SECTOR SPDR TRsbi materials	$12,042,000	+9.3%	286,095	+14.9%	7.94%	+12.8%
PWC	Buy	POWERSHARES ETF TRdynamic mkt pt	$10,942,000	+2.1%	152,140	+3.5%	7.22%	+5.3%
DXJ	Buy	WISDOMTREE TRjp total divid	$9,444,000	+10.8%	180,510	+4.5%	6.23%	+14.4%
HEDJ	Buy	wisdom Treeeurope hedge eq	$7,593,000	+9.8%	131,420	+11.1%	5.01%	+13.4%
RPV	Sell	Rydex ETF Trgug s&p 500 pu v	$7,305,000	-4.8%	138,175	-2.1%	4.82%	-1.7%
XLG	New	Rydex ETF TRgug russ top 50	$5,856,000	–	42,400	–	3.86%	–
KBWB	New	Powershares ETF Trustkbw bk port	$4,896,000	–	133,110	–	3.23%	–
THD	Sell	ISHARES INCmsci thailand	$4,524,000	+5.9%	53,970	-2.5%	2.98%	+9.3%
XPH	New	SPDR SERIES TRUSTs&p pharmac	$4,331,000	–	40,850	–	2.86%	–
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$4,089,000	–	63,980	–	2.70%	–
IGN	Sell	ISHARES TRs&p na multimd	$4,001,000	-3.0%	116,510	-0.9%	2.64%	+0.1%
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$3,722,000	+0.0%	18,890	-0.7%	2.45%	+3.2%
IEMG	Buy	ISHAREScore msci emkt	$3,641,000	+34.7%	72,760	+39.1%	2.40%	+39.0%
DOO	Buy	WISDOMTREEintl div ex finl	$3,394,000	+5.8%	72,520	+14.5%	2.24%	+9.2%
EIDO	Sell	Ishares TRmsci indonia etf	$3,266,000	-1.3%	119,975	-4.4%	2.15%	+1.8%
IYG	New	Isharesus fin svc etf	$3,183,000	–	36,960	–	2.10%	–
IEFA	Buy	Ishares Trcore msci eafe	$3,093,000	+5.1%	53,100	+12.3%	2.04%	+8.5%
EPHE	Sell	ISHARES TRphill invstmrk	$3,030,000	-2.6%	79,620	-5.7%	2.00%	+0.6%
XLY	New	SELECT SECTOR SPDR TRsbi cons discr	$2,757,000	–	41,340	–	1.82%	–
EWU	New	ISHARES INCmsci utd kingd	$2,638,000	–	136,130	–	1.74%	–
INDA	Sell	Ishares Trmsci india etf	$2,590,000	+4.1%	83,565	-4.5%	1.71%	+7.4%
RWL	New	REVENUESHARES ETF TRlargecap fd	$2,519,000	–	65,120	–	1.66%	–
PGJ	New	Powershares ETF Trgoldn dragn chin	$2,074,000	–	69,050	–	1.37%	–
EWK	New	ISHARESbelgium capd etf	$2,054,000	–	125,830	–	1.35%	–
NORW	New	Global X Fundsglbx msci norw	$2,012,000	–	122,780	–	1.33%	–
IYT	New	ISHARES TRtransp ave idx	$1,980,000	–	13,120	–	1.31%	–
XTN	New	SPDR Series Trs&p transp etf	$1,931,000	–	20,730	–	1.27%	–
MDY	Sell	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$1,589,000	-11.9%	6,375	-7.8%	1.05%	-9.0%
EWC	New	ISHARES INCmsci cda index	$1,345,000	–	43,820	–	0.89%	–
IVV	New	ISHARES TRcore s&p 500 etf	$387,000	–	1,950	–	0.26%	–
PDP	New	Powershares ETFdwa momentum ptf	$142,000	–	3,620	–	0.09%	–
