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
0-5 Year High Yield ETF - PIMC COM 72201r783 613 6,080 SH   SOLE   3,040 0 3,040
Barclays 1-3 Yr Credit Bond ET COM 464288646 670 6,370 SH   SOLE   3,185 0 3,185
Barclays Aggregate Bond Fund E COM 464287226 967 8,780 SH   SOLE   4,390 0 4,390
Blackrock Core Bond Trust COM 09249E101 396 30,000 SH   SOLE   15,000 0 15,000
Blackrock Global Floating Rate COM 091941104 308 24,000 SH   SOLE   12,000 0 12,000
Blackrock MuniYield Quality COM 09254E103 563 40,000 SH   SOLE   20,000 0 20,000
Corporate Bond Fund ETF - iSha COM 464287242 676 5,660 SH   SOLE   2,830 0 2,830
EM Sovereign Debt ETF - Powers COM 73936T573 9,354 332,180 SH   SOLE   166,090 0 166,090
Eaton Vance Ltd Duration Incom COM 27828h105 311 22,000 SH   SOLE   11,000 0 11,000
High Yield Muni ETF - Market V COM 57060U878 7,596 246,220 SH   SOLE   123,110 0 123,110
Peritus High Yield ETF - Advis COM 00768Y503 624 15,168 SH   SOLE   7,584 0 7,584
Senior Loan ETF - Powershares COM 73936q769 1,460 60,740 SH   SOLE   30,370 0 30,370
Short Term Muni Bond ETF - SPD COM 78464A425 685 28,200 SH   SOLE   14,100 0 14,100
Managed Futures ETF - Wisdomtr COM 97717W125 1,143 26,224 SH   SOLE   13,112 0 13,112
Actavis PLC COM 097252718 1,327 5,154 SH   SOLE   2,577 0 2,577
Apollo Global Management LLC COM US0376123 910 38,600 SH   SOLE   19,300 0 19,300
Apple Inc COM 037833100 4,249 38,498 SH   SOLE   19,249 0 19,249
Bank of America Corp COM 060505104 1,574 88,000 SH   SOLE   44,000 0 44,000
CVS Caremark Corp COM 126650100 928 9,640 SH   SOLE   4,820 0 4,820
Delta Air Lines Inc COM 247361702 919 18,688 SH   SOLE   9,344 0 9,344
Discover Financial SVCS COM 254709108 1,397 21,328 SH   SOLE   10,664 0 10,664
Dow Jones US Financial ETF - i COM 464287788 1,191 13,200 SH   SOLE   6,600 0 6,600
EOG Resources Inc COM 26875p101 1,395 15,150 SH   SOLE   7,575 0 7,575
Estee Lauder Companies Inc. COM 518439104 1,392 18,264 SH   SOLE   9,132 0 9,132
Facebook Inc COM 30303m102 1,362 17,460 SH   SOLE   8,730 0 8,730
Fluor Corporation COM 343412102 703 11,590 SH   SOLE   5,795 0 5,795
Freeport McMoran Copper & Gold COM 35671D857 660 28,240 SH   SOLE   14,120 0 14,120
Gilead Sciences Inc COM 375558103 1,233 13,084 SH   SOLE   6,542 0 6,542
Google Inc Class A COM 38259p508 1,300 2,450 SH   SOLE   1,225 0 1,225
HCA Inc COM 40412c101 458 6,240 SH   SOLE   3,120 0 3,120
Halliburton Co Holdings Co COM 406216101 1,292 32,842 SH   SOLE   16,421 0 16,421
JPMorgan Chase & Co COM 46625h100 1,840 29,398 SH   SOLE   14,699 0 14,699
Las Vegas Sands Corp COM 517834107 936 16,094 SH   SOLE   8,047 0 8,047
Lear Corp. COM 521865204 1,425 14,530 SH   SOLE   7,265 0 7,265
Micron Technology Inc COM 595112103 1,407 40,200 SH   SOLE   20,100 0 20,100
NRG Energy Inc New COM 629377508 622 23,080 SH   SOLE   11,540 0 11,540
Pfizer Inc COM 717081103 485 15,580 SH   SOLE   7,790 0 7,790
Phillips 66 COM 718546104 868 12,100 SH   SOLE   6,050 0 6,050
QQQ Trust ETF - Powershares COM 73935A104 7,744 75,000 SH   SOLE   37,500 0 37,500
S&P500 ETF - iShares COM 464287200 13,323 64,404 SH   SOLE   32,202 0 32,202
S&P500 Index ETF - SPDR COM 78462F103 68,800 334,728 SH   SOLE   167,364 0 167,364
Splunk Inc COM 848637104 737 12,500 SH   SOLE   6,250 0 6,250
US Equity Large Cap ETF - Firs COM 33734k109 41,144 901,680 SH   SOLE   450,840 0 450,840
