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<infoTable>
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<infoTable>
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<infoTable>
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<infoTable>
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<infoTable>
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<infoTable>
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<infoTable>
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<infoTable>
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<infoTable>
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<infoTable>
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<infoTable>
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<infoTable>
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<infoTable>
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<infoTable>
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<infoTable>
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<infoTable>
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<infoTable>
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  <titleOfClass>com</titleOfClass>
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  <value>1</value>
  <shrsOrPrnAmt>
    <sshPrnamt>34</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>34</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>INGEVITY CORP</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>45688c107</cusip>
  <value>2</value>
  <shrsOrPrnAmt>
    <sshPrnamt>50</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>50</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>INGLES MARKETS INC CLASS A</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>457030104</cusip>
  <value>13513</value>
  <shrsOrPrnAmt>
    <sshPrnamt>362290</sshPrnamt>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>362290</Sole>
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    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>INGRAM MICRO INC-CL A</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>457153104</cusip>
  <value>1844</value>
  <shrsOrPrnAmt>
    <sshPrnamt>53015</sshPrnamt>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>53015</Sole>
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    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>INGREDION INC</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>457187102</cusip>
  <value>7282</value>
  <shrsOrPrnAmt>
    <sshPrnamt>56273</sshPrnamt>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>56273</Sole>
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    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>INGREDION INC</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
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  <value>3100</value>
  <shrsOrPrnAmt>
    <sshPrnamt>23957</sshPrnamt>
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  <investmentDiscretion>OTR</investmentDiscretion>
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    <Sole>0</Sole>
    <Shared>0</Shared>
    <None>23957</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>INNOSPEC INC</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>45768s105</cusip>
  <value>16515</value>
  <shrsOrPrnAmt>
    <sshPrnamt>359100</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>359100</Sole>
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    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>INNOSPEC INC</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>45768s105</cusip>
  <value>4394</value>
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  <investmentDiscretion>OTR</investmentDiscretion>
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    <Sole>0</Sole>
    <Shared>0</Shared>
    <None>95539</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>INSIGHT ENTERPRISES</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>45765u103</cusip>
  <value>5124</value>
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    <sshPrnamt>197082</sshPrnamt>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>197082</Sole>
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    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>INSIGHT ENTERPRISES</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>45765u103</cusip>
  <value>52</value>
  <shrsOrPrnAmt>
    <sshPrnamt>2000</sshPrnamt>
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  <investmentDiscretion>OTR</investmentDiscretion>
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    <Sole>0</Sole>
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    <None>2000</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>INSIGHT ENTERPRISES</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>45765u103</cusip>
  <value>22</value>
  <shrsOrPrnAmt>
    <sshPrnamt>830</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>OTR</investmentDiscretion>
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    <Sole>0</Sole>
    <Shared>0</Shared>
    <None>830</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>INTEL CORP</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>458140100</cusip>
  <value>17847</value>
  <shrsOrPrnAmt>
    <sshPrnamt>544126</sshPrnamt>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>544126</Sole>
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    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>INTEL CORP</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>458140100</cusip>
  <value>3841</value>
  <shrsOrPrnAmt>
    <sshPrnamt>117099</sshPrnamt>
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  <investmentDiscretion>OTR</investmentDiscretion>
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    <Sole>0</Sole>
    <Shared>0</Shared>
    <None>117099</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>INTEL CORP</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>458140100</cusip>
  <value>20</value>
  <shrsOrPrnAmt>
    <sshPrnamt>600</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <votingAuthority>
    <Sole>600</Sole>
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    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>INTELIQUENT INC</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>45825n107</cusip>
  <value>1556</value>
  <shrsOrPrnAmt>