VCR	New	Vanguard World Fdcons dis etf	$141,000	–	1,300	–	0.09%	–
VGT	New	Vanguard World Fdinf tech etf	$140,000	–	1,400	–	0.09%	–
FBT	New	FIRST TR EXCHANGE TRADED FDny arca biotech	$96,000	–	1,050	–	0.06%	–
VB	New	Vanguard Index Fdsmall cap etf	$93,000	–	840	–	0.06%	–
PIZ	Buy	Powershares ETF TR IIdwa devel mkts	$90,000	+542.9%	3,700	+598.1%	0.06%	+555.6%
VWO	New	VANGUARD INTNL EQUITYftse emr mkt etf	$88,000	–	2,110	–	0.06%	–
EWA	New	ISHARES INCmsci australia	$84,000	–	3,520	–	0.06%	–
EPD	Buy	Enterprise Prods Partners L	$79,000	+61.2%	1,950	+212.0%	0.05%	+67.7%
PAA	Buy	Plains All Amer Pipelineunit ltd partn	$75,000	+59.6%	1,280	+64.1%	0.05%	+63.3%
SXL	Buy	SUNOCO LOGISTICS PTNRS LP	$58,000	+107.1%	1,200	+100.0%	0.04%	+111.1%
WES	Buy	WESTERN GAS PTNRS LP	$56,000	+80.6%	750	+87.5%	0.04%	+85.0%
DCP	Buy	DCP MIDSTREAM PTNRS	$54,000	+92.9%	1,000	+100.0%	0.04%	+100.0%
GEL	Buy	GENESIS ENERGYunit ltd ptnr	$53,000	+112.0%	1,000	+122.2%	0.04%	+118.8%
MMP	Buy	MAGELLAN MIDSTREAM PTNRScum unit rp lp	$51,000	+104.0%	600	+100.0%	0.03%	+112.5%
L109PS	Buy	ACCESS MIDSTREAM PTNunit	$51,000	+104.0%	800	+100.0%	0.03%	+112.5%
FCG	New	FIRST TR ISE REVERE NAT GAS	$50,000	–	2,780	–	0.03%	–
OKS	Buy	ONEOK PTNRS LPunit ltd ptnrs	$48,000	+84.6%	850	+88.9%	0.03%	+88.2%
ET	Buy	ENERGY TRANSFER EQ	$46,000	+58.6%	750	+50.0%	0.03%	+57.9%
TLLP	Buy	TESORO LOGISTICS LP	$42,000	+44.8%	600	+50.0%	0.03%	+47.4%
NGL	New	NGL Energy Ptnrs LP	$39,000	–	1,000	–	0.03%	–
SPH	Buy	SUBURBAN PROPANE PTNRSunit ltd ptnrs	$27,000	+92.9%	600	+100.0%	0.02%	+100.0%
APU	Buy	AMERIGAS PTNRS LPunit lp int	$23,000	+64.3%	500	+66.7%	0.02%	+66.7%
BBEPQ	New	Breitburn Energy Ptn LP	$18,000	–	900	–	0.01%	–
LGCY	New	Legacy Reserves LPunit lp int	$18,000	–	600	–	0.01%	–
4945SC	Exit	KINDER MORGAN ENERGY PTNRut ltd ptnr	$0	–	-300	–	-0.02%	–
OIH	Exit	Market Vectors ETF TRoil svcs etf	$0	–	-20,360	–	-0.75%	–
XME	Exit	SPDR SERIES TRUSTs&p metals mng	$0	–	-47,920	–	-1.29%	–
GDX	Exit	MARKET VECTORS ETFgold mine etf	$0	–	-76,680	–	-1.30%	–
VNM	Exit	Market Vectors ETF Trvietnam etf	$0	–	-100,269	–	-1.33%	–
EWG	Exit	ISHARES INCmsci german	$0	–	-71,900	–	-1.44%	–
PSCT	Exit	Powershares ETF TR IIs&p smcp it po	$0	–	-48,675	–	-1.46%	–
EWP	Exit	ISHARES INCmsci spain	$0	–	-55,380	–	-1.52%	–
