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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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<infoTable>
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<infoTable>
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<infoTable>
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</infoTable>
<infoTable>
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</infoTable>
<infoTable>
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</infoTable>
<infoTable>
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</infoTable>
<infoTable>
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  <votingAuthority>
    <Sole>0</Sole>
    <Shared>0</Shared>
    <None>10647</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI EAFE</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464287465</cusip>
  <value>33</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 EMERGING MKT INDE</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464287234</cusip>
  <value>546</value>
  <shrsOrPrnAmt>
    <sshPrnamt>13200</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>13200</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI EUROZONE ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464286608</cusip>
  <value>646</value>
  <shrsOrPrnAmt>
    <sshPrnamt>16025</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>15425</Sole>
    <Shared>0</Shared>
    <None>600</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI FRANCE ETF IV</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464286707</cusip>
  <value>656</value>
  <shrsOrPrnAmt>
    <sshPrnamt>22800</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>22800</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI FRANCE ETF IV</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464286707</cusip>
  <value>5641</value>
  <shrsOrPrnAmt>
    <sshPrnamt>196153</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>OTR</investmentDiscretion>
  <otherManager>01</otherManager>
  <votingAuthority>
    <Sole>0</Sole>
    <Shared>0</Shared>
    <None>196153</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI FRANCE ETF IV</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464286707</cusip>
  <value>23</value>
  <shrsOrPrnAmt>
    <sshPrnamt>800</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>OTR</investmentDiscretion>
  <votingAuthority>
    <Sole>0</Sole>
    <Shared>0</Shared>
    <None>800</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI GERMANY</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464286806</cusip>
  <value>239</value>
  <shrsOrPrnAmt>
    <sshPrnamt>7900</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>7900</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI GERMANY</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464286806</cusip>
  <value>427</value>
  <shrsOrPrnAmt>
    <sshPrnamt>14110</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>OTR</investmentDiscretion>
  <otherManager>01</otherManager>
  <votingAuthority>
    <Sole>0</Sole>
    <Shared>0</Shared>
    <None>14110</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI HONG KONG INDEX F</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464286871</cusip>
  <value>33</value>
  <shrsOrPrnAmt>
    <sshPrnamt>1400</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>1400</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI INDONESIA ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>46429b309</cusip>
  <value>36</value>
  <shrsOrPrnAmt>
    <sshPrnamt>1340</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>1340</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI IRELAND CAPPED</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>46429b507</cusip>
  <value>483</value>
  <shrsOrPrnAmt>
    <sshPrnamt>11094</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>11094</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI ITALY CAPPED ETF </nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>46434g830</cusip>
  <value>216</value>
  <shrsOrPrnAmt>
    <sshPrnamt>7760</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>7760</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI ITALY CAPPED ETF </nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>46434g830</cusip>
  <value>346</value>
  <shrsOrPrnAmt>
    <sshPrnamt>12455</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>OTR</investmentDiscretion>
  <votingAuthority>
    <Sole>12455</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI MEXICO CAPPED ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464286822</cusip>
  <value>102</value>
  <shrsOrPrnAmt>
    <sshPrnamt>1900</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>1900</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI NEW ZEALAND</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464289123</cusip>
  <value>46</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 MSCI PHILIPPINES INVES</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>46429b408</cusip>
  <value>1260</value>
  <shrsOrPrnAmt>
    <sshPrnamt>35170</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>35170</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI POLAND CAPPED INV</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>46429b606</cusip>
  <value>951</value>
  <shrsOrPrnAmt>
    <sshPrnamt>39150</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>39150</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI POLAND CAPPED INV</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>46429b606</cusip>
  <value>329</value>
  <shrsOrPrnAmt>
    <sshPrnamt>13550</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>OTR</investmentDiscretion>
  <votingAuthority>
    <Sole>13550</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI RUSSIA</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>46434g798</cusip>
