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
20+ yr Treasury ETF - iShares COM 464287432 2,025 17,840 SH   SOLE   160 0 17,680
AUD Bond ETF - PIMCO COM 72201R742 1,023 10,355 SH   SOLE   90 0 10,265
Barclays 1-3 Yr Credit Bond ET COM 464288646 4,705 44,525 SH   SOLE   2,725 0 41,800
Barclays 1-3 year Treasury ETF COM 464287457 2,245 26,549 SH   SOLE   2,049 0 24,500
Barclays 7-10 Year Treasury ET COM 464287440 1,931 18,645 SH   SOLE   1,625 0 17,020
Corporate Bond Fund ETF - iSha COM 464287242 3,815 31,985 SH   SOLE   2,475 0 29,510
EM High Yield Bond ETF - Marke COM 57061R403 9,975 377,705 SH   SOLE   3,530 0 374,175
Peritus High Yield ETF - Advis COM 00768Y503 644 12,074 SH   SOLE   9,914 0 2,160
Senior Loan ETF - Powershares COM 73936q769 762 30,650 SH   SOLE   6,110 0 24,540
US Preferred Stock Index ETF - COM 464288687 1,286 32,210 SH   SOLE   0 0 32,210
Managed Futures ETF - Wisdomtr COM 97717W125 263 6,307 SH   SOLE   370 0 5,937
Natural Gas ETF - First Trust COM 33734J102 1,245 52,770 SH   SOLE   480 0 52,290
Physical Paladium Shares ETF - COM 26923A106 1,661 20,215 SH   SOLE   180 0 20,035
Apple Inc COM 037833100 1,099 11,830 SH   SOLE   11,830 0 0
Bank of America Corp COM 060505104 676 44,000 SH   SOLE   0 0 44,000
Citigroup Inc COM 172967424 524 11,120 SH   SOLE   11,120 0 0
Dow Jones US Financial - iSha COM 464287788 549 6,600 SH   SOLE   0 0 6,600
Europe Alphadex ETF - First Tr COM 33737j117 805 23,200 SH   SOLE   0 0 23,200
Exxon Mobil Corp COM 30231G102 325 3,225 SH   SOLE   3,225 0 0
Gilead Sciences Inc COM 375558103 688 8,300 SH   SOLE   8,300 0 0
Glu Mobile Inc COM 379890106 203 40,700 SH   SOLE   40,700 0 0
Hornbeck Offshore Services COM 440543106 187 3,986 SH   SOLE   3,986 0 0
Hovnanian Enterprises Inc. COM 442487203 141 27,450 SH   SOLE   27,450 0 0
JPMorgan Chase & Co COM 46625h100 377 6,540 SH   SOLE   6,540 0 0
Lions Gate Entertainment COM 535919203 307 10,750 SH   SOLE   10,750 0 0
Quanta Services Inc COM 74762e102 463 13,400 SH   SOLE   13,400 0 0
Russell 1000 Value Index ETF - COM 464287598 10,083 99,565 SH   SOLE   930 0 98,635
Russell 2000 ETF - iShares COM 464287655 511 4,300 SH   SOLE   0 0 4,300
S&P500 ETF - iShares COM 464287200 47,876 243,023 SH   SOLE   198,774 0 44,249
S&P500 Index ETF - SPDR COM 78462F103 35,219 179,945 SH   SOLE   158,145 0 21,800
US FEX Equity Large Cap ETF - COM 33734k109 455 10,260 SH   SOLE   0 0 10,260
Wells Fargo & Co New COM 949746101 340 6,463 SH   SOLE   0 0 6,463
Xilinx Inc COM 983919101 182 3,850 SH   SOLE   3,850 0 0
Canada ETF - iShares COM 464286509 506 15,713 SH   SOLE   343 0 15,370
China ETF - First Trust COM 33737j141 397 18,389 SH   SOLE   0 0 18,389
China ETF - iShares COM 46429b671 21,303 459,406 SH   SOLE   408,072 0 51,334
