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
AbbVie Inc. COM 00287Y109 8,102 91,178 SH   SOLE   91,178 0 0
Accenture PLC SHS CL A G1151C101 8,280 61,301 SH   SOLE   61,301 0 0
Activision Blizzard Inc. COM 00507V109 14,885 230,745 SH   SOLE   230,745 0 0
Adtalem Global Education Inc. COM 00737L103 2,613 72,884 SH   SOLE   72,884 0 0
Aetna Inc. COM 00817Y108 9,308 58,538 SH   SOLE   58,538 0 0
AFLAC Inc. COM 001055102 5,585 68,617 SH   SOLE   68,617 0 0
Akamai Technologies Inc. COM 00971T101 562 11,542 SH   SOLE   11,542 0 0
Alaska Air Group Inc. COM 011659109 4,442 58,238 SH   SOLE   58,238 0 0
Alibaba Group Holding Ltd. Spo SPONSORED ADR 01609W102 2,236 12,949 SH   SOLE   12,949 0 0
Alphabet Inc. Cl A CAP STK CL A 02079K305 855 878 SH   SOLE   878 0 0
Amdocs Ltd. COM G02602103 3,404 52,920 SH   SOLE   52,920 0 0
American Airlines Group Inc. COM 02376R102 7,401 155,846 SH   SOLE   155,846 0 0
American Axle & Manufacturing COM 024061103 3,147 179,033 SH   SOLE   179,033 0 0
Ameriprise Financial Inc. COM 03076C106 5,249 35,342 SH   SOLE   35,342 0 0
Amgen Inc. COM 031162100 6,331 33,954 SH   SOLE   33,954 0 0
Amkor Technology Inc. COM 031652100 819 77,643 SH   SOLE   77,643 0 0
Anthem Inc COM 036752103 9,692 51,043 SH   SOLE   51,043 0 0
Applied Materials Inc. COM 038222105 16,535 317,423 SH   SOLE   317,423 0 0
Arrow Electronics Inc. COM 042735100 8,825 109,755 SH   SOLE   109,755 0 0
AU Optronics Corp. ADS SPONSORED ADR 002255107 120 29,766 SH   SOLE   29,766 0 0
Avnet Inc. COM 053807103 5,659 143,989 SH   SOLE   143,989 0 0
Banco Bradesco S.A. SP ADR PFD NEW 059460303 4,388 396,380 SH   SOLE   396,380 0 0
Banco Macro SA Sponsored ADR C SPON ADR B 05961W105 2,772 23,622 SH   SOLE   23,622 0 0
Banco Santander S.A. ADS ADR 05964H105 544 78,426 SH   SOLE   78,426 0 0
BanColombia S.A. ADS SPON ADR PREF 05968L102 3,464 75,649 SH   SOLE   75,649 0 0
Bank of America Corp. COM 060505104 878 34,643 SH   SOLE   34,643 0 0
Bank of New York Mellon Corp. COM 064058100 4,558 85,959 SH   SOLE   85,959 0 0
BB&T Corp. COM 054937107 3,872 82,479 SH   SOLE   82,479 0 0
Bed Bath & Beyond Inc. COM 075896100 1,979 84,305 SH   SOLE   84,305 0 0
Benchmark Electronics Inc. COM 08160H101 3,853 112,815 SH   SOLE   112,815 0 0
BGC Partners, Inc. Class A CL A 05541T101 657 45,434 SH   SOLE   45,434 0 0
Biogen Inc. COM 09062X103 5,940 18,971 SH   SOLE   18,971 0 0
Borgwarner Inc Com COM 099724106 6,555 127,951 SH   SOLE   127,951 0 0
Braskem S/A (ADS) SP ADR PFD A 105532105 439 16,435 SH   SOLE   16,435 0 0
CACI International Inc. (Cl A) CL A 127190304 3,236 23,221 SH   SOLE   23,221 0 0
CalAtlantic Group Inc. COM 128195104 5,711 155,924 SH   SOLE   155,924 0 0
Canadian National Railway Co. COM 136375102 4,910 59,258 SH   SOLE   59,258 0 0
Carnival Corp. UNIT 99/99/9999 143658300 8,914 138,052 SH   SOLE   138,052 0 0
Celestica Inc SUB VTG SHS 15101Q108 132 10,695 SH   SOLE   10,695 0 0