  <value>245</value>
  <shrsOrPrnAmt>
    <sshPrnamt>8505</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>8505</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI SINGAPORE INDEX F</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>46434g780</cusip>
  <value>401</value>
  <shrsOrPrnAmt>
    <sshPrnamt>16975</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>16975</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI SOUTH KOREA CAPPE</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464286772</cusip>
  <value>244</value>
  <shrsOrPrnAmt>
    <sshPrnamt>3600</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>3600</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI SPAIN CAPPED ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464286764</cusip>
  <value>248</value>
  <shrsOrPrnAmt>
    <sshPrnamt>7545</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>7545</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI SPAIN CAPPED ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464286764</cusip>
  <value>345</value>
  <shrsOrPrnAmt>
    <sshPrnamt>10515</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>OTR</investmentDiscretion>
  <votingAuthority>
    <Sole>10515</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI TAIWAN ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>46434g772</cusip>
  <value>429</value>
  <shrsOrPrnAmt>
    <sshPrnamt>11996</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>11996</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI TAIWAN ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>46434g772</cusip>
  <value>6122</value>
  <shrsOrPrnAmt>
    <sshPrnamt>171206</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>OTR</investmentDiscretion>
  <otherManager>01</otherManager>
  <votingAuthority>
    <Sole>0</Sole>
    <Shared>0</Shared>
    <None>171206</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES MSCI TURKEY INDEX FUND</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464286715</cusip>
  <value>95</value>
  <shrsOrPrnAmt>
    <sshPrnamt>2300</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <votingAuthority>
    <Sole>2300</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES RUSSELL 1000 ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464287622</cusip>
  <value>2147</value>
  <shrsOrPrnAmt>
    <sshPrnamt>15875</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>15875</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES RUSSELL 1000 ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464287622</cusip>
  <value>4488</value>
  <shrsOrPrnAmt>
    <sshPrnamt>33181</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>OTR</investmentDiscretion>
  <otherManager>01</otherManager>
  <votingAuthority>
    <Sole>0</Sole>
    <Shared>0</Shared>
    <None>33181</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES RUSSELL 2000 ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464287655</cusip>
  <value>1044</value>
  <shrsOrPrnAmt>
    <sshPrnamt>7411</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>7411</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES RUSSELL 2000 VALUE</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464287630</cusip>
  <value>1177</value>
  <shrsOrPrnAmt>
    <sshPrnamt>9905</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>9905</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>57</value>
  <shrsOrPrnAmt>
    <sshPrnamt>1000</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <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>10526</value>
  <shrsOrPrnAmt>
    <sshPrnamt>670035</sshPrnamt>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>670035</Sole>
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    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES SILVER TRUST ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>46428q109</cusip>
  <value>8777</value>
  <shrsOrPrnAmt>
    <sshPrnamt>558666</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <otherManager>01</otherManager>
  <votingAuthority>
    <Sole>0</Sole>
    <Shared>0</Shared>
    <None>558666</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES SP 500 VALUE</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464287408</cusip>
  <value>516</value>
  <shrsOrPrnAmt>
    <sshPrnamt>4920</sshPrnamt>
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  <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>2</value>
  <shrsOrPrnAmt>
    <sshPrnamt>70</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>70</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES SWEDEN</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464286756</cusip>
  <value>77</value>
  <shrsOrPrnAmt>
    <sshPrnamt>2278</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>OTR</investmentDiscretion>
  <otherManager>01</otherManager>
  <votingAuthority>
    <Sole>0</Sole>
    <Shared>0</Shared>
    <None>2278</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>J2 GLOBAL INC</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>48123v102</cusip>
  <value>1287</value>
  <shrsOrPrnAmt>
    <sshPrnamt>15130</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>15130</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>JABIL INC</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>466313103</cusip>
  <value>1253</value>
  <shrsOrPrnAmt>
    <sshPrnamt>42915</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>42915</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>JERNIGAN CAPITAL INC</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>476405105</cusip>
  <value>1442</value>
  <shrsOrPrnAmt>
    <sshPrnamt>65550</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
  </shrsOrPrnAmt>
