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 1,098 10,990 SH   SOLE   1,540 0 9,450
Barclays 1-3 Yr Credit Bond ET COM 464288646 491 4,660 SH   SOLE   2,110 0 2,550
Barclays Aggregate Bond Fund E COM 464287226 724 6,660 SH   SOLE   5,225 0 1,435
Blackrock Core Bond Trust COM 09249E101 234 18,500 SH   SOLE   0 0 18,500
Blackrock Global Floating Rate COM 091941104 191 14,700 SH   SOLE   0 0 14,700
Blackrock MuniYield Quality COM 09254E103 342 24,900 SH   SOLE   0 0 24,900
Eaton Vance Ltd Duration Incom COM 27828h105 189 14,000 SH   SOLE   0 0 14,000
High Yield 0-5yr Bond ETF - SP COM 78468R408 265 9,180 SH   SOLE   6,450 0 2,730
Peritus High Yield ETF - Advis COM 00768Y503 308 7,584 SH   SOLE   7,584 0 0
Senior Loan ETF - Powershares COM 73936q769 1,104 46,410 SH   SOLE   6,520 0 39,890
Short Term Muni Bond ETF - SPD COM 78464A425 1,343 55,300 SH   SOLE   0 0 55,300
Managed Futures ETF - Wisdomtr COM 97717W125 541 12,662 SH   SOLE   790 0 11,872
Allergan Inc COM 018490102 661 2,177 SH   SOLE   465 0 1,712
Apple Inc COM 037833100 2,414 19,249 SH   SOLE   15,290 0 3,959
Bank of America Corp COM 060505104 749 44,000 SH   SOLE   0 0 44,000
CVS Caremark Corp COM 126650100 506 4,820 SH   SOLE   0 0 4,820
Calpine Corp. COM 131347304 342 19,015 SH   SOLE   11,850 0 7,165
Delta Air Lines Inc COM 247361702 505 12,294 SH   SOLE   2,950 0 9,344
Discover Financial SVCS COM 254709108 906 15,724 SH   SOLE   6,310 0 9,414
EOG Resources Inc COM 26875p101 438 5,000 SH   SOLE   0 0 5,000
Estee Lauder Companies Inc. COM 518439104 675 7,792 SH   SOLE   1,710 0 6,082
Facebook Inc COM 30303m102 666 7,770 SH   SOLE   1,990 0 5,780
Fluor Corporation COM 343412102 232 4,370 SH   SOLE   2,050 0 2,320
Freeport McMoran Copper & Gold COM 35671D857 285 15,310 SH   SOLE   4,360 0 10,950
Gilead Sciences Inc COM 375558103 766 6,542 SH   SOLE   2,200 0 4,342
Google Inc Class A COM 38259p508 621 1,150 SH   SOLE   295 0 855
HCA Inc COM 40412c101 283 3,120 SH   SOLE   3,120 0 0
Halliburton Co Holdings Co COM 406216101 630 14,631 SH   SOLE   3,210 0 11,421
Hovnanian Enterprises Inc. COM 442487203 48 18,180 SH   SOLE   0 0 18,180
JPMorgan Chase & Co COM 46625h100 639 9,434 SH   SOLE   2,170 0 7,264
Las Vegas Sands Corp COM 517834107 423 8,047 SH   SOLE   0 0 8,047
Lear Corp. COM 521865204 816 7,265 SH   SOLE   2,435 0 4,830
Micron Technology Inc COM 595112103 379 20,100 SH   SOLE   6,700 0 13,400
NRG Energy Inc New COM 629377508 264 11,540 SH   SOLE   3,300 0 8,240
Palo Alto Networks Inc. COM 697435105 444 2,540 SH   SOLE   0 0 2,540
S&P500 ETF - iShares COM 464287200 4,352 21,001 SH   SOLE   6,070 0 14,931
S&P500 Index ETF - SPDR COM 78462F103 29,936 145,425 SH   SOLE   66,700 0 78,725
Splunk Inc COM 848637104 435 6,250 SH   SOLE   1,630 0 4,620
US Equity Large Cap ETF - Firs COM 33734k109 38,984 850,446 SH   SOLE   537,581 0 312,865
US Small Cap ETF - First Trust COM 33734Y109 8,063 161,315 SH   SOLE   63,155 0 98,160
United Rentals Inc COM 911363109 554 6,320 SH   SOLE   1,900 0 4,420
Verizon Communications Inc COM 92343V104 408 8,763 SH   SOLE   3,000 0 5,763
Mex Bonos Desarr Fix RT (MXP) COM MX0MGO000 474 71,000 PRN   SOLE   0 0 71,000