Centene Corp. COM 15135B101 10,113 104,503 SH   SOLE   104,503 0 0
CGI Group Inc. Class A CL A SUB VTG 39945c109 2,569 49,536 SH   SOLE   49,536 0 0
China Mobile Ltd. ADS SPONSORED ADR 16941M109 992 19,613 SH   SOLE   19,613 0 0
Cigna Corporation COM 125509109 6,465 34,583 SH   SOLE   34,583 0 0
Cirrus Logic Inc. COM 172755100 2,666 49,993 SH   SOLE   49,993 0 0
CIT Group Inc. COM NEW 125581801 4,320 88,072 SH   SOLE   88,072 0 0
Citigroup Inc. COM NEW 172967424 3,992 54,885 SH   SOLE   54,885 0 0
Citizens Financial Group, Inc. COM 174610105 4,054 107,043 SH   SOLE   107,043 0 0
CNO Financial Group Inc. COM 12621E103 4,228 181,158 SH   SOLE   181,158 0 0
Cognizant Technology Solutions COM 192446102 3,817 52,621 SH   SOLE   52,621 0 0
Companhia de Saneamento Basico SPONSORED ADR 20441A102 285 27,223 SH   SOLE   27,223 0 0
Convergys Corp. COM 212485106 2,494 96,338 SH   SOLE   96,338 0 0
Cooper Tire & Rubber Co. COM 216831107 3,616 96,674 SH   SOLE   96,674 0 0
Cooper-Standard Holdings Inc. COM 21676P103 3,803 32,791 SH   SOLE   32,791 0 0
Corning Inc. COM 219350105 3,470 115,988 SH   SOLE   115,988 0 0
Credicorp Ltd. COM G2519Y108 4,411 21,515 SH   SOLE   21,515 0 0
CSX Corp. COM 126408103 6,918 127,493 SH   SOLE   127,493 0 0
CurrencyShares Japanese Yen Tr JAPANESE YEN 23130A102 21,736 254,607 SH   SOLE   254,607 0 0
D.R. Horton Inc. COM 23331A109 10,084 252,545 SH   SOLE   252,545 0 0
Delta Air Lines Inc. COM NEW 247361702 9,831 203,870 SH   SOLE   203,870 0 0
Domtar Corp. COM 257559203 609 14,030 SH   SOLE   14,030 0 0
DST Systems Inc. COM 233326107 4,154 75,686 SH   SOLE   75,686 0 0
eBay Inc. COM 278642103 962 25,019 SH   SOLE   25,019 0 0
Electronic Arts Inc. COM 285512109 14,218 120,431 SH   SOLE   120,431 0 0
Evercore Inc. (Cl A) CLASS A 29977A105 4,604 57,376 SH   SOLE   57,376 0 0
Federated Investors Inc. CL B 314211103 3,051 102,736 SH   SOLE   102,736 0 0
Fiat Chrysler Automobiles N.V. SHS CL A N31738102 7,230 403,662 SH   SOLE   403,662 0 0
Fibria Celulose S.A. (ADS) SP ADR REP COM 31573A109 516 38,089 SH   SOLE   38,089 0 0
Fifth Third Bancorp COM 316773100 3,811 136,187 SH   SOLE   136,187 0 0
First Bancorp Puerto Rico COM NEW 318672706 1,563 305,189 SH   SOLE   305,189 0 0
Fiserv Inc. COM 337738108 8,273 64,151 SH   SOLE   64,151 0 0
Flextronics International Ltd. ORD Y2573F102 8,224 496,325 SH   SOLE   496,325 0 0
Ford Motor Company COM PAR $0.01 345370860 7,025 586,852 SH   SOLE   586,852 0 0
Franklin Resources COM 354613101 4,446 99,891 SH   SOLE   99,891 0 0
General Dynamics Corp. COM 369550108 4,204 20,448 SH   SOLE   20,448 0 0
General Motors Co. COM 37045V100 7,360 182,265 SH   SOLE   182,265 0 0
Genesee & Wyoming Inc. Cl A CL A 371559105 3,031 40,956 SH   SOLE   40,956 0 0
Gentex Corp COM 371901109 3,267 164,994 SH   SOLE   164,994 0 0
Genworth Financial Inc. Cl A CL A 37247D106 93 24,104 SH   SOLE   24,104 0 0
Gilead Sciences Inc. COM 375558103 5,824 71,887 SH   SOLE   71,887 0 0
