The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
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
Expires: July 31, 2015
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
TECHNOLOGY SELECT SECT SPDR ETP 81369Y803 13,863,211 70,821 SH SOLE 70,821 0 0
FINANCIAL SELECT SECTOR SPDR ETP 81369Y605 11,437,159 214,179 SH SOLE 214,179 0 0
COMM SERV SELECT SECTOR SPDR ETP 81369Y852 11,291,863 101,756 SH SOLE 101,756 0 0
INDUSTRIAL SELECT SECT SPDR ETP 81369Y704 9,429,361 56,470 SH SOLE 56,470 0 0
HEALTH CARE SELECT SECTOR ETP 81369Y209 9,054,764 53,763 SH SOLE 53,763 0 0
FRANKLIN FTSE JAPAN ETF ETP 35473P744 7,865,089 189,978 SH SOLE 189,978 0 0
FRANKLIN FTSE TAIWAN ETF ETP 35473P686 7,097,426 64,965 SH SOLE 64,965 0 0
SPDR BLOOMBERG 1-3 MONTH T-B ETP 78468R663 5,841,225 63,741 SH SOLE 63,741 0 0
ISHARES IBOXX HIGH YLD CORP ETP 464288513 5,712,305 73,984 SH SOLE 73,984 0 0
ISHARES FLOATING RATE BOND E ETP 46429B655 5,657,667 110,826 SH SOLE 110,826 0 0
ISHARES MSCI SOUTH KOREA ETF ETP 464286772 5,628,893 30,796 SH SOLE 30,796 0 0
VANGUARD FTSE DEVELOPED ETF ETP 921943858 4,852,531 68,723 SH SOLE 68,723 0 0
VANGUARD TOTAL STOCK MKT ETF ETP 922908769 4,835,973 12,922 SH SOLE 12,922 0 0
ENERGY SELECT SECTOR SPDR ETP 81369Y506 4,664,652 75,848 SH SOLE 75,848 0 0
FRANKLIN FTSE CANADA ETF ETP 35473P827 3,897,986 74,760 SH SOLE 74,760 0 0
FRANKLIN FTSE UNITED KINGDOM ETP 35473P678 3,635,262 101,402 SH SOLE 101,402 0 0
SPDR S&P AEROSPACE & DEF ETF ETP 78464A631 3,535,119 15,287 SH SOLE 15,287 0 0
MATERIALS SELECT SECTOR SPDR ETP 81369Y100 3,173,097 65,156 SH SOLE 65,156 0 0
VANGUARD TOT WORLD STK ETF ETP 922042742 3,137,900 19,879 SH SOLE 19,879 0 0
ISHARES MSCI SPAIN ETF ETP 464286764 2,883,928 48,715 SH SOLE 48,715 0 0
SPDR PORT S&P 500 VALUE ETP 78464A508 2,738,441 44,797 SH SOLE 44,797 0 0
FRANKLIN FTSE GERMANY ETF ETP 35473P785 2,728,363 84,886 SH SOLE 84,886 0 0
ISHARES MSCI BRAZIL ETF ETP 464286400 2,627,205 70,529 SH SOLE 70,529 0 0
FRANKLIN FTSE CHINA ETF ETP 35473P819 2,518,597 121,789 SH SOLE 121,789 0 0
ISHARES RUSSELL 2000 ETF ETP 464287655 2,501,566 9,002 SH SOLE 9,002 0 0
VANGUARD FTSE EMERGING MARKE ETP 922042858 2,434,557 41,048 SH SOLE 41,048 0 0
JPMORGAN ACTIVE BOND ETF ETP 46654Q716 2,305,256 45,095 SH SOLE 45,095 0 0
ISHARES MSCI MEXICO ETF ETP 464286822 2,211,894 31,114 SH SOLE 31,114 0 0
FRANKLIN FTSE SOUTH KOREA ETP 35473P710 2,104,911 35,006 SH SOLE 35,006 0 0
ISHARES MSCI PERU AND GLOBAL ETP 464289842 1,941,501 21,881 SH SOLE 21,881 0 0
ISHARES MSCI SOUTH AFRICA ET ETP 464286780 1,907,116 29,808 SH SOLE 29,808 0 0
JPMORGAN INTL BND ETF ETP 46641Q852 1,884,905 40,362 SH SOLE 40,362 0 0
ISHARES MSCI CHILE ETF ETP 464286640 1,822,971 48,214 SH SOLE 48,214 0 0
ISHARES CORE S&P MIDCAP ETF ETP 464287507 1,732,844 24,084 SH SOLE 24,084 0 0
FRANKLIN FTSE INDIA ETF ETP 35473P769 1,690,776 50,486 SH SOLE 50,486 0 0
ISHARES IBOXX INVESTMENT GRA ETP 464287242 1,523,708 14,912 SH SOLE 14,912 0 0
