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
AGCO CORP COM 001084102 215 3,786 SH   SOLE NONE 0 0 3,786
ARBOR REALTY TRUST, INC. COM 038923108 68 10,037 SH   SOLE NONE 0 0 10,037
ARMOUR RESIDENTIAL REIT INC COM 042315101 61 21,867 SH   SOLE NONE 0 0 21,867
ASTORIA FINANCIAL CORPORATION COM 046265104 139 10,076 SH   SOLE NONE 0 0 10,076
BANK OF AMERICA CORPORATION COM 060505104 199 11,678 SH   SOLE NONE 11,678 0 0
BIOTELEMETRY INC COM 090672106 247 26,178 SH   SOLE NONE 26,178 0 0
CYS INVESTMENTS INC COM 12673A108 149 19,331 SH   SOLE NONE 0 0 19,331
CARNIVAL CORPORATION COM 143658300 248 5,014 SH   SOLE NONE 5,014 0 0
CHESAPEAKE ENERGY CORP COM 165167107 155 13,837 SH   SOLE NONE 7,146 0 6,691
CLIFFS NATURAL RESOURCES INC. COM 18683K408 112 25,230 SH   SOLE NONE 0 0 25,230
CONOCOPHILLIPS COM 20825C104 2,984 48,587 SH   SOLE NONE 0 0 48,587
CROCS, INC. COM 227046109 175 11,925 SH   SOLE NONE 11,925 0 0
CUMMINS INC COM 231021106 2,616 19,941 SH   SOLE NONE 0 0 19,941
CYNOSURE, INC. COM 232577205 326 8,439 SH   SOLE NONE 8,439 0 0
DB X-TRACKERS MSCI EAFE HEDGED COM 233051200 151,850 5,305,721 SH   SOLE NONE 3,640,130 0 1,665,591
E*TRADE FINANCIAL CORP COM 269246401 252 8,405 SH   SOLE NONE 8,405 0 0
EMERSON ELECTRIC CO. COM 291011104 3,328 60,037 SH   SOLE NONE 0 0 60,037
FIFTH THIRD BANCORP COM 316773100 3,644 175,000 SH   SOLE NONE 0 0 175,000
FIRST TRUST LARGE CAP VALUE AL COM 33735J101 4,798 113,016 SH   SOLE NONE 0 0 113,016
FIRST TRUST LARGE CAP GR OPP A COM 33735K108 4,957 102,042 SH   SOLE NONE 0 0 102,042
FIRST TRUST SENIOR LOAN COM 33738D309 2,382 48,722 SH   SOLE NONE 6,048 0 42,674
FIRST TRUST PREFERRED SEC INC COM 33739E108 1,942 102,475 SH   SOLE NONE 0 0 102,475
FIRST TRUST ENH SHORT MAT FD COM 33739Q408 16,440 273,959 SH   SOLE NONE 18,171 0 255,788
FORD MOTOR CO COM 345370860 3,201 213,268 SH   SOLE NONE 0 0 213,268
HEALTH NET INC COM 42222G108 264 4,116 SH   SOLE NONE 4,116 0 0
HORMEL FOODS CORPORATION COM 440452100 213 3,781 SH   SOLE NONE 3,781 0 0
INFINITY PHARMACEUTICALS, INC. COM 45665G303 119 10,830 SH   SOLE NONE 0 0 10,830
INTEL CORP COM 458140100 1,567 51,505 SH   SOLE NONE 0 0 51,505
INVESCO MORTGAGE CAPITAL INC COM 46131B100 146 10,206 SH   SOLE NONE 0 0 10,206
ISHARES CORE SP 500 COM 464287200 2,966 14,326 SH   SOLE NONE 0 0 14,326
ISHARES CORE US AGGREGATE BOND COM 464287226 41,880 384,996 SH   SOLE NONE 16,423 0 368,573
ISHARES IBOXX $ INVST GRADE CR COM 464287242 776 6,708 SH   SOLE NONE 0 0 6,708
ISHARES SP 500 VALUE COM 464287408 330 3,580 SH   SOLE NONE 0 0 3,580
ISHARES 1-3 YEAR TREASURY BOND COM 464287457 1,228 14,469 SH   SOLE NONE 0 0 14,469
ISHARES RUSSELL MID-CAP COM 464287499 1,949 11,439 SH   SOLE NONE 0 0 11,439
ISHARES CORE SP MID-CAP COM 464287507 1,431 9,542 SH   SOLE NONE 0 0 9,542
