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
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
SPDR KBW REGIONAL BANKING ETF ETF 78464A698 157,012 3,866,341 SH   SOLE   0 0 3,866,341
VANGUARD VALUE ETF ETF 922908744 122,822 1,607,833 SH   SOLE   0 0 1,607,833
JPM ALERIAN MLP ETN ETN 46625H365 286 6,170 SH   SOLE   0 0 6,170
EGS EMKT CONS ETF ETN 268461779 125 4,679 SH   SOLE   0 0 4,679
ISHARES EMU ETF ETN 464286608 143 3,476 SH   SOLE   0 0 3,476
ISHARES MSCI EMG MKT ETF ETN 464287234 289 6,925 SH   SOLE   0 0 6,925
ISHARES EAFE SML CP ETF ETN 464288273 105 2,074 SH   SOLE   0 0 2,074
VANGUARD DIV APP ETF ETN 921908844 380 5,054 SH   SOLE   0 0 5,054
WISDOMTREE TR MDCP EARN FUND ETF ETN 97717W570 210 2,433 SH   SOLE   0 0 2,433
POWERSHARES FTSE US1500 SM ETF ETN 73935X567 194 1,995 SH   SOLE   0 0 1,995
ISHARES CORE SP500 ETF ETN 464287200 478 2,578 SH   SOLE   0 0 2,578