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
AKRE FOCUS FUND INSTL INSTL 742935125 4,334 170,685 SH   SOLE 0 170,685 0 0
AKRE FOCUS FUND RETAIL RETAIL 742935117 2,167 86,683 SH   SOLE 0 86,683 0 0
ALPHABET INC CAP STK CL A CL A 02079K305 14,069 17,497 SH   SOLE 0 17,497 0 0
ALPHABET INC CAP STK CL C CL C 02079K107 12,106 15,574 SH   SOLE 0 15,574 0 0
APPLE INC COM 037833100 2,514 22,235 SH   SOLE 0 22,235 0 0
COSTCO WHOLESALE CORP COM 22160K105 595 3,904 SH   SOLE 0 3,904 0 0
DOUBLELINE SHILLER ENHANCED CAP CL I CL I 258620822 55,392 4,075,945 SH   SOLE 0 4,075,945 0 0
DOUBLELINE SHILLER ENHANCED CAP CL N CL N 258620814 5,224 384,685 SH   SOLE 0 384,685 0 0
DOUBLELINE TOTAL RETURN BOND FD CL I CL I 258620103 201 18,416 SH   SOLE 0 18,416 0 0
FACEBOOK INC COM USD0.000006 CL A CL A 30303M102 1,053 8,206 SH   SOLE 0 8,206 0 0
GILEAD SCIENCES INC COM 375558103 2,198 27,782 SH   SOLE 0 27,782 0 0
GOLDMAN SACHS SMALL/ MID CAP GRWTH CL A CL A 38143H779 221 11,215 SH   SOLE 0 11,215 0 0
ISHARES CORE S&P 500 ETF ETF 464287200 51,538 236,892 SH   SOLE 0 236,892 0 0
ISHARES CORE S&P MID-CAP ETF ETF 464287507 33,893 219,073 SH   SOLE 0 219,073 0 0
ISHARES EDGE MSCI MIN VOL USA ETF ETF 46429B697 8,599 189,272 SH   SOLE 0 189,272 0 0
ISHARES RUSSELL 1000 ETF ETF 464287622 12,046 99,999 SH   SOLE 0 99,999 0 0
ISHARES S&P 500 VALUE ETF ETF 464287408 3,952 41,618 SH   SOLE 0 41,618 0 0
ISHARES S&P MID CAP 400 GROWTH ETF ETF 464287606 434 2,486 SH   SOLE 0 2,486 0 0
ISHARES S&P MIDCAP 400 VALUE ETF ETF 464287705 465 3,499 SH   SOLE 0 3,499 0 0
ISHARES TR MSCI ACWI EX US ETF 464288240 206 4,967 SH   SOLE 0 4,967 0 0
NUVEEN CALIFORNIA HIGH YIELD MUNI BD I CL I 67065N555 11,850 1,181,419 SH   SOLE 0 1,181,419 0 0
NUVEEN CALIFORNIA HIGH YLD MUNI BD A CL A 67065N589 316 31,484 SH   SOLE 0 31,484 0 0
NUVEEN HIGH YIELD MUNICIPAL CLASS I CL I 67065Q772 658 36,901 SH   SOLE 0 36,901 0 0
OPPENHEIMER INTL SML MID COMPANY CL A CL A 68380U100 1,181 30,152 SH   SOLE 0 30,152 0 0
PIMCO INCOME FUND INSTITUTIONAL FUND INSTL 72201F490 7,613 631,244 SH   SOLE 0 631,244 0 0
PIMCO INV GRADE CORP BOND INSTL INSTL 722005816 2,423 228,822 SH   SOLE 0 228,822 0 0
POWERSHARES QQQ TR UNIT SER 1 ETF 73935A104 15,663 131,931 SH   SOLE 0 131,931 0 0
RYDEX LARGE CAP VALUE H CLASS CL H 78355E676 3,220 23,188 SH   SOLE 0 23,188 0 0
SALESFORCE.COM INC COM 79466L302 574 8,046 SH   SOLE 0 8,046 0 0
SECTOR SPDR TR SHS BEN INT TECHNOLOGY ETF 81369Y803 18,743 392,286 SH   SOLE 0 392,286 0 0
SELECT SECTOR SPDR TR CONSUMER DISCRETIONARY ETF 81369Y407 7,101 88,722 SH   SOLE 0 88,722 0 0
TWILIO INC - A CL A 90138F102 284 4,418 SH   SOLE 0 4,418 0 0
VANECK VECTORS SEMICONDUCTOR ETF 92189F676 205 2,952 SH   SOLE 0 2,952 0 0
WHITE MOUNTAINS INSURANCE GROUP COM USD1 COM G9618E107 938 1,130 SH   SOLE 0 1,130 0 0