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
0-3yr US Corp. Bond ETF - SPDR COM ie00bc7gz 2,335 46,290 SH   SOLE   0 0 46,290
1-3 yr US Treas. ETF - iShares COM ie00bc7gz 1,043 20,830 SH   SOLE   0 0 20,830
3-7yr US Treas. ETF - iShares COM ie00b3vwn 4,420 38,040 SH   SOLE   5,150 0 32,890
Aggregate Bond Fund ETF - iSha COM IE00B44CG 2,658 26,186 SH   SOLE   2,265 0 23,921
Barclays 1-3 Yr Credit Bond ET COM 464288646 2,785 26,400 SH   SOLE   1,475 0 24,925
Barclays 1-3 year Treasury ETF COM 464287457 697 8,259 SH   SOLE   649 0 7,610
Barclays 7-10 Year Treasury ET COM 464287440 2,333 22,930 SH   SOLE   1,805 0 21,125
Barclays High Yield ETF - SPDR COM 78464A417 4,295 103,955 SH   SOLE   102,210 0 1,745
Convertible Bond Fund ETF- SPD COM 78464a359 7,310 151,065 SH   SOLE   1,035 0 150,030
Corporate Bond Fund ETF - iSha COM 464287242 6,701 57,305 SH   SOLE   4,505 0 52,800
EM Sovereign Debt ETF - Powers COM 73936T573 4,711 168,235 SH   SOLE   1,155 0 167,080
High Yield 0-5yr Bond ETF - SP COM ie00b99fl 4,100 79,875 SH   SOLE   40,550 0 39,325
Peritus High Yield ETF - Advis COM 00768Y503 5,365 101,994 SH   SOLE   99,914 0 2,080
Senior Loan ETF - Powershares COM 73936q769 260 10,480 SH   SOLE   6,110 0 4,370
Managed Futures ETF - Wisdomtr COM 97717W125 258 6,287 SH   SOLE   370 0 5,917
American Tower Corp-Class A COM 03027x100 434 5,300 SH   SOLE   5,300 0 0
Apple Inc COM 037833100 1,294 2,410 SH   SOLE   2,410 0 0
Bank of America Corp COM 060505104 757 44,000 SH   SOLE   0 0 44,000
Catamaran Corp COM 148887102 269 6,000 SH   SOLE   6,000 0 0
Citigroup Inc COM 172967424 529 11,120 SH   SOLE   11,120 0 0
Clean Harbors Inc COM 184496107 472 8,620 SH   SOLE   8,620 0 0
Exxon Mobil Corp COM 30231G102 315 3,225 SH   SOLE   3,225 0 0
Hovnanian Enterprises Inc. COM 442487203 130 27,450 SH   SOLE   27,450 0 0
JPMorgan Chase & Co COM 46625h100 205 3,380 SH   SOLE   3,380 0 0
Quanta Services Inc COM 74762e102 221 6,000 SH   SOLE   6,000 0 0
S&P500 ETF - iShares COM 464287200 58,211 309,354 SH   SOLE   266,403 0 42,951
S&P500 Index ETF - SPDR COM 78462F103 38,050 203,466 SH   SOLE   183,552 0 19,914
Superior Energy Services Inc COM 868157108 255 8,295 SH   SOLE   8,295 0 0
US FEX Equity Large Cap ETF - COM 33734k109 477 11,315 SH   SOLE   0 0 11,315
Canada ETF - iShares COM 464286509 274 9,285 SH   SOLE   190 0 9,095
China ETF - First Trust COM 33737j141 460 21,115 SH   SOLE   0 0 21,115
China ETF - iShares COM 46429b671 28,779 639,677 SH   SOLE   589,651 0 50,026
Germany ETF - First Trust COM 33737j190 323 7,620 SH   SOLE   0 0 7,620
Germany ETF - iShares COM 464286806 22,484 717,182 SH   SOLE   640,610 0 76,572
Goldcorp Inc New COM 380956409 1,018 41,570 SH   SOLE   26,195 0 15,375
Hong Kong ETF - iShares COM 464286871 1,978 100,024 SH   SOLE   78,984 0 21,040
India S&P India Index Fund ETF COM 464289529 4,762 185,146 SH   SOLE   168,922 0 16,224
Israel ETF - iShares COM 464286632 2,210 41,847 SH   SOLE   33,010 0 8,837
Japan ETF - iShares COM 464286848 16,030 1,414,858 SH   SOLE   1,109,502 0 305,356
Japan Hedged Equity ETF - Wisd COM 97717w851 393 8,300 SH   SOLE   0 0 8,300
Korea ETF - First Trust COM 33737j166 314 11,970 SH   SOLE   0 0 11,970
Korea ETF - iShares COM 464286772 18,816 305,901 SH   SOLE   279,360 0 26,541
MSCI ACWI ETF - SPDR (London) COM IE00B44Z5 4,777 50,861 SH   SOLE   0 0 50,861
Norway ETF - Global X COM 37950E747 2,638 158,086 SH   SOLE   126,315 0 31,771
Russia ETF - iShares COM 46429B705 5,099 276,205 SH   SOLE   242,658 0 33,547
Sweden ETF - iShares COM 464286756 17,134 467,894 SH   SOLE   430,315 0 37,579
Taiwan ETF - iShares COM 464286731 286 19,902 SH   SOLE   2,302 0 17,600
United Kingdom ETF - iShares COM 464286699 9,810 476,445 SH   SOLE   375,807 0 100,638
Yamana Gold Inc. COM 98462y100 4,805 548,315 SH   SOLE   499,870 0 48,445
All Country World Index ETF - COM 464288257 12,064 207,491 SH   SOLE   6,693 0 200,798
Currency Harvest ETF - Powersh COM 73935y102 205 7,820 SH   SOLE   455 0 7,365
Swiss Franc ETF - CurrencyShar COM 23129V109 8,195 74,020 SH   SOLE   505 0 73,515
US Dollar Bullish ETF - Powers COM 73936d107 5,928 276,220 SH   SOLE   183,530 0 92,690
Global Long Short ETF - Adviso COM 00768Y404 10,674 511,691 SH   SOLE   362,640 0 149,051
Macro Tracker ETF - Index IQ COM 45409b206 513 19,345 SH   SOLE   1,120 0 18,225
Merger Arb ETF - Credit Suisse COM 22542D845 527 25,330 SH   SOLE   1,471 0 23,859
Multi-Strategy Tracker ETF - I COM 45409B107 2,354 80,555 SH   SOLE   2,745 0 77,810
RAFI Long/Short ETF - ProShare COM 74347x310 385 8,985 SH   SOLE   520 0 8,465
DWA Momentum ETF - Powershares COM 73935X153 12,517 336,030 SH   SOLE   2,310 0 333,720
Energy and Exploration ETF - P COM 73935x658 528 15,000 SH   SOLE   0 0 15,000
Explorers and Producers ETF - COM 464288851 11,987 140,925 SH   SOLE   123,020 0 17,905
Info Tech ETF - Vanguard COM 92204a702 8,612 94,085 SH   SOLE   77,600 0 16,485
S&P 500 Buy Write ETF - Powers COM 73936G308 11,187 530,460 SH   SOLE   3,645 0 526,815
Technology Select Sector ETF - COM 81369Y803 642 17,650 SH   SOLE   0 0 17,650
U.S. Financial Services ETF - COM 464287770 4,912 57,865 SH   SOLE   32,810 0 25,055