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
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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
DEUTSCHE X-TRACKERS ETF MSCI EAFE HEDGED ETF 233051200 8,407 322,553 SH   SOLE 1 0 316,980 5,573
FINANCIAL SELECT SECTOR SPDR (ETF) ETF 81369Y605 249 11,042 SH   SOLE 0 6,026 5,016
ISHARES NASDAQ BIO ETF NASDAQ BIOTECHNOL ETF 464287556 5,112 16,850 SH   SOLE 1 0 16,706 144
ISHARES RUSSELL VALUE MIDCAP VALUE ETF ETF 464287473 4,365 65,057 SH   SOLE 1 0 64,465 592
ISHARES TR FLTG RATENT ETF ETF 46429B655 23,567 467,086 SH   SOLE 1 0 458,124 8,962
POWERSHARES PREFERRED PORTFOLIO(ETF) ETF 73936T565 7,452 511,026 SH   SOLE 1 0 506,873 4,153
POWERSHS DB US DOLLAR TR INDEX BULLISH F ETF 73936D107 7,770 309,407 SH   SOLE 1 0 304,213 5,194
POWERSHS QQQ TRUST SER 1 ETF 73935A104 8,626 84,727 SH   SOLE 1 0 82,829 1,898
SECTOR SPDR CONSUMER FD SHARES OF BENEFI ETF 81369Y407 4,352 58,713 SH   SOLE 1 0 58,211 502
SECTOR SPDR HEALTH FUND SHARES OF BENEFI ETF 81369Y209 6,968 105,238 SH   SOLE 1 0 102,545 2,693
SECTOR SPDR TECH SELECT SHARES OF BENEFI ETF 81369Y803 5,872 148,733 SH   SOLE 1 0 144,512 4,221
SECTOR SPDR TR CON STPLS SHARES OF BENEF ETF 81369Y308 7,539 159,859 SH   SOLE 1 0 156,687 3,172
SPDR BARCLAYS ETF CONVERTIBLE BOND GREAT ETF 78464A359 5,840 130,517 SH   SOLE 1 0 129,436 1,081
SPDR S&P RETAIL (ETF) ETF 78464A714 7,029 158,287 SH   SOLE 1 0 156,979 1,308
VANGUARD REIT ETF 922908553 5,985 79,197 SH   SOLE 1 0 76,963 2,234