    <sshPrnamt>78230</sshPrnamt>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>78230</Sole>
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    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>INTERNATIONAL PAPER CO</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>460146103</cusip>
  <value>475</value>
  <shrsOrPrnAmt>
    <sshPrnamt>11202</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>11202</Sole>
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    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>INTEST CORP</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>461147100</cusip>
  <value>28</value>
  <shrsOrPrnAmt>
    <sshPrnamt>7475</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>7475</Sole>
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    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>INTEST CORP</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>461147100</cusip>
  <value>3</value>
  <shrsOrPrnAmt>
    <sshPrnamt>700</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <votingAuthority>
    <Sole>700</Sole>
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    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>INTL BUSINESS MACH</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>459200101</cusip>
  <value>5385</value>
  <shrsOrPrnAmt>
    <sshPrnamt>35480</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>35480</Sole>
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    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>INTL BUSINESS MACH</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>459200101</cusip>
  <value>10269</value>
  <shrsOrPrnAmt>
    <sshPrnamt>67657</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <otherManager>01</otherManager>
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    <Sole>0</Sole>
    <Shared>0</Shared>
    <None>67657</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>INUVO INC</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>46122w204</cusip>
  <value>36</value>
  <shrsOrPrnAmt>
    <sshPrnamt>25740</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>25740</Sole>
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    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARE MSCI ALL PERU CAPPED IN</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464289842</cusip>
  <value>3989</value>
  <shrsOrPrnAmt>
    <sshPrnamt>129135</sshPrnamt>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>128535</Sole>
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    <None>600</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARE MSCI ALL PERU CAPPED IN</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464289842</cusip>
  <value>6660</value>
  <shrsOrPrnAmt>
    <sshPrnamt>215605</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <otherManager>01</otherManager>
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    <Sole>0</Sole>
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    <None>215605</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARE MSCI ALL PERU CAPPED IN</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464289842</cusip>
  <value>358</value>
  <shrsOrPrnAmt>
    <sshPrnamt>11580</sshPrnamt>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <votingAuthority>
    <Sole>11580</Sole>
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    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>ISHARE MSCI MALAYSIA</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464286830</cusip>
  <value>35</value>
  <shrsOrPrnAmt>
    <sshPrnamt>4250</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>4250</Sole>
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    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES COHEN &amp; STEERS REALTY </nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464287564</cusip>
  <value>646</value>
  <shrsOrPrnAmt>
    <sshPrnamt>5975</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>5975</Sole>
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    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES CORE S&amp;P 500</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464287200</cusip>
  <value>776</value>
  <shrsOrPrnAmt>
    <sshPrnamt>3685</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>3685</Sole>
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    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES DJ US HOME CONSTRUCT</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464288752</cusip>
  <value>100</value>
  <shrsOrPrnAmt>
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    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>3600</Sole>
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    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES DJ US TELECOMMUNICATIO</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464287713</cusip>
  <value>161</value>
  <shrsOrPrnAmt>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>4820</Sole>
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    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES DJ US UTILITIES SECTOR</nameOfIssuer>
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  <cusip>464287697</cusip>
  <value>152</value>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>1160</Sole>
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    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES FTSE CHINA 25 INDEX</nameOfIssuer>
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  <cusip>464287184</cusip>
  <value>21</value>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>600</Sole>
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    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES GOLD ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464285105</cusip>
  <value>1778</value>
  <shrsOrPrnAmt>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>139375</Sole>
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    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES GOLD ETF</nameOfIssuer>
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  <cusip>464285105</cusip>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <otherManager>01</otherManager>
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    <None>238402</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MIDCAP VALUE</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464287705</cusip>
