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
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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
ALLERGAN PLC COM G0177J108 6,326 23,600 SH   SOLE   23,600 0 0
ALPHABET INC - CL A COM 02079K305 6,408 8,400 SH   SOLE   8,400 0 0
ALPHABET INC NON-VOTING CL C COM 02079K107 1,345 1,805 SH   SOLE   1,805 0 0
AMAZON.COM INC. COM 023135106 3,384 5,700 SH   SOLE   5,700 0 0
APPLE INC COM 037833100 7,466 68,500 SH   SOLE   68,500 0 0
BANK OF AMERICA COM 060505104 3,083 228,000 SH   SOLE   228,000 0 0
BB&T BANK COM 054937107 433 13,000 SH   SOLE   13,000 0 0
BHP BILLITON LTD - SPON ADR COM 088606108 388 15,000 SH   SOLE   15,000 0 0
BNP PARIBAS COM 05565A202 1,260 50,000 SH   SOLE   50,000 0 0
BRISTOL MYERS SQUIBB COM 110122108 767 12,000 SH   SOLE   12,000 0 0
CARDICA INC. COM 14141R309 75 21,000 SH   SOLE   21,000 0 0
CELANESE CORP-SERIES A COM 150870103 786 12,000 SH   SOLE   12,000 0 0
CITIGROUP COM 172967424 1,127 27,000 SH   SOLE   27,000 0 0
CITRIX SYSTEM COM 177376100 1,572 20,000 SH   SOLE   20,000 0 0
COMCAST CORPORATION COM 20030N101 1,710 28,000 SH   SOLE   28,000 0 0
COMERICA INC. COM 200340107 379 10,000 SH   SOLE   10,000 0 0
DISCOVER FINANCIAL SERVICES COM 254709108 642 12,600 SH   SOLE   12,600 0 0
DRYSHIPS, INC. COM Y2109Q127 51 21,833 SH   SOLE   21,833 0 0
FACEBOOK COM 30303M102 2,567 22,500 SH   SOLE   22,500 0 0
FIFTH THIRD BANK CORP COM 316773100 401 24,000 SH   SOLE   24,000 0 0
GENERAL ELECTRIC CO. COM 369604103 1,526 48,000 SH   SOLE   48,000 0 0
GILEAD SCIENCES INC COM 375558103 942 10,250 SH   SOLE   10,250 0 0
GOLDMAN SACHS GROUP COM 38141G104 2,967 18,900 SH   SOLE   18,900 0 0
HEWLETT PACKARD COM 40434L105 1,306 106,000 SH   SOLE   106,000 0 0
INTEL CORP COM 458140100 1,520 47,000 SH   SOLE   47,000 0 0
JP MORGAN COM 46625H100 6,035 101,900 SH   SOLE   101,900 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
LYDONDELLBASELL INDU - CL A COM N53745100 411 4,800 SH   SOLE   4,800 0 0
M&T BANK COM 55261F104 422 3,800 SH   SOLE   3,800 0 0
MERCK & CO. INC. COM 58933Y105 794 15,000 SH   SOLE   15,000 0 0
MICROSOFT CORP COM 594918104 4,556 82,500 SH   SOLE   82,500 0 0
MORGAN STANLEY COM 617446448 2,951 118,000 SH   SOLE   118,000 0 0
NAVIOS MARITIME HOLDINGS INC. COM Y62196103 28 25,000 SH   SOLE   25,000 0 0
NXP SEMICONDUCTORS COM N6596X109 4,224 52,100 SH   SOLE   52,100 0 0
ORACLE CORP COM 68389X105 6,668 163,000 SH   SOLE   163,000 0 0
PACIFIC DRILLING COM L7257P106 49 100,000 SH   SOLE   100,000 0 0
PALO ALTO NETWORKS INC COM 697435105 326 2,000 SH   SOLE   2,000 0 0
PANDORA MEDIA INC COM 698354107 1,754 196,000 SH   SOLE   196,000 0 0
PRUDENTIAL PLC COM 74435k204 744 20,000 SH   SOLE   20,000 0 0
PVTPL GDR LEVANESE CO FOR DEV COM 522386101 434 42,264 SH   SOLE   42,264 0 0
REGENERON PHARMACTCLS COM 75886F107 721 2,000 SH   SOLE   2,000 0 0
RIO TINTO -ADR COM 767204100 396 14,000 SH   SOLE   14,000 0 0
SEAGATE TECHNOLOGY HOLDINGS COM G7945M107 689 20,000 SH   SOLE   20,000 0 0
STONEPATH GROUP INC COM 861837102 0 679,800 SH   SOLE   679,800 0 0
SUNTRUST BANKS INC COM 867914103 397 11,000 SH   SOLE   11,000 0 0
TEXAS INSTRUMENTS COM 882508104 2,526 44,000 SH   SOLE   44,000 0 0
TRANSOCEAN INC COM H8817H100 320 35,000 SH   SOLE   35,000 0 0
