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    <value>726</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>15200</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>INTL BUSINESS MACH</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>459200101</cusip>
    <value>2859</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15063</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>15063</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>INTL BUSINESS MACH</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>459200101</cusip>
    <value>47</value>
    <shrsOrPrnAmt>
      <sshPrnamt>250</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <votingAuthority>
      <Sole>250</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>INTL FLAVORS &amp; FRAGRANCES</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>459506101</cusip>
    <value>109</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1140</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1140</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>IPATH S&amp;P 500 VIX SHORT TERM F</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>06742e711</cusip>
    <value>4</value>
    <shrsOrPrnAmt>
      <sshPrnamt>141</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>141</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARE MSCI MALAYSIA</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>464286830</cusip>
    <value>154</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARE MSCI MEXICO</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>464286822</cusip>
    <value>387</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5630</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5630</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES COHEN &amp; STEERS REALTY</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>464287564</cusip>
    <value>228</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2700</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES CORE S&amp;P 500</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>464287200</cusip>
    <value>731</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3685</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3685</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES DJ US HOME CONSTRUCT</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>464288752</cusip>
    <value>277</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>12300</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES DJ US TELECOMMUNICATIO</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>464287713</cusip>
    <value>150</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES DJ US UTILITIES SECTOR</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>464287697</cusip>
    <value>211</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES EUROPE</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>464286608</cusip>
    <value>96</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MIDCAP VALUE</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>464287705</cusip>
    <value>244</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2025</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2025</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI AUSTRIA CAPPED</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>464286202</cusip>
    <value>49</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3055</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <votingAuthority>
      <Sole>3055</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI BRAZILCAPPED IND</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>464286400</cusip>
    <value>17</value>
    <shrsOrPrnAmt>
      <sshPrnamt>400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>400</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI BRAZILCAPPED IND</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>464286400</cusip>
    <value>92</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2116</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <votingAuthority>
      <Sole>2116</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI CANADA INDEX FUND</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>464286509</cusip>
    <value>1955</value>
    <shrsOrPrnAmt>
      <sshPrnamt>63699</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>63699</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI GERMANY</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>464286806</cusip>
    <value>839</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30280</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>30280</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI INDONESIA INVESTA</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>46429b309</cusip>
    <value>290</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10640</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10640</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI INDONESIA INVESTA</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>46429b309</cusip>
    <value>1370</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50349</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>50349</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI IRELAND CAPPED</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>46429b507</cusip>
    <value>45</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1304</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <votingAuthority>
      <Sole>1304</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI ISRAEL CAPPED E</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>464286632</cusip>
    <value>97</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1898</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <votingAuthority>
      <Sole>1898</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI ITALY CAPPED</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>464286855</cusip>
    <value>105</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6690</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <votingAuthority>
      <Sole>6690</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI NEW ZEALAND</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>464289123</cusip>
    <value>19</value>
    <shrsOrPrnAmt>
      <sshPrnamt>500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI PHILIPPINES INVES</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>46429b408</cusip>
    <value>1767</value>
    <shrsOrPrnAmt>
      <sshPrnamt>46424</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>46424</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI PHILIPPINES INVES</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>46429b408</cusip>
    <value>6</value>
    <shrsOrPrnAmt>
      <sshPrnamt>150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <votingAuthority>
      <Sole>150</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI POLAND CAPPED INV</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>46429b606</cusip>
    <value>2502</value>
    <shrsOrPrnAmt>
      <sshPrnamt>88110</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>88110</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI SINGAPORE INDEX F</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>464286673</cusip>
    <value>2427</value>
    <shrsOrPrnAmt>
      <sshPrnamt>181905</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>181905</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI SINGAPORE INDEX F</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>464286673</cusip>
    <value>2145</value>
    <shrsOrPrnAmt>
      <sshPrnamt>160799</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>160799</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI SINGAPORE INDEX F</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>464286673</cusip>
    <value>7</value>
    <shrsOrPrnAmt>
      <sshPrnamt>500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <votingAuthority>
      <Sole>500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI SOUTH KOREA CAPPE</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>464286772</cusip>
    <value>357</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5900</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI SPAIN CAPPED ETF</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>464286764</cusip>
    <value>153</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3935</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <votingAuthority>
      <Sole>3935</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI UNITED KINGDOM</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>46434v548</cusip>
    <value>6</value>
    <shrsOrPrnAmt>
      <sshPrnamt>300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>300</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES RUSSELL 2000 INDEX</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>464287655</cusip>
    <value>120</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1100</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES RUSSELL 2000 INDEX</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>464287655</cusip>
    <value>14205</value>
    <shrsOrPrnAmt>
      <sshPrnamt>129901</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>129901</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES S&amp;P ASIA 50 INDEX FUND</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>464288430</cusip>
    <value>47</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES SILVER TRUST</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>46428q109</cusip>
    <value>327</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>20000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES SILVER TRUST</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>46428q109</cusip>
    <value>10</value>
    <shrsOrPrnAmt>
      <sshPrnamt>615</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <votingAuthority>
      <Sole>615</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES SP 500 VALUE</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>464287408</cusip>