ISHARES RUSSELL 2000 COM 464287655 472 3,778 SH   SOLE NONE 0 0 3,778
ISHARES NATIONAL AMT-FREE MUNI COM 464288414 918 8,482 SH   SOLE NONE 0 0 8,482
ISHARES US PREFERRED STOCK COM 464288687 21,788 556,237 SH   SOLE NONE 27,745 0 528,492
ISHARES FLOATING RATE BOND COM 46429B655 17,205 339,758 SH   SOLE NONE 9,794 0 329,964
KULICKE SOFFA INDUSTRIES INC COM 501242101 151 12,872 SH   SOLE NONE 12,872 0 0
MBIA INC COM 55262C100 112 18,684 SH   SOLE NONE 0 0 18,684
MARKET VECTORS HIGH-YIELD MUNI COM 57060U878 7,129 238,422 SH   SOLE NONE 0 0 238,422
MASIMO CORPORATION COM 574795100 213 5,507 SH   SOLE NONE 0 0 5,507
MICROSTRATEGY COM 594972408 213 1,250 SH   SOLE NONE 0 0 1,250
NEW MOUNTAIN FINANCE CORP COM 647551100 213 14,723 SH   SOLE NONE 0 0 14,723
OMEGA PROTEIN CORPORATION COM 68210P107 174 12,631 SH   SOLE NONE 12,631 0 0
PNC FINANCIAL SERVICES GROUP I COM 693475105 3,501 36,600 SH   SOLE NONE 0 0 36,600
PIMCO TOTAL RETURN ETF COM 72201R775 21,271 198,792 SH   SOLE NONE 9,301 0 189,491
POWERSHARES QQQ COM 73935A104 114,153 1,066,151 SH   SOLE NONE 736,042 0 330,109
POWERSHARES DYNAMIC LARGE CAP COM 73935X609 5,357 174,552 SH   SOLE NONE 0 0 174,552
POWERSHARES DYNAMIC LARGE CAP COM 73935X708 5,237 171,822 SH   SOLE NONE 0 0 171,822
POWERSHARES SENIOR LOAN PORT COM 73936Q769 21,170 889,870 SH   SOLE NONE 33,127 0 856,743
PROSHARES ULTRASHORT 20+ YEAR COM 74347B201 248 4,981 SH   SOLE NONE 0 0 4,981
QUALITY SYSTEMS, INC. COM 747582104 166 10,018 SH   SOLE NONE 0 0 10,018
ROPER INDUSTRIES, INC. COM 776696106 217 1,260 SH   SOLE NONE 1,260 0 0
SPDR SP 500 COM 78462F103 260,301 1,264,274 SH   SOLE NONE 899,668 0 364,606
SPDR MSCI ACWI (EX-US) COM 78463X848 1,900 55,207 SH   SOLE NONE 0 0 55,207
SPDR NUVEEN SP HIGH YIELD MUNI COM 78464A284 3,337 60,198 SH   SOLE NONE 8,798 0 51,400
SPDR BARCLAYS HIGH YIELD BOND COM 78464A417 21,045 547,616 SH   SOLE NONE 25,607 0 522,009
SPDR SP REGIONAL BANKING ETF COM 78464A698 77,660 1,758,616 SH   SOLE NONE 1,194,703 0 563,913
SPDR DOUBLELINE TR TACT ETF COM 78467V848 21,434 432,826 SH   SOLE NONE 20,032 0 412,794
SOLAR CAPITAL, LTD. COM 83413U100 222 12,307 SH   SOLE NONE 0 0 12,307
SPECTRUM PHARMACEUTICALS INC COM 84763A108 159 23,257 SH   SOLE NONE 23,257 0 0
TJX COMPANIES COM 872540109 211 3,195 SH   SOLE NONE 3,195 0 0
TAIWAN SEMICONDUCTOR MANUFACTU COM 874039100 3,573 157,345 SH   SOLE NONE 0 0 157,345
THOMPSON CREEK METALS COMPANY COM 884768102 78 95,120 SH   SOLE NONE 0 0 95,120
3M CO COM 88579Y101 3,446 22,333 SH   SOLE NONE 0 0 22,333
TIVO, INC. COM 888706108 119 11,751 SH   SOLE NONE 0 0 11,751
TRACTOR SUPPLY COM 892356106 258 2,872 SH   SOLE NONE 2,872 0 0
TWO HARBORS INVESTMENT CORP COM 90187B101 137 14,093 SH   SOLE NONE 0 0 14,093
UNILEVER PLC ADR COM 904767704 3,437 80,006 SH   SOLE NONE 0 0 80,006