EWZ	Exit	ISHARES INCmsci brazil	$0	–	-66,340	–	-2.02%	–
IYZ	Exit	ISHARES TR	$0	–	-104,490	–	-2.02%	–
6699SC	Exit	ISHARES INCmsci utd kingd	$0	–	-161,650	–	-2.16%	–
ITB	Exit	Ishares Trus home cons etf	$0	–	-175,950	–	-2.79%	–
XLE	Exit	SELECT SECTOR SPDR TRsbi int-energy	$0	–	-44,000	–	-2.81%	–
IEZ	Exit	ISHARES TRdj oil equip	$0	–	-59,110	–	-2.93%	–
DFE	Exit	Wisdomtree Treurope smcp dv	$0	–	-102,750	–	-3.97%	–
FDN	Exit	First TR ETFdj internt idx	$0	–	-112,160	–	-4.27%	–
IWR	Exit	Ishares TRrus mid-cap etf	$0	–	-73,520	–	-7.64%	–
IWF	Exit	Ishares Trrus 1000 grw etf	$0	–	-138,695	–	-8.06%	–

Q2 2014

			Value		Shares		↓ Weighting
IWF	New	Ishares Trrus 1000 grw etf	$12,612,000	–	138,695	–	8.06%	–
IWR	New	Ishares TRrus mid-cap etf	$11,951,000	–	73,520	–	7.64%	–
XLU	New	SELECT SECTOR SPDR TRsbi materials	$11,018,000	–	248,935	–	7.04%	–
PWC	New	POWERSHARES ETF TRdynamic mkt pt	$10,720,000	–	147,048	–	6.85%	–
DXJ	New	WISDOMTREE TRjp total divid	$8,523,000	–	172,680	–	5.44%	–
RPV	New	Rydex ETF Trgug s&p 500 pu v	$7,672,000	–	141,181	–	4.90%	–
HEDJ	New	wisdom Treeeurope hedge eq	$6,913,000	–	118,310	–	4.42%	–
FDN	New	First TR ETFdj internt idx	$6,682,000	–	112,160	–	4.27%	–
DFE	New	Wisdomtree Treurope smcp dv	$6,208,000	–	102,750	–	3.97%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$4,702,000	–	122,610	–	3.00%	–
IEZ	New	ISHARES TRdj oil equip	$4,582,000	–	59,110	–	2.93%	–
XLE	New	SELECT SECTOR SPDR TRsbi int-energy	$4,404,000	–	44,000	–	2.81%	–
ITB	New	Ishares Trus home cons etf	$4,364,000	–	175,950	–	2.79%	–
THD	New	ISHARES INCmsci thailand	$4,272,000	–	55,330	–	2.73%	–
IGN	New	ISHARES TRs&p na multimd	$4,125,000	–	117,520	–	2.64%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$3,721,000	–	19,014	–	2.38%	–
6699SC	New	ISHARES INCmsci utd kingd	$3,375,000	–	161,650	–	2.16%	–
EIDO	New	Ishares TRmsci indonia etf	$3,310,000	–	125,475	–	2.12%	–
DOO	New	WISDOMTREEintl div ex finl	$3,208,000	–	63,310	–	2.05%	–
IYZ	New	ISHARES TR	$3,169,000	–	104,490	–	2.02%	–
EWZ	New	ISHARES INCmsci brazil	$3,170,000	–	66,340	–	2.02%	–
EPHE	New	ISHARES TRphill invstmrk	$3,110,000	–	84,450	–	1.99%	–
IEFA	New	Ishares Trcore msci eafe	$2,943,000	–	47,300	–	1.88%	–
IEMG	New	ISHAREScore msci emkt	$2,704,000	–	52,310	–	1.73%	–
INDA	New	Ishares Trmsci india etf	$2,489,000	–	87,495	–	1.59%	–
