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
Accenture PLC SHS CL A G1151C101 4,510 46,601 SH   SOLE   46,601 0 0
Advance Auto Parts Inc. COM 00751Y106 8,357 52,464 SH   SOLE   52,464 0 0
Advanced Semiconductor Enginee SPONSORED ADR 00756M404 1,526 231,293 SH   SOLE   231,293 0 0
Aetna Inc. COM 00817Y108 17,372 136,297 SH   SOLE   136,297 0 0
Alaska Air Group Inc. COM 011659109 12,349 191,659 SH   SOLE   191,659 0 0
Alexion Pharmaceuticals Inc. COM 015351109 4,612 25,511 SH   SOLE   25,511 0 0
Alleghany Corp. COM 017175100 2,657 5,669 SH   SOLE   5,669 0 0
AllianceBernstein Holding L.P. UNIT LTD PARTN 01881G106 915 30,989 SH   SOLE   30,989 0 0
Allied World Assurance Company SHS H01531104 3,404 78,771 SH   SOLE   78,771 0 0
Allstate Corp. COM 020002101 8,134 125,387 SH   SOLE   125,387 0 0
Amdocs Ltd. COM G02602103 3,405 62,366 SH   SOLE   62,366 0 0
Amerco COM 023586100 1,915 5,859 SH   SOLE   5,859 0 0
American Airlines Group Inc. COM 02376R102 10,144 254,022 SH   SOLE   254,022 0 0
Ameriprise Financial Inc. COM 03076C106 3,532 28,275 SH   SOLE   28,275 0 0
AmerisourceBergen Corp. COM 03073E105 5,338 50,196 SH   SOLE   50,196 0 0
Amgen Inc. COM 031162100 4,700 30,614 SH   SOLE   30,614 0 0
Andersons Inc. COM 034164103 2,283 58,543 SH   SOLE   58,543 0 0
Anthem Inc COM 036752103 18,893 115,100 SH   SOLE   115,100 0 0
Apple Inc. COM 037833100 3,959 31,565 SH   SOLE   31,565 0 0
Argo Group International COM G0464B107 951 17,081 SH   SOLE   17,081 0 0
Arrow Electronics Inc. COM 042735100 1,724 30,897 SH   SOLE   30,897 0 0
Asbury Automotive Group Inc. COM 043436104 11,379 125,572 SH   SOLE   125,572 0 0
Aspen Insurance Holdings Ltd. SHS G05384105 4,845 101,141 SH   SOLE   101,141 0 0
Assured Guaranty Ltd. COM G0585R106 4,812 200,590 SH   SOLE   200,590 0 0
AutoNation Inc. COM 05329W102 5,670 90,033 SH   SOLE   90,033 0 0
AutoZone Inc. COM 053332102 7,711 11,562 SH   SOLE   11,562 0 0
Avnet Inc. COM 053807103 1,501 36,503 SH   SOLE   36,503 0 0
Axis Capital Holdings Ltd SHS G0692U109 4,794 89,829 SH   SOLE   89,829 0 0
Bed Bath & Beyond Inc. COM 075896100 3,678 53,316 SH   SOLE   53,316 0 0
Benchmark Electronics Inc. COM 08160H101 3,722 170,912 SH   SOLE   170,912 0 0
Best Buy Co. Inc. COM 086516101 3,151 96,631 SH   SOLE   96,631 0 0
Big Lots Inc. COM 089302103 5,224 116,114 SH   SOLE   116,114 0 0
Biogen Inc. COM 09062X103 5,857 14,499 SH   SOLE   14,499 0 0
Blackstone Group L.P. COM UNIT LTD 09253U108 5,788 141,628 SH   SOLE   141,628 0 0
Boeing Co. COM 097023105 5,318 38,339 SH   SOLE   38,339 0 0
Braskem S/A SP ADR PFD A 105532105 106 12,267 SH   SOLE   12,267 0 0
Brookfield Property Partners UNIT LTD PARTN G16249107 959 43,483 SH   SOLE   43,483 0 0
Burlington Stores, Inc. COM 122017106 1,358 26,529 SH   SOLE   26,529 0 0
Caleres Inc. COM 129500104 3,763 118,405 SH   SOLE   118,405 0 0
Capital One Financial Corp. COM 14040H105 10,960 124,584 SH   SOLE   124,584 0 0
Cardinal Health Inc. COM 14149Y108 6,985 83,501 SH   SOLE   83,501 0 0
CarMax Inc. COM 143130102 7,125 107,618 SH   SOLE   107,618 0 0
