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
Barclays 1-3 Yr Credit Bond ET COM 464288646 2,998 28,475 SH   SOLE   2,225 0 26,250
Barclays 1-3 year Treasury ETF COM 464287457 3,000 35,499 SH   SOLE   2,769 0 32,730
Barclays 7-10 Year Treasury ET COM 464287440 2,987 28,825 SH   SOLE   2,255 0 26,570
Convertible Bond Fund ETF- SPD COM 78464a359 9,752 196,410 SH   SOLE   1,870 0 194,540
Corporate Bond Fund ETF - iSha COM 464287242 2,963 25,065 SH   SOLE   1,955 0 23,110
EM Sovereign Debt ETF - Powers COM 73936T573 2,479 87,100 SH   SOLE   820 0 86,280
High Yield 0-5yr Bond ETF - SP COM 78468R408 288 9,620 SH   SOLE   4,030 0 5,590
Peritus High Yield ETF - Advis COM 00768Y503 380 7,584 SH   SOLE   7,584 0 0
Senior Loan ETF - Powershares COM 73936q769 747 30,770 SH   SOLE   6,110 0 24,660
Base Metals ETF - Powershares COM 73936B705 1,549 91,605 SH   SOLE   850 0 90,755
Managed Futures ETF - Wisdomtr COM 97717W125 461 10,577 SH   SOLE   610 0 9,967
Apollo Global Management LLC COM 037612306 223 9,350 SH   SOLE   6,850 0 2,500
Apple Inc COM 037833100 1,279 12,690 SH   SOLE   12,690 0 0
Bank of America Corp COM 060505104 750 44,000 SH   SOLE   0 0 44,000
Delta Air Lines Inc COM 247361702 416 11,500 SH   SOLE   8,325 0 3,175
Dow Jones US Financial ETF - i COM 464287788 553 6,600 SH   SOLE   0 0 6,600
Europe Alphadex ETF - First Tr COM 33737j117 714 23,200 SH   SOLE   0 0 23,200
Exxon Mobil Corp COM 30231G102 202 2,150 SH   SOLE   2,150 0 0
Ford Motor Co. COM 345370860 197 13,330 SH   SOLE   9,730 0 3,600
Glu Mobile Inc COM 379890106 214 41,350 SH   SOLE   41,350 0 0
Hornbeck Offshore Services COM 440543106 186 5,691 SH   SOLE   5,691 0 0
Hovnanian Enterprises Inc. COM 442487203 101 27,450 SH   SOLE   27,450 0 0
JPMorgan Chase & Co COM 46625h100 291 4,825 SH   SOLE   4,825 0 0
Oasis Petroleum COM 674215108 214 5,115 SH   SOLE   3,725 0 1,390
QQQ Trust ETF - Powershares COM 73935A104 10,074 101,975 SH   SOLE   980 0 100,995
Royal Gold Inc. COM 780287108 214 3,300 SH   SOLE   2,409 0 891
S&P500 ETF - iShares COM 464287200 54,419 274,483 SH   SOLE   221,541 0 52,942
S&P500 Index ETF - SPDR COM 78462F103 653 3,315 SH   SOLE   615 0 2,700
US FEX Equity Large Cap ETF - COM 33734k109 13,176 302,820 SH   SOLE   300,000 0 2,820
United Technologies Corp COM 913017109 216 2,050 SH   SOLE   1,500 0 550
Valeant Pharmaceuticals COM 91911K102 403 3,070 SH   SOLE   3,070 0 0
Brazil ETF - First Trust COM 33737j133 195 10,835 SH   SOLE   0 0 10,835
Brazil ETF - iShares COM 464286400 9,676 222,688 SH   SOLE   204,303 0 18,385
China ETF - First Trust COM 33737j141 292 13,294 SH   SOLE   0 0 13,294
China ETF - iShares COM 46429b671 17,732 374,246 SH   SOLE   330,864 0 43,382
Copa Holdings S.A. COM p31076105 439 4,090 SH   SOLE   2,980 0 1,110
Germany ETF - iShares COM 464286806 379 13,688 SH   SOLE   275 0 13,413
Hong Kong ETF - iShares COM 464286871 2,084 102,523 SH   SOLE   75,085 0 27,438
India S&P India Index Fund ETF COM 464289529 3,667 123,680 SH   SOLE   100,142 0 23,538
Indonesia ETF - iShares COM 46429B309 2,276 83,603 SH   SOLE   71,095 0 12,508
Israel ETF - iShares COM 464286632 988 19,391 SH   SOLE   14,490 0 4,901
Japan Hedged Equity ETF - Wisd COM 97717w851 19,661 375,782 SH   SOLE   263,300 0 112,482
Korea ETF - iShares COM 464286772 3,638 60,127 SH   SOLE   40,686 0 19,441
Mexico ETF - iShares COM 464286822 9,623 140,018 SH   SOLE   129,333 0 10,685
Norway ETF - Global X COM 37950E747 15,418 940,687 SH   SOLE   850,774 0 89,913
S&P Latin America 40 ETF - iSh COM 464287390 884 23,975 SH   SOLE   230 0 23,745
Singapore ETF - iShares COM 464286673 139 10,405 SH   SOLE   220 0 10,185
South Africa ETF - iShares COM 464286780 796 12,411 SH   SOLE   10,298 0 2,113
Sweden ETF - iShares COM 464286756 14,256 430,822 SH   SOLE   386,088 0 44,734
Taiwan ETF - iShares COM 464286731 4,826 316,016 SH   SOLE   270,415 0 45,601
Thailand ETF - iShares COM 464286624 2,492 29,729 SH   SOLE   25,774 0 3,955
Turkey ETF - iShares COM 464286715 12,754 259,861 SH   SOLE   235,246 0 24,615
United Kingdom ETF - First Tru COM 33737j224 5,858 150,468 SH   SOLE   92,280 0 58,188
United Kingdom ETF - iShares COM 464286699 3,815 196,841 SH   SOLE   180,073 0 16,768
Yamana Gold Inc. COM 98462y100 720 120,100 SH   SOLE   71,300 0 48,800
All Country World Index ETF - COM 464288257 12,292 208,696 SH   SOLE   6,423 0 202,273
US Dollar Bullish ETF - Powers COM 73936d107 3,783 165,425 SH   SOLE   95,210 0 70,215
Global Long Short ETF - Adviso COM 00768Y404 7,190 354,181 SH   SOLE   165,890 0 188,291
Macro Tracker ETF - Index IQ COM 45409b206 633 24,170 SH   SOLE   1,380 0 22,790
Merger Arb ETF - Credit Suisse COM 22542D845 677 34,355 SH   SOLE   1,971 0 32,384
Multi-Strategy Tracker ETF - I COM 45409B107 7,311 246,415 SH   SOLE   110,790 0 135,625
RAFI Long/Short ETF - ProShare COM 74347x310 649 15,435 SH   SOLE   890 0 14,545
Global Energy ETF - iShares COM 464287341 9,857 224,850 SH   SOLE   170,080 0 54,770
Global ex-US Real Estate ETF - COM 97717W331 2,164 76,405 SH   SOLE   730 0 75,675
Health Care AlphaDEX ETF - Fir COM 33734X143 5,664 101,520 SH   SOLE   960 0 100,560
Info Tech ETF - Vanguard COM 92204a702 535 5,350 SH   SOLE   0 0 5,350
KBW Bank ETFs - Powershares COM 73937B746 7,841 213,200 SH   SOLE   173,490 0 39,710
Technology Select Sector ETF - COM 81369Y803 704 17,650 SH   SOLE   0 0 17,650