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
Accenture PLC SHS CL A G1151C101 3,937 44,083 SH   SOLE   44,083 0 0
Advance Auto Parts Inc. COM 00751Y106 7,946 49,888 SH   SOLE   49,888 0 0
Advanced Semiconductor Engr SPONSORED ADR 00756M404 2,584 421,497 SH   SOLE   421,497 0 0
Aetna Inc. COM 00817Y108 10,085 113,536 SH   SOLE   113,536 0 0
AGL Resources, Inc. COM 001204106 1,408 25,825 SH   SOLE   25,825 0 0
Alaska Air Group Inc. COM 011659109 12,657 211,791 SH   SOLE   211,791 0 0
Alexion Pharmaceuticals Inc. COM 015351109 4,451 24,054 SH   SOLE   24,054 0 0
Alliant Techsystems inc COM 018804104 3,350 28,818 SH   SOLE   28,818 0 0
Allied World Assurance Co Hldgs SHS H01531104 2,844 74,999 SH   SOLE   74,999 0 0
Allstate Corp. COM 020002101 6,627 94,336 SH   SOLE   94,336 0 0
Amdocs Ltd. COM G02602103 2,768 59,322 SH   SOLE   59,322 0 0
Amerco COM 023586100 1,706 6,001 SH   SOLE   6,001 0 0
American Airlines Group Inc. COM 02376R102 14,980 279,325 SH   SOLE   279,325 0 0
American International Group, Inc. COM NEW 026874784 2,807 50,117 SH   SOLE   50,117 0 0
American States Water Co. COM 029899101 1,788 47,488 SH   SOLE   47,488 0 0
American Water Works Co. COM 030420103 6,726 126,190 SH   SOLE   126,190 0 0
Amgen Inc. COM 031162100 4,643 29,149 SH   SOLE   29,149 0 0
Anthem Inc COM 036752103 12,435 98,946 SH   SOLE   98,946 0 0
Apple Inc. COM 037833100 12,012 108,821 SH   SOLE   108,821 0 0
Aqua America Inc. COM 03836W103 3,215 120,394 SH   SOLE   120,394 0 0
Arrow Electronics Inc. COM 042735100 8,013 138,424 SH   SOLE   138,424 0 0
Asbury Automotive Group Inc. COM 043436104 9,094 119,780 SH   SOLE   119,780 0 0
Aspen Insurance Holdings Ltd. SHS G05384105 4,268 97,514 SH   SOLE   97,514 0 0
Assurant Inc. COM 04621X108 1,557 22,752 SH   SOLE   22,752 0 0
Assured Guaranty Ltd. COM G0585R106 3,944 151,747 SH   SOLE   151,747 0 0
Atmos Energy Corporation COM 049560105 1,495 26,812 SH   SOLE   26,812 0 0
AutoNation Inc. COM 05329W102 5,164 85,481 SH   SOLE   85,481 0 0
AutoZone Inc. COM 053332102 6,738 10,883 SH   SOLE   10,883 0 0
Avnet Inc. COM 053807103 6,979 162,236 SH   SOLE   162,236 0 0
Axis Capital Holdings Ltd SHS G0692U109 4,432 86,747 SH   SOLE   86,747 0 0
Benchmark Electronics Inc. COM 08160H101 4,213 165,602 SH   SOLE   165,602 0 0
Biogen Idec Inc. COM 09062X103 4,712 13,880 SH   SOLE   13,880 0 0
Boeing Co. COM 097023105 4,720 36,311 SH   SOLE   36,311 0 0
Braskem S/A SP ADR PFD A 105532105 163 12,635 SH   SOLE   12,635 0 0
Brookfield Property Partners LP UNIT LTD PARTN G16249107 1,003 43,870 SH   SOLE   43,870 0 0
California Water Service Group COM 130788102 1,627 66,116 SH   SOLE   66,116 0 0
Capital One Financial Corp. COM 14040H105 9,797 118,682 SH   SOLE   118,682 0 0
CarMax Inc. COM 143130102 6,821 102,454 SH   SOLE   102,454 0 0
Celestica Inc SUB VTG SHS 15101Q108 1,527 130,081 SH   SOLE   130,081 0 0
Celgene Corp. COM 151020104 4,857 43,420 SH   SOLE   43,420 0 0
Centene Corp. COM 15135B101 2,334 22,470 SH   SOLE   22,470 0 0
China Mobile Ltd. SPONSORED ADR 16941M109 408 6,930 SH   SOLE   6,930 0 0