Celestica Inc SUB VTG SHS 15101Q108 1,502 129,034 SH   SOLE   129,034 0 0
Celgene Corp. COM 151020104 5,299 45,787 SH   SOLE   45,787 0 0
Centene Corp. COM 15135B101 8,293 103,152 SH   SOLE   103,152 0 0
China Biologic Products, inc. COM 16938C106 281 2,442 SH   SOLE   2,442 0 0
China Mobile Ltd. ADS SPONSORED ADR 16941M109 444 6,930 SH   SOLE   6,930 0 0
China Petroleum & Chemical Corp SPONSORED ADR 16941R108 583 6,799 SH   SOLE   6,799 0 0
Chipmos Technologies (Bermuda) SHS G2110R114 777 35,586 SH   SOLE   35,586 0 0
Cigna Corporation COM 125509109 10,527 64,979 SH   SOLE   64,979 0 0
Cognizant Technology Solutions CL A 192446102 3,804 62,273 SH   SOLE   62,273 0 0
Comcast Corp. CL A 20030N101 5,620 93,452 SH   SOLE   93,452 0 0
Community Health Systems Inc. COM 203668108 5,747 91,268 SH   SOLE   91,268 0 0
Computer Sciences Corp. COM 205363104 5,307 80,843 SH   SOLE   80,843 0 0
Con-Way Inc. COM 205944101 1,206 31,442 SH   SOLE   31,442 0 0
Convergys Corp. COM 212485106 2,881 113,006 SH   SOLE   113,006 0 0
Copa Holdings S.A. CL A P31076105 691 8,362 SH   SOLE   8,362 0 0
CVS Health Corp. COM 126650100 13,232 126,161 SH   SOLE   126,161 0 0
Delta Air Lines Inc. COM NEW 247361702 13,587 330,753 SH   SOLE   330,753 0 0
Dillard's Inc. CL A 254067101 8,951 85,094 SH   SOLE   85,094 0 0
DIRECTV COM 25490A309 5,402 58,216 SH   SOLE   58,216 0 0
Discover Financial Services COM 254709108 9,789 169,891 SH   SOLE   169,891 0 0
Dollar General Corp. COM 256677105 8,927 114,834 SH   SOLE   114,834 0 0
Dr. Reddy's Laboratories Ltd. ADR 256135203 519 9,378 SH   SOLE   9,378 0 0
DST Systems Inc. COM 233326107 5,570 44,217 SH   SOLE   44,217 0 0
Endurance Specialty Holdings SHS G30397106 2,641 40,195 SH   SOLE   40,195 0 0
Ensign Group, Inc. COM 29358P101 2,335 45,738 SH   SOLE   45,738 0 0
Everest Re Group Ltd. COM G3223R108 10,163 55,839 SH   SOLE   55,839 0 0
Fibria Celulose S.A. SP ADR REP COM 31573A109 346 25,433 SH   SOLE   25,433 0 0
Fiserv Inc. COM 337738108 6,199 74,836 SH   SOLE   74,836 0 0
Flextronics International Ltd. ORD Y2573F102 5,320 470,350 SH   SOLE   470,350 0 0
Foot Locker Inc. COM 344849104 5,127 76,515 SH   SOLE   76,515 0 0
Ford Motor Company COM PAR $0.01 345370860 1,703 113,436 SH   SOLE   113,436 0 0
Fortress Investment Group LLC CL A 34958B106 2,827 387,210 SH   SOLE   387,210 0 0
Franklin Resources COM 354613101 4,772 97,326 SH   SOLE   97,326 0 0
GameStop Corp. CL A 36467W109 3,209 74,687 SH   SOLE   74,687 0 0
Gap Inc. COM 364760108 5,359 140,398 SH   SOLE   140,398 0 0
Gilead Sciences Inc. COM 375558103 4,848 41,405 SH   SOLE   41,405 0 0
Global Payments Inc. COM 37940X102 4,315 41,715 SH   SOLE   41,715 0 0
Goodyear Tire & Rubber Co. COM 382550101 2,077 68,873 SH   SOLE   68,873 0 0
Group 1 Automotive Inc. COM 398905109 4,532 49,892 SH   SOLE   49,892 0 0
Hanger, Inc. COM NEW 41043F208 1,836 78,338 SH   SOLE   78,338 0 0
Hawaiian Holdings Inc. COM 419879101 7,949 334,711 SH   SOLE   334,711 0 0
HCA Holdings Inc. COM 40412C101 17,084 188,312 SH   SOLE   188,312 0 0
Health Net Inc. COM 42222G108 6,695 104,416 SH   SOLE   104,416 0 0
