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 ACTIVLY MANGD ETC FD OPTIMUM YIELD 46090F100 210 15,373 SH   SOLE   15,373 0 0
ISHARES INC MSCI ITALY ETF 46434G830 902 36,983 SH   SOLE   36,983 0 0
ISHARES INC MSCI AUST ETF 464286103 2,576 130,650 SH   SOLE   130,650 0 0
ISHARES INC MSCI TAIWAN ETF 46434G772 6,267 139,578 SH   SOLE   139,578 0 0
ISHARES INC MSCI SWITZERLAND 464286749 8,954 218,006 SH   SOLE   218,006 0 0
ISHARES INC MSCI JPN ETF NEW 46434G822 9,041 153,049 SH   SOLE   153,049 0 0
ISHARES INC MSCI STH KOR ETF 464286772 3,073 47,037 SH   SOLE   47,037 0 0
ISHARES INC MSCI HONG KG ETF 464286871 2,004 91,407 SH   SOLE   91,407 0 0
ISHARES INC MSCI GERMANY ETF 464286806 6,879 236,138 SH   SOLE   236,138 0 0
ISHARES INC MSCI FRANCE ETF 464286707 2,941 105,248 SH   SOLE   105,248 0 0
ISHARES INC MSCI CDA ETF 464286509 3,167 115,543 SH   SOLE   115,543 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 5,732 207,219 SH   SOLE   207,219 0 0
ISHARES TR MSCI INDIA ETF 46429B598 2,217 65,463 SH   SOLE   65,463 0 0
ISHARES TR TIPS BD ETF 464287176 3,952 31,239 SH   SOLE   31,239 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 2,205 14,718 SH   SOLE   14,718 0 0
ISHARES TR NEW ZEALAND ETF 464289123 3,327 57,816 SH   SOLE   57,816 0 0
ISHARES TR MSCI USA MMENTM 46432F396 259 1,759 SH   SOLE   1,759 0 0
ISHARES TR MSCI INDONIA ETF 46429B309 532 30,786 SH   SOLE   30,786 0 0
ISHARES TR MSCI UK ETF NEW 46435G334 5,638 221,198 SH   SOLE   221,198 0 0
ISHARES TR IBOXX INV CP ETF 464287242 1,532 11,375 SH   SOLE   11,375 0 0
ISHARES TR CORE MSCI INTL 46435G326 558 9,256 SH   SOLE   9,256 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 8,464 201,533 SH   SOLE   201,533 0 0
ISHARES TR BARCLAYS 7 10 YR 464287440 7,714 63,326 SH   SOLE   63,326 0 0
ISHARES TR 3 7 YR TREAS BD 464288661 6,694 50,108 SH   SOLE   50,108 0 0
ISHARES TR 20 YR TR BD ETF 464287432 1,970 12,067 SH   SOLE   12,067 0 0
ISHARES TR CORE S&P MCP ETF 464287507 373 2,013 SH   SOLE   2,013 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 1,507 62,600 SH   SOLE   62,600 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 15,229 130,501 SH   SOLE   130,501 0 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 1,408 22,123 SH   SOLE   22,123 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 5,096 66,199 SH   SOLE   66,199 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 7,013 66,490 SH   SOLE   66,490 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 8,311 56,543 SH   SOLE   56,543 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506 949 31,698 SH   SOLE   31,698 0 0
SELECT SECTOR SPDR TR COMMUNICATION 81369Y852 7,696 129,555 SH   SOLE   129,555 0 0
SPDR INDEX SHS FDS S&P EMKTSC ETF 78463X756 1,647 37,121 SH   SOLE   37,121 0 0
SPDR SER TR PORTFOLIO LN TSR 78464A664 265 5,663 SH   SOLE   5,663 0 0
VANECK VECTORS ETF TR RUSSIA ETF 92189F403 3,245 154,880 SH   SOLE   154,880 0 0
VANECK VECTORS ETF TR SEMICONDUCTOR ET 92189F676 2,003 11,500 SH   SOLE   11,500 0 0
VANGUARD BD INDEX FDS TOTAL BND MRKT 921937835 332 3,761 SH   SOLE   3,761 0 0
VANGUARD CHARLOTTE FDS INTL BD IDX ETF 92203J407 287 4,930 SH   SOLE   4,930 0 0
VANGUARD INDEX FDS TOTAL STK MKT 922908769 737 4,328 SH   SOLE   4,328 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 236 5,448 SH   SOLE   5,448 0 0
VANGUARD SCOTTSDALE FDS INT-TERM CORP 92206C870 450 4,697 SH   SOLE   4,697 0 0