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

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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
AbbVie IncCOM00287Y10944,022762,150SH SOLE 516,4000245,750
Amazon Com IncCOM0231351063,1609,800SH SOLE 9,80000
American Airlines Group IncCOM02376R10232,215907,975SH SOLE 613,6250294,350
Amgen IncCOM0311621004463,175SH SOLE 3,17500
Apple IncCOM03783310036,759364,855SH SOLE 248,5300116,325
Automatic Data ProcessingCOM0530151035256,325SH SOLE 6,32500
Bank of America CorpCOM06050510436,7862,157,525SH SOLE 1,475,4000682,125
BlackRock IncCOM09247X1014921,500SH SOLE 1,50000
Comcast Corp-Class ACOM20030N1013877,200SH SOLE 7,20000
Consumer Discretionary Select COM81369Y40747,372710,325SH SOLE 464,9750245,350
Consumer Staples Select SectorCOM81369Y30861,2741,358,325SH SOLE 910,6750447,650
Costco Wholesale CorpCOM22160K1054513,600SH SOLE 3,60000
CVS Caremark CorpCOM1266501004505,650SH SOLE 5,65000
Delta AirlinesCOM24736170236,2951,004,000SH SOLE 677,3500326,650
Ecolab IncCOM27886510041,703363,175SH SOLE 245,6250117,550
Energy Select Sector SPDRCOM81369Y50633,289367,350SH SOLE 251,0750116,275
F5 Networks IncCOM31561610238,683325,775SH SOLE 220,5250105,250
Financial Select Sector SPDR FCOM81369Y6059,302401,450SH SOLE 275,2000126,250
Gilead Sciences IncCOM37555810341,949394,075SH SOLE 267,0500127,025
Goldman Sachs Group IncCOM38141G10437,958206,775SH SOLE 141,300065,475
Google Inc- CL ACOM38259P50817,63229,965SH SOLE 20,56509,400
Google Inc-CL CCOM38259P70625,69044,495SH SOLE 30,220014,275
Health Care Select Sector SPDRCOM81369Y20951,123799,925SH SOLE 541,0750258,850
iShares Barclays 1-3 Year CrCOM46428864616,287154,700SH SOLE 45,3000109,400
iShares Barclays MBS Bond FundCOM4642885885,04946,700SH SOLE 21,300025,400
iShares iBoxx $ Investment GraCOM4642872425,59247,300SH SOLE 23,650023,650
Ishares Iboxx H/Y Corp BondCOM4642885134414,800SH SOLE 004,800
iShares Intermediate CreditCOM4642886383,44731,535SH SOLE 0031,535
iShares S&P US Preferred StockCOM46428868748712,330SH SOLE 0012,330
iShares U.S. Home ConstructionCOM46428875243,7171,943,850SH SOLE 1,307,5000636,350
Johnson & JohnsonCOM4781601044,36240,925SH SOLE 25,775015,150
Lam Research CorpCOM51280710832,065429,250SH SOLE 290,9000138,350
Macy's IncCOM55616P1044257,300SH SOLE 7,30000
Metlife IncCOM59156R10839,347732,450SH SOLE 494,3500238,100
Office Depot IncCOM67622010616,8863,285,125SH SOLE 2,250,42501,034,700
Oshkosh CorpCOM68823920131,252707,850SH SOLE 477,9500229,900
Pepsico IncCOM7134481084825,175SH SOLE 5,17500
PowerShares Senior Loan PortfoCOM73936Q76951521,200SH SOLE 0021,200
Schlumberger LtdCOM80685710836,941363,275SH SOLE 246,1750117,100
Schwab U.S. REIT ETFCOM8085248471,83553,875SH SOLE 53,87500
T-Mobile US IncCOM87259010441,1121,424,050SH SOLE 964,4000459,650
TE Connectivity LtdCOMH849891044528,175SH SOLE 8,17500
Technology Select Sector SPDR COM81369Y80393,7912,350,650SH SOLE 1,562,0500788,600
Tesla Motors IncCOM88160R10125,224103,940SH SOLE 66,940037,000
TJX Companies IncCOM8725401093966,700SH SOLE 6,70000
Tyco International LtdCOMH8912810431,769712,800SH SOLE 481,8000231,000
Union Pacific CorpCOM90781810833,364307,725SH SOLE 208,650099,075
Vanguard Int'l Equity IndexCOM9220427759,058183,960SH SOLE 183,96000
Vanguard Intermediate-Term CorCOM92206C8703,68042,900SH SOLE 21,450021,450
Whirlpool CorpCOM9633201064222,900SH SOLE 2,90000
Banco BradescoADR05946030317212,075SH SOLE 12,07500
Bancolombia SA Spon ADRADR05968L1022163,810SH SOLE 3,81000
CredicorpADRG2519Y1082301,500SH SOLE 1,50000
Gerdau SA Spon ADRADR37373710516935,175SH SOLE 35,17500
ICICI Bank Ltd Spon ADRADR45104G1042475,025SH SOLE 5,02500
Petroleo Brasileiro SA Spon ADADR71654V10117511,750SH SOLE 11,75000
Taiwan Semiconductor - SP ADRADR87403910034317,000SH SOLE 17,00000
Tata Motors LtdADR8765685022024,625SH SOLE 4,62500
Vale SA Spon ADRADR91912E10516114,650SH SOLE 14,65000