Helen of Troy Corp. COM G4388N106 2,560 26,260 SH   SOLE   26,260 0 0
Henry Schein Inc. COM 806407102 3,566 25,093 SH   SOLE   25,093 0 0
Humana Inc. COM 444859102 13,073 68,345 SH   SOLE   68,345 0 0
ICICI Bank Limited ADR 45104G104 135 13,000 SH   SOLE   13,000 0 0
Ingram Micro Inc. CL A 457153104 4,336 173,224 SH   SOLE   173,224 0 0
Integrated Device Technology COM 458118106 4,660 214,741 SH   SOLE   214,741 0 0
Integrated Silicon Solution COM 45812P107 978 44,177 SH   SOLE   44,177 0 0
Intel Corp. COM 458140100 2,664 87,602 SH   SOLE   87,602 0 0
International Business Machine COM 459200101 4,898 30,109 SH   SOLE   30,109 0 0
INVESCO Ltd. SHS G491BT108 5,355 142,846 SH   SOLE   142,846 0 0
iShares 3-7 Year Treasury Bond BARCLYS 3-7 YR 464288661 1,206 9,809 SH   SOLE   9,809 0 0
iShares Barclays CMBS Bond BARCLYS CMBS 46429B366 1,731 33,699 SH   SOLE   33,699 0 0
iShares Core MSCI Emerging Mar CORE MSCI EMKT 46434G103 10,612 220,907 SH   SOLE   220,907 0 0
iShares Floating Rate Bond ETF FLTG RATE BD ETF 46429B655 10,920 215,642 SH   SOLE   215,642 0 0
iShares iBoxx $ Investment Gra IBOXX INV CPBD 464287242 3,848 33,252 SH   SOLE   33,252 0 0
iShares Intermediate Credit Bo INTERM CR BD ETF 464288638 1,886 17,327 SH   SOLE   17,327 0 0
iShares International Treasury INTL TREABO ETF 464288117 4,110 45,777 SH   SOLE   45,777 0 0
iShares JPMorgan USD Emerging JP MOR EM MKT ETF 464288281 6,969 63,404 SH   SOLE   63,404 0 0
iShares MBS ETF MBS ETF 464288588 47,165 434,217 SH   SOLE   434,217 0 0
iShares MSCI EAFE Index Fund MSCI EAFE ETF 464287465 339 5,339 SH   SOLE   5,339 0 0
iShares MSCI India Small Cap E MSCI INDIA SM CP 46429B614 500 15,020 SH   SOLE   15,020 0 0
iShares TIPS Bond ETF TIPS BD ETF 464287176 1,493 13,321 SH   SOLE   13,321 0 0
J.C. Penney Co. Inc. COM 708160106 3,607 425,893 SH   SOLE   425,893 0 0
Jabil Circuit Inc. COM 466313103 4,837 227,178 SH   SOLE   227,178 0 0
Janus Capital Group Inc. COM 47102X105 2,162 126,274 SH   SOLE   126,274 0 0
JetBlue Airways Corp. COM 477143101 15,032 724,106 SH   SOLE   724,106 0 0
Jones Lang LaSalle Inc. COM 48020Q107 1,764 10,318 SH   SOLE   10,318 0 0
Kindred Healthcare Inc COM 494580103 1,573 77,512 SH   SOLE   77,512 0 0
KKR & Co. L.P. COM UNITS 48248M102 1,898 83,084 SH   SOLE   83,084 0 0
Kohl's Corp. COM 500255104 11,266 179,937 SH   SOLE   179,937 0 0
L-3 Communications Holdings COM 502424104 3,604 31,788 SH   SOLE   31,788 0 0
LaZBoy Incorporated COM 505336107 1,336 50,709 SH   SOLE   50,709 0 0
Lear Corp. COM NEW 521865204 2,722 24,245 SH   SOLE   24,245 0 0
Legg Mason Inc COM 524901105 2,204 42,766 SH   SOLE   42,766 0 0
Lennar Corp. CL A 526057104 1,905 37,315 SH   SOLE   37,315 0 0
LifePoint Health Inc. COM 53219L109 7,485 86,086 SH   SOLE   86,086 0 0
Lincoln National Corp. COM 534187109 2,070 34,951 SH   SOLE   34,951 0 0
Lithia Motors Inc. CL A 536797103 12,615 111,481 SH   SOLE   111,481 0 0
Lockheed Martin Corp. COM 539830109 6,663 35,840 SH   SOLE   35,840 0 0
LyondellBasell Industries N.V. SHS - A - N53745100 2,767 26,727 SH   SOLE   26,727 0 0
Macy's Inc. COM 55616P104 12,174 180,439 SH   SOLE   180,439 0 0
