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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
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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
SPDR DOW JONES INDL AVRG ETF UT SER 1 78467X109 1,384 7,869 SH   SOLE   0 0 7,869
SPDR S&P 500 ETF TR TR UNIT 78462F103 13,253 64,380 SH   SOLE   0 0 64,380
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 1,036 24,992 SH   SOLE   0 0 24,992
ISHARES TR U.S. FINLS ETF 464287788 1,813 20,205 SH   SOLE   0 0 20,205
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 1,115 45,734 SH   SOLE   0 0 45,734
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 1,049 19,405 SH   SOLE   0 0 19,405
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 2,859 69,065 SH   SOLE   0 0 69,065
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 2,466 51,815 SH   SOLE   0 0 51,815
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 1,192 16,019 SH   SOLE   0 0 16,019
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 1,142 14,927 SH   SOLE   0 0 14,927
VANGUARD SPECIALIZED PORTFOL DIV APP ETF 921908844 2,042 25,985 SH   SOLE   0 0 25,985
ISHARES TR 7-10 Y TR BD ETF 464287440 1,997 19,015 SH   SOLE   0 0 19,015
ISHARES TR CORE US AGGBD ET 464287226 6,079 55,882 SH   SOLE   0 0 55,882
VANGUARD INTL EQUITY INDEX F FTSE PACIFIC ETF 922042866 1,519 24,893 SH   SOLE   0 0 24,893
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 1,497 27,729 SH   SOLE   0 0 27,729
POWERSHARES ETF TRUST GBL LSTD PVT EQT 73935X195 2,193 189,207 SH   SOLE   0 0 189,207
ISHARES IBOXX HI YD ETF 464288513 2,970 33,449 SH   SOLE   0 0 33,449
VANGUARD BD INDEX FD INC SHORT TRM BOND 921937827 883 11,017 SH   SOLE   0 0 11,017
SPDR SERIES TRUST BRCLYS INTL ETF 78464A516 1,345 25,850 SH   SOLE   0 0 25,850
ISHARES EAFE SML CP ETF 464288273 2,997 58,749 SH   SOLE   0 0 58,749
WISDOMTREE TR EUROPE HEDGED EQ 97717X701 3,421 55,538 SH   SOLE   0 0 55,538
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363 2,397 12,693 SH   SOLE   0 0 12,693
FIRST TR EXCH TRD ALPHA FD I JAPAN ALPHADEX 33737J158 2,449 48,811 SH   SOLE   0 0 48,811
ISHARES TR USA MIN VOL ETF 46429B697 4,122 102,238 SH   SOLE   0 0 102,238
ISHARES TR CMBS ETF 46429B366 1,396 27,182 SH   SOLE   0 0 27,182
ISHARES GLB HGH YLD ETF 464286178 550 11,105 SH   SOLE   0 0 11,105
ETF SER SOLUTIONS ALPCLONE ALTER 26922A305 3,849 85,476 SH   SOLE   0 0 85,476
POWERSHARES ACTIVE MNG ETF T S&P500 DWNHDGE 73935B805 3,763 145,532 SH   SOLE   0 0 145,532
VANGUARD CHARLOTTE FDS INTL BD IDX ETF 92203J407 1,462 27,924 SH   SOLE   0 0 27,924
FLEXSHARES TR GLB QLT R/E IDX 33939L787 3,219 57,638 SH   SOLE   0 0 57,638