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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 1,485 8,360 SH   SOLE   0 0 8,360
SPDR S&P 500 ETF TR TR UNIT 78462F103 27,581 133,609 SH   SOLE   0 0 133,609
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 1,715 38,591 SH   SOLE   0 0 38,591
ISHARES TR U.S. FINLS ETF 464287788 1,934 21,715 SH   SOLE   0 0 21,715
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 1,574 32,264 SH   SOLE   0 0 32,264
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 1,734 71,907 SH   SOLE   0 0 71,907
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 1,689 30,278 SH   SOLE   0 0 30,278
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 3,304 79,723 SH   SOLE   0 0 79,723
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 3,218 66,031 SH   SOLE   0 0 66,031
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 1,862 25,685 SH   SOLE   0 0 25,685
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 1,824 24,213 SH   SOLE   0 0 24,213
VANGUARD SPECIALIZED PORTFOL DIV APP ETF 921908844 2,484 30,872 SH   SOLE   0 0 30,872
ISHARES TR 1-3 YR TR BD ETF 464287457 2,031 23,923 SH   SOLE   0 0 23,923
ISHARES TR 7-10 Y TR BD ETF 464287440 1,997 18,422 SH   SOLE   0 0 18,422
VANGUARD WORLD FDS CONSUM STP ETF 92204A207 232 1,825 SH   SOLE   0 0 1,825
ISHARES TR CORE US AGGBD ET 464287226 7,121 63,903 SH   SOLE   0 0 63,903
VANGUARD WORLD FDS HEALTH CAR ETF 92204A504 236 1,742 SH   SOLE   0 0 1,742
VANGUARD INDEX FDS REIT ETF 922908553 4,399 52,172 SH   SOLE   0 0 52,172
VANGUARD WORLD FDS FINANCIALS ETF 92204A405 238 4,820 SH   SOLE   0 0 4,820
VANGUARD WORLD FDS UTILITIES ETF 92204A876 274 2,833 SH   SOLE   0 0 2,833
VANGUARD WORLD FDS INF TECH ETF 92204A702 242 2,271 SH   SOLE   0 0 2,271
VANGUARD WORLD FDS CONSUM DIS ETF 92204A108 237 1,931 SH   SOLE   0 0 1,931
VANGUARD WORLD FDS INDUSTRIAL ETF 92204A603 213 1,982 SH   SOLE   0 0 1,982
POWERSHARES ETF TRUST GBL LSTD PVT EQT 73935X195 1,967 174,057 SH   SOLE   0 0 174,057
ISHARES IBOXX HI YD ETF 464288513 2,983 32,923 SH   SOLE   0 0 32,923
SPDR SERIES TRUST BRCLYS INTL ETF 78464A516 1,412 26,588 SH   SOLE   0 0 26,588
WISDOMTREE TR EUROPE HEDGED EQ 97717X701 3,483 52,654 SH   SOLE   0 0 52,654
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363 3,017 15,948 SH   SOLE   0 0 15,948
FIRST TR EXCH TRD ALPHA FD I JAPAN ALPHADEX 33737J158 2,270 45,439 SH   SOLE   0 0 45,439
ISHARES TR CMBS ETF 46429B366 1,441 27,635 SH   SOLE   0 0 27,635
ISHARES GLB HGH YLD ETF 464286178 437 8,838 SH   SOLE   0 0 8,838
POWERSHARES ACTIVE MNG ETF T S&P500 DWNHDGE 73935B805 6,343 235,710 SH   SOLE   0 0 235,710