    <value>443</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4920</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4920</Sole>
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      <None>0</None>
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    <nameOfIssuer>MARKET VACTORS RUSSIA ETF</nameOfIssuer>
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    <cusip>57060u506</cusip>
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    <value>175</value>
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    <value>114</value>
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      <Sole>2150</Sole>
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      <None>0</None>
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    <cusip>57060u753</cusip>
    <value>1415</value>
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    <value>7696</value>
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    <value>30</value>
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    <value>313</value>
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    <value>27</value>
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    <value>18</value>
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    <nameOfIssuer>MIDCAP SPDR TR SER 1</nameOfIssuer>
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    <cusip>598039105</cusip>
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    <titleOfClass>com</titleOfClass>
    <cusip>615369105</cusip>
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      <sshPrnamt>8780</sshPrnamt>
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    <votingAuthority>
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      <None>0</None>
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    <nameOfIssuer>MULTI-COLOR CORP</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>625383104</cusip>
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    <votingAuthority>
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    <votingAuthority>
      <Sole>254341</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>NUVEEN NORTH CAROLINA PREM INC</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>67060p100</cusip>
    <value>85</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6656</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <votingAuthority>
      <Sole>6656</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NUVEEN OHIO QUALITY INC MUNI</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>670980101</cusip>
    <value>4301</value>
    <shrsOrPrnAmt>
      <sshPrnamt>277109</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>276109</Sole>
      <Shared>0</Shared>
      <None>1000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NUVEEN OHIO QUALITY INC MUNI</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>670980101</cusip>
    <value>55</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3525</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <votingAuthority>
      <Sole>3525</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NUVEEN PENNSYLVANIA INV QUAL M</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>670972108</cusip>
    <value>61</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4500</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NUVEEN PREMIUM INC MUNI FD 2</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>67063w102</cusip>
    <value>729</value>
    <shrsOrPrnAmt>
      <sshPrnamt>53000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>53000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NUVEEN SELECT MATURITIES MUNI</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>67061t101</cusip>
    <value>1638</value>
    <shrsOrPrnAmt>
      <sshPrnamt>156604</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>156604</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NUVEEN TEXAS QUALITY INCOME MU</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>670983105</cusip>
    <value>73</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NUVEEN TEXAS QUALITY INCOME MU</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>670983105</cusip>
    <value>97</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6628</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <votingAuthority>
      <Sole>6628</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NUVEEN VIRGINIA PREM INCOME MU</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>67064r102</cusip>
    <value>112</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8501</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>8501</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PIMCO INTERMEDICATE MUNICIPAL</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>72201r866</cusip>
    <value>80</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1500</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PIMCO INTERMEDICATE MUNICIPAL</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>72201r866</cusip>
    <value>124</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2325</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <votingAuthority>
      <Sole>2325</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PROSHARES ULTRA 7-10 YEAR TR</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>74347r180</cusip>
    <value>8</value>
    <shrsOrPrnAmt>
      <sshPrnamt>150</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>150</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR BARCLAYS CAPITAL CONVERTI</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>78464a359</cusip>
    <value>5860</value>
    <shrsOrPrnAmt>
      <sshPrnamt>118025</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>118025</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR BARCLAYS CAPITAL SHORT TE</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>78464a334</cusip>
    <value>85</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2500</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR BARCLAYS HIGH YIELD</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>78464a417</cusip>
    <value>29</value>
    <shrsOrPrnAmt>
      <sshPrnamt>725</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>725</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR BARCLAYS INTL TREASURY BO</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>78464a516</cusip>
    <value>34</value>
    <shrsOrPrnAmt>
      <sshPrnamt>600</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR NUVEEN BARCLAYS SHORT TER</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>78464a425</cusip>
    <value>4308</value>
    <shrsOrPrnAmt>
      <sshPrnamt>176530</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>176530</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR NUVEEN BARCLAYS SHORT TER</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>78464a425</cusip>
    <value>166</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6801</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <votingAuthority>
      <Sole>6801</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>THORNBURG INTERMED MUNI FD-I</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>885215673</cusip>
    <value>437</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30706</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <votingAuthority>
      <Sole>30706</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VANGUARD GNMA -INV</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>922031307</cusip>
    <value>189</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17624</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>17624</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VANGUARD INTERMEDIATE-TERM BON</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>921937819</cusip>
    <value>29</value>
    <shrsOrPrnAmt>
      <sshPrnamt>350</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>350</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VANGUARD INTERMEDIATE-TERM COR</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>92206C870</cusip>
    <value>638</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7434</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7434</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VANGUARD LONG-TERM BOND</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>921937793</cusip>
    <value>30</value>
    <shrsOrPrnAmt>
      <sshPrnamt>330</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>330</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VANGUARD OH LONG-TERM T/E</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>921929204</cusip>
    <value>557</value>
    <shrsOrPrnAmt>
      <sshPrnamt>44334</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>44334</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VANGUARD SHORT-TERM BOND</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>921937827</cusip>
    <value>447</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5585</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5585</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VANGUARD SHORT-TERM CORPORATE</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>92206C409</cusip>
    <value>4288</value>
    <shrsOrPrnAmt>
      <sshPrnamt>53681</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>53681</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VANGUARD SHORT-TERM TAX-EXEMPT</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>922907100</cusip>
    <value>291</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18359</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>18359</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VANGUARD TOTAL BOND MARKET ETF</nameOfIssuer>
    <titleOfClass>com</titleOfClass>
    <cusip>921937835</cusip>
    <value>624</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7622</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7622</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
</informationTable>
