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
ALEXION PHARMACEUTICALS, INC. COM 015351109 2,335 20,000 SH   SOLE   20,000 0 0
ALLERGAN PLC COM G0177J108 4,622 20,000 SH   SOLE   20,000 0 0
ALPHABET INC - CL A COM 02079K305 3,307 4,700 SH   SOLE   4,700 0 0
ALPHABET INC NON-VOTING CL C COM 02079K107 1,249 1,805 SH   SOLE   1,805 0 0
AMAZON.COM INC. COM 023135106 4,652 6,500 SH   SOLE   6,500 0 0
AMERICAN EXPRESS CO. COM 025816109 2,916 48,000 SH   SOLE   48,000 0 0
APPLE INC COM 037833100 5,707 59,700 SH   SOLE   59,700 0 0
BANK OF AMERICA COM 060505104 7,179 541,000 SH   SOLE   541,000 0 0
BHP BILLITON LTD - SPON ADR COM 088606108 428 15,000 SH   SOLE   15,000 0 0
BNP PARIBAS COM 05565A202 1,104 50,000 SH   SOLE   50,000 0 0
BRISTOL MYERS SQUIBB COM 110122108 883 12,000 SH   SOLE   12,000 0 0
BROADCOM LTD COM Y09827109 1,026 6,605 SH   SOLE   6,605 0 0
CATERPILLAR INC COM 149123101 2,274 30,000 SH   SOLE   30,000 0 0
CELANESE CORP-SERIES A COM 150870103 393 6,000 SH   SOLE   6,000 0 0
CHARLES SCHWAB CORP COM 808513105 759 30,000 SH   SOLE   30,000 0 0
CITIGROUP COM 172967424 6,486 153,000 SH   SOLE   153,000 0 0
CITRIX SYSTEM COM 177376100 400 5,000 SH   SOLE   5,000 0 0
COMCAST CORPORATION COM 20030N101 2,608 40,000 SH   SOLE   40,000 0 0
COMERICA INC. COM 200340107 6,811 165,600 SH   SOLE   165,600 0 0
CUMMINS, INC. COM 231021106 2,249 20,000 SH   SOLE   20,000 0 0
DEERE & CO COM 244199105 2,107 26,000 SH   SOLE   26,000 0 0
DENTSPLY INTL INC COM 24906P109 2,482 40,000 SH   SOLE   40,000 0 0
DEXCOM INC. COM 252131107 3,491 44,000 SH   SOLE   44,000 0 0
DISCOVER FINANCIAL SERVICES COM 254709108 675 12,600 SH   SOLE   12,600 0 0
DRYSHIPS, INC. COM Y2109Q127 12 21,833 SH   SOLE   21,833 0 0
EDWARDS LIFESCIENCES CORP. COM 28176E108 3,032 30,400 SH   SOLE   30,400 0 0
EMERSON ELECTRIC CO COM 291011104 2,295 44,000 SH   SOLE   44,000 0 0
EVEREST RE GROUP COM G3223R108 767 4,200 SH   SOLE   4,200 0 0
EXPRESS SCRIPTS, INC COM 30219G108 6,064 80,000 SH   SOLE   80,000 0 0
FACEBOOK COM 30303M102 2,800 24,500 SH   SOLE   24,500 0 0
FASTENAL CO COM 311900104 2,308 52,000 SH   SOLE   52,000 0 0
FIDELITY NATIONAL COM 31620M106 1,326 18,000 SH   SOLE   18,000 0 0
FIFTH THIRD BANK CORP COM 316773100 5,031 286,000 SH   SOLE   286,000 0 0
GILEAD SCIENCES INC COM 375558103 1,606 19,250 SH   SOLE   19,250 0 0
GOLDMAN SACHS GROUP COM 38141G104 2,972 20,000 SH   SOLE   20,000 0 0
HEWLETT PACKARD COM 40434L105 1,330 106,000 SH   SOLE   106,000 0 0
INTEL CORP COM 458140100 1,542 47,000 SH   SOLE   47,000 0 0
JP MORGAN COM 46625H100 9,532 153,400 SH   SOLE   153,400 0 0
KUSHNER-LOCKE CO COM 501337109 0 352,050 SH   SOLE   352,050 0 0