Global X MSCI Pakistan ETF MSCI PAKISTAN 37950E689 339 23,381 SH   SOLE   23,381 0 0
Goldman Sachs Group Inc. COM 38141G104 970 4,088 SH   SOLE   4,088 0 0
Goodyear Tire & Rubber Co. COM 382550101 809 24,331 SH   SOLE   24,331 0 0
Grupo Financiero Galicia SA Sp SH ADR 10 SH B 399909100 3,101 60,168 SH   SOLE   60,168 0 0
Hawaiian Holdings Inc. COM 419879101 6,971 185,642 SH   SOLE   185,642 0 0
Honda Motor Co. Ltd. (ADS) AMERN SHS 438128308 5,792 195,939 SH   SOLE   195,939 0 0
Humana Inc. COM 444859102 7,728 31,719 SH   SOLE   31,719 0 0
IBERIABANK Corp. COM 450828108 3,188 38,803 SH   SOLE   38,803 0 0
ILG, Inc. COM 44967H101 4,509 168,692 SH   SOLE   168,692 0 0
Intel Corp. COM 458140100 3,577 93,944 SH   SOLE   93,944 0 0
International Business Machine COM 459200101 6,739 46,453 SH   SOLE   46,453 0 0
INVESCO Ltd. COM G491BT108 4,085 116,576 SH   SOLE   116,576 0 0
iShares 3-7 Year Treasury Bond 3-7 YR TR BD ETF 464288661 2,358 19,094 SH   SOLE   19,094 0 0
iShares 7-10 Year Treasury Bon BARCLAYS 7 10 YR 464287440 1,373 12,891 SH   SOLE   12,891 0 0
iShares Core MSCI EAFE ETF CORE MSCI EAFE 46432F842 485 7,551 SH   SOLE   7,551 0 0
iShares Core MSCI Emerging Mar CORE MSCI EMKT 46434G103 17,003 314,753 SH   SOLE   314,753 0 0
iShares Floating Rate Bond ETF FLTG RATE BD ETF 46429B655 32,719 642,309 SH   SOLE   642,309 0 0
iShares iBoxx $ Investment Gra IBOXX INV CP ETF 464287242 1,812 14,943 SH   SOLE   14,943 0 0
iShares Intermediate Credit Bo INTERM CR BD ETF 464288638 2,208 20,046 SH   SOLE   20,046 0 0
iShares International Treasury INTL TREA BD ETF 464288117 22,510 457,054 SH   SOLE   457,054 0 0
iShares JPMorgan USD Emerging JP MOR EM MK ETF 464288281 10,118 86,912 SH   SOLE   86,912 0 0
iShares MBS ETF MBS ETF 464288588 7,803 72,853 SH   SOLE   72,853 0 0
iShares MSCI India Small Cap E MSCI INDIA SM CAP 46429B614 904 19,778 SH   SOLE   19,778 0 0
iShares MSCI Russia Capped ETF MSCI RUS ETF NEW 46434G798 1,930 57,395 SH   SOLE   57,395 0 0
iShares MSCI UAE Capped ETF MSCI UAE ETF 46434V761 502 28,931 SH   SOLE   28,931 0 0
Itau Unibanco Holding S/A ADS SPON ADR REP PFD 465562106 4,201 306,605 SH   SOLE   306,605 0 0
j2 Global, Inc. COM 48123V102 497 6,732 SH   SOLE   6,732 0 0
Jabil Inc. COM 466313103 10,524 368,617 SH   SOLE   368,617 0 0
JetBlue Airways Corp. COM 477143101 4,054 218,782 SH   SOLE   218,782 0 0
Kansas City Southern COM NEW 485170302 4,653 42,815 SH   SOLE   42,815 0 0
KB Financial Group Inc. SPONSORED ADR 48241A105 4,440 90,553 SH   SOLE   82,754 0 0
KLA-Tencor Corp. COM 482480100 5,318 50,174 SH   SOLE   50,174 0 0
Kulicke & Soffa Industries, In COM 501242101 3,236 150,023 SH   SOLE   150,023 0 0
L-3 Technologies Inc. COM 502413107 5,193 27,561 SH   SOLE   27,561 0 0
Lam Research Corp. COM 512807108 19,659 106,241 SH   SOLE   106,241 0 0
Lazard Ltd. SHS A G54050102 745 16,472 SH   SOLE   16,472 0 0
Lear Corp. COM NEW 521865204 7,964 46,013 SH   SOLE   46,013 0 0
