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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
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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
POWERSHARES GLOBAL ETF TRUST SOVEREIGN DEBT 73936T573 30,180 1,031,081 SH   SOLE   1,031,081 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 26,721 488,317 SH   SOLE   488,317 0 0
SPDR SERIES TRUST BRC CNV SECS ETF 78464A359 30,725 619,200 SH   SOLE   619,200 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 1,329 9,659 SH   SOLE   9,659 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 9,907 180,324 SH   SOLE   180,324 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 15,717 198,349 SH   SOLE   198,349 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 11,232 164,904 SH   SOLE   164,904 0 0
VANECK VECTORS ETF TR AMT FREE INT ETF 92189F544 29,985 1,253,553 SH   SOLE   1,253,553 0 0
ISHARES TR IBOXX HI YD ETF 464288513 509 5,758 SH   SOLE   5,758 0 0
ISHARES TR MSCI ACWI ETF 464288257 340 5,191 SH   SOLE   5,191 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 6,833 131,505 SH   SOLE   131,505 0 0
SPDR SandP 500 ETF TR TR UNIT 78462F103 2,379 9,839 SH   SOLE   9,839 0 0
ISHARES TR S P MC 400GR ETF 464287606 854 4,344 SH   SOLE   4,344 0 0
ISHARES TR S P MC 400VL ETF 464287705 640 4,307 SH   SOLE   4,307 0 0
VANGUARD BD INDEX FD INC SHORT TRM BOND 921937827 269 3,370 SH   SOLE   3,370 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 669 16,518 SH   SOLE   16,518 0 0
ISHARES TR EAFE GRWTH ETF 464288885 328 4,429 SH   SOLE   4,429 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 13,312 148,521 SH   SOLE   148,521 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 31,603 1,281,024 SH   SOLE   1,281,024 0 0
VANGUARD INDEX FDS REIT ETF 922908553 963 11,569 SH   SOLE   11,569 0 0
VANGUARD TAX MANAGED INTL FD FTSE DEV MKT ETF 921943858 557 13,838 SH   SOLE   13,838 0 0
ISHARES TR RUS 2000 GRW ETF 464287648 891 5,277 SH   SOLE   5,277 0 0
ISHARES TR RUS 2000 VAL ETF 464287630 479 4,026 SH   SOLE   4,026 0 0
SELECT SECTOR SPDR TR RL EST SEL SEC 81369Y860 6,337 196,802 SH   SOLE   196,802 0 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 6,189 115,021 SH   SOLE   115,021 0 0