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
ACTIVISION BLIZZARD INC COM 00507V109 1,916 29,700 SH   SOLE   29,700 0 0
ADIENT PLC COM G0084W101 722 8,600 SH   SOLE   8,600 0 0
ADOBE SYSTEMS INC COM 00724F101 1,999 13,400 SH   SOLE   13,400 0 0
AFLAC INC COM 001055102 3,964 48,700 SH   SOLE   48,700 0 0
ALEXION PHARMACEUTICALS, INC. COM 015351109 1,122 8,000 SH   SOLE   8,000 0 0
ALIBABA GROUP HLDS LTD COM 01609W102 3,854 22,313 SH   SOLE   22,313 0 0
ALLERGAN PLC COM G0177J108 3,382 16,500 SH   SOLE   16,500 0 0
ALPHABET INC - CL A COM 02079K305 8,968 9,210 SH   SOLE   9,210 0 0
ALPHABET INC NON-VOTING CL C COM 02079K107 2,398 2,500 SH   SOLE   2,500 0 0
AMAZON.COM INC. COM 023135106 5,384 5,600 SH   SOLE   5,600 0 0
AMBARELLA INC COM G037AX101 529 10,800 SH   SOLE   10,800 0 0
AMERICAN EXPRESS CO. COM 025816109 3,691 40,800 SH   SOLE   40,800 0 0
APOLLO GLOBAL MANAGEMENT COM 037612306 1,565 52,000 SH   SOLE   52,000 0 0
APPLE INC COM 037833100 27,393 177,740 SH   SOLE   177,740 0 0
AT&T INC COM 00206R102 2,418 61,740 SH   SOLE   61,740 0 0
ATRICURE INC COM 04963C209 811 36,250 SH   SOLE   36,250 0 0
BAIDU, INC. COM 056752108 1,513 6,110 SH   SOLE   6,110 0 0
BANK OF AMERICA COM 060505104 1,115 44,000 SH   SOLE   44,000 0 0
BB&T BANK COM 054937107 2,619 55,800 SH   SOLE   55,800 0 0
BIOGEN IDEC INC COM 09062X103 626 2,000 SH   SOLE   2,000 0 0
BLACKSTONE GROUP COM 09253U108 667 20,000 SH   SOLE   20,000 0 0
BRISTOL MYERS SQUIBB COM 110122108 6,164 96,700 SH   SOLE   96,700 0 0
BROADCOM LTD COM Y09827109 3,494 14,405 SH   SOLE   14,405 0 0
CELGENE CORP COM 151020104 2,041 14,000 SH   SOLE   14,000 0 0
CHEVRON COM 166764100 1,452 12,360 SH   SOLE   12,360 0 0
CHUBB LTD(old ACE LTD) COM H1467J104 9,793 68,700 SH   SOLE   68,700 0 0
CIGNA CORP COM 125509109 748 4,000 SH   SOLE   4,000 0 0
CITIGROUP COM 172967424 5,106 70,200 SH   SOLE   70,200 0 0
CME GROUP INC COM 12572Q105 2,279 16,800 SH   SOLE   16,800 0 0
COMCAST CORPORATION COM 20030N101 3,409 88,590 SH   SOLE   88,590 0 0
CTRIP.COM INTL LTD COM 22943F100 709 13,447 SH   SOLE   13,447 0 0
DEXCOM INC. COM 252131107 387 7,900 SH   SOLE   7,900 0 0
DOLBY LABORATORIES INC COM 25659T107 1,380 24,000 SH   SOLE   24,000 0 0
DOWDUPONT INC COM 26078J100 831 12,000 SH   SOLE   12,000 0 0
EDWARDS LIFESCIENCES CORP. COM 28176E108 918 8,400 SH   SOLE   8,400 0 0
EQUITY RESIDENTIAL COM 29476L107 5,240 79,480 SH   SOLE   79,480 0 0
ERICSSON COM 294821608 977 170,000 SH   SOLE   170,000 0 0
EVOLENT HEALTH INC COM 30050B101 510 28,650 SH   SOLE   28,650 0 0
EXXON COM 30231G102 6,590 80,380 SH   SOLE   80,380 0 0
FACEBOOK COM 30303M102 7,732 45,250 SH   SOLE   45,250 0 0
FIDELITY NATIONAL COM 31620M106 2,297 24,600 SH   SOLE   24,600 0 0
GENERAL ELECTRIC CO. COM 369604103 3,189 131,905 SH   SOLE   131,905 0 0
GILEAD SCIENCES INC COM 375558103 324 4,000 SH   SOLE   4,000 0 0
GOLDMAN SACHS GROUP COM 38141G104 1,779 7,500 SH   SOLE   7,500 0 0
GW PHARMACEUTICALS PLC COM 36197T103 538 5,300 SH   SOLE   5,300 0 0
INTEL CORP COM 458140100 1,661 43,630 SH   SOLE   43,630 0 0