FRANKLIN FTSE SWITZERLAND ETP 35473P694 1,433,928 35,164 SH SOLE 35,164 0 0
SPDR GOLD SHARES ETP 78463V107 1,375,213 3,611 SH SOLE 3,611 0 0
ISHARES CORE S&P SMALL-CAP E ETP 464287804 1,352,102 9,939 SH SOLE 9,939 0 0
VANGUARD TOTAL BOND MARKET ETP 921937835 1,300,791 18,543 SH SOLE 18,543 0 0
FRANKLIN FTSE AUSTRALIA ETF ETP 35473P843 1,263,698 37,289 SH SOLE 37,289 0 0
ISHARES MSCI NETHERLANDS ETF ETP 464286814 1,246,058 18,392 SH SOLE 18,392 0 0
ISHARES MSCI EMR MRK EX CHNA ETP 46434G764 1,098,896 11,091 SH SOLE 11,091 0 0
ISHARES MSCI UNITED KINGDOM ETP 46435G334 832,375 17,889 SH SOLE 17,889 0 0
ISHARES MSCI FRANCE ETF ETP 464286707 747,161 17,539 SH SOLE 17,539 0 0
ISHARES MSCI TAIWAN ETF ETP 46434G772 651,546 5,771 SH SOLE 5,771 0 0
JPMORGAN BETABUILDERS CANADA ETP 46641Q225 627,150 6,249 SH SOLE 6,249 0 0
ISHARES MSCI ITALY ETF ETP 46434G830 625,016 10,644 SH SOLE 10,644 0 0
FRANKLIN FTSE BRAZIL ETF ETP 35473P835 575,500 24,594 SH SOLE 24,594 0 0
SPDR DJ GLOBAL REAL ESTATE E ETP 78463X749 449,338 9,684 SH SOLE 9,684 0 0
ISHARES MSCI SWEDEN ETF ETP 464286756 401,420 8,030 SH SOLE 8,030 0 0
CRESCENT ENERGY INC-A COMMON STOCK 44952J104 369,763 28,686 SH SOLE 28,686 0 0
VANGUARD S&P 500 ETF ETP 922908363 363,045 518 SH SOLE 518 0 0
LINCOLN NATIONAL CORP COMMON STOCK 534187109 326,589 8,112 SH SOLE 8,112 0 0
COCA-COLA CONSOLIDATED INC COMMON STOCK 191098102 322,705 1,705 SH SOLE 1,705 0 0
WESTERN ALLIANCE BANCORP COMMON STOCK 957638109 284,254 3,785 SH SOLE 3,785 0 0
DILLARDS INC-CL A COMMON STOCK 254067101 283,406 423 SH SOLE 423 0 0
ISHARES MSCI SINGAPORE ETF ETP 46434G780 270,603 8,136 SH SOLE 8,136 0 0
PAR PACIFIC HOLDINGS INC COMMON STOCK 69888T207 268,285 3,287 SH SOLE 3,287 0 0
ISHARES MSCI DENMARK ETF ETP 46429B523 267,019 2,444 SH SOLE 2,444 0 0
ALPHA ARCHITECT 1-3 MNTH BOX ETP 02072L565 266,969 2,255 SH SOLE 2,255 0 0
NEWMARKET CORP COMMON STOCK 651587107 251,306 280 SH SOLE 280 0 0
BREAD FINANCIAL HOLDINGS INC COMMON STOCK 018581108 232,547 2,379 SH SOLE 2,379 0 0
UNIVERSAL HEALTH SERVICES-B COMMON STOCK 913903100 229,500 1,317 SH SOLE 1,317 0 0
VALMONT INDUSTRIES COMMON STOCK 920253101 221,767 479 SH SOLE 479 0 0
OLD REPUBLIC INTL CORP COMMON STOCK 680223104 212,182 5,687 SH SOLE 5,687 0 0
TORO CO COMMON STOCK 891092108 210,388 2,182 SH SOLE 2,182 0 0
SM ENERGY CO COMMON STOCK 78454L100 209,166 6,192 SH SOLE 6,192 0 0
LITHIA MOTORS INC COMMON STOCK 536797103 205,156 703 SH SOLE 703 0 0
ALCOA CORP COMMON STOCK 013872106 202,776 4,828 SH SOLE 4,828 0 0
SERVICE CORP INTERNATIONAL COMMON STOCK 817565104 202,711 2,662 SH SOLE 2,662 0 0
BRIGHTHOUSE FINANCIAL INC COMMON STOCK 10922N103 201,347 4,035 SH SOLE 4,035 0 0
DXC TECHNOLOGY CO COMMON STOCK 23355L106 150,992 13,942 SH SOLE 13,942 0 0
GENWORTH FINANCIAL INC COMMON STOCK 37247D106 143,215 15,966 SH SOLE 15,966 0 0
ADT INC COMMON STOCK 00090Q103 96,198 15,822 SH SOLE 15,822 0 0
GRAY MEDIA INC COMMON STOCK 389375106 51,147 11,366 SH SOLE 11,366 0 0