Lincoln National Corp. COM 534187109 5,582 75,971 SH   SOLE   75,971 0 0
Louisiana-Pacific Corp. COM 546347105 943 34,814 SH   SOLE   34,814 0 0
LyondellBasell Industries N.V. SHS - A - N53745100 1,437 14,508 SH   SOLE   14,508 0 0
M.D.C. Holdings Inc. COM 552676108 4,059 122,215 SH   SOLE   122,215 0 0
M/I Homes Inc Com COM 55305B101 2,558 95,680 SH   SOLE   95,680 0 0
Magellan Health Inc. COM NEW 559079207 952 11,030 SH   SOLE   11,030 0 0
Magna International Inc. COM 559222401 6,884 128,956 SH   SOLE   128,956 0 0
ManpowerGroup Inc. COM 56418H100 3,906 33,149 SH   SOLE   33,149 0 0
Manulife Financial Corp. COM 56501R106 5,101 251,427 SH   SOLE   251,427 0 0
Marriott Vacations Worldwide C COM 57164Y107 4,164 33,437 SH   SOLE   33,437 0 0
Mastercard Inc. Cl A CL A 57636Q104 9,932 70,339 SH   SOLE   70,339 0 0
Meritage Homes Corp. COM 59001A102 4,513 101,641 SH   SOLE   101,641 0 0
Methode Electronics, Inc. COM 591520200 3,628 85,661 SH   SOLE   85,661 0 0
MetLife Inc. COM 59156R108 4,205 80,947 SH   SOLE   80,947 0 0
Micron Technology Inc. COM 595112103 1,384 35,192 SH   SOLE   35,192 0 0
MKS Instruments Inc. COM 55306N104 7,903 83,679 SH   SOLE   83,679 0 0
Morgan Stanley COM NEW 617446448 3,867 80,286 SH   SOLE   80,286 0 0
Morgan Stanley China A Share F COM 617468103 272 11,400 SH   SOLE   11,400 0 0
Navient Corp COM 63938C108 3,304 219,978 SH   SOLE   219,978 0 0
NetEase, Inc. ADR SPONSORED ADR 64110W102 375 1,420 SH   SOLE   1,420 0 0
Norfolk Southern Corp. COM 655844108 5,459 41,284 SH   SOLE   41,284 0 0
Northrop Grumman Corp. COM 666807102 8,200 28,501 SH   SOLE   28,501 0 0
Norwegian Cruise Line Holdings SHS G66721104 4,124 76,295 SH   SOLE   76,295 0 0
ON Semiconductor Corp. COM 682189105 772 41,819 SH   SOLE   41,819 0 0
Plexus Corp. COM 729132100 2,953 52,649 SH   SOLE   52,649 0 0
Principal Financial Grp Inc COM 74251V102 5,134 79,798 SH   SOLE   79,798 0 0
ProShares Short Russell2000 SHRT RUSSELL2000 74348A210 7,333 167,839 SH   SOLE   167,839 0 0
ProShares Trust Short S&P500 SHORT S&P 500 NE 74347B425 10,312 320,549 SH   SOLE   320,549 0 0
Prudential Financial Inc. COM 744320102 7,222 67,926 SH   SOLE   67,926 0 0
PulteGroup Inc. COM 745867101 8,805 322,157 SH   SOLE   322,157 0 0
QUALCOMM Inc. COM 747525103 2,349 45,308 SH   SOLE   45,308 0 0
Raytheon Co. COM 755111507 8,269 44,319 SH   SOLE   44,319 0 0
Realogy Holdings Corp. COM 75605Y106 513 15,559 SH   SOLE   15,559 0 0
Regions Financial Corp. (New) COM 7591EP100 3,969 260,579 SH   SOLE   260,579 0 0
Reliance Steel & Aluminum Co. COM 759509102 411 5,390 SH   SOLE   5,390 0 0
Royal Caribbean Cruises Ltd COM V7780T103 7,437 62,738 SH   SOLE   62,738 0 0
Sanmina-SCI Corporation COM 801056102 5,617 151,196 SH   SOLE   151,196 0 0
Science Applications Internati COM 808625107 3,210 48,012 SH   SOLE   48,012 0 0
Skywest Inc Com COM 830879102 574 13,085 SH   SOLE   13,085 0 0
SolarEdge Technologies, Inc. COM 83417M104 4,876 170,771 SH   SOLE   170,771 0 0