France ETF - iShares COM 464286707 234 8,013 SH   SOLE   175 0 7,838
Germany ETF - iShares COM 464286806 4,855 155,217 SH   SOLE   115,729 0 39,488
Goldcorp Inc New COM bbg000g2r 1,092 39,130 SH   SOLE   23,670 0 15,460
India S&P India Index Fund ETF COM 464289529 5,643 194,791 SH   SOLE   161,776 0 33,015
Indonesia ETF - iShares COM 46429B309 12,536 475,206 SH   SOLE   432,646 0 42,560
Israel ETF - iShares COM 464286632 12,705 243,284 SH   SOLE   216,775 0 26,509
Italy ETF - iShares COM 464286855 2,483 142,893 SH   SOLE   106,320 0 36,573
Japan Hedged Equity ETF - Wisd COM 97717w851 8,462 171,430 SH   SOLE   100,300 0 71,130
Korea ETF - iShares COM 464286772 5,731 88,135 SH   SOLE   67,640 0 20,495
Norway ETF - Global X COM 37950E747 14,547 807,291 SH   SOLE   730,847 0 76,444
South Africa ETF - iShares COM 464286780 1,646 23,959 SH   SOLE   17,175 0 6,784
Spain ETF - iShares COM 464286764 5,539 129,367 SH   SOLE   109,926 0 19,441
Sweden ETF - iShares COM 464286756 2,346 66,501 SH   SOLE   48,818 0 17,683
Taiwan ETF - iShares COM 464286731 3,925 248,403 SH   SOLE   211,007 0 37,396
Turkey ETF - iShares COM 464286715 10,541 189,718 SH   SOLE   174,324 0 15,394
United Kingdom ETF - iShares COM 464286699 8,427 403,571 SH   SOLE   292,342 0 111,229
Yamana Gold Inc. COM 98462y100 989 120,100 SH   SOLE   71,300 0 48,800
All Country World Index ETF - COM 464288257 12,510 207,596 SH   SOLE   6,343 0 201,253
Australian Dollar ETF - Curren COM 23129U101 998 10,575 SH   SOLE   90 0 10,485
Currency Harvest ETF - Powersh COM 73935y102 204 7,830 SH   SOLE   455 0 7,375
US Dollar Bullish ETF - Powers COM 73936d107 6,239 293,465 SH   SOLE   177,110 0 116,355
Global Long Short ETF - Adviso COM 00768Y404 7,066 340,681 SH   SOLE   167,640 0 173,041
Macro Tracker ETF - Index IQ COM 45409b206 522 19,390 SH   SOLE   1,120 0 18,270
Merger Arb ETF - Credit Suisse COM 22542D845 511 25,395 SH   SOLE   1,471 0 23,924
Multi-Strategy Tracker ETF - I COM 45409B107 2,418 80,630 SH   SOLE   2,745 0 77,885
RAFI Long/Short ETF - ProShare COM 74347x310 371 8,745 SH   SOLE   510 0 8,235
Explorers and Producers ETF - COM 464288851 1,650 17,000 SH   SOLE   17,000 0 0
Global Energy ETF - iShares COM 464287341 8,981 185,100 SH   SOLE   140,930 0 44,170
Global ex-US Real Estate ETF - COM 97717W331 6,363 211,545 SH   SOLE   1,970 0 209,575
Info Tech ETF - Vanguard COM 92204a702 6,840 70,665 SH   SOLE   48,790 0 21,875
KBW Bank ETFs - Powershares COM 73937B746 6,880 187,980 SH   SOLE   148,490 0 39,490
Oil & Gas Equipment Service ET COM 78464A748 724 14,700 SH   SOLE   0 0 14,700
Technology Select Sector ETF - COM 81369Y803 677 17,650 SH   SOLE   0 0 17,650
U.S. Financial Services ETF - COM 464287770 1,393 16,500 SH   SOLE   16,500 0 0
MSCI ACWI ETF - SPDR (London) COM IE00B44Z5 5,039 50,861 SH   SOLE   0 0 50,861