China Petroleum & Chemical Corp. SPONSORED ADR 16941R108 551 6,799 SH   SOLE   6,799 0 0
Chipmos Technologies (Bermuda) Ltd. SHS G2110R114 2,037 87,343 SH   SOLE   87,343 0 0
Cigna Corporation COM 125509109 4,959 48,185 SH   SOLE   48,185 0 0
Cirrus Logic Inc. COM 172755100 4,345 184,365 SH   SOLE   184,365 0 0
Cognizant Technology Solutions Corp. CL A 192446102 3,123 59,311 SH   SOLE   59,311 0 0
Companhia Brasileira de Distribuicao SPON ADR PFD CL A 20440T201 3,341 90,724 SH   SOLE   90,724 0 0
Companhia de Saneamento Basico SPONSORED ADR 20441A102 3,531 561,401 SH   SOLE   561,401 0 0
Companhia Energetica de Minas SP ADR N-V PFD 204409601 929 186,987 SH   SOLE   186,987 0 0
Companhia Paranaense de Energia SPON ADR PFD 20441B407 1,299 98,630 SH   SOLE   98,630 0 0
Computer Sciences Corp. COM 205363104 4,856 77,023 SH   SOLE   77,023 0 0
Convergys Corp. COM 212485106 2,190 107,500 SH   SOLE   107,500 0 0
Con-Way Inc. COM 205944101 1,560 31,721 SH   SOLE   31,721 0 0
Copa Holdings S.A. CL A P31076105 874 8,429 SH   SOLE   8,429 0 0
Costco Wholesale Corp. COM 22160K105 14,487 102,202 SH   SOLE   102,202 0 0
CVR Energy Inc. COM 12662P108 2,247 58,051 SH   SOLE   58,051 0 0
CVS Health Corp. COM 126650100 19,406 201,493 SH   SOLE   201,493 0 0
Delta Air Lines Inc. COM NEW 247361702 17,777 361,386 SH   SOLE   361,386 0 0
Dillard's Inc. CL A 254067101 8,366 66,830 SH   SOLE   66,830 0 0
Discover Financial Services COM 254709108 10,594 161,763 SH   SOLE   161,763 0 0
Dr. Reddy's Laboratories Ltd. ADR 256135203 473 9,378 SH   SOLE   9,378 0 0
DST Systems Inc. COM 233326107 3,990 42,378 SH   SOLE   42,378 0 0
Enersis S.A. SPONSORED ADR 29274F104 1,301 81,140 SH   SOLE   81,140 0 0
Ensign Group, Inc. COM 29358P101 1,914 43,113 SH   SOLE   43,113 0 0
Everest Re Group Ltd. COM G3223R108 2,646 15,538 SH   SOLE   15,538 0 0
Fibria Celulose S.A. SP ADR REP COM 31573A109 309 25,433 SH   SOLE   25,433 0 0
First Solar Inc. COM 336433107 2,931 65,735 SH   SOLE   65,735 0 0
Fiserv Inc. COM 337738108 5,079 71,565 SH   SOLE   71,565 0 0
Flextronics International Ltd. ORD Y2573F102 5,001 447,286 SH   SOLE   447,286 0 0
Ford Motor Company COM PAR $0.01 345370860 1,772 114,351 SH   SOLE   114,351 0 0
Genworth Financial Inc. COM CL A 37247D106 1,791 210,721 SH   SOLE   210,721 0 0
Gilead Sciences Inc. COM 375558103 3,710 39,363 SH   SOLE   39,363 0 0
Global Payments Inc. COM 37940X102 3,205 39,695 SH   SOLE   39,695 0 0
Green Plains Inc. COM 393222104 2,101 84,780 SH   SOLE   84,780 0 0
Group 1 Automotive Inc. COM 398905109 4,254 47,465 SH   SOLE   47,465 0 0
Grupo Financiero Santander SPON ADR SHS B 40053C105 1,336 128,930 SH   SOLE   128,930 0 0
Hanger, Inc. COM NEW 41043F208 1,634 74,603 SH   SOLE   74,603 0 0
Hawaiian Holdings Inc. COM 419879101 10,398 399,154 SH   SOLE   399,154 0 0
HCA Holdings Inc. COM 40412C101 13,313 181,407 SH   SOLE   181,407 0 0
Health Net Inc. COM 42222G108 2,387 44,585 SH   SOLE   44,585 0 0
Helen of Troy Corp. COM G4388N106 1,722 26,472 SH   SOLE   26,472 0 0
Hewlett-Packard Co. COM 428236103 9,604 239,332 SH   SOLE   239,332 0 0