  <value>259</value>
  <shrsOrPrnAmt>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>2025</Sole>
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  </votingAuthority>
</infoTable>
<infoTable>
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  <titleOfClass>com</titleOfClass>
  <cusip>464286400</cusip>
  <value>94</value>
  <shrsOrPrnAmt>
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    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>3100</Sole>
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  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI BRAZILCAPPED IND</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464286400</cusip>
  <value>336</value>
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    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <votingAuthority>
    <Sole>11132</Sole>
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    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI CANADA INDEX FUND</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464286509</cusip>
  <value>2972</value>
  <shrsOrPrnAmt>
    <sshPrnamt>121269</sshPrnamt>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>121269</Sole>
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    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI CHILE CAPPED INV</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464286640</cusip>
  <value>3882</value>
  <shrsOrPrnAmt>
    <sshPrnamt>105485</sshPrnamt>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>105485</Sole>
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    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI CHILE CAPPED INV</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464286640</cusip>
  <value>467</value>
  <shrsOrPrnAmt>
    <sshPrnamt>12701</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <otherManager>01</otherManager>
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    <Sole>0</Sole>
    <Shared>0</Shared>
    <None>12701</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI FRANCE ETF IV</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464286707</cusip>
  <value>43</value>
  <shrsOrPrnAmt>
    <sshPrnamt>1900</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>1900</Sole>
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    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI GERMANY</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464286806</cusip>
  <value>473</value>
  <shrsOrPrnAmt>
    <sshPrnamt>19650</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>19650</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI GERMANY</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464286806</cusip>
  <value>403</value>
  <shrsOrPrnAmt>
    <sshPrnamt>16745</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>OTR</investmentDiscretion>
  <otherManager>01</otherManager>
  <votingAuthority>
    <Sole>0</Sole>
    <Shared>0</Shared>
    <None>16745</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI INDONESIA ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>46429b309</cusip>
  <value>40</value>
  <shrsOrPrnAmt>
    <sshPrnamt>1655</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>1655</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI INDONESIA ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>46429b309</cusip>
  <value>6301</value>
  <shrsOrPrnAmt>
    <sshPrnamt>257622</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>OTR</investmentDiscretion>
  <otherManager>01</otherManager>
  <votingAuthority>
    <Sole>0</Sole>
    <Shared>0</Shared>
    <None>257622</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI IRELAND CAPPED</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>46429b507</cusip>
  <value>4024</value>
  <shrsOrPrnAmt>
    <sshPrnamt>111959</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>110859</Sole>
    <Shared>0</Shared>
    <None>1100</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI IRELAND CAPPED</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>46429b507</cusip>
  <value>43</value>
  <shrsOrPrnAmt>
    <sshPrnamt>1190</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>OTR</investmentDiscretion>
  <votingAuthority>
    <Sole>390</Sole>
    <Shared>0</Shared>
    <None>800</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI ITALY CAPPED ETF </nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464286855</cusip>
  <value>10</value>
  <shrsOrPrnAmt>
    <sshPrnamt>900</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>900</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI MEXICO CAPPED ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464286822</cusip>
  <value>153</value>
  <shrsOrPrnAmt>
    <sshPrnamt>3034</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>3034</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI NEW ZEALAND</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464289123</cusip>
  <value>22</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>2566</value>
  <shrsOrPrnAmt>
    <sshPrnamt>65520</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>65520</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI POLAND CAPPED INV</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>46429b606</cusip>
  <value>166</value>
  <shrsOrPrnAmt>
    <sshPrnamt>9775</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>9775</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI RUSSIA</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>46434g806</cusip>
  <value>7</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 SINGAPORE INDEX F</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464286673</cusip>
  <value>327</value>
  <shrsOrPrnAmt>
    <sshPrnamt>30065</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>30065</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI SOUTH KOREA CAPPE</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464286772</cusip>
  <value>198</value>
  <shrsOrPrnAmt>
    <sshPrnamt>3800</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>3800</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI SPAIN CAPPED ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464286764</cusip>