EWP	New	ISHARES INCmsci spain	$2,371,000	–	55,380	–	1.52%	–
PSCT	New	Powershares ETF TR IIs&p smcp it po	$2,283,000	–	48,675	–	1.46%	–
EWG	New	ISHARES INCmsci german	$2,249,000	–	71,900	–	1.44%	–
VNM	New	Market Vectors ETF Trvietnam etf	$2,086,000	–	100,269	–	1.33%	–
GDX	New	MARKET VECTORS ETFgold mine etf	$2,028,000	–	76,680	–	1.30%	–
XME	New	SPDR SERIES TRUSTs&p metals mng	$2,025,000	–	47,920	–	1.29%	–
MDY	New	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$1,803,000	–	6,918	–	1.15%	–
OIH	New	Market Vectors ETF TRoil svcs etf	$1,176,000	–	20,360	–	0.75%	–
EPD	New	Enterprise Prods Partners L	$49,000	–	625	–	0.03%	–
PAA	New	Plains All Amer Pipelineunit ltd partn	$47,000	–	780	–	0.03%	–
WES	New	WESTERN GAS PTNRS LP	$31,000	–	400	–	0.02%	–
TLLP	New	TESORO LOGISTICS LP	$29,000	–	400	–	0.02%	–
ET	New	ENERGY TRANSFER EQ	$29,000	–	500	–	0.02%	–
MWE	New	MARKWEST ENERGY PTNRunit ltd ptrn	$29,000	–	400	–	0.02%	–
NGLS	New	TARGA RESOURCES PTNRS	$29,000	–	400	–	0.02%	–
SXL	New	SUNOCO LOGISTICS PTNRS LP	$28,000	–	600	–	0.02%	–
DCP	New	DCP MIDSTREAM PTNRS	$28,000	–	500	–	0.02%	–
OKS	New	ONEOK PTNRS LPunit ltd ptnrs	$26,000	–	450	–	0.02%	–
WPZ	New	WILLIAMS PRTNR LP	$27,000	–	500	–	0.02%	–
4945SC	New	KINDER MORGAN ENERGY PTNRut ltd ptnr	$25,000	–	300	–	0.02%	–
BPL	New	BUCKEYE PTNRSunit ltd ptnrs	$25,000	–	300	–	0.02%	–
MMP	New	MAGELLAN MIDSTREAM PTNRScum unit rp lp	$25,000	–	300	–	0.02%	–
GEL	New	GENESIS ENERGYunit ltd ptnr	$25,000	–	450	–	0.02%	–
L109PS	New	ACCESS MIDSTREAM PTNunit	$25,000	–	400	–	0.02%	–
SEP	New	SPECTRA ENERGY PTNRS LP	$21,000	–	400	–	0.01%	–
HEP	New	HOLLY ENERGY PTNRS	$21,000	–	600	–	0.01%	–
APU	New	AMERIGAS PTNRS LPunit lp int	$14,000	–	300	–	0.01%	–
SPH	New	SUBURBAN PROPANE PTNRSunit ltd ptnrs	$14,000	–	300	–	0.01%	–
PIZ	New	Powershares ETF TR IIdwa devel mkts	$14,000	–	530	–	0.01%	–

Q4 2013

			Value		Shares		↓ Weighting
EPD	Exit	Enterprise Prods Partners L	$0	–	-275	–	-0.01%	–
PAA	Exit	Plains All Amer Pipelineunit ltd partn	$0	–	-380	–	-0.01%	–
NUM	Exit	NUVEEN Mich Quality Incmutual fund	$0	–	-14,698	–	-0.11%	–
PSCT	Exit	Powershares ETF TR IIs&p smcp it po	$0	–	-22,160	–	-0.54%	–
EPHE	Exit	ISHARES TRphill invstmrk	$0	–	-34,840	–	-0.68%	–
MDY	Exit	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$0	–	-6,645	–	-0.89%	–