HollyFrontier Corp. COM 436106108 2,110 56,297 SH   SOLE   56,297 0 0
Humana Inc. COM 444859102 9,463 65,883 SH   SOLE   65,883 0 0
ICICI Bank Limited ADR 45104G104 150 13,000 SH   SOLE   13,000 0 0
Ingram Micro Inc. CL A 457153104 4,565 165,160 SH   SOLE   165,160 0 0
Insight Enterprises COM 45765U103 3,223 124,480 SH   SOLE   124,480 0 0
Integrated Device Technology, Inc. COM 458118106 4,002 204,180 SH   SOLE   204,180 0 0
Integrated Silicon Solution Inc COM 45812P107 702 42,389 SH   SOLE   42,389 0 0
Intel Corp. COM 458140100 6,817 187,861 SH   SOLE   187,861 0 0
International Business Machines COM 459200101 4,595 28,642 SH   SOLE   28,642 0 0
iShares 3-7 Year Treasury Bond BARCLYS 3-7 YR 464288661 2,212 18,089 SH   SOLE   18,089 0 0
iShares Barclays CMBS Bond BARCLYS CMBS 46429B366 1,725 33,699 SH   SOLE   33,699 0 0
iShares Core Emerging Mkts CORE MSCI EMKT 46434G103 1,126 23,951 SH   SOLE   23,951 0 0
iShares Floating Rate Bond ETF FLTG RATE BD ETF 46429B655 18,209 360,283 SH   SOLE   360,283 0 0
iShares Global ex GL HGYL CP ETF 464286210 2,753 54,255 SH   SOLE   54,255 0 0
iShares iBoxx $ High Yield IBOXX HI YD ETF 464288513 5,374 59,978 SH   SOLE   59,978 0 0
iShares iBoxx $ Investment IBOXX INV CPBD 464287242 8,023 67,189 SH   SOLE   67,189 0 0
iShares International Treas INTL TREABO ETF 464288117 4,729 48,864 SH   SOLE   48,864 0 0
iShares JPMorgan USD Emerg JP MOR EM MK ETF 464288281 14,621 133,265 SH   SOLE   133,265 0 0
iShares Latin America 40 ETF LATN AMER 40 ETF 464287390 1,031 32,418 SH   SOLE   32,418 0 0
iShares MBS ETF MBS ETF 464288588 44,822 410,011 SH   SOLE   410,011 0 0
iShares MSCI All Country Asia MSCI ACJPN IDX 464288182 5,834 95,749 SH   SOLE   95,749 0 0
iShares MSCI India Small Cap ETF MSCI INDIA SM CP 46429B614 505 15,020 SH   SOLE   15,020 0 0
iShares MSCI South Africa ETF MSCI STH AFRICA 464286780 768 11,844 SH   SOLE   11,844 0 0
Jabil Circuit Inc. COM 466313103 4,716 216,021 SH   SOLE   216,021 0 0
JetBlue Airways Corp. COM 477143101 12,626 796,066 SH   SOLE   796,066 0 0
Jones Lang LaSalle Inc. COM 48020Q107 1,553 10,361 SH   SOLE   10,361 0 0
Kindred Healthcare Inc COM 494580103 1,339 73,629 SH   SOLE   73,629 0 0
Kohl's Corp. COM 500255104 8,902 145,836 SH   SOLE   145,836 0 0
L-3 Communications Holdings Inc. COM 502424104 3,853 30,531 SH   SOLE   30,531 0 0
Lattice Semiconductor Corp COM 518415104 1,191 172,873 SH   SOLE   172,873 0 0
Lear Corp. COM NEW 521865204 2,426 24,736 SH   SOLE   24,736 0 0
Lexmark International Inc. CL A 529771107 8,101 196,286 SH   SOLE   196,286 0 0
LifePoint Hospitals Inc. COM 53219L109 5,941 82,620 SH   SOLE   82,620 0 0
Lincoln National Corp. COM 534187109 1,970 34,160 SH   SOLE   34,160 0 0
Lithia Motors Inc. CL A 536797103 9,175 105,836 SH   SOLE   105,836 0 0
Lockheed Martin Corp. COM 539830109 6,533 33,924 SH   SOLE   33,924 0 0
Macy's Inc. COM 55616P104 9,559 145,378 SH   SOLE   145,378 0 0
Magellan Health Inc. COM NEW 559079207 4,725 78,707 SH   SOLE   78,707 0 0
Magna International Inc. COM 559222401 3,134 28,833 SH   SOLE   28,833 0 0