Mex Bonos Desarr Fix RT (MXP) COM MX0MGO000 455 70,800 PRN   SOLE   0 0 70,800
Brazil Hedged ETF - Deutsche B COM 233051309 1,379 128,705 SH   SOLE   58,765 0 69,940
Canada ETF - First Trust COM 33737j208 587 19,930 SH   SOLE   150 0 19,780
China ETF - First Trust COM 33737j141 10,872 419,380 SH   SOLE   188,985 0 230,395
China ETF - iShares COM 46429b671 1,667 29,755 SH   SOLE   29,450 0 305
Europe Hedged Equity ETF - Wis COM 97717X701 4,503 73,105 SH   SOLE   25,945 0 47,160
Germany Hedged ETF - Deutsche COM 233051408 9,441 376,155 SH   SOLE   174,295 0 201,860
Hong Kong ETF - iShares COM 464286871 9,000 398,939 SH   SOLE   238,749 0 160,190
India ETF - iShares COM 464289529 1,035 34,660 SH   SOLE   14,160 0 20,500
Intl Equity ETF - Schwab COM 808524805 9,034 296,490 SH   SOLE   2,600 0 293,890
Israel ETF - Market Vectors COM 57061R676 1,669 51,325 SH   SOLE   25,690 0 25,635
Israel ETF - iShares COM 464286632 4,096 79,636 SH   SOLE   52,677 0 26,959
Japan Hedged Equity ETF - Wisd COM 97717w851 11,954 208,992 SH   SOLE   56,297 0 152,695
Japan Yen Hedged ETF - Deutsch COM 233051507 25,029 599,061 SH   SOLE   307,761 0 291,300
Korea ETF - iShares COM 464286772 3,326 60,358 SH   SOLE   28,518 0 31,840
MS India Investment Fund COM 61745C105 330 12,005 SH   SOLE   12,005 0 0
Netherlands ETF - iShares COM 464286814 227 8,835 SH   SOLE   515 0 8,320
Norway ETF - Global X COM 37950E747 6,242 508,269 SH   SOLE   268,459 0 239,810
Singapore ETF - iShares COM 464286673 181 14,410 SH   SOLE   585 0 13,825
South Africa ETF - iShares COM 464286780 1,716 26,225 SH   SOLE   10,200 0 16,025
Sweden ETF - iShares COM 464286756 4,241 133,478 SH   SOLE   74,027 0 59,451
Taiwan ETF - First Trust COM 33737j257 3,049 80,475 SH   SOLE   36,470 0 44,005
Taiwan ETF - iShares COM 464286731 420 26,623 SH   SOLE   26,233 0 390
Turkey ETF - iShares COM 464286715 1,308 28,979 SH   SOLE   13,985 0 14,994
United Kingdom ETF - First Tru COM 33737j224 6,930 159,342 SH   SOLE   51,325 0 108,017
Pimco GIS Income Fund COM IE00B7KFL 2,995 249,169 SH   SOLE   0 0 249,169
Global Core Equity Fund -Z COM BSP005061 4,320 435,000 SH   SOLE   0 0 435,000
Hedged ACWI ex US ETF - Deutsc COM 233051820 7,613 300,320 SH   SOLE   9,510 0 290,810
US Dollar Bullish ETF - Powers COM 73936d107 5,475 218,750 SH   SOLE   4,350 0 214,400
Global Long Short ETF - Adviso COM 00768Y404 3,463 174,449 SH   SOLE   99,630 0 74,819
Macro Tracker ETF - Index IQ COM 45409b206 456 18,060 SH   SOLE   1,130 0 16,930
Merger Arb ETF - Credit Suisse COM 22542D845 386 19,640 SH   SOLE   1,221 0 18,419
Multi-Strategy Tracker ETF - I COM 45409B107 5,113 172,850 SH   SOLE   42,960 0 129,890
RAFI Long/Short ETF - ProShare COM 74347x310 619 15,249 SH   SOLE   940 0 14,309
Financial Sector ETF - SPDR COM 81369Y605 8,110 332,630 SH   SOLE   107,310 0 225,320
Healthcare ETF - SPDR COM 81369Y209 646 8,680 SH   SOLE   0 0 8,680
Info Tech ETF - Vanguard COM 92204a702 568 5,350 SH   SOLE   0 0 5,350
Technology Select Sector ETF - COM 81369Y803 4,391 106,060 SH   SOLE   36,320 0 69,740
Axtel COM mx01ax040 1,944 6,248,216 SH   SOLE   0 0 6,248,216