  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>65550</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>JETBLUE AIRWAYS CORP</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>477143101</cusip>
  <value>166</value>
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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>
  <nameOfIssuer>TOTAL SA-SPON ADR</nameOfIssuer>
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  <cusip>89151e109</cusip>
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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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<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>
  <nameOfIssuer>ISHARES IBOXX INV GR CORP BD</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464287242</cusip>
  <value>38893</value>
  <shrsOrPrnAmt>
    <sshPrnamt>322738</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <otherManager>01</otherManager>
  <votingAuthority>
    <Sole>0</Sole>
    <Shared>0</Shared>
    <None>322738</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES INTERMEDIATE GOV/CREDI</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464288612</cusip>
  <value>2328</value>
  <shrsOrPrnAmt>
    <sshPrnamt>21037</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>21037</Sole>
    <Shared>0</Shared>
    <None>0</None>
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</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>358</value>
  <shrsOrPrnAmt>
    <sshPrnamt>3130</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <votingAuthority>
    <Sole>3130</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES NATIONL MUNI BOND ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464288414</cusip>
  <value>12059</value>
  <shrsOrPrnAmt>
    <sshPrnamt>109507</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>109507</Sole>
    <Shared>0</Shared>
    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES SHOR TERM NATL MUNI BO</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464288158</cusip>
  <value>11761</value>
  <shrsOrPrnAmt>
    <sshPrnamt>111186</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>111186</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>7972</value>
  <shrsOrPrnAmt>
    <sshPrnamt>72253</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>72253</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>26464</value>
  <shrsOrPrnAmt>
    <sshPrnamt>239865</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <otherManager>01</otherManager>
  <votingAuthority>
    <Sole>0</Sole>
    <Shared>0</Shared>
    <None>239865</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>ISHARES US CREDIT BOND ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>464288620</cusip>
  <value>3284</value>
  <shrsOrPrnAmt>
    <sshPrnamt>29405</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>29405</Sole>
    <Shared>0</Shared>
    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>NUVEEN CALIFORNIA MUNICI</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>67062c107</cusip>
  <value>104</value>
  <shrsOrPrnAmt>
    <sshPrnamt>10100</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>10100</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>194</value>
  <shrsOrPrnAmt>
    <sshPrnamt>12818</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>12818</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>40</value>
  <shrsOrPrnAmt>
    <sshPrnamt>3000</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>3000</Sole>
    <Shared>0</Shared>
    <None>0</None>
  </votingAuthority>
</infoTable>
<infoTable>
  <nameOfIssuer>NUVEEN MUNICIPAL VALUE C</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>670928100</cusip>
  <value>1940</value>
  <shrsOrPrnAmt>
    <sshPrnamt>194772</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>194772</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>74</value>
  <shrsOrPrnAmt>
    <sshPrnamt>4900</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>4900</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>1360</value>
  <shrsOrPrnAmt>
    <sshPrnamt>134750</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>134750</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>83</value>
  <shrsOrPrnAmt>
    <sshPrnamt>8177</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <votingAuthority>
    <Sole>8177</Sole>
    <Shared>0</Shared>
    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>PIMCO INTERMEDICATE MUNICIPAL</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>72201r866</cusip>
  <value>7</value>
  <shrsOrPrnAmt>
    <sshPrnamt>133</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>133</Sole>
    <Shared>0</Shared>
    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>PIMCO INTERMEDICATE MUNICIPAL</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>72201r866</cusip>
  <value>55</value>
  <shrsOrPrnAmt>
    <sshPrnamt>1029</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <votingAuthority>
    <Sole>1029</Sole>
    <Shared>0</Shared>
    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>POWERSHARES SENIOR LOAN</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>73936q769</cusip>
  <value>89</value>
  <shrsOrPrnAmt>
    <sshPrnamt>3858</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <votingAuthority>
    <Sole>3858</Sole>
    <Shared>0</Shared>
    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>SHORT-TERM INFLATION-PROTECTED</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>922020805</cusip>
  <value>1807</value>
  <shrsOrPrnAmt>
    <sshPrnamt>36715</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>36715</Sole>
    <Shared>0</Shared>
    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>SHORT-TERM INFLATION-PROTECTED</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>922020805</cusip>