MagnaChip Semiconductor Corp. COM 55933J203 1,368 105,311 SH   SOLE   105,311 0 0
Manulife Financial Corp. COM 56501R106 2,641 138,348 SH   SOLE   138,348 0 0
Marathon Petroleum Corp. COM 56585A102 5,224 57,872 SH   SOLE   57,872 0 0
Market Vectors Russia ETF Trust RUSSIA ETF 57060U506 243 16,610 SH   SOLE   16,610 0 0
Marvell Technology Group Ltd. ORD G5876H105 4,845 334,117 SH   SOLE   334,117 0 0
MasterCard Inc. CL A 57636Q104 6,781 78,701 SH   SOLE   78,701 0 0
MetLife Inc. COM 59156R108 2,615 48,346 SH   SOLE   48,346 0 0
Micron Technology Inc. COM 595112103 4,630 132,262 SH   SOLE   132,262 0 0
Navient Corp COM 63938C108 6,553 303,217 SH   SOLE   303,217 0 0
New Jersey Resources Corp. COM 646025106 1,497 24,463 SH   SOLE   24,463 0 0
Nordstrom Inc. COM 655664100 7,269 91,565 SH   SOLE   91,565 0 0
Norfolk Southern Corp. COM 655844108 1,852 16,900 SH   SOLE   16,900 0 0
Northrop Grumman Corp. COM 666807102 6,745 45,760 SH   SOLE   45,760 0 0
NVIDIA Corp. COM 67066G104 5,450 271,845 SH   SOLE   271,845 0 0
ON Semiconductor Corp. COM 682189105 2,728 269,332 SH   SOLE   269,332 0 0
O'Reilly Automotive Inc. COM 67103H107 7,507 38,974 SH   SOLE   38,974 0 0
PartnerRe Ltd. COM G6852T105 2,468 21,622 SH   SOLE   21,622 0 0
PBF Energy, Inc. CL A 69318G106 2,143 80,452 SH   SOLE   80,452 0 0
Penske Automotive Grp COM 70959W103 5,408 110,204 SH   SOLE   110,204 0 0
Phillips 66 COM 718546104 4,541 63,339 SH   SOLE   63,339 0 0
PIMCO 0-5 Year High Yield 0-5 HIGH YIELD 72201R783 6,287 62,355 SH   SOLE   62,355 0 0
Plexus Corp. COM 729132100 1,263 30,660 SH   SOLE   30,660 0 0
PowerShares Build Amer BUILD AMER ETF 73937B407 10,514 345,414 SH   SOLE   345,414 0 0
PowerShares Emerging Mkts SOVEREIGN DEBT 73936T573 4,601 163,394 SH   SOLE   163,394 0 0
PowerShares International INTL CORP BOND 73936Q835 1,987 69,868 SH   SOLE   69,868 0 0
PRA Group, Inc. COM 69354N106 3,087 53,282 SH   SOLE   53,282 0 0
ProShares Short Russell2000 PSHS SHTRUSS2000 74347R826 9,276 600,411 SH   SOLE   600,411 0 0
ProShares Trust Short S&P500 SPSHS SHRT S&P500 74347R503 14,626 671,548 SH   SOLE   671,548 0 0
QLogic Corp. COM 747277101 3,090 231,987 SH   SOLE   231,987 0 0
Raytheon Co. COM NEW 755111507 5,319 49,176 SH   SOLE   49,176 0 0
Realogy Holdings Corp. COM 75605Y106 909 20,429 SH   SOLE   20,429 0 0
REX American Resources Corp COM 761624105 1,621 26,151 SH   SOLE   26,151 0 0
Ryder System Inc. COM 783549108 1,621 17,455 SH   SOLE   17,455 0 0
SanDisk Corp. COM 80004C101 11,357 115,916 SH   SOLE   115,916 0 0
Sanmina Corp. COM 801056102 5,302 225,317 SH   SOLE   225,317 0 0
Sasol Ltd. ADS SPONSORED ADR 803866300 258 6,794 SH   SOLE   6,794 0 0
Science Applications Intl Corp. COM 808625107 2,637 53,250 SH   SOLE   53,250 0 0
Seagate Technology Inc. SHS G7945M107 7,215 108,490 SH   SOLE   108,490 0 0
Select Medical Holdings Corp COM 81619Q105 2,719 188,789 SH   SOLE   188,789 0 0
Silicon Image, Inc. COM 82705T102 668 121,092 SH   SOLE   121,092 0 0
Silicon Motion Technology Corp SPONSORED ADR 82706c108 1,564 66,116 SH   SOLE   66,116 0 0