INTERNATIONAL BUSINESS MACHINE COM 459200101 1,271 8,760 SH   SOLE   8,760 0 0
JD COM INC COM 47215P106 1,531 40,086 SH   SOLE   40,086 0 0
JOHNSON & JOHNSON COM 478160104 1,846 14,200 SH   SOLE   14,200 0 0
JP MORGAN COM 46625H100 5,540 58,000 SH   SOLE   58,000 0 0
LAM RESEARCH CORP COM 512807108 1,850 10,000 SH   SOLE   10,000 0 0
MASTERCARD INC COM 57636Q104 339 2,400 SH   SOLE   2,400 0 0
MICROSOFT CORP COM 594918104 12,701 170,505 SH   SOLE   170,505 0 0
MORGAN STANLEY COM 617446448 3,854 80,000 SH   SOLE   80,000 0 0
NASDAQ INC. COM 631103108 2,156 27,800 SH   SOLE   27,800 0 0
NETEASE INC (ADR) COM 64110W102 1,616 6,127 SH   SOLE   6,127 0 0
NEVRO CORP COM 64157F103 772 8,500 SH   SOLE   8,500 0 0
NEXTERA ENERGY INC COM 65339F101 586 4,000 SH   SOLE   4,000 0 0
NORTHERN TRUST COM 665859104 2,648 28,800 SH   SOLE   28,800 0 0
NXP SEMICONDUCTORS COM N6596X109 1,340 11,850 SH   SOLE   11,850 0 0
ON SEMICONDUCTOR CORP COM 682189105 752 40,700 SH   SOLE   40,700 0 0
ORACLE CORP COM 68389X105 6,404 132,460 SH   SOLE   132,460 0 0
ORBOTECH LTD COM M75253100 1,414 33,500 SH   SOLE   33,500 0 0
PENUMBRA INC COM 70975l107 686 7,600 SH   SOLE   7,600 0 0
PROGRESSIVE INSURANCE COM 743315103 872 18,000 SH   SOLE   18,000 0 0
PTC INC COM 69370C100 2,251 40,000 SH   SOLE   40,000 0 0
RAYTHEON & COMPANY COM 755111507 2,239 12,000 SH   SOLE   12,000 0 0
REALTY INCOME CORPORATION COM 756109104 3,014 52,700 SH   SOLE   52,700 0 0
RENAISSANCERE HLDGS LTD COM G7496G103 2,392 17,700 SH   SOLE   17,700 0 0
SALESFORCE.COM COM 79466L302 906 9,700 SH   SOLE   9,700 0 0
SHIRE PLC-ADR COM 82481R106 873 5,700 SH   SOLE   5,700 0 0
SPIRIT AEROSYSTEMS HLDGS INC COM 848574109 2,021 26,000 SH   SOLE   26,000 0 0
ST MICRO ELECTRONICS COM 861012102 1,315 67,710 SH   SOLE   67,710 0 0
SUMMIT MATERIALS INC COM 86614U100 2,042 63,756 SH   SOLE   63,756 0 0
TEREDATA CORP COM 88076W103 1,304 38,600 SH   SOLE   38,600 0 0
TESLA MOTORS, INC. COM 88160R101 2,377 6,970 SH   SOLE   6,970 0 0
TEVA PHARMACEUTICAL-SP ADR COM 881624209 317 18,000 SH   SOLE   18,000 0 0
TEXAS INSTRUMENTS COM 882508104 731 8,160 SH   SOLE   8,160 0 0
THE BOEING CO COM 097023105 3,203 12,600 SH   SOLE   12,600 0 0
THE CARLYLE GROUP COM 14309L102 1,279 54,200 SH   SOLE   54,200 0 0
THE PRICELINE GROUP INC COM 741503403 1,098 600 SH   SOLE   600 0 0
TRANSOCEAN INC COM H8817H100 1,609 149,500 SH   SOLE   149,500 0 0
TRAVELERS COMPANIES ORD COM 89417E109 2,836 23,150 SH   SOLE   23,150 0 0
TWILIO INC. COM 90138F102 582 19,500 SH   SOLE   19,500 0 0
UNITEDHEALTH GROUP COM 91324P102 3,868 19,750 SH   SOLE   19,750 0 0
US BANCORP COM 902973304 2,562 47,800 SH   SOLE   47,800 0 0
US CONCRETE INC COM 90333L201 1,068 14,000 SH   SOLE   14,000 0 0
VERIZON COMMUNICATION INC. COM 92343V104 4,209 85,045 SH   SOLE   85,045 0 0
VISA INC COM 92826C839 2,896 27,515 SH   SOLE   27,515 0 0
VORNADO REALTY TRUST COM 929042109 692 9,000 SH   SOLE   9,000 0 0
WALT DISNEY CO. COM 254687106 3,066 31,100 SH   SOLE   31,100 0 0
WEIBO CORP ADR COM 948596101 995 10,061 SH   SOLE   10,061 0 0
CONSUMER STAPLES SPDR ETF 81369Y308 77,855 1,442,300 SH   SOLE   1,442,300 0 0