Southwest Airlines Co. COM 844741108 10,871 194,193 SH   SOLE   194,193 0 0
SPDR Barclays International Co BLOMBRG BRC INTL 78464A151 1,409 40,787 SH   SOLE   40,787 0 0
SPDR Bloomberg Barclays 1-3 Mo BLMBRG BR 1 3 MT 78464A680 5,142 112,391 SH   SOLE   112,391 0 0
SPDR Bloomberg Barclays Intern BLOMBRG INTL TR 78464A516 46,701 1,662,546 SH   SOLE   1,662,546 0 0
SPDR Bloomberg Barclays Short BROMBERG BRC INT 78464A334 3,201 100,082 SH   SOLE   100,082 0 0
Spirit AeroSystems Holdings, I COM CL A 848574109 4,958 63,790 SH   SOLE   63,790 0 0
State Street Corporation COM 857477103 4,685 49,034 SH   SOLE   49,034 0 0
STMicroelectronics N.V. NY REGISTRY 861012102 723 37,210 SH   SOLE   37,210 0 0
Sun Life Financial, Inc. COM 866796105 3,193 80,187 SH   SOLE   80,187 0 0
SunTrust Banks Inc. COM 867914103 3,968 66,388 SH   SOLE   66,388 0 0
T. Rowe Price Group Inc. COM 74144t108 4,784 52,770 SH   SOLE   52,770 0 0
Taiwan Semiconductor Manufactu SPONSORED ADR 874039100 4,403 117,259 SH   SOLE   117,259 0 0
Target Corp. COM 87612E106 4,945 83,795 SH   SOLE   83,795 0 0
Tata Motors Ltd. ADS SPONSORED ADR 876568502 838 26,796 SH   SOLE   26,796 0 0
Taylor Morrison Home Corp. Cla CL A 87724P106 3,791 171,906 SH   SOLE   171,906 0 0
TCF Financial Corp. COM 872275102 3,103 182,076 SH   SOLE   182,076 0 0
Tech Data Corp. COM 878237106 7,664 86,261 SH   SOLE   86,261 0 0
Telekomunikasi Indonesia ADS COM 715684106 251 7,313 SH   SOLE   7,313 0 0
Tenneco Inc. COM 880349105 3,138 51,730 SH   SOLE   51,730 0 0
Teradyne Inc. COM 880770102 13,568 363,851 SH   SOLE   363,851 0 0
Textron Inc. COM 883203101 4,121 76,481 SH   SOLE   76,481 0 0
Toll Brothers Inc. COM 889478103 7,308 176,228 SH   SOLE   176,228 0 0
Toyota Motor Corp. ADS SP ADR REP2COM 892331307 5,743 48,193 SH   SOLE   48,193 0 0
TRI Pointe Group Inc COM 87265H109 766 55,467 SH   SOLE   55,467 0 0
Trinseo SA SHS L9340P101 649 9,666 SH   SOLE   9,666 0 0
Umpqua Holdings Corp. COM 904214103 3,407 174,628 SH   SOLE   174,628 0 0
Union Pacific Corp. COM 907818108 4,711 40,625 SH   SOLE   40,625 0 0
United Continental Holdings In COM 910047109 864 14,192 SH   SOLE   14,192 0 0
UnitedHealth Group Inc. COM 91324P102 10,399 53,095 SH   SOLE   53,095 0 0
Unum Group COM 91529Y106 6,246 122,158 SH   SOLE   122,158 0 0
VanEck Vectors Russia ETF RUSSIA ETF 92189F403 798 35,810 SH   SOLE   35,810 0 0
Vanguard Long Term Corporate B LG-TRM COR BD 92206C813 2,940 31,215 SH   SOLE   31,215 0 0
Vanguard Mortgage-Backed Secur MORTG-BACK SEC 92206C771 6,775 128,354 SH   SOLE   128,354 0 0
Visa Inc. CL A 92826C839 10,497 99,743 SH   SOLE   99,743 0 0
Western Union Co. COM 959802109 2,081 108,365 SH   SOLE   108,365 0 0
World Acceptance Corp. COM 981419104 2,419 29,187 SH   SOLE   29,187 0 0
Worthington Industries Inc. COM 981811102 457 9,943 SH   SOLE   9,943 0 0
Wyndham Worldwide Corp. COM 98310W108 6,969 66,117 SH   SOLE   66,117 0 0