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 1,954 81,977 SH   SOLE   81,977 0 81,977
Buffalo Discovery COM 119530103 3,392 175,637 SH   SOLE   175,637 0 175,637
Dodge & Cox Stock COM 256219106 2,452 15,600 SH   SOLE   15,600 0 15,600
Harbor Capital Appreciation COM 411511504 3,963 68,955 SH   SOLE   68,955 0 68,955
Stone Ridge US Large Cap Risk COM 861728806 5,404 531,892 SH   SOLE   531,892 0 531,892
Consumer Staples Select Sector ETF 81369Y308 92 1,730 SH   SOLE   1,730 0 1,730
Consumer Staples Select Sector ETF 81369Y308 10,164 191,564 SH   DFND 1 191,564 0 191,564
Health Care Select Sector SPDR ETF 81369Y209 33 484 SH   SOLE   484 0 484
Health Care Select Sector SPDR ETF 81369Y209 3,628 53,522 SH   DFND 1 53,522 0 53,522
iShares Transportation Average ETF 464287192 4,842 34,000 SH   SOLE   34,000 0 34,000
Deutsche X-trackers MSCI Grmny ETF 233051408 32 1,418 SH   SOLE   1,418 0 1,418
Deutsche X-trackers MSCI Grmny ETF 233051408 3,566 157,492 SH   DFND 1 157,492 0 157,492
Vanguard FTSE Developed Market ETF 921943858 66 1,852 SH   SOLE   1,852 0 1,852
Vanguard FTSE Developed Market ETF 921943858 7,349 204,813 SH   DFND 1 204,813 0 204,813