  <value>10</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 TAIWAN ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464286731</cusip>
  <value>28</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 RUSSELL 2000 ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464287655</cusip>
  <value>1282</value>
  <shrsOrPrnAmt>
    <sshPrnamt>11150</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>11150</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES RUSSELL 2000 VALUE</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464287630</cusip>
  <value>4479</value>
  <shrsOrPrnAmt>
    <sshPrnamt>46035</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>46035</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES RUSSELL 2000 VALUE</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464287630</cusip>
  <value>12</value>
  <shrsOrPrnAmt>
    <sshPrnamt>120</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>OTR</investmentDiscretion>
  <votingAuthority>
    <Sole>120</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES S&amp;P ASIA 50 INDEX FUND</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464288430</cusip>
  <value>45</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 ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>46428q109</cusip>
  <value>19692</value>
  <shrsOrPrnAmt>
    <sshPrnamt>1102245</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>1102245</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES SILVER TRUST ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>46428q109</cusip>
  <value>1207</value>
  <shrsOrPrnAmt>
    <sshPrnamt>67557</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>OTR</investmentDiscretion>
  <otherManager>01</otherManager>
  <votingAuthority>
    <Sole>0</Sole>
    <Shared>0</Shared>
    <None>67557</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES SILVER TRUST ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>46428q109</cusip>
  <value>14</value>
  <shrsOrPrnAmt>
    <sshPrnamt>775</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>OTR</investmentDiscretion>
  <votingAuthority>
    <Sole>775</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES SP 500 VALUE</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464287408</cusip>
  <value>457</value>
  <shrsOrPrnAmt>
    <sshPrnamt>4920</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>4920</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES SWEDEN</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464286756</cusip>
  <value>11</value>
  <shrsOrPrnAmt>
    <sshPrnamt>420</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>420</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES SWEDEN</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464286756</cusip>
  <value>80</value>
  <shrsOrPrnAmt>
    <sshPrnamt>2934</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>OTR</investmentDiscretion>
  <otherManager>01</otherManager>
  <votingAuthority>
    <Sole>0</Sole>
    <Shared>0</Shared>
    <None>2934</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES SWITZERLAND INDEX FUND</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464286749</cusip>
  <value>33</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>ISHR DJSELECT DIVID</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464287168</cusip>
  <value>26</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>JEWETT-CAMERON TRADING LTD</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>47733c207</cusip>
  <value>17</value>
  <shrsOrPrnAmt>
    <sshPrnamt>1600</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>1600</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>JEWETT-CAMERON TRADING LTD</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>47733c207</cusip>
  <value>1</value>
  <shrsOrPrnAmt>
    <sshPrnamt>75</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>OTR</investmentDiscretion>
  <votingAuthority>
    <Sole>75</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>JOHNSON &amp; JOHNSON</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>478160104</cusip>
  <value>88</value>
  <shrsOrPrnAmt>
    <sshPrnamt>728</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>728</Sole>
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    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>JPMORGAN CHASE &amp; CO</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>46625h100</cusip>
  <value>33829</value>
  <shrsOrPrnAmt>
    <sshPrnamt>544399</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>543299</Sole>
    <Shared>0</Shared>
    <None>1100</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>JPMORGAN CHASE &amp;amp; CO</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>46625h100</cusip>
  <value>13368</value>
  <shrsOrPrnAmt>
    <sshPrnamt>215127</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>OTR</investmentDiscretion>
  <otherManager>01</otherManager>
  <votingAuthority>
    <Sole>0</Sole>
    <Shared>0</Shared>
    <None>215127</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>JPMORGAN CHASE &amp;amp;amp; CO</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>46625h100</cusip>
  <value>19</value>
  <shrsOrPrnAmt>
    <sshPrnamt>300</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>OTR</investmentDiscretion>
  <votingAuthority>
    <Sole>300</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>KB FINANCIAL GROUP INC-ADR</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>48241a105</cusip>
  <value>11</value>
  <shrsOrPrnAmt>
    <sshPrnamt>400</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>400</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>KEY TRONIC CORP</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>493144109</cusip>
  <value>10</value>
  <shrsOrPrnAmt>
    <sshPrnamt>1330</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>1330</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>KEY TRONIC CORP</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>493144109</cusip>
  <value>0</value>
  <shrsOrPrnAmt>
    <sshPrnamt>50</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>OTR</investmentDiscretion>
  <votingAuthority>
    <Sole>50</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>KEYCORP</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>493267108</cusip>
  <value>13573</value>
  <shrsOrPrnAmt>