TWITTER INC COM 90184L102 728 44,000 SH   SOLE   44,000 0 0
US BANCORP COM 902973304 406 10,000 SH   SOLE   10,000 0 0
WELLS FARGO&COMPANY COM 949746101 411 8,500 SH   SOLE   8,500 0 0
ZYNGA, INC. COM 98986T108 2,816 1,235,000 SH   SOLE   1,235,000 0 0
CONSUMER STAPLES SPDR ETF 81369Y308 54,334 1,024,012 SH   SOLE   1,024,012 0 0
DB COMMODITY INDEX FUND ETF 73935S105 2,148 161,600 SH   SOLE   161,600 0 0
ISHARE MSCI EMERGING MARKETS E ETF 464287234 23,975 700,000 SH   SOLE   700,000 0 0
ISHARES CORE MSCI EMERGING MKT ETF 46434G103 53,220 1,278,718 SH   SOLE   1,278,718 0 0
ISHARES CORE TOTAL US BOND ETF ETF 464287226 24,548 221,500 SH   SOLE   221,500 0 0
ISHARES JAPAN ETF 464286848 14,719 1,290,000 SH   SOLE   1,290,000 0 0
ISHARES MSCI AUSTRALIA INDEX F ETF 464286103 10,877 563,000 SH   SOLE   563,000 0 0
ISHARES MSCI CANADA INDEX ETF 464286509 13,935 587,736 SH   SOLE   587,736 0 0
ISHARES MSCI EAFE GROWTH ETF 464288885 2,290 34,801 SH   SOLE   34,801 0 0
ISHARES MSCI EAFE SMALL CAP ETF 464288273 1,496 30,036 SH   SOLE   30,036 0 0
ISHARES MSCI EAFE VALUE ETF 464288877 1,695 37,777 SH   SOLE   37,777 0 0
ISHARES MSCI UNITED KINGDOM ETF 46434V548 6,256 399,000 SH   SOLE   399,000 0 0
ISHARES MSCI USA MOMENTUM FACT ETF 46432F396 6,074 83,093 SH   SOLE   83,093 0 0
ISHARES S&P MIDCAP 400/GROWTH ETF 464287606 4,941 30,388 SH   SOLE   30,388 0 0
ISHARES S&P MIDCAP 400/VALUE E ETF 464287705 4,505 36,316 SH   SOLE   36,316 0 0
ISHARES S&P100 ETF ETF 464287101 19,836 217,097 SH   SOLE   217,097 0 0
JP MORGAN ALERIAN MLP ETF 46625H365 4,063 150,000 SH   SOLE   150,000 0 0
NASDAQ 100 MFC POWERSHARES ETF 73935A104 19,023 174,200 SH   SOLE   174,200 0 0
POWERSHARES BUYBACK ACHIEVERS ETF 73935X286 6,049 133,474 SH   SOLE   133,474 0 0
POWERSHARES S&P 500 QUALITY ETF 73935X682 4,542 184,624 SH   SOLE   184,624 0 0
PROSHARES S&P500 HI DIV ETF 73937B654 6,342 170,842 SH   SOLE   170,842 0 0
PUREFD SEC ETF ETF 30304R407 1,318 55,000 SH   SOLE   55,000 0 0
RUSSELL 2000 INDEX FUND ETF 464287655 5,339 48,260 SH   SOLE   48,260 0 0
S&P 500 PURE GROWTH ETF 78355W403 1,525 19,202 SH   SOLE   19,202 0 0
SELECT SECTOR SPDR-CONSUMER DI ETF 81369Y407 83,551 1,056,270 SH   SOLE   1,056,270 0 0
SELECT SECTOR SPDR-ENERGY ETF 81369Y506 42,642 689,000 SH   SOLE   689,000 0 0
SELECT SECTOR SPDR-FINANCIAL ETF 81369Y605 107,773 4,789,900 SH   SOLE   4,789,900 0 0
SELECT SECTOR SPDR-HEALTH CARE ETF 81369Y209 84,300 1,243,726 SH   SOLE   1,243,726 0 0
SELECT SECTOR SPDR-INDUSTRIAL ETF 81369Y704 64,272 1,158,687 SH   SOLE   1,158,687 0 0
SELECT SECTOR SPDR-MATERIALS ETF 81369Y100 16,873 376,550 SH   SOLE   376,550 0 0
SELECT SECTOR SPDR-TECHNOLOGY ETF 81369Y803 110,934 2,500,765 SH   SOLE   2,500,765 0 0
SELECT SECTOR SPDR-UTILITIES ETF 81369Y886 11,183 225,377 SH   SOLE   225,377 0 0
SPDR S&P 500 GROWTH ETF 78464A409 3,600 35,806 SH   SOLE   35,806 0 0
SPDR S&P 500 VALUE ETF 78464A508 4,789 49,109 SH   SOLE   49,109 0 0
SPDR-S&P 500 INDEX ETF 78462F103 55,593 270,500 SH   SOLE   270,500 0 0
SPDR-S&P DIVIDEND ETF 78464A763 4,148 51,898 SH   SOLE   51,898 0 0
VANGUARD FTSE DEVELOPED MARKET ETF 921943858 42,356 1,180,500 SH   SOLE   1,180,500 0 0
VANGUARD FTSE EUROPE ETF ETF 922042874 25,133 518,000 SH   SOLE   518,000 0 0