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
DBX ETF TR DB XTR MSCI EUR 233051853 2,282 83,339 SH   SOLE   0 0 83,339
ISHARES MSCI BRIC INDX 464286657 2,420 64,630 SH   SOLE   0 0 64,630
ISHARES MSCI PAC JP ETF 464286665 535 12,039 SH   SOLE   0 0 12,039
ISHARES INC MLT FCTR EMG MKT 46434G889 1,191 27,974 SH   SOLE   0 0 27,974
ISHARES TR CORE MSCI EAFE 46432F842 3,233 53,089 SH   SOLE   0 0 53,089
ISHARES TR INTL MOMENTUM FT 46434V449 2,353 83,633 SH   SOLE   0 0 83,633
ISHARES TR INTL SEL DIV ETF 464288448 2,393 73,131 SH   SOLE   0 0 73,131
ISHARES TR INTL VALUE FACTR 46435G409 2,333 96,690 SH   SOLE   0 0 96,690
ISHARES TR MLTFCTR INTL SML 46434V266 1,177 41,512 SH   SOLE   0 0 41,512
ISHARES TR NATIONAL MUN ETF 464288414 9,216 83,695 SH   SOLE   0 0 83,695
ISHARES TR U.S. FINLS ETF 464287788 10 97 SH   SOLE   0 0 97
ISHARES TR US HLTHCARE ETF 464287762 6 34 SH   SOLE   0 0 34
ISHARES TR US HLTHCR PR ETF 464288828 1,270 8,550 SH   SOLE   0 0 8,550
ISHARES TR USA MOMENTUM FCT 46432F396 2,427 27,301 SH   SOLE   0 0 27,301
ISHARES TR USA QUALITY FCTR 46432F339 1,588 21,355 SH   SOLE   0 0 21,355
ISHARES TR USA VALUE FACTOR 46432F388 2,368 32,188 SH   SOLE   0 0 32,188
SELECT SECTOR SPDR TR RL EST SEL SEC 81369Y860 106 3,299 SH   SOLE   0 0 3,299
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 789 14,363 SH   SOLE   0 0 14,363
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 1,092 13,781 SH   SOLE   0 0 13,781
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 294 11,922 SH   SOLE   0 0 11,922
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 764 11,217 SH   SOLE   0 0 11,217
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 750 13,938 SH   SOLE   0 0 13,938
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 2,279 41,651 SH   SOLE   0 0 41,651
VANGUARD INDEX FDS REIT ETF 922908553 694 8,336 SH   SOLE   0 0 8,336
VANGUARD INDEX FDS TOTAL STK MKT 922908769 2,953 23,732 SH   SOLE   0 0 23,732
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 3,416 83,660 SH   SOLE   0 0 83,660
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 1,702 30,871 SH   SOLE   0 0 30,871
VANGUARD INTL EQUITY INDEX F TT WRLD ST ETF 922042742 4 60 SH   SOLE   0 0 60
VANGUARD WORLD FDS CONSUM DIS ETF 92204A108 794 5,590 SH   SOLE   0 0 5,590
VANGUARD WORLD FDS CONSUM STP ETF 92204A207 8 54 SH   SOLE   0 0 54
VANGUARD WORLD FDS FINANCIALS ETF 92204A405 2,132 34,082 SH   SOLE   0 0 34,082
VANGUARD WORLD FDS HEALTH CAR ETF 92204A504 164 1,110 SH   SOLE   0 0 1,110
VANGUARD WORLD FDS INDUSTRIAL ETF 92204A603 53 416 SH   SOLE   0 0 416
VANGUARD WORLD FDS INF TECH ETF 92204A702 21 152 SH   SOLE   0 0 152
VANGUARD WORLD FDS MATERIALS ETF 92204A801 51 423 SH   SOLE   0 0 423
VANGUARD WORLD FDS TELCOMM ETF 92204A884 779 8,484 SH   SOLE   0 0 8,484
VANGUARD WORLD FDS UTILITIES ETF 92204A876 788 6,900 SH   SOLE   0 0 6,900
WISDOMTREE TR JAPN HEDGE EQT 97717W851 2,124 40,848 SH   SOLE   0 0 40,848