UNITED PARCEL SERVICE INC (UPS COM 911312106 2,567 26,489 SH   SOLE NONE 0 0 26,489
VF CORPORATION COM 918204108 207 2,967 SH   SOLE NONE 2,967 0 0
VALERO ENERGY CORPORATION COM 91913Y100 219 3,498 SH   SOLE NONE 3,498 0 0
VANGUARD FTSE DEVELOPED MARKET COM 921943858 4,493 113,315 SH   SOLE NONE 0 0 113,315
VANGUARD SHRT-TERM INFL-PROT S COM 922020805 17,951 368,761 SH   SOLE NONE 18,372 0 350,389
VANGUARD FTSE ALL-WORLD EX-US COM 922042775 149,393 3,077,096 SH   SOLE NONE 2,135,712 0 941,384
WHITESTONE REI COM 966084204 155 11,868 SH   SOLE NONE 0 0 11,868
YUM BRANDS INC COM 988498101 3,362 37,321 SH   SOLE NONE 0 0 37,321
MARVELL TECHNOLOGY GROUP, LTD. COM G5876H105 140 10,649 SH   SOLE NONE 0 0 10,649
XL GROUP PLC COM G98290102 207 5,569 SH   SOLE NONE 5,569 0 0
BAY BANCORP INC COM 07203T106 118 22,217 SH   DFND 1 0 0 22,217
DB X-TRACKERS MSCI EAFE HEDGED COM 233051200 11,668 407,698 SH   DFND 1 0 0 407,698
FIRST TRUST NYSE ARCA BIOTECH COM 33733E203 792 6,386 SH   DFND 1 0 0 6,386
FIRST TRUST DOW JONES INTERNET COM 33733E302 790 11,759 SH   DFND 1 0 0 11,759
FIRST TRUST CONSUMER DISC ALPH COM 33734X101 768 21,034 SH   DFND 1 0 0 21,034
FIRST TRUST CONSUMER STAPLES A COM 33734X119 761 17,282 SH   DFND 1 0 0 17,282
FIRST TRUST HEALTH CARE ALPHAD COM 33734X143 798 11,594 SH   DFND 1 0 0 11,594
ISHARES MSCI BELGIUM CAPPED COM 464286301 355 20,422 SH   DFND 1 0 0 20,422
ISHARES MSCI SWITZERLAND CAPPE COM 464286749 332 10,130 SH   DFND 1 0 0 10,130
ISHARES CHINA LARGE-CAP COM 464287184 299 6,496 SH   DFND 1 0 0 6,496
ISHARES CORE US AGGREGATE BOND COM 464287226 818 7,520 SH   DFND 1 0 0 7,520
ISHARES IBOXX $ INVST GRADE CR COM 464287242 528 4,561 SH   DFND 1 0 0 4,561
ISHARES RUSSELL 1000 GROWTH COM 464287614 8,710 87,975 SH   DFND 1 0 0 87,975
ISHARES DOW JONES US COM 464287846 340 3,266 SH   DFND 1 0 0 3,266
ISHARES MSCI PHILIPPINES COM 46429B408 331 8,594 SH   DFND 1 0 0 8,594
POWERSHARES SENIOR LOAN PORT COM 73936Q769 506 21,275 SH   DFND 1 0 0 21,275
SPDR SP 500 COM 78462F103 9,304 45,190 SH   DFND 1 0 0 45,190
VANGUARD TOTAL BOND MARKET ETF COM 921937835 786 9,669 SH   DFND 1 0 0 9,669
VANGUARD TOTAL INTL BD IDX ETF COM 92203J407 298 5,687 SH   DFND 1 0 0 5,687
VANGUARD TOTAL WORLD STOCK IND COM 922042742 7,371 119,808 SH   DFND 1 0 0 119,808
VANGUARD EMERGING MARKETS STOC COM 922042858 2,961 72,427 SH   DFND 1 0 0 72,427
VANGUARD MID-CAP ETF COM 922908629 6,085 47,750 SH   DFND 1 0 0 47,750
VANGUARD VALUE ETF COM 922908744 8,722 104,644 SH   DFND 1 0 0 104,644
VANGUARD SMALL CAP ETF COM 922908751 3,128 25,751 SH   DFND 1 0 0 25,751
SPDR S&P 500 ETF TR COM 78462F103 102,945 500,000 SH Put SOLE NONE 0 0 500,000
SPDR S&P 500 ETF TR COM 78462F103 30,884 150,000 SH Put SOLE NONE 0 0 150,000
GLOBAL X FTSE GREECE 20 ETF COM 37950E366 5,030 500,000 SH Call SOLE NONE 0 0 500,000