LONGTOP FINANCIAL ADR COM 543189108 3 94,200 SH   SOLE   94,200 0 0
MASCO CORP COM 574599106 1,114 36,000 SH   SOLE   36,000 0 0
MERCK & CO. INC. COM 58933Y105 3,457 60,000 SH   SOLE   60,000 0 0
MICROSOFT CORP COM 594918104 3,019 59,000 SH   SOLE   59,000 0 0
MORGAN STANLEY COM 617446448 3,832 147,500 SH   SOLE   147,500 0 0
NAVIOS MARITIME HOLDINGS INC. COM Y62196103 20 25,000 SH   SOLE   25,000 0 0
NXP SEMICONDUCTORS COM N6596X109 4,630 59,100 SH   SOLE   59,100 0 0
ON SEMICONDUCTOR CORP COM 682189105 1,411 160,000 SH   SOLE   160,000 0 0
ORACLE CORP COM 68389X105 7,899 193,000 SH   SOLE   193,000 0 0
PACIFIC DRILLING COM L7257P114 72 10,000 SH   SOLE   10,000 0 0
PALO ALTO NETWORKS INC COM 697435105 245 2,000 SH   SOLE   2,000 0 0
PANDORA MEDIA INC COM 698354107 2,341 188,000 SH   SOLE   188,000 0 0
PULTE GROUP COM 745867101 5,262 270,000 SH   SOLE   270,000 0 0
PVTPL GDR LEVANESE CO FOR DEV COM 522386101 395 42,264 SH   SOLE   42,264 0 0
RIO TINTO -ADR COM 767204100 438 14,000 SH   SOLE   14,000 0 0
SEAGATE TECHNOLOGY HOLDINGS COM G7945M107 1,705 70,000 SH   SOLE   70,000 0 0
SHIRE PLC-ADR COM 82481R106 3,866 21,000 SH   SOLE   21,000 0 0
SIGNATURE BANK COM 82669G104 3,648 29,200 SH   SOLE   29,200 0 0
ST MICRO ELECTRONICS COM 861012102 1,060 180,000 SH   SOLE   180,000 0 0
STONEPATH GROUP INC COM 861837102 1 679,800 SH   SOLE   679,800 0 0
SVB FINANCIAL GROUP COM 78486Q101 761 8,000 SH   SOLE   8,000 0 0
TEXAS CAPITAL BANCSHARES INC COM 88224Q107 4,218 90,200 SH   SOLE   90,200 0 0
TEXAS INSTRUMENTS COM 882508104 752 12,000 SH   SOLE   12,000 0 0
TRANSOCEAN INC COM H8817H100 416 35,000 SH   SOLE   35,000 0 0
TWITTER INC COM 90184L102 3,450 204,000 SH   SOLE   204,000 0 0
UNITED THERAPEUTICS CORP COM 91307C102 2,690 25,400 SH   SOLE   25,400 0 0
VOLKSWAGEN AG COM 928662303 2,247 84,000 SH   SOLE   84,000 0 0
WALT DISNEY CO. COM 254687106 1,839 18,800 SH   SOLE   18,800 0 0
WESTERN DIGITAL CORP COM 958102105 614 13,000 SH   SOLE   13,000 0 0
ZYNGA, INC. COM 98986T108 3,075 1,235,000 SH   SOLE   1,235,000 0 0
CCL INDUSTRIES CLB (2417028) COM 2159795 1,731 10,000 SH   SOLE   10,000 0 0
CONSUMER STAPLES SPDR ETF 81369Y308 30,692 556,512 SH   SOLE   556,512 0 0
DB COMMODITY INDEX FUND ETF 73935S105 3,914 255,000 SH   SOLE   255,000 0 0
ISHARE MSCI EMERGING MARKETS E ETF 464287234 12,713 370,000 SH   SOLE   370,000 0 0
ISHARES CORE MSCI EMERGING MKT ETF 46434G103 53,198 1,271,472 SH   SOLE   1,271,472 0 0
ISHARES CORE S&P MIDCAP ETF ETF 464287507 3,010 20,150 SH   SOLE   20,150 0 0
ISHARES CORE TOTAL US BOND ETF ETF 464287226 24,944 221,500 SH   SOLE   221,500 0 0
ISHARES JAPAN ETF 464286848 4,680 407,000 SH   SOLE   407,000 0 0