	Exit	Rydex ETF Trgug s&p 500 eqwi	$0	–	-23,980	–	-0.99%	–
EWA	Exit	ISHARES INCmsci australia	$0	–	-69,140	–	-1.03%	–
ECON	Exit	EGA Emerging Glob Shr Tr.egs emkt cons et	$0	–	-69,100	–	-1.10%	–
SDOG	Exit	ALPS ETfsector div dogs	$0	–	-63,315	–	-1.20%	–
BIK	Exit	SPDR INDEX SHS FDSs&p bric 40 etf	$0	–	-88,960	–	-1.23%	–
SCZ	Exit	ISHARES TRmsci small cap	$0	–	-45,840	–	-1.32%	–
SCHH	Exit	Schwab Strategic TRus reit etf	$0	–	-86,470	–	-1.58%	–
VNQ	Exit	Vanguard Ind FDreit etf	$0	–	-40,610	–	-1.59%	–
EWI	Exit	ISHARES INCmsci italy	$0	–	-198,260	–	-1.66%	–
IYT	Exit	ISHARES TRtransp ave idx	$0	–	-24,080	–	-1.68%	–
DXPS	Exit	Wisdom Tree TRuk hedg	$0	–	-110,780	–	-1.71%	–
VGK	Exit	Vanguard Intl Equity Indftse europe etf	$0	–	-56,110	–	-1.81%	–
FDN	Exit	First TR ETFdj internt idx	$0	–	-57,320	–	-1.82%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-19,115	–	-1.90%	–
XLI	Exit	SELECT SECTOR SPDR TRsbi int-inds	$0	–	-70,170	–	-1.93%	–
XBI	Exit	SPDR Series Trs&p biotech	$0	–	-25,990	–	-1.99%	–
ECH	Exit	ISHARES INCmsci chile inves	$0	–	-69,730	–	-2.07%	–
EWG	Exit	ISHARES INCmsci german	$0	–	-125,920	–	-2.07%	–
PIZ	Exit	Powershares ETF TR IIdwa devel mkts	$0	–	-150,900	–	-2.24%	–
EWD	Exit	ISHARES INCmsci sweden	$0	–	-132,295	–	-2.68%	–
PGJ	Exit	Powershares ETF Trgoldn dragn chin	$0	–	-162,530	–	-2.76%	–
IBB	Exit	ISHARES Trnasdq bio indx	$0	–	-27,530	–	-3.42%	–
PWC	Exit	POWERSHARES ETF TRdynamic mkt pt	$0	–	-102,823	–	-3.69%	–
RPV	Exit	Rydex ETF Trgug s&p 500 pu v	$0	–	-144,456	–	-3.74%	–
XLV	Exit	SELECT SECTOR SPDR TRsbi healthcare	$0	–	-134,283	–	-4.02%	–
6699SC	Exit	ISHARES INCmsci utd kingd	$0	–	-375,830	–	-4.37%	–
RWJ	Exit	REVENUE SHARESsmall cap etf	$0	–	-227,895	–	-6.58%	–
DXJ	Exit	WISDOMTREE TRjp total divid	$0	–	-360,480	–	-10.23%	–
DIA	Exit	SPDR DOW JONES INDL AVRG ETFut ser 1	$0	–	-114,950	–	-10.28%	–
IWO	Exit	ISHARES TRrusl 2000 grow	$0	–	-202,070	–	-15.06%	–

Q3 2013

			Value		Shares		↓ Weighting
IWO	Buy	ISHARES TRrusl 2000 grow	$25,428,000	+327.1%	202,070	+278.5%	15.06%	+363.3%
DIA	New	SPDR DOW JONES INDL AVRG ETFut ser 1	$17,357,000	–	114,950	–	10.28%	–
DXJ	Buy	WISDOMTREE TRjp total divid	$17,278,000	+24.6%	360,480	+18.5%	10.23%	+35.2%
RWJ	Buy	REVENUE SHARESsmall cap etf	$11,121,000	+106.5%	227,895	+84.9%	6.58%	+124.0%