Magellan Health Inc. COM NEW 559079207 5,721 81,653 SH   SOLE   81,653 0 0
Magna International Inc. COM 559222401 3,176 56,616 SH   SOLE   56,616 0 0
ManpowerGroup Inc. COM 56418H100 5,626 62,946 SH   SOLE   62,946 0 0
Manulife Financial Corp. COM 56501R106 2,633 141,611 SH   SOLE   141,611 0 0
MasterCard Inc. CL A 57636Q104 7,720 82,587 SH   SOLE   82,587 0 0
McKesson Corp. COM 58155Q103 5,281 23,489 SH   SOLE   23,489 0 0
Mercer International Inc. COM 588056101 1,065 77,831 SH   SOLE   77,831 0 0
Meritage Homes Corp. COM 59001A102 1,798 38,185 SH   SOLE   38,185 0 0
MetLife Inc. COM 59156R108 2,771 49,488 SH   SOLE   49,488 0 0
Micron Technology Inc. COM 595112103 1,504 79,840 SH   SOLE   79,840 0 0
Microsoft Corp. COM 594918104 3,824 86,615 SH   SOLE   86,615 0 0
Mohawk Industries Inc. COM 608190104 2,918 15,287 SH   SOLE   15,287 0 0
Montpelier Re Holdings Ltd. SHS G62185106 2,720 68,869 SH   SOLE   68,869 0 0
Navient Corp COM 63938C108 5,805 318,767 SH   SOLE   318,767 0 0
Nordstrom Inc. COM 655664100 8,909 119,578 SH   SOLE   119,578 0 0
Norfolk Southern Corp. COM 655844108 1,443 16,518 SH   SOLE   16,518 0 0
Northrop Grumman Corp. COM 666807102 7,648 48,215 SH   SOLE   48,215 0 0
NVIDIA Corp. COM 67066G104 2,135 106,152 SH   SOLE   106,152 0 0
O'Reilly Automotive Inc. COM 67103H107 9,236 40,869 SH   SOLE   40,869 0 0
Oracle Corp. COM 68389X105 3,726 92,446 SH   SOLE   92,446 0 0
Orbital ATK, Inc COM 68557N103 2,208 30,099 SH   SOLE   30,099 0 0
Owens & Minor Inc COM 690732102 1,747 51,381 SH   SOLE   51,381 0 0
PartnerRe Ltd. COM G6852T105 5,674 44,153 SH   SOLE   44,153 0 0
Patterson Cos Inc COM 703395103 3,625 74,517 SH   SOLE   74,517 0 0
Penske Automotive Grp Inc COM 70959W103 6,026 115,640 SH   SOLE   115,640 0 0
Pharmerica Corp COM 71714F104 1,782 53,511 SH   SOLE   53,511 0 0
PIMCO 0-5 Year High Yield Corp 0-5 HIGH YIELD 72201R783 5,832 58,399 SH   SOLE   58,399 0 0
Plexus Corp. COM 729132100 1,335 30,413 SH   SOLE   30,413 0 0
PowerShares Build America Bond BUILD AMER ETF 73937B407 5,601 194,625 SH   SOLE   194,625 0 0
PowerShares International Corp INTL CORP BOND 73936Q835 961 36,500 SH   SOLE   36,500 0 0
PRA Group, Inc. COM 69354N106 3,493 56,053 SH   SOLE   56,053 0 0
ProShares Short Russell2000 SHORT RUSSELL2000 74348A210 4,471 77,094 SH   SOLE   77,094 0 0
ProShares Trust Short S&P500 PSHS SHRT S&P500 74347R503 7,105 332,948 SH   SOLE   332,948 0 0
Raytheon Co. COM NEW 755111507 4,934 51,570 SH   SOLE   51,570 0 0
Reinsurance Group of America COM NEW 759351604 7,395 77,950 SH   SOLE   77,950 0 0
Rite Aid Corp. COM 767754104 5,427 649,914 SH   SOLE   649,914 0 0
Ryder System Inc. COM 783549108 1,512 17,301 SH   SOLE   17,301 0 0
Ryland Group Inc. COM 783764103 1,648 35,541 SH   SOLE   35,541 0 0
Sanmina Corp. COM 801056102 4,680 232,156 SH   SOLE   232,156 0 0
Santander Consumer USA Holding COM 80283M101 3,313 129,583 SH   SOLE   129,583 0 0
Science Applications Internati COM 808625107 2,963 56,065 SH   SOLE   56,065 0 0
Select Medical Holdings Corpor COM 81619Q105 3,179 196,221 SH   SOLE   196,221 0 0
