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The reader should not assume that the information is accurate and complete.

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

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ISHARES MSCI AUST ETF 464286103 4,731 209,255 SH   SOLE   209,255 0 0
ISHARES MSCI EURO FL ETF 464289180 6,798 334,561 SH   SOLE   334,561 0 0
ISHARES MSCI EURZONE ETF 464286608 5,794 153,897 SH   SOLE   153,897 0 0
ISHARES MSCI MEX CAP ETF 464286822 4,918 96,117 SH   SOLE   96,117 0 0
ISHARES MSCI STH KOR ETF 464286772 1,228 19,842 SH   SOLE   19,842 0 0
ISHARES GOLD TRUST ISHARES 464285105 5,301 441,409 SH   SOLE   441,409 0 0
ISHARES INC MSCI TAIWAN ETF 46434G772 1,036 31,182 SH   SOLE   31,182 0 0
ISHARES TR 20 YR TR BD ETF 464287432 10,682 88,495 SH   SOLE   88,495 0 0
ISHARES TR EXPONEN TECHNO 46434V381 6,551 220,573 SH   SOLE   220,573 0 0
ISHARES TR HDG MSCI JAPAN 46434V886 3,140 112,007 SH   SOLE   112,007 0 0
ISHARES TR IBOXX HI YD ETF 464288513 5,330 60,725 SH   SOLE   60,725 0 0
ISHARES TR JP MOR EM MK ETF 464288281 12,719 111,863 SH   SOLE   111,863 0 0
ISHARES TR LATN AMER 40 ETF 464287390 1,100 34,674 SH   SOLE   34,674 0 0
ISHARES TR NASDQ BIOTEC ETF 464287556 5,539 18,888 SH   SOLE   18,888 0 0
ISHARES TR U.S. AER&DEF ETF 464288760 3,292 22,135 SH   SOLE   22,135 0 0
ISHARES TR U.S. PFD STK ETF 464288687 10,776 278,441 SH   SOLE   278,441 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 6,361 268,045 SH   SOLE   268,045 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 6,111 111,894 SH   SOLE   111,894 0 0
VANECK VECTORS ETF TR FALLEN ANGEL HG 92189F437 8,381 283,524 SH   SOLE   283,524 0 0