6699SC	New	ISHARES INCmsci utd kingd	$7,374,000	–	375,830	–	4.37%	–
XLV	Buy	SELECT SECTOR SPDR TRsbi healthcare	$6,793,000	+177.4%	134,283	+161.1%	4.02%	+200.8%
RPV	Sell	Rydex ETF Trgug s&p 500 pu v	$6,324,000	-2.0%	144,456	-8.9%	3.74%	+6.4%
PWC	Sell	POWERSHARES ETF TRdynamic mkt pt	$6,234,000	-26.1%	102,823	-31.7%	3.69%	-19.9%
IBB	Sell	ISHARES Trnasdq bio indx	$5,770,000	+9.8%	27,530	-8.9%	3.42%	+19.1%
PGJ	Sell	Powershares ETF Trgoldn dragn chin	$4,658,000	+18.2%	162,530	-13.2%	2.76%	+28.2%
EWD	Buy	ISHARES INCmsci sweden	$4,531,000	+23.6%	132,295	+7.6%	2.68%	+34.2%
PIZ	New	Powershares ETF TR IIdwa devel mkts	$3,779,000	–	150,900	–	2.24%	–
EWG	Sell	ISHARES INCmsci german	$3,502,000	+9.8%	125,920	-2.4%	2.07%	+19.2%
ECH	New	ISHARES INCmsci chile inves	$3,498,000	–	69,730	–	2.07%	–
XBI	Buy	SPDR Series Trs&p biotech	$3,357,000	+61.3%	25,990	+30.2%	1.99%	+75.0%
XLI	Sell	SELECT SECTOR SPDR TRsbi int-inds	$3,256,000	-42.6%	70,170	-47.3%	1.93%	-37.7%
FDN	New	First TR ETFdj internt idx	$3,082,000	–	57,320	–	1.82%	–
VGK	New	Vanguard Intl Equity Indftse europe etf	$3,058,000	–	56,110	–	1.81%	–
DXPS	New	Wisdom Tree TRuk hedg	$2,887,000	–	110,780	–	1.71%	–
IYT	Sell	ISHARES TRtransp ave idx	$2,833,000	-55.5%	24,080	-58.4%	1.68%	-51.7%
EWI	Buy	ISHARES INCmsci italy	$2,799,000	+23.6%	198,260	+3.4%	1.66%	+34.1%
VNQ	New	Vanguard Ind FDreit etf	$2,686,000	–	40,610	–	1.59%	–
SCHH	New	Schwab Strategic TRus reit etf	$2,672,000	–	86,470	–	1.58%	–
SCZ	New	ISHARES TRmsci small cap	$2,224,000	–	45,840	–	1.32%	–
BIK	New	SPDR INDEX SHS FDSs&p bric 40 etf	$2,077,000	–	88,960	–	1.23%	–
SDOG	Buy	ALPS ETfsector div dogs	$2,029,000	+69.6%	63,315	+62.9%	1.20%	+83.9%
ECON	New	EGA Emerging Glob Shr Tr.egs emkt cons et	$1,862,000	–	69,100	–	1.10%	–
EWA	New	ISHARES INCmsci australia	$1,747,000	–	69,140	–	1.03%	–
	New	Rydex ETF Trgug s&p 500 eqwi	$1,673,000	–	23,980	–	0.99%	–
MDY	Sell	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$1,504,000	+1.7%	6,645	-5.6%	0.89%	+10.4%
EPHE	Sell	ISHARES TRphill invstmrk	$1,146,000	-67.4%	34,840	-65.3%	0.68%	-64.6%
PSCT	New	Powershares ETF TR IIs&p smcp it po	$903,000	–	22,160	–	0.54%	–
PAA	New	Plains All Amer Pipelineunit ltd partn	$20,000	–	380	–	0.01%	–
EPD	New	Enterprise Prods Partners L	$17,000	–	275	–	0.01%	–
	Exit	VANGUARDmutual fund	$0	–	-14,379	–	-0.11%	–
