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 7,444 293,067 SH   SOLE   293,067 0 293,067
Buffalo Discovery COM 119530103 7,762 384,251 SH   SOLE   384,251 0 384,251
Guggenheim S&P EqualWeight ETF 78355W106 11,963 138,075 SH   SOLE   138,075 0 138,075
Harbor Capital Appreciation COM 411511504 1,749 30,878 SH   SOLE   30,878 0 30,878
Stone Ridge US Large Cap Risk COM 861728806 5,129 493,210 SH   SOLE   493,210 0 493,210
iShares S&P MidCap 400 Growth ETF 464287606 3,661 20,092 SH   SOLE   20,092 0 20,092
Consumer Discretionary SPDR ETF 81369Y407 1,221 15,000 SH   SOLE   15,000 0 15,000
Energy Select Sector SPDR ETF 81369Y506 3,063 40,665 SH   SOLE   40,665 0 40,665
Energy Select Sector SPDR ETF 81369Y506 3,900 51,782 SH   DFND 1 51,782 0 51,782
Financial Select Sector SPDR ETF 81369Y605 814 35,000 SH   SOLE   35,000 0 35,000
First Trust Exchange Traded ETF 33734X135 56 2,066 SH   SOLE   2,066 0 2,066
First Trust Exchange Traded ETF 33734X135 5,208 192,678 SH   DFND 1 192,678 0 192,678
First Trust Internet Index ETF 33733E302 51 637 SH   SOLE   637 0 637
First Trust Internet Index ETF 33733E302 4,665 58,437 SH   DFND 1 58,437 0 58,437
Health Care Select Sector SPDR ETF 81369Y209 30 431 SH   SOLE   431 0 431
Health Care Select Sector SPDR ETF 81369Y209 2,726 39,544 SH   DFND 1 39,544 0 39,544
Market Vectors Semiconductor ETF 57060U233 31 433 SH   SOLE   433 0 433
Market Vectors Semiconductor ETF 57060U233 2,843 39,686 SH   DFND 1 39,686 0 39,686
PowerShares QQQ ETF 73935A104 43 363 SH   SOLE   363 0 363
PowerShares QQQ ETF 73935A104 4,050 34,184 SH   DFND 1 34,184 0 34,184
SPDR S&P Midcap ETF 78467Y107 55 183 SH   SOLE   183 0 183
SPDR S&P Midcap ETF 78467Y107 5,068 16,798 SH   DFND 1 16,798 0 16,798
SPDR S&P Retail ETF 78464A714 1,102 25,000 SH   SOLE   25,000 0 25,000
Vaneck Vectors Gold Miners ETF 57060U100 1,883 90,000 SH   SOLE   90,000 0 90,000
iShares S&P MidCap 400/BARRA ETF 464287705 2,690 18,527 SH   SOLE   18,527 0 18,527
iShares Transportation Average ETF 464287192 2,821 17,325 SH   SOLE   17,325 0 17,325
iShares US Aerospace & Defense ETF 464288760 3,372 24,000 SH   SOLE   24,000 0 24,000
Deutsche X-trackers MSCI EAFE ETF 233051200 54 1,932 SH   SOLE   1,932 0 1,932
Deutsche X-trackers MSCI EAFE ETF 233051200 4,963 176,886 SH   DFND 1 176,886 0 176,886
Vanguard Emerging Markets Stock ETF 922042858 50 1,401 SH   SOLE   1,401 0 1,401
Vanguard Emerging Markets Stock ETF 922042858 4,506 125,930 SH   DFND 1 125,930 0 125,930
iShares FTSE/Xinhua China 25 ETF 464287184 49 1,399 SH   SOLE   1,399 0 1,399
iShares FTSE/Xinhua China 25 ETF 464287184 4,401 126,795 SH   DFND 1 126,795 0 126,795