    <sshPrnamt>1228360</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>1228360</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>KIMBERLY-CLARK CORP</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>494368103</cusip>
  <value>114</value>
  <shrsOrPrnAmt>
    <sshPrnamt>829</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>829</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>KOREA ELEC POWER CORP-SP ADR</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>500631106</cusip>
  <value>52</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>KROGER CO.</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
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    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <votingAuthority>
    <Sole>200</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES FLOATING RATE BOND ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>46429b655</cusip>
  <value>7366</value>
  <shrsOrPrnAmt>
    <sshPrnamt>145521</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>145521</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES FLOATING RATE BOND ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>46429b655</cusip>
  <value>3487</value>
  <shrsOrPrnAmt>
    <sshPrnamt>68879</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>OTR</investmentDiscretion>
  <otherManager>01</otherManager>
  <votingAuthority>
    <Sole>0</Sole>
    <Shared>0</Shared>
    <None>68879</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES GNMA BOND ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>46429b333</cusip>
  <value>68</value>
  <shrsOrPrnAmt>
    <sshPrnamt>1325</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <otherManager>01</otherManager>
  <votingAuthority>
    <Sole>0</Sole>
    <Shared>0</Shared>
    <None>1325</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES IBOXX INV GR CORP BD</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464287242</cusip>
  <value>5731</value>
  <shrsOrPrnAmt>
    <sshPrnamt>46694</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>46694</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES IBOXX INV GR CORP BD</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464287242</cusip>
  <value>9470</value>
  <shrsOrPrnAmt>
    <sshPrnamt>77161</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <otherManager>01</otherManager>
  <votingAuthority>
    <Sole>0</Sole>
    <Shared>0</Shared>
    <None>77161</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES IBOXX INV GR CORP BD</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464287242</cusip>
  <value>25</value>
  <shrsOrPrnAmt>
    <sshPrnamt>200</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <votingAuthority>
    <Sole>200</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES JPMORGAN USD EMERGING </nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464288281</cusip>
  <value>15</value>
  <shrsOrPrnAmt>
    <sshPrnamt>128</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>128</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES JPMORGAN USD EMERGING </nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464288281</cusip>
  <value>199</value>
  <shrsOrPrnAmt>
    <sshPrnamt>1732</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <votingAuthority>
    <Sole>1732</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES NATIONL MUNI BOND ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464288414</cusip>
  <value>3497</value>
  <shrsOrPrnAmt>
    <sshPrnamt>30696</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>30696</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES SHOR TERM NATL MUNI BO</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464288158</cusip>
  <value>4700</value>
  <shrsOrPrnAmt>
    <sshPrnamt>44198</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>44198</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES SHORT TREASURY BOND ET</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464288679</cusip>
  <value>1802</value>
  <shrsOrPrnAmt>
    <sshPrnamt>16311</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>16311</Sole>
    <Shared>0</Shared>
    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES SHORT TREASURY BOND ET</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464288679</cusip>
  <value>51912</value>
  <shrsOrPrnAmt>
    <sshPrnamt>470006</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <otherManager>01</otherManager>
  <votingAuthority>
    <Sole>0</Sole>
    <Shared>0</Shared>
    <None>470006</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>NUVEEN CALIFORNIA MUNICI</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>67062c107</cusip>
  <value>104</value>
  <shrsOrPrnAmt>
    <sshPrnamt>9300</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>9300</Sole>
    <Shared>0</Shared>
    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>NUVEEN ENHANCED AMT-FREE MUNI</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>67071l106</cusip>
  <value>1586</value>
  <shrsOrPrnAmt>
    <sshPrnamt>97545</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>97545</Sole>
    <Shared>0</Shared>
    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>NUVEEN INSRD VIRGNIA PRE</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>67064r102</cusip>
  <value>178</value>
  <shrsOrPrnAmt>
    <sshPrnamt>12001</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>12001</Sole>
    <Shared>0</Shared>
    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>NUVEEN MUNICIPAL VALUE C</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>670928100</cusip>
  <value>2217</value>
  <shrsOrPrnAmt>
    <sshPrnamt>204877</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>204877</Sole>
    <Shared>0</Shared>
    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>NUVEEN OHIO QUALITY INC MUNI</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>670980101</cusip>
  <value>71</value>
  <shrsOrPrnAmt>
    <sshPrnamt>4200</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>4200</Sole>
    <Shared>0</Shared>
    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>NUVEEN SELECT MATURITY M</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>67061t101</cusip>
  <value>1013</value>
  <shrsOrPrnAmt>