ISHARES MSCI AUSTRALIA INDEX F ETF 464286103 10,950 563,000 SH   SOLE   563,000 0 0
ISHARES MSCI CANADA INDEX ETF 464286509 16,746 683,235 SH   SOLE   683,235 0 0
ISHARES MSCI EAFE GROWTH ETF 464288885 2,579 39,420 SH   SOLE   39,420 0 0
ISHARES MSCI EAFE SMALL CAP ETF 464288273 1,556 32,250 SH   SOLE   32,250 0 0
ISHARES MSCI EAFE VALUE ETF 464288877 1,622 37,777 SH   SOLE   37,777 0 0
ISHARES MSCI UNITED KINGDOM ETF 46434V548 2,136 139,000 SH   SOLE   139,000 0 0
ISHARES MSCI USA MOMENTUM FACT ETF 46432F396 6,406 83,847 SH   SOLE   83,847 0 0
ISHARES S&P 500 GROWTH ETF ETF 464287309 1,684 14,446 SH   SOLE   14,446 0 0
ISHARES S&P 500 VALUE ETF ETF 464287408 4,133 44,492 SH   SOLE   44,492 0 0
ISHARES S&P MIDCAP 400/GROWTH ETF 464287606 6,566 38,825 SH   SOLE   38,825 0 0
ISHARES S&P MIDCAP 400/VALUE E ETF 464287705 3,414 26,663 SH   SOLE   26,663 0 0
ISHARES S&P100 ETF ETF 464287101 12,899 138,847 SH   SOLE   138,847 0 0
JP MORGAN ALERIAN MLP ETF 46625H365 7,157 225,000 SH   SOLE   225,000 0 0
NASDAQ 100 MFC POWERSHARES ETF 73935A104 10,754 100,000 SH   SOLE   100,000 0 0
POWERSHARES BUYBACK ACHIEVERS ETF 73935X286 3,049 67,459 SH   SOLE   67,459 0 0
POWERSHARES S&P 500 QUALITY ETF 73935X682 3,583 144,318 SH   SOLE   144,318 0 0
PROSHARES S&P500 HI DIV ETF 73937B654 2,278 59,546 SH   SOLE   59,546 0 0
RUSSELL 2000 INDEX FUND ETF 464287655 41,946 364,807 SH   SOLE   364,807 0 0
S&P 500 PURE GROWTH ETF 78355W403 3,045 37,633 SH   SOLE   37,633 0 0
S&P 500 PURE VALUE ETF 78355W304 1,947 38,183 SH   SOLE   38,183 0 0
SELECT SECTOR SPDR-CONSUMER DI ETF 81369Y407 77,260 989,751 SH   SOLE   989,751 0 0
SELECT SECTOR SPDR-ENERGY ETF 81369Y506 42,679 625,420 SH   SOLE   625,420 0 0
SELECT SECTOR SPDR-FINANCIAL ETF 81369Y605 90,305 3,951,218 SH   SOLE   3,951,218 0 0
SELECT SECTOR SPDR-HEALTH CARE ETF 81369Y209 65,911 919,200 SH   SOLE   919,200 0 0
SELECT SECTOR SPDR-INDUSTRIAL ETF 81369Y704 55,648 993,539 SH   SOLE   993,539 0 0
SELECT SECTOR SPDR-MATERIALS ETF 81369Y100 18,209 392,950 SH   SOLE   392,950 0 0
SELECT SECTOR SPDR-TECHNOLOGY ETF 81369Y803 102,447 2,362,165 SH   SOLE   2,362,165 0 0
SELECT SECTOR SPDR-UTILITIES ETF 81369Y886 1,762 33,575 SH   SOLE   33,575 0 0
SPDR S&P OIL & GAS EXPLORATION ETF 78464A730 24,228 696,000 SH   SOLE   696,000 0 0
SPDR-S&P 500 INDEX ETF 78462F103 36,511 174,300 SH   SOLE   174,300 0 0
SPDR-S&P DIVIDEND ETF 78464A763 5,372 64,017 SH   SOLE   64,017 0 0
VANECK VECTORS OIL SERVICES ET ETF 92189F718 907 31,000 SH   SOLE   31,000 0 0
VANGUARD FTSE DEVELOPED MARKET ETF 921943858 36,774 1,040,000 SH   SOLE   1,040,000 0 0
VANGUARD FTSE EUROPE ETF ETF 922042874 980 21,000 SH   SOLE   21,000 0 0