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 1,040 10,990 SH   SOLE   1,540 0 9,450
Barclays 1-3 Yr Credit Bond ET COM 464288646 490 4,660 SH   SOLE   2,110 0 2,550
Barclays 7-10 Year Treasury ET COM 464287440 12,947 120,025 SH   SOLE   1,110 0 118,915
Barclays Aggregate Bond Fund E COM 464287226 730 6,660 SH   SOLE   5,225 0 1,435
Blackrock Core Bond Trust COM 09249E101 239 18,500 SH   SOLE   0 0 18,500
Blackrock Global Floating Rate COM 091941104 183 14,700 SH   SOLE   0 0 14,700
Blackrock MuniYield Quality COM 09254E103 348 24,900 SH   SOLE   0 0 24,900
Eaton Vance Ltd Duration Incom COM 27828h105 178 14,000 SH   SOLE   0 0 14,000
High Yield 0-5yr Bond ETF - SP COM 78468R408 247 9,180 SH   SOLE   6,450 0 2,730
Senior Loan ETF - Powershares COM 73936q769 1,069 46,410 SH   SOLE   6,520 0 39,890
Short Term Muni Bond ETF - SPD COM 78464A425 1,347 55,300 SH   SOLE   0 0 55,300
Managed Futures ETF - Wisdomtr COM 97717W125 610 14,727 SH   SOLE   1,180 0 13,547
Aetna Inc New COM 00817y108 325 2,975 SH   SOLE   850 0 2,125
Allergan Inc COM 018490102 592 2,177 SH   SOLE   465 0 1,712
Alphabet Inc Class A COM 02079k305 734 1,150 SH   SOLE   295 0 855
Apple Inc COM 037833100 2,592 23,499 SH   SOLE   15,290 0 8,209
CVS Caremark Corp COM 126650100 465 4,820 SH   SOLE   0 0 4,820
Calpine Corp. COM 131347304 189 12,925 SH   SOLE   11,850 0 1,075
D R Horton Inc COM 23331a109 333 11,340 SH   SOLE   3,360 0 7,980
Delta Air Lines Inc COM 247361702 552 12,294 SH   SOLE   2,950 0 9,344
Facebook Inc COM 30303m102 699 7,770 SH   SOLE   1,990 0 5,780
Gilead Sciences Inc COM 375558103 642 6,542 SH   SOLE   2,200 0 4,342
HCA Inc COM 40412c101 463 5,985 SH   SOLE   3,120 0 2,865
Halliburton Co Holdings Co COM 406216101 517 14,631 SH   SOLE   3,210 0 11,421
Hovnanian Enterprises Inc. COM 442487203 32 18,180 SH   SOLE   0 0 18,180
JPMorgan Chase & Co COM 46625h100 575 9,434 SH   SOLE   2,170 0 7,264
Lear Corp. COM 521865204 790 7,265 SH   SOLE   2,435 0 4,830
Palo Alto Networks Inc. COM 697435105 437 2,540 SH   SOLE   0 0 2,540
Prudential Financial Inc COM 744320102 340 4,465 SH   SOLE   1,325 0 3,140
QQQ Trust ETF - Powershares COM 73935A104 6,944 68,240 SH   SOLE   22,460 0 45,780
S&P500 ETF - iShares COM 464287200 13,920 72,231 SH   SOLE   16,960 0 55,271
S&P500 Index ETF - SPDR COM 78462F103 29,790 155,455 SH   SOLE   75,600 0 79,855
SVB Financial Group Inc COM 78486q101 326 2,820 SH   SOLE   845 0 1,975
Splunk Inc COM 848637104 346 6,250 SH   SOLE   1,630 0 4,620
US Equity Large Cap ETF - Firs COM 33734k109 39,433 942,930 SH   SOLE   561,475 0 381,455
US Small Cap ETF - First Trust COM 33734Y109 8,838 202,020 SH   SOLE   70,695 0 131,325
Walt Disney Co COM 254687106 252 2,470 SH   SOLE   0 0 2,470
Canada ETF - First Trust COM 33737j208 4,406 193,425 SH   SOLE   78,610 0 114,815
China ETF - First Trust COM 33737j141 6,834 342,715 SH   SOLE   147,210 0 195,505
Currency hedged MSCI EM ETF-iS COM 46434g509 515 24,535 SH   SOLE   24,535 0 0
Denmark ETF - iShares COM 46429B523 1,106 20,855 SH   SOLE   8,715 0 12,140
Eurozone Hedged ETF - Deutsche COM 233051697 210 8,435 SH   SOLE   0 0 8,435
Germany Hedged ETF - Deutsche COM 233051408 5,024 226,800 SH   SOLE   84,080 0 142,720
Hong Kong ETF - First Trust COM 33737j240 2,485 75,530 SH   SOLE   32,270 0 43,260
Israel ETF - Market Vectors COM 57061R676 3,597 124,715 SH   SOLE   62,380 0 62,335
Japan Hedged Equity ETF - Wisd COM 97717w851 1,082 22,229 SH   SOLE   0 0 22,229
Japan Yen Hedged ETF - Deutsch COM 233051507 22,093 605,960 SH   SOLE   292,180 0 313,780
Korea Hedged ETF - Deutsche Ba COM 233051812 2,902 132,755 SH   SOLE   56,780 0 75,975
MS India Investment Fund COM 61745C105 1,010 38,295 SH   SOLE   18,295 0 20,000
Norway ETF - Global X COM 37950E747 2,013 197,014 SH   SOLE   96,514 0 100,500
South Africa ETF - iShares COM 464286780 2,061 38,385 SH   SOLE   17,450 0 20,935
Sweden ETF - iShares COM 464286756 5,347 184,181 SH   SOLE   92,735 0 91,446
Taiwan ETF - First Trust COM 33737j257 516 17,185 SH   SOLE   860 0 16,325
Thailand ETF - iShares COM 464286624 275 4,410 SH   SOLE   70 0 4,340
Turkey ETF - iShares COM 464286715 3,498 95,739 SH   SOLE   50,545 0 45,194
United Kingdom ETF - iShares COM 46434v548 3,585 218,710 SH   SOLE   55,420 0 163,290
All Country World Index ETF - COM 464288257 656 12,170 SH   SOLE   12,170 0 0
Hedged ACWI ex US ETF - Deutsc COM 233051820 6,400 283,205 SH   SOLE   10,920 0 272,285
Long/Short ETF - First Trust COM 33739P103 454 14,495 SH   SOLE   1,160 0 13,335
Merger Arbitrage ETF - Index I COM 59022C210 813 29,220 SH   SOLE   2,490 0 26,730
Multi-Strategy Tracker ETF - I COM 45409B107 4,695 163,030 SH   SOLE   42,960 0 120,070
Financial Sector ETF - SPDR COM 81369Y605 805 35,520 SH   SOLE   0 0 35,520
Healthcare ETF - SPDR COM 81369Y209 575 8,680 SH   SOLE   0 0 8,680
KBW Bank ETF - Powershares COM 73937B746 6,423 178,620 SH   SOLE   61,510 0 117,110