    <sshPrnamt>93604</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>93604</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>PIMCO INTERMEDICATE MUNICIPAL</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>72201r866</cusip>
  <value>9</value>
  <shrsOrPrnAmt>
    <sshPrnamt>155</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <votingAuthority>
    <Sole>155</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>SPDR BARCLAYS CAPITAL CONVERTI</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>78464a359</cusip>
  <value>5003</value>
  <shrsOrPrnAmt>
    <sshPrnamt>114125</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>114125</Sole>
    <Shared>0</Shared>
    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>SPDR BARCLAYS CAPITAL CONVERTI</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>78464a359</cusip>
  <value>5046</value>
  <shrsOrPrnAmt>
    <sshPrnamt>115096</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <otherManager>01</otherManager>
  <votingAuthority>
    <Sole>0</Sole>
    <Shared>0</Shared>
    <None>115096</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>SPDR BARCLAYS CAPITAL CONVERTI</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>78464a359</cusip>
  <value>88</value>
  <shrsOrPrnAmt>
    <sshPrnamt>2000</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <votingAuthority>
    <Sole>0</Sole>
    <Shared>0</Shared>
    <None>2000</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>SPDR BARCLAYS HIGH YIELD</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>78464a417</cusip>
  <value>8</value>
  <shrsOrPrnAmt>
    <sshPrnamt>225</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>225</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>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>600</Sole>
    <Shared>0</Shared>
    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>SPDR NUVEEN BARCLAYS SHORT MUN</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>78468r739</cusip>
  <value>8039</value>
  <shrsOrPrnAmt>
    <sshPrnamt>163794</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>163794</Sole>
    <Shared>0</Shared>
    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>SPDR NUVEEN BARCLAYS SHORT MUN</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>78468r739</cusip>
  <value>241</value>
  <shrsOrPrnAmt>
    <sshPrnamt>4910</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <votingAuthority>
    <Sole>4910</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>VANECK VECTORS ATM-FREE INT. M</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>92189f544</cusip>
  <value>23</value>
  <shrsOrPrnAmt>
    <sshPrnamt>906</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>906</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>VANECK VECTORS ATM-FREE INT. M</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>92189f544</cusip>
  <value>289</value>
  <shrsOrPrnAmt>
    <sshPrnamt>11650</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <votingAuthority>
    <Sole>11650</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>VANECK VECTORS JP MORGAN EM</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>92189f494</cusip>
  <value>99</value>
  <shrsOrPrnAmt>
    <sshPrnamt>5225</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <votingAuthority>
    <Sole>5225</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>VANECK VECTORS LONG MUNICIPAL</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>92189f536</cusip>
  <value>106</value>
  <shrsOrPrnAmt>
    <sshPrnamt>5000</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>5000</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>VANGUARD GNMA FUND INVESTOR SH</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>922031307</cusip>
  <value>146</value>
  <shrsOrPrnAmt>
    <sshPrnamt>13500</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>13500</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>VANGUARD INTERMEDIATE TERM COR</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>92206c870</cusip>
  <value>61</value>
  <shrsOrPrnAmt>
    <sshPrnamt>687</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>687</Sole>
    <Shared>0</Shared>
    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>VANGUARD OHIO LONG TERM TAX EX</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>921929204</cusip>
  <value>455</value>
  <shrsOrPrnAmt>
    <sshPrnamt>34648</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>34648</Sole>
    <Shared>0</Shared>
    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>VANGUARD SHORT-TERM BOND ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>921937827</cusip>
  <value>3416</value>
  <shrsOrPrnAmt>
    <sshPrnamt>42136</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>42136</Sole>
    <Shared>0</Shared>
    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>VANGUARD SHORT TERM COR BD ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>92206c409</cusip>
  <value>2696</value>
  <shrsOrPrnAmt>
    <sshPrnamt>33353</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>33353</Sole>
    <Shared>0</Shared>
    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>VANGUARD SHORT TERM COR BD ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>92206c409</cusip>
  <value>4176</value>
  <shrsOrPrnAmt>
    <sshPrnamt>51661</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <otherManager>01</otherManager>
  <votingAuthority>
    <Sole>0</Sole>
    <Shared>0</Shared>
    <None>51661</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>VANGUARD SHORT TERM TAX EXEMPT</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>922907100</cusip>
  <value>489</value>
  <shrsOrPrnAmt>
    <sshPrnamt>30878</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>30878</Sole>
    <Shared>0</Shared>
    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>VANGUARD TOTAL BOND MARKET ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>921937835</cusip>
  <value>44</value>
  <shrsOrPrnAmt>
    <sshPrnamt>519</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>519</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>VANGUARD TOTAL BOND MARKET ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>921937835</cusip>
  <value>144</value>
  <shrsOrPrnAmt>
    <sshPrnamt>1711</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <votingAuthority>
    <Sole>1711</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
</informationTable>