SK Telecom Co. Ltd. SPONSORED ADR 78440P108 207 8,361 SH   SOLE   8,361 0 0
Skyworks Solutions Inc COM 83088M102 3,761 36,124 SH   SOLE   36,124 0 0
Southwest Airlines Co. COM 844741108 7,366 222,606 SH   SOLE   222,606 0 0
SPDR Barclays 1-3 Month T-Bill BRCLYS 1-3MT ETF 78464A680 3,071 67,183 SH   SOLE   67,183 0 0
SPDR Barclays International Co BARCLY INTL CRP 78464A151 947 30,200 SH   SOLE   30,200 0 0
SPDR Barclays International Tr BARCLY INTL ETF 78464A516 57,748 1,110,109 SH   SOLE   1,110,109 0 0
SPDR Barclays Short Term Inter SHT TRM HGH YLD 78464A334 6,192 201,948 SH   SOLE   201,948 0 0
SPDR S&P 500 ETF TR UNIT 78462F103 307 1,492 SH   SOLE   1,492 0 0
Standard Pacific Corp. COM 85375C101 1,717 192,688 SH   SOLE   192,688 0 0
State Street Corporation COM 857477103 3,531 45,856 SH   SOLE   45,856 0 0
Symetra Financial Corporation COM 87151Q106 1,000 41,393 SH   SOLE   41,393 0 0
SYNNEX Corp. COM 87162W100 6,687 91,363 SH   SOLE   91,363 0 0
Taiwan Semiconductor Manufactu SPONSORED ADR 874039100 201 8,866 SH   SOLE   8,866 0 0
Target Corp. COM 87612E106 10,463 128,175 SH   SOLE   128,175 0 0
Tata Motors Ltd. ADS SPONSORED ADR 876568502 1,796 52,118 SH   SOLE   52,118 0 0
TE Connectivity Ltd. REG SHS H84989104 8,064 125,410 SH   SOLE   125,410 0 0
Tech Data Corp. COM 878237106 1,297 22,533 SH   SOLE   22,533 0 0
Teradata Corp. COM 88076W103 2,258 61,035 SH   SOLE   61,035 0 0
Thor Industries Inc. COM 885160101 746 13,255 SH   SOLE   13,255 0 0
TIM Participacoes S/A SPONSORED ADR 88706P205 198 12,073 SH   SOLE   12,073 0 0
Travelers Companies, Inc. COM 89417E109 7,867 81,390 SH   SOLE   81,390 0 0
Triumph Group Inc. COM 896818101 2,640 40,002 SH   SOLE   40,002 0 0
Turkcell Iletisim Hizmetleri A SPON ADR NEW 900111204 118 10,258 SH   SOLE   10,258 0 0
Twenty-First Century Fox, Inc. CL A 90130A101 4,687 144,013 SH   SOLE   144,013 0 0
Union Pacific Corp. COM 907818108 2,040 21,386 SH   SOLE   21,386 0 0
United Continental Holdings COM 910047109 1,308 24,667 SH   SOLE   24,667 0 0
United Therapeutics Corp. COM 91307C102 5,824 33,483 SH   SOLE   33,483 0 0
UnitedHealth Group Inc. COM 91324P102 16,833 137,973 SH   SOLE   137,973 0 0
Universal Health Services Inc. CL B 913903100 10,021 70,519 SH   SOLE   70,519 0 0
Valero Energy Corp. COM 91913Y100 2,147 34,292 SH   SOLE   34,292 0 0
Validus Holdings Ltd. COM SHS G9319H102 4,466 101,529 SH   SOLE   101,529 0 0
Vanguard Mortgage-Backed Secur MORTG-BACK SEC 92206C771 4,209 79,679 SH   SOLE   79,679 0 0
Vanguard Total International B INTL BD IDX ETF 92203J407 8,659 165,338 SH   SOLE   165,338 0 0
VCA Inc. COM 918194101 6,747 124,008 SH   SOLE   124,008 0 0
Visa Inc. CL A 92826C839 7,873 117,250 SH   SOLE   117,250 0 0
Waddell & Reed Financial, Inc. CL A 930059100 2,164 45,732 SH   SOLE   45,732 0 0
Walgreens Boots Alliance Inc COM 931427108 12,232 144,855 SH   SOLE   144,855 0 0
Werner Enterprises Inc. COM 950755108 1,095 41,720 SH   SOLE   41,720 0 0
Western Union Co. COM 959802109 2,590 127,393 SH   SOLE   127,393 0 0
Whirlpool Corp. COM 963320106 3,105 17,942 SH   SOLE   17,942 0 0