United Rentals Inc COM 911363109 1,289 12,640 SH   SOLE   6,320 0 6,320
Valeant Pharmaceuticals COM 91911K102 860 6,010 SH   SOLE   3,005 0 3,005
Verizon Communications Inc COM 92343V104 820 17,526 SH   SOLE   8,763 0 8,763
Brazil ETF - iShares COM 464286400 1,289 35,256 SH   SOLE   17,628 0 17,628
Brazil Hedged ETF - Deutsche B COM 233051309 3,954 307,632 SH   SOLE   153,816 0 153,816
Canada ETF - iShares COM 464286509 6,107 211,610 SH   SOLE   105,805 0 105,805
China ETF - First Trust COM 33737j141 12,404 547,152 SH   SOLE   273,576 0 273,576
China ETF - iShares COM 46429b671 4,833 96,224 SH   SOLE   48,112 0 48,112
Europe Hedged Equity ETF - Wis COM 97717X701 16,194 291,160 SH   SOLE   145,580 0 145,580
Germany Hedged ETF - Deutsche COM 233051408 817 34,810 SH   SOLE   17,405 0 17,405
India ETF - iShares COM 464289529 2,569 85,932 SH   SOLE   42,966 0 42,966
Indonesia ETF - iShares COM 46429B309 3,370 122,810 SH   SOLE   61,405 0 61,405
Israel ETF - iShares COM 464286632 10,745 229,692 SH   SOLE   114,846 0 114,846
Japan Hedged Equity ETF - Wisd COM 97717w851 26,058 529,308 SH   SOLE   264,654 0 264,654
Korea ETF - iShares COM 464286772 3,598 65,072 SH   SOLE   32,536 0 32,536
Lazard Ltd Cl A COM g54050102 939 18,760 SH   SOLE   9,380 0 9,380
Mexico ETF - iShares COM 464286822 1,351 22,756 SH   SOLE   11,378 0 11,378
Nabors Industries Ltd (USD) COM g6359f103 1,448 111,530 SH   SOLE   55,765 0 55,765
Norway ETF - Global X COM 37950E747 2,520 211,240 SH   SOLE   105,620 0 105,620
Sweden ETF - iShares COM 464286756 13,575 428,644 SH   SOLE   214,322 0 214,322
Taiwan ETF - First Trust COM 33737j257 544 14,960 SH   SOLE   7,480 0 7,480
Taiwan ETF - iShares COM 464286731 10,158 672,238 SH   SOLE   336,119 0 336,119
Thailand ETF - iShares COM 464286624 9,597 123,896 SH   SOLE   61,948 0 61,948
Turkey ETF - iShares COM 464286715 7,568 139,352 SH   SOLE   69,676 0 69,676
United Kingdom ETF - First Tru COM 33737j224 4,864 123,738 SH   SOLE   61,869 0 61,869
GLG Flexible Bond Fund COM LU0851822 12,018 107,162 SH   SOLE   53,581 0 53,581
Investec Global Strategic Fund COM LU0426412 1,975 51,560 SH   SOLE   25,780 0 25,780
All Country World Index ETF - COM 464288257 37,621 643,086 SH   SOLE   321,543 0 321,543
US Dollar Bullish ETF - Powers COM 73936d107 13,126 547,610 SH   SOLE   273,805 0 273,805
Global Long Short ETF - Adviso COM 00768Y404 7,972 399,778 SH   SOLE   199,889 0 199,889
Macro Tracker ETF - Index IQ COM 45409b206 957 37,400 SH   SOLE   18,700 0 18,700
Merger Arb ETF - Credit Suisse COM 22542D845 748 40,680 SH   SOLE   20,340 0 20,340
Multi-Strategy Tracker ETF - I COM 45409B107 9,963 338,990 SH   SOLE   169,495 0 169,495
RAFI Long/Short ETF - ProShare COM 74347x310 1,330 31,560 SH   SOLE   15,780 0 15,780
Energy Select Sector ETF - SPD COM 81369y506 950 12,000 SH   SOLE   6,000 0 6,000
Health Care AlphaDEX ETF - Fir COM 33734X143 3,508 58,190 SH   SOLE   29,095 0 29,095
Healthcare ETF - SPDR COM 81369Y209 1,187 17,360 SH   SOLE   8,680 0 8,680
Industrial Select Sector ETF - COM 81369Y704 792 14,000 SH   SOLE   7,000 0 7,000
Info Tech ETF - Vanguard COM 92204a702 1,118 10,700 SH   SOLE   5,350 0 5,350
Technology Select Sector ETF - COM 81369Y803 1,126 27,220 SH   SOLE   13,610 0 13,610
MSCI ACWI ETF - SPDR (London) COM IE00B44Z5 37,996 387,122 SH   SOLE   193,561 0 193,561