Siloconware Precision Industries SPONSD ADR SPL 827084864 1,305 172,884 SH   SOLE   172,884 0 0
SK Telecom Co. Ltd. SPONSORED ADR 78440P108 226 8,361 SH   SOLE   8,361 0 0
Skyworks Solutions Inc COM 83088M102 2,682 36,884 SH   SOLE   36,884 0 0
SLM Corp. COM 78442P106 3,090 303,217 SH   SOLE   303,217 0 0
Southwest Airlines Co. COM 844741108 14,349 339,053 SH   SOLE   339,053 0 0
SPDR Barclays 1-3 Month BRCLYS 1-3MT ETF 78464A680 1,742 38,080 SH   SOLE   38,080 0 0
SPDR Barclays Intl Corp BARCLY INTL CRP 78464A151 1,989 57,864 SH   SOLE   57,864 0 0
SPDR Barclays Intl Treas BARCLY INTL ETF 78464A516 41,456 749,258 SH   SOLE   749,258 0 0
SPDR Barclays Short Term SHT TRM HGH YLD 78464A334 5,263 163,149 SH   SOLE   163,149 0 0
SPDR S&P Emerging Europe EUROPE ETF 78463X608 244 8,933 SH   SOLE   8,933 0 0
St. Joe Co. COM 790148100 967 52,603 SH   SOLE   52,603 0 0
Symetra Financial Corporation COM 87151Q106 934 40,508 SH   SOLE   40,508 0 0
SYNNEX Corp. COM 87162W100 6,907 88,365 SH   SOLE   88,365 0 0
Taiwan Semiconductor Mfg SPONSORED ADR 874039100 3,471 155,088 SH   SOLE   155,088 0 0
Tata Motors Ltd. SPONSORED ADR 876568502 2,236 52,891 SH   SOLE   52,891 0 0
TE Connectivity Ltd. REG SHS H84989104 7,551 119,385 SH   SOLE   119,385 0 0
Tech Data Corp. COM 878237106 1,462 23,118 SH   SOLE   23,118 0 0
Teradata Corp. COM 88076W103 2,534 58,003 SH   SOLE   58,003 0 0
Thor Industries Inc. COM 885160101 747 13,363 SH   SOLE   13,363 0 0
TIM Participacoes S/A SPONSORED ADR 88706P205 268 12,073 SH   SOLE   12,073 0 0
Travelers Cos. Inc. COM 89417E109 6,466 61,091 SH   SOLE   61,091 0 0
Triumph Group Inc. COM 896818101 2,555 38,006 SH   SOLE   38,006 0 0
Turkcell Iletisim Hizmetleri A.S. SPON ADR NEW 900111204 155 10,258 SH   SOLE   10,258 0 0
UGI Corp. COM 902681105 1,499 39,460 SH   SOLE   39,460 0 0
Union Pacific Corp. COM 907818108 2,581 21,663 SH   SOLE   21,663 0 0
United Therapeutics Corp. COM 91307C102 4,126 31,862 SH   SOLE   31,862 0 0
UnitedHealth Group Inc. COM 91324P102 13,401 132,562 SH   SOLE   132,562 0 0
Universal Health Services Inc. CL B 913903100 7,524 67,625 SH   SOLE   67,625 0 0
Unum Group COM 91529Y106 1,786 51,210 SH   SOLE   51,210 0 0
Valero Energy Corp. COM 91913Y100 4,602 92,970 SH   SOLE   92,970 0 0
Vanguard Mortgage-Backed MORTG-BACK SEC 92206C771 4,224 79,679 SH   SOLE   79,679 0 0
VCA Inc. COM 918194101 5,771 118,336 SH   SOLE   118,336 0 0
Visa Inc. COM CL A 92826C839 7,298 27,835 SH   SOLE   27,835 0 0
Visteon Corp COM NEW 92839U206 1,904 17,818 SH   SOLE   17,818 0 0
Wal-Mart Stores Inc. COM 931142103 14,482 168,626 SH   SOLE   168,626 0 0
Wellcare Health Plans Inc. COM 94946T106 5,339 65,057 SH   SOLE   65,057 0 0
Werner Enterprises Inc. COM 950755108 1,311 42,091 SH   SOLE   42,091 0 0
Western Digital Corp. COM 958102105 10,880 98,283 SH   SOLE   98,283 0 0
Western Refining Inc. COM 959319104 2,269 60,046 SH   SOLE   60,046 0 0
Western Union Co. COM 959802109 2,169 121,084 SH   SOLE   121,084 0 0
Whirlpool Corp. COM 963320106 3,504 18,088 SH   SOLE   18,088 0 0
Xilinx Inc. COM 983919101 2,820 65,139 SH   SOLE   65,139 0 0