The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
INVESCO ACTIVELY MANAGD ETF OPTIMUM YIELD 46090F100 182 15,364 SH   SOLE   15,364 0 0
ISHARES INC MSCI NETHERL ETF 464286814 503 18,242 SH   SOLE   18,242 0 0
ISHARES INC MSCI THAILND ETF 464286624 572 8,964 SH   SOLE   8,964 0 0
ISHARES INC MSCI TAIWAN ETF 46434G772 1,780 54,000 SH   SOLE   54,000 0 0
ISHARES INC MSCI SWITZERLAND 464286749 4,289 120,278 SH   SOLE   120,278 0 0
ISHARES INC MSCI STH KOR ETF 464286772 1,960 37,667 SH   SOLE   37,667 0 0
ISHARES INC MSCI SINGPOR ETF 46434G780 468 27,000 SH   SOLE   27,000 0 0
ISHARES INC MSCI SPAIN ETF 464286764 1,016 50,000 SH   SOLE   50,000 0 0
ISHARES INC MSCI JPN ETF NEW 46434G822 7,260 147,000 SH   SOLE   147,000 0 0
ISHARES INC MSCI ITALY ETF 46434G830 1,018 49,000 SH   SOLE   49,000 0 0
ISHARES INC MSCI HONG KG ETF 464286871 2,413 121,000 SH   SOLE   121,000 0 0
ISHARES INC MSCI GERMANY ETF 464286806 4,726 220,000 SH   SOLE   220,000 0 0
ISHARES INC MSCI FRANCE ETF 464286707 2,391 102,000 SH   SOLE   102,000 0 0
ISHARES INC MSCI CDA ETF 464286509 2,187 100,090 SH   SOLE   100,090 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 7,300 245,961 SH   SOLE   245,961 0 0
ISHARES INC MSCI AUST ETF 464286103 3,078 176,307 SH   SOLE   176,307 0 0
ISHARES TR MSCI INDIA ETF 46429B598 1,477 51,604 SH   SOLE   51,604 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 1,620 14,150 SH   SOLE   14,150 0 0
ISHARES TR RUS 2000 VAL ETF 464287630 602 6,510 SH   SOLE   6,510 0 0
ISHARES TR NEW ZEALAND ETF 464289123 2,698 52,898 SH   SOLE   52,898 0 0
ISHARES TR MSCI UK ETF NEW 46435G334 5,922 248,000 SH   SOLE   248,000 0 0
ISHARES TR MSCI POLAND ETF 46429B606 803 54,344 SH   SOLE   54,344 0 0
ISHARES TR MSCI INDONIA ETF 46429B309 715 36,947 SH   SOLE   36,947 0 0
ISHARES TR IBOXX INV CP ETF 464287242 397 3,206 SH   SOLE   3,206 0 0
ISHARES TR CORE S&P MCP ETF 464287507 290 2,015 SH   SOLE   2,015 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 8,935 238,000 SH   SOLE   238,000 0 0
ISHARES TR BARCLAYS 7 10 YR 464287440 464 3,823 SH   SOLE   3,823 0 0
ISHARES TR 3 7 YR TREAS BD 464288661 332 2,491 SH   SOLE   2,491 0 0
ISHARES TR 1 3 YR TREAS BD 464287457 327 3,769 SH   SOLE   3,769 0 0
ISHARES TR CORE S&P SCP ETF 464287804 241 4,295 SH   SOLE   4,295 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 6,024 104,616 SH   SOLE   104,616 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 10,840 129,819 SH   SOLE   129,819 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 7,735 84,420 SH   SOLE   84,420 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 2,878 47,307 SH   SOLE   47,307 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 5,057 47,183 SH   SOLE   47,183 0 0
SELECT SECTOR SPDR TR RL EST SEL SEC 81369Y860 1,904 53,614 SH   SOLE   53,614 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506 2,028 60,241 SH   SOLE   60,241 0 0
SELECT SECTOR SPDR TR COMMUNICATION 81369Y852 3,368 76,130 SH   SOLE   76,130 0 0
SPDR INDEX SHS FDS S&P EMKTSC ETF 78463X756 1,454 43,918 SH   SOLE   43,918 0 0
SPDR SER TR PORTFOLIO LN TSR 78464A664 637 13,488 SH   SOLE   13,488 0 0
SPDR SER TR SPDR BLOOMBERG 78468R663 12,662 138,183 SH   SOLE   138,183 0 0
VANECK VECTORS ETF TR EMERGING MKTS HI 92189F353 453 21,176 SH   SOLE   21,176 0 0
VANECK VECTORS ETF TR RUSSIA ETF 92189F403 4,549 258,743 SH   SOLE   258,743 0 0
VANECK VECTORS ETF TR SEMICONDUCTOR ET 92189F676 1,347 11,500 SH   SOLE   11,500 0 0
VANGUARD BD INDEX FDS TOTAL BND MRKT 921937835 499 5,842 SH   SOLE   5,842 0 0
VANGUARD CHARLOTTE FDS INTL BD IDX ETF 92203J407 626 10,790 SH   SOLE   10,790 0 0
VANGUARD INDEX FDS TOTAL STK MKT 922908769 479 3,713 SH   SOLE   3,713 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 310 9,233 SH   SOLE   9,233 0 0
VANGUARD SCOTTSDALE FDS INT-TERM CORP 92206C870 570 6,370 SH   SOLE   6,370 0 0