  <value>59</value>
  <shrsOrPrnAmt>
    <sshPrnamt>1200</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <votingAuthority>
    <Sole>0</Sole>
    <Shared>0</Shared>
    <None>1200</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>SPDR BARCLAYS CAPITAL CONVERTI</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>78464a359</cusip>
  <value>2419</value>
  <shrsOrPrnAmt>
    <sshPrnamt>48741</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>48741</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>8841</value>
  <shrsOrPrnAmt>
    <sshPrnamt>178176</sshPrnamt>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <otherManager>01</otherManager>
  <votingAuthority>
    <Sole>0</Sole>
    <Shared>0</Shared>
    <None>178176</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>
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    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>SPDR BARCLAYS INTL TREASURY BO</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>78464a516</cusip>
  <value>33</value>
  <shrsOrPrnAmt>
    <sshPrnamt>1200</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>1200</Sole>
    <Shared>0</Shared>
    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>SPDR NUVEEN BARCLAYS MUNI ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>78468r721</cusip>
  <value>4</value>
  <shrsOrPrnAmt>
    <sshPrnamt>83</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>83</Sole>
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    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>SPDR NUVEEN BARCLAYS SHORT MUN</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>78468r739</cusip>
  <value>9673</value>
  <shrsOrPrnAmt>
    <sshPrnamt>199443</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>199443</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>428</value>
  <shrsOrPrnAmt>
    <sshPrnamt>8829</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <votingAuthority>
    <Sole>8829</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>38</value>
  <shrsOrPrnAmt>
    <sshPrnamt>1580</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <votingAuthority>
    <Sole>1580</Sole>
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    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>VANECK VECTORS JP MORGAN EM</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>92189f494</cusip>
  <value>151</value>
  <shrsOrPrnAmt>
    <sshPrnamt>7980</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <votingAuthority>
    <Sole>7980</Sole>
    <Shared>0</Shared>
    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>VANECK VECTORS LONG MUNICIPAL</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>92189f536</cusip>
  <value>50</value>
  <shrsOrPrnAmt>
    <sshPrnamt>2500</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>2500</Sole>
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    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>VANGUARD EXTENDED DURATION TRE</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>921910709</cusip>
  <value>170</value>
  <shrsOrPrnAmt>
    <sshPrnamt>1450</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>1450</Sole>
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    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>VANGUARD INTERMEDIATE TERM COR</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>92206c870</cusip>
  <value>60</value>
  <shrsOrPrnAmt>
    <sshPrnamt>687</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>687</Sole>
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    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>VANGUARD LONG-TERM CORPORATE B</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>92206C813</cusip>
  <value>19</value>
  <shrsOrPrnAmt>
    <sshPrnamt>200</sshPrnamt>
    <sshPrnamtType>SH</sshPrnamtType>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>200</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>122</value>
  <shrsOrPrnAmt>
    <sshPrnamt>9750</sshPrnamt>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
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    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>VANGUARD SHORT-TERM BOND ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>921937827</cusip>
  <value>3088</value>
  <shrsOrPrnAmt>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
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    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>VANGUARD SHORT TERM COR BD ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>92206c409</cusip>
  <value>2429</value>
  <shrsOrPrnAmt>
    <sshPrnamt>30353</sshPrnamt>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
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    <None>0</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>VANGUARD SHORT TERM COR BD ETF</nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>92206c409</cusip>
  <value>8637</value>
  <shrsOrPrnAmt>
    <sshPrnamt>107903</sshPrnamt>
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  <investmentDiscretion>OTR</investmentDiscretion>
  <otherManager>01</otherManager>
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    <Shared>0</Shared>
    <None>107903</None>
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</infoTable>
<infoTable>
  <nameOfIssuer>VANGUARD TAX-MANAGED BALANCED </nameOfIssuer>
  <titleOfClass>com</titleOfClass>
  <cusip>921943304</cusip>
  <value>847</value>
  <shrsOrPrnAmt>
    <sshPrnamt>28932</sshPrnamt>
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  <investmentDiscretion>SOLE</investmentDiscretion>
  <votingAuthority>
    <Sole>28932</Sole>
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    <None>0</None>
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</infoTable>
</informationTable>
