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 742935123 3,865 164,944 SH   SOLE   164,944 0 164,944
Buffalo Discovery COM 119530103 7,226 368,276 SH   SOLE   368,276 0 368,276
Dodge & Cox Stock COM 256219106 5,401 33,184 SH   SOLE   33,184 0 33,184
Harbor Capital Appreciation COM 411511504 8,783 144,429 SH   SOLE   144,429 0 144,429
Stone Ridge US Large Cap Risk COM 861728806 5,779 568,265 SH   SOLE   568,265 0 568,265
iShares S&P MidCap 400 Growth COM 464287606 2,434 15,124 SH   SOLE   15,124 0 15,124
Consumer Discretionary SPDR ETF 81369Y407 34 433 SH   SOLE   433 0 433
Consumer Discretionary SPDR ETF 81369Y407 3,836 49,077 SH   DFND 1 49,077 0 49,077
Consumer Staples Select Sector ETF 81369Y308 57 1,132 SH   SOLE   1,132 0 1,132
Consumer Staples Select Sector ETF 81369Y308 6,464 128,029 SH   DFND 1 128,029 0 128,029
Financial Select Sector SPDR ETF 81369Y605 32 1,360 SH   SOLE   1,360 0 1,360
Financial Select Sector SPDR ETF 81369Y605 3,665 153,795 SH   DFND 1 153,795 0 153,795
Health Care Select Sector SPDR ETF 81369Y209 67 934 SH   SOLE   934 0 934
Health Care Select Sector SPDR ETF 81369Y209 7,610 105,651 SH   DFND 1 105,651 0 105,651
PowerShares QQQ ETF 73935A104 69 615 SH   SOLE   615 0 615
PowerShares QQQ ETF 73935A104 7,780 69,549 SH   DFND 1 69,549 0 69,549
Technology Select Sector SPDR ETF 81369Y803 46 1,070 SH   SOLE   1,070 0 1,070
Technology Select Sector SPDR ETF 81369Y803 5,180 120,949 SH   DFND 1 120,949 0 120,949
iShares Russell Midcap Value I ETF 464287473 33 482 SH   SOLE   482 0 482
iShares Russell Midcap Value I ETF 464287473 3,723 54,217 SH   DFND 1 54,217 0 54,217
iShares S&P Value ETF 464287408 3,705 41,851 SH   SOLE   41,851 0 41,851
PowerShares Preferred ETF 73936T565 56 3,733 SH   SOLE   3,733 0 3,733
PowerShares Preferred ETF 73936T565 6,296 421,146 SH   DFND 1 421,146 0 421,146
Deutsche Bank X-Trackers MSCI ETF 233051507 2,742 72,000 SH   SOLE   72,000 0 72,000
Deutsche X-trackers MSCI EAFE ETF 233051200 63 2,335 SH   SOLE   2,335 0 2,335
Deutsche X-trackers MSCI EAFE ETF 233051200 7,162 263,693 SH   DFND 1 263,693 0 263,693
Vanguard FTSE Europe ETF ETF 922042874 21 426 SH   SOLE   426 0 426
Vanguard FTSE Europe ETF ETF 922042874 2,396 48,038 SH   DFND 1 48,038 0 48,038
iShares FTSE/Xinhua China 25 I ETF 464287184 41 1,165 SH   SOLE   1,165 0 1,165
iShares FTSE/Xinhua China 25 I ETF 464287184 4,647 131,684 SH   DFND 1 131,684 0 131,684