EWT	Exit	ISHARES INCmsci taiwan	$0	–	-15,880	–	-0.12%	–
EPI	Exit	WISDOMTREE TRindia erngs fd	$0	–	-20,780	–	-0.18%	–
VWO	Exit	VANGUARD INTNL EQUITYftse emr mkt etf	$0	–	-9,595	–	-0.20%	–
PWB	Exit	Powershares ETF TRdynm lrg cp gr	$0	–	-21,690	–	-0.25%	–
IEMG	Exit	ISHAREScore msci emkt	$0	–	-18,500	–	-0.46%	–
VNM	Exit	Market Vectors ETF Trvietnam etf	$0	–	-58,550	–	-0.59%	–
EWM	Exit	ISHARES INCmsci malaysia	$0	–	-73,200	–	-0.62%	–
IGV	Exit	ISHARES TRs&p na softwr	$0	–	-18,200	–	-0.68%	–
ACWX	Exit	ISHARES TRmsci acwi ex	$0	–	-52,820	–	-1.17%	–
EWH	Exit	ISHARES INCmsci hong kong	$0	–	-148,052	–	-1.48%	–
EWS	Exit	ISHARES INCmsci singapore	$0	–	-237,641	–	-1.66%	–
IDX	Exit	MARKET VECTORS ETFindonesia etf	$0	–	-110,370	–	-1.74%	–
THD	Exit	ISHARES INCmsci thailand	$0	–	-42,708	–	-1.83%	–
XLE	Exit	SELECT SECTOR SPDR TRsbi int-energy	$0	–	-44,390	–	-1.90%	–
EWL	Exit	ISHARES INCmsci switzerld	$0	–	-122,189	–	-1.91%	–
KRE	Exit	SPDR SERIES TRUSTs&p regl bkg	$0	–	-126,410	–	-2.34%	–
XLY	Exit	SELECT SECTOR SPDR TRsbi cons discr	$0	–	-80,650	–	-2.48%	–
HAO	Exit	Claymoregugg chn sml cap	$0	–	-221,555	–	-2.69%	–
XHB	Exit	SPDR SERIES TRUSTs&p homebuild	$0	–	-246,703	–	-3.96%	–
RWL	Exit	REVENUESHARES ETF TRlargecap fd	$0	–	-245,535	–	-4.21%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-288,130	–	-4.81%	–
RSP	Exit	RYDEX ETF TRs&p 500 eq trd	$0	–	-172,275	–	-5.76%	–
KBWB	Exit	Powershares ETF Trustkbw bk port	$0	–	-358,708	–	-6.18%	–
KIE	Exit	SPDR SERIES TRUSTs&p ins etf	$0	–	-223,380	–	-6.58%	–

Q2 2013

			Value		Shares		↓ Weighting
DXJ	New	WISDOMTREE TRjp total divid	$13,870,000	–	304,095	–	7.57%	–
KIE	New	SPDR SERIES TRUSTs&p ins etf	$12,058,000	–	223,380	–	6.58%	–
KBWB	New	Powershares ETF Trustkbw bk port	$11,314,000	–	358,708	–	6.18%	–
RSP	New	RYDEX ETF TRs&p 500 eq trd	$10,555,000	–	172,275	–	5.76%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$8,812,000	–	288,130	–	4.81%	–
PWC	New	POWERSHARES ETF TRdynamic mkt pt	$8,439,000	–	150,477	–	4.61%	–
RWL	New	REVENUESHARES ETF TRlargecap fd	$7,710,000	–	245,535	–	4.21%	–
XHB	New	SPDR SERIES TRUSTs&p homebuild	$7,258,000	–	246,703	–	3.96%	–
RPV	New	Rydex ETF Trgug s&p 500 pu v	$6,450,000	–	158,591	–	3.52%	–
IYT	New	ISHARES TRtransp ave idx	$6,365,000	–	57,923	–	3.47%	–
IWO	New	ISHARES TRrusl 2000 grow	$5,954,000	–	53,390	–	3.25%	–
