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
DBX ETF TR DB XTR MSCI EUR 233051853 1,819 64,189 SH   SOLE   0 0 64,189
ISHARES INC MLT FCTR EMG MKT 46434G889 5,167 110,543 SH   SOLE   0 0 110,543
ISHARES INC MSCI BRIC INDX 464286657 2,522 58,810 SH   SOLE   0 0 58,810
ISHARES TR CORE MSCI EAFE 46432F842 3,283 51,155 SH   SOLE   0 0 51,155
ISHARES TR EDGE MSCI USA VL 46432F388 2,431 31,435 SH   SOLE   0 0 31,435
ISHARES TR INTL MOMENTUM FT 46434V449 2,444 81,097 SH   SOLE   0 0 81,097
ISHARES TR INTL SEL DIV ETF 464288448 2,411 71,417 SH   SOLE   0 0 71,417
ISHARES TR INTL VALUE FACTR 46435G409 2,409 95,217 SH   SOLE   0 0 95,217
ISHARES TR MLTFCTR INTL SML 46434V266 3,112 101,042 SH   SOLE   0 0 101,042
ISHARES TR NATIONAL MUN ETF 464288414 2,041 18,412 SH   SOLE   0 0 18,412
ISHARES TR U.S. FINLS ETF 464287788 11 97 SH   SOLE   0 0 97
ISHARES TR US HLTHCARE ETF 464287762 6 34 SH   SOLE   0 0 34
ISHARES TR US HLTHCR PR ETF 464288828 1,211 8,198 SH   SOLE   0 0 8,198
ISHARES TR USA MOMENTUM FCT 46432F396 2,494 26,061 SH   SOLE   0 0 26,061
SELECT SECTOR SPDR TR RL EST SEL SEC 81369Y860 106 3,299 SH   SOLE   0 0 3,299
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 769 14,250 SH   SOLE   0 0 14,250
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 1,040 12,729 SH   SOLE   0 0 12,729
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 305 11,811 SH   SOLE   0 0 11,811
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 762 10,738 SH   SOLE   0 0 10,738
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 757 13,326 SH   SOLE   0 0 13,326
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 2,399 40,586 SH   SOLE   0 0 40,586
VANGUARD INDEX FDS REIT ETF 922908553 673 8,101 SH   SOLE   0 0 8,101
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 7,302 167,595 SH   SOLE   0 0 167,595
VANGUARD INTL EQUITY INDEX F TT WRLD ST ETF 922042742 4 60 SH   SOLE   0 0 60
VANGUARD WORLD FDS CONSUM DIS ETF 92204A108 790 5,513 SH   SOLE   0 0 5,513
VANGUARD WORLD FDS CONSUM STP ETF 92204A207 7 54 SH   SOLE   0 0 54
VANGUARD WORLD FDS FINANCIALS ETF 92204A405 2,170 33,204 SH   SOLE   0 0 33,204
VANGUARD WORLD FDS HEALTH CAR ETF 92204A504 168 1,106 SH   SOLE   0 0 1,106
VANGUARD WORLD FDS INDUSTRIAL ETF 92204A603 56 416 SH   SOLE   0 0 416
VANGUARD WORLD FDS INF TECH ETF 92204A702 23 152 SH   SOLE   0 0 152
VANGUARD WORLD FDS MATERIALS ETF 92204A801 53 415 SH   SOLE   0 0 415
VANGUARD WORLD FDS TELCOMM ETF 92204A884 778 8,433 SH   SOLE   0 0 8,433
VANGUARD WORLD FDS UTILITIES ETF 92204A876 2,304 19,729 SH   SOLE   0 0 19,729