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
ALPS ETF TR Alerian MLP - ETF 00162Q866 827 43,530 SH   SOLE N/A 0 0 43,530
Claymore Exchange Trd Fd TR Guggenheim HY Corporate Bond 2016 - ETF 18383M415 752 27,419 SH   SOLE N/A 0 0 27,419
I Shares IShares Barclays 3-7 Year Treasury - ETF 464288661 614 5,042 SH   SOLE N/A 0 0 5,042
I Shares IShares Barclays Aggregate Bond Fund - ETF 464287226 1,075 9,822 SH   SOLE N/A 0 0 9,822
I shares IShares Barclays TIPS - ETF 464287176 304 2,631 SH   SOLE N/A 0 0 2,631
iShares IShares Core S&P - ETF 464287200 966 4,902 SH   SOLE N/A 0 0 4,902
Ishares I Shares IBoxx Investment Grade Corporate - ETF 464287242 339 2,845 SH   SOLE N/A 0 0 2,845
iShares I SHARES JP MOR EM MK ETF 464288281 323 2,805 SH   SOLE N/A 0 0 2,805
iShares IShares MSCI EAFE - ETF 464287465 316 4,626 SH   SOLE N/A 0 0 4,626
iShares I Shares MSCI ITALCPD ETF 464286855 7,399 425,728 SH   SOLE N/A 0 0 425,728
iShares Ishares Msci Span Cap B26 Etf" 464286764 7,645 178,531 SH   SOLE N/A 0 0 178,531
I Shares iShares Russell 2000 - ETF 464287655 794 6,684 SH   SOLE N/A 0 0 6,684
I Shares I Shares U.S. Pfd Stk ETF 464288687 9,092 227,807 SH   SOLE N/A 0 0 227,807
I Shares I Shares Trans Avg ETF 464287192 7,702 52,392 SH   SOLE N/A 0 0 52,392
Powershares ETF Powershares Emerging Market Debt - ETF 73936T573 887 30,430 SH   SOLE N/A 0 0 30,430
Powershares ETF Powershares High Yield Corporate - ETF 73936T557 898 45,833 SH   SOLE N/A 0 0 45,833
Powershares ETF Powershares Preferreds - ETF 73936T565 933 63,780 SH   SOLE N/A 0 0 63,780
Powershares ETF Powershares S&P 500 High Beta - ETF 73937B829 1,161 34,894 SH   SOLE N/A 0 0 34,894
Powershares ETF Powershares Senior Loan- ETF 73936Q769 9,138 367,448 SH   SOLE N/A 0 0 367,448
Rydex ETF Trust Gug S&P 500 EQWTTE 78355W817 1,122 13,392 SH   SOLE N/A 0 0 13,392
Schwab Strategic Tr Schwab Emerging Markets - ETF 808524706 319 12,268 SH   SOLE N/A 0 0 12,268
Schwab Strategic Tr Schwab Intermediate-Term Treasury - ETF 808524854 260 4,888 SH   SOLE N/A 0 0 4,888
Schwab Strategic Tr Schwab International Equity - ETF 808524805 362 10,969 SH   SOLE N/A 0 0 10,969
Schwab Strategic Tr Schwab REIT Fund - ETF 808524847 220 6,231 SH   SOLE N/A 0 0 6,231
Schwab Strategic Tr Schwab US Aggregate Bond Fund - ETF 808524839 553 10,664 SH   SOLE N/A 0 0 10,664
Schwab Strategic Tr Schwab US Broad Market - ETF 808524102 2,106 44,126 SH   SOLE N/A 0 0 44,126
Schwab Strategic Tr Schwab US Small Cap - ETF 808524607 1,777 32,427 SH   SOLE N/A 0 0 32,427
Select Sector SPDR Tr Sector SPDR Energy Select - ETF 81369Y506 7,578 75,702 SH   SOLE N/A 0 0 75,702
Select Sector SPDR Tr Sector SPDR Health Fund - ETF 81369Y209 7,931 130,387 SH   SOLE N/A 0 0 130,387
Select Sector SPDR Tr Sector SPDR Industrials - ETF 81369Y704 7,911 146,342 SH   SOLE N/A 0 0 146,342
Select Sector SPDR Tr Sector SPDR Materials - ETF 81369Y100 7,711 155,334 SH   SOLE N/A 0 0 155,334
Select Sector SPDR Tr Sector SPDR Utility Select - ETF 81369Y886 660 14,919 SH   SOLE N/A 0 0 14,919
SPDR Series TR SPDR Barclays Capital High Yield Bond - ETF 78464A417 8,873 212,619 SH   SOLE N/A 0 0 212,619
SPDR Series Tr SPDR Barclays Short-Term HY - ETF 78468R408 8,671 280,079 SH   SOLE N/A 0 0 280,079
SPDR Series Tr SPDR Nuvn Br Sht Muni 78464A425 234 9,605 SH   SOLE N/A 0 0 9,605
SPDR Series Tr SPDR S&P Oil & Gas Expl 78464A730 7,733 93,983 SH   SOLE N/A 0 0 93,983
Vanguard Index Funds Vanguard Emerging Market - ETF 922042858 446 10,344 SH   SOLE N/A 0 0 10,344
Vanguard Index Funds Vanguard European - ETF 922042874 7,465 124,519 SH   SOLE N/A 0 0 124,519
Vanguard Index Funds Vanguard REIT - ETF 922908553 319 4,267 SH   SOLE N/A 0 0 4,267