XLI	New	SELECT SECTOR SPDR TRsbi int-inds	$5,675,000	–	133,095	–	3.10%	–
RWJ	New	REVENUE SHARESsmall cap etf	$5,386,000	–	123,250	–	2.94%	–
IBB	New	ISHARES Trnasdq bio indx	$5,256,000	–	30,225	–	2.87%	–
HAO	New	Claymoregugg chn sml cap	$4,921,000	–	221,555	–	2.69%	–
XLY	New	SELECT SECTOR SPDR TRsbi cons discr	$4,549,000	–	80,650	–	2.48%	–
KRE	New	SPDR SERIES TRUSTs&p regl bkg	$4,283,000	–	126,410	–	2.34%	–
PGJ	New	Powershares ETF Trgoldn dragn chin	$3,942,000	–	187,340	–	2.15%	–
EWD	New	ISHARES INCmsci sweden	$3,665,000	–	122,945	–	2.00%	–
EPHE	New	ISHARES TRphill invstmrk	$3,518,000	–	100,408	–	1.92%	–
EWL	New	ISHARES INCmsci switzerld	$3,501,000	–	122,189	–	1.91%	–
XLE	New	SELECT SECTOR SPDR TRsbi int-energy	$3,476,000	–	44,390	–	1.90%	–
THD	New	ISHARES INCmsci thailand	$3,350,000	–	42,708	–	1.83%	–
IDX	New	MARKET VECTORS ETFindonesia etf	$3,193,000	–	110,370	–	1.74%	–
EWG	New	ISHARES INCmsci german	$3,188,000	–	129,070	–	1.74%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$3,066,000	–	19,115	–	1.67%	–
EWS	New	ISHARES INCmsci singapore	$3,039,000	–	237,641	–	1.66%	–
EWH	New	ISHARES INCmsci hong kong	$2,713,000	–	148,052	–	1.48%	–
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$2,449,000	–	51,433	–	1.34%	–
EWI	New	ISHARES INCmsci italy	$2,264,000	–	191,740	–	1.24%	–
ACWX	New	ISHARES TRmsci acwi ex	$2,150,000	–	52,820	–	1.17%	–
XBI	New	SPDR Series Trs&p biotech	$2,081,000	–	19,960	–	1.14%	–
MDY	New	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$1,479,000	–	7,040	–	0.81%	–
IGV	New	ISHARES TRs&p na softwr	$1,237,000	–	18,200	–	0.68%	–
SDOG	New	ALPS ETfsector div dogs	$1,196,000	–	38,875	–	0.65%	–
EWM	New	ISHARES INCmsci malaysia	$1,138,000	–	73,200	–	0.62%	–
VNM	New	Market Vectors ETF Trvietnam etf	$1,089,000	–	58,550	–	0.59%	–
IEMG	New	ISHAREScore msci emkt	$852,000	–	18,500	–	0.46%	–
PWB	New	Powershares ETF TRdynm lrg cp gr	$465,000	–	21,690	–	0.25%	–
VWO	New	VANGUARD INTNL EQUITYftse emr mkt etf	$372,000	–	9,595	–	0.20%	–
EPI	New	WISDOMTREE TRindia erngs fd	$337,000	–	20,780	–	0.18%	–
EWT	New	ISHARES INCmsci taiwan	$211,000	–	15,880	–	0.12%	–
NUM	New	NUVEENmutual fund	$202,000	–	14,698	–	0.11%	–
	New	VANGUARDmutual fund	$199,000	–	14,379	–	0.11%	–

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