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
Akre Focus Instl COM 742935125 1,824 75,387 SH   SOLE   75,387 0 75,387
Buffalo Discovery COM 119530103 3,119 159,689 SH   SOLE   159,689 0 159,689
Dodge & Cox Stock COM 256219106 2,213 13,900 SH   SOLE   13,900 0 13,900
Harbor Capital Appreciation COM 411511504 3,503 61,757 SH   SOLE   61,757 0 61,757
Stone Ridge US Large Cap Risk COM 861728806 5,079 493,592 SH   SOLE   493,592 0 493,592
Consumer Staples Select Sector ETF 81369Y308 95 1,730 SH   SOLE   1,730 0 1,730
Consumer Staples Select Sector ETF 81369Y308 8,280 150,144 SH   DFND 1 150,144 0 150,144
Health Care Select Sector SPDR ETF 81369Y209 66 926 SH   SOLE   926 0 926
Health Care Select Sector SPDR ETF 81369Y209 5,861 81,731 SH   DFND 1 81,731 0 81,731
PowerShares QQQ ETF 73935A104 42 394 SH   SOLE   394 0 394
PowerShares QQQ ETF 73935A104 3,765 35,006 SH   DFND 1 35,006 0 35,006