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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 EURO FL ETF 464289180 7,374 336,089 SH   SOLE   336,089 0 0
ISHARES MSCI STH KOR ETF 464286772 1,159 17,098 SH   SOLE   17,098 0 0
ISHARES GOLD TRUST ISHARES 464285105 5,381 450,658 SH   SOLE   450,658 0 0
ISHARES INC MSCI TAIWAN ETF 46434G772 926 25,887 SH   SOLE   25,887 0 0
ISHARES TR EXPONEN TECHNO 46434V381 7,089 223,132 SH   SOLE   223,132 0 0
ISHARES TR HDG MSCI JAPAN 46434V886 5,826 195,497 SH   SOLE   195,497 0 0
ISHARES TR IBOXX HI YD ETF 464288513 5,467 61,852 SH   SOLE   61,852 0 0
ISHARES TR JP MOR EM MK ETF 464288281 13,098 114,531 SH   SOLE   114,531 0 0
ISHARES TR LATN AMER 40 ETF 464287390 752 24,824 SH   SOLE   24,824 0 0
ISHARES TR NASDQ BIOTEC ETF 464287556 5,970 19,254 SH   SOLE   19,254 0 0
ISHARES TR U.S. AER&DEF ETF 464288760 3,517 22,349 SH   SOLE   22,349 0 0
ISHARES TR U.S. PFD STK ETF 464288687 11,114 283,748 SH   SOLE   283,748 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 9,203 373,049 SH   SOLE   373,049 0 0
VANECK VECTORS ETF TR FALLEN ANGEL HG 92189F437 8,600 290,134 SH   SOLE   290,134 0 0