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
ADOBE SYSTEMS INC COM 00724F101 1,454 13,400 SH   SOLE   13,400 0 0
AFFILIATED MANAGERS GROUP COM 008252108 723 5,000 SH   SOLE   5,000 0 0
ALEXION PHARMACEUTICALS, INC. COM 015351109 3,627 29,600 SH   SOLE   29,600 0 0
ALLERGAN PLC COM G0177J108 2,303 10,000 SH   SOLE   10,000 0 0
ALPHABET INC - CL A COM 02079K305 3,779 4,700 SH   SOLE   4,700 0 0
ALPHABET INC NON-VOTING CL C COM 02079K107 2,021 2,600 SH   SOLE   2,600 0 0
AMAZON.COM INC. COM 023135106 5,443 6,500 SH   SOLE   6,500 0 0
AMERICAN EXPRESS CO. COM 025816109 768 12,000 SH   SOLE   12,000 0 0
APPLE INC COM 037833100 8,795 77,800 SH   SOLE   77,800 0 0
AT&T INC COM 00206R102 2,030 50,000 SH   SOLE   50,000 0 0
BAKER HUGHES INCORPORATED COM 057224107 1,009 20,