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
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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
CURRENCYSHARES SWISS FRANC T SWISS FRANC SH 23129V109 3,681 36,750 SH   SOLE   9,671 0 27,079
CURRENCYSHS JAPANESE YEN TR JAPANESE YEN 23130A102 3,608 41,938 SH   SOLE   11,083 0 30,855
ISHARES TR U.S. TELECOM ETF 464287713 9,809 319,184 SH   SOLE   92,027 0 227,157
ISHARES TR U.S. TECH ETF 464287721 6,975 64,284 SH   SOLE   18,834 0 45,450
ISHARES TR 7-10 Y TR BD ETF 464287440 6,950 62,984 SH   SOLE   21,308 0 41,676
ISHARES TR U.S. CNSM SV ETF 464287580 6,965 47,767 SH   SOLE   14,083 0 33,684
ISHARES TR S&P 500 GRWT ETF 464287309 29,000 250,241 SH   SOLE   71,859 0 178,382
ISHARES TR CORE S&P500 ETF 464287200 1,212 5,864 SH   SOLE   4 0 5,860
ISHARES TR EAFE MIN VOL ETF 46429B689 15,484 233,057 SH   SOLE   70,810 0 162,247
ISHARES TR MSCI EAFE ETF 464287465 7,358 128,725 SH   SOLE   39,130 0 89,595
ISHARES TR RESID RL EST CAP 464288562 2,135 32,360 SH   SOLE   12,020 0 20,340
ISHARES TR EAFE SML CP ETF 464288273 7,967 159,987 SH   SOLE   48,635 0 111,352
ISHARES TR SHRT TRS BD ETF 464288679 38,778 351,381 SH   SOLE   97,543 0 253,838
ISHARES TR INTERM CR BD ETF 464288638 6,762 61,647 SH   SOLE   20,909 0 40,738
ISHARES TR U.S. PFD STK ETF 464288687 2,001 51,261 SH   SOLE   19,043 0 32,218
ISHARES TR MBS ETF 464288588 8,740 79,830 SH   SOLE   27,600 0 52,230
ISHARES TR CORE US AGGBD ET 464287226 8,890 80,220 SH   SOLE   27,791 0 52,429
ISHARES TR U.S. CNSM GD ETF 464287812 11,071 98,376 SH   SOLE   28,286 0 70,090
PIMCO ETF TR ENHAN SHRT MA AC 72201R833 22,631 224,561 SH   SOLE   38,711 0 185,850
POWERSHARES ETF TR II PFD PORTFOLIO 73936T565 1,709 114,534 SH   SOLE   15,258 0 99,276
POWERSHARES ETF TR II S&P500 LOW VOL 73937B779 3,912 96,994 SH   SOLE   25,785 0 71,209
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 1,614 14,780 SH   SOLE   1,974 0 12,806
POWERSHS DB MULTI SECT COMM DB PREC MTLS 73936B200 3,650 98,102 SH   SOLE   25,923 0 72,179
POWERSHS DB MULTI SECT COMM DB GOLD FUND 73936B606 1,822 45,235 SH   SOLE   6,023 0 39,212
PROSHARES TR PSHS SH MSCI EAF 74347R370 1,865 54,903 SH   SOLE   20,363 0 34,540
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 11,037 222,422 SH   SOLE   63,869 0 158,553
SPDR DOW JONES INDL AVRG ETF UT SER 1 78467X109 2,019 11,431 SH   SOLE   4,236 0 7,195
SPDR GOLD TRUST GOLD SHS 78463V107 2,225 18,916 SH   SOLE   7,021 0 11,895
SPDR SERIES TRUST BARC SHT TR CP 78464A474 8,741 285,384 SH   SOLE   98,806 0 186,578
VANGUARD BD INDEX FD INC INTERMED TERM 921937819 3,982 46,160 SH   SOLE   3,664 0 42,496
VANGUARD BD INDEX FD INC TOTAL BND MRKT 921937835 1,585 19,138 SH   SOLE   2,551 0 16,587
VANGUARD BD INDEX FD INC SHORT TRM BOND 921937827 5,661 70,211 SH   SOLE   6,728 0 63,483
VANGUARD INDEX FDS LARGE CAP ETF 922908637 1,737 18,480 SH   SOLE   1,875 0 16,605
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363 5,960 31,606 SH   SOLE   3,791 0 27,815
VANGUARD INDEX FDS REIT ETF 922908553 3,388 40,433 SH   SOLE   5,398 0 35,035
VANGUARD INDEX FDS GROWTH ETF 922908736 23,443 220,224 SH   SOLE   23,534 0 196,690
VANGUARD INTL EQUITY INDEX F FTSE PACIFIC ETF 922042866 7,731 139,871 SH   SOLE   17,107 0 122,764
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 5,162 106,393 SH   SOLE   10,926 0 95,467
VANGUARD INTL EQUITY INDEX F FTSE SMCAP ETF 922042718 5,250 56,225 SH   SOLE   5,771 0 50,454
VANGUARD SCOTTSDALE FDS INT-TERM CORP 92206C870 3,892 44,770 SH   SOLE   3,540 0 41,230
VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD 92206C409 5,636 70,428 SH   SOLE   6,741 0 63,687
VANGUARD SCOTTSDALE FDS MORTG-BACK SEC 92206C771 5,633 105,344 SH   SOLE   10,048 0 95,296
VANGUARD WORLD FDS CONSUM DIS ETF 92204A108 4,781 38,537 SH   SOLE   3,897 0 34,640
VANGUARD WORLD FDS CONSUM STP ETF 92204A207 6,905 51,029 SH   SOLE   6,094 0 44,935
VANGUARD WORLD FDS INF TECH ETF 92204A702 4,499 41,073 SH   SOLE   4,275 0 36,798
VANGUARD WORLD FDS UTILITIES ETF 92204A876 6,132 57,030 SH   SOLE   7,104 0 49,926