DB COMMODITY INDEX FUND ETF 73935S105 3,927 255,000 SH   SOLE   255,000 0 0
ISHARE MSCI EMERGING MARKETS E ETF 464287234 33,025 737,000 SH   SOLE   737,000 0 0
ISHARES CORE MSCI EMERGING MKT ETF 46434G103 107,365 1,987,509 SH   SOLE   1,987,509 0 0
ISHARES CORE TOTAL US BOND ETF ETF 464287226 25,337 231,200 SH   SOLE   231,200 0 0
ISHARES DJ US REAL ESTATE ETF 464287739 154,464 1,933,700 SH   SOLE   1,933,700 0 0
ISHARES JAPAN ETF 46434G822 34,096 612,035 SH   SOLE   612,035 0 0
ISHARES MSCI AUSTRALIA INDEX F ETF 464286103 21,197 944,600 SH   SOLE   944,600 0 0
ISHARES MSCI CANADA INDEX ETF 464286509 34,463 1,190,829 SH   SOLE   1,190,829 0 0
ISHARES MSCI EAFE GROWTH ETF 464288885 15,291 197,584 SH   SOLE   197,584 0 0
ISHARES MSCI EAFE SMALL CAP ETF 464288273 17,248 278,186 SH   SOLE   278,186 0 0
ISHARES MSCI EAFE VALUE ETF 464288877 14,658 268,463 SH   SOLE   268,463 0 0
ISHARES MSCI EUROPE FINANCIALS ETF 464289180 16,671 710,000 SH   SOLE   710,000 0 0
ISHARES MSCI UNITED KINGDOM ETF 46435G334 7,601 218,110 SH   SOLE   218,110 0 0
ISHARES MSCI USA MOMENTUM FACT ETF 46432F396 1,275 13,328 SH   SOLE   13,328 0 0
ISHARES NASDAQ BIOTECH ETF 464287556 36,628 109,800 SH   SOLE   109,800 0 0
ISHARES S&P 500 GROWTH ETF ETF 464287309 19,244 134,179 SH   SOLE   134,179 0 0
ISHARES S&P 500 VALUE ETF ETF 464287408 12,624 116,987 SH   SOLE   116,987 0 0
ISHARES S&P MIDCAP 400/GROWTH ETF 464287606 10,529 52,031 SH   SOLE   52,031 0 0
ISHARES S&P MIDCAP 400/VALUE E ETF 464287705 6,818 44,642 SH   SOLE   44,642 0 0
POWERSHARES S&P 500 QUALITY ETF 73935X682 1,167 40,546 SH   SOLE   40,546 0 0
RUSSELL 2000 INDEX FUND ETF 464287655 11,300 76,258 SH   SOLE   76,258 0 0
S&P 500 PURE GROWTH ETF 78355W403 656 6,560 SH   SOLE   6,560 0 0
S&P 500 PURE VALUE ETF 78355W304 619 10,055 SH   SOLE   10,055 0 0
SELECT SECTOR SPDR- REAL ESTAT ETF 81369Y860 19,888 616,882 SH   SOLE   616,882 0 0
SELECT SECTOR SPDR-CONSUMER DI ETF 81369Y407 97,437 1,081,670 SH   SOLE   1,081,670 0 0
SELECT SECTOR SPDR-ENERGY ETF 81369Y506 167,212 2,441,769 SH   SOLE   2,441,769 0 0
SELECT SECTOR SPDR-FINANCIAL ETF 81369Y605 111,926 4,328,142 SH   SOLE   4,328,142 0 0
SELECT SECTOR SPDR-HEALTH CARE ETF 81369Y209 119,971 1,467,890 SH   SOLE   1,467,890 0 0
SELECT SECTOR SPDR-INDUSTRIAL ETF 81369Y704 90,922 1,280,590 SH   SOLE   1,280,590 0 0
SELECT SECTOR SPDR-MATERIALS ETF 81369Y100 26,706 470,180 SH   SOLE   470,180 0 0
SELECT SECTOR SPDR-TECHNOLOGY ETF 81369Y803 171,779 2,906,584 SH   SOLE   2,906,584 0 0
SELECT SECTOR SPDR-UTILITIES ETF 81369Y886 64,164 1,209,500 SH   SOLE   1,209,500 0 0
SPDR S&P BANK ETF ETF 78464A797 5,163 114,500 SH   SOLE   114,500 0 0
SPDR S&P OIL & GAS EXPLORATION ETF 78464A730 10,738 315,000 SH   SOLE   315,000 0 0
SPDR-S&P 500 INDEX ETF 78462F103 60,837 242,155 SH   SOLE   242,155 0 0
VANECK VECTORS GOLD MINERS ETF 92189F106 3,444 150,000 SH   SOLE   150,000 0 0
VANECK VECTORS JUNIOR GOLD MIN ETF 92189F791 4,031 120,000 SH   SOLE   120,000 0 0
VANGUARD FTSE EUROPE ETF ETF 922042874 24,212 415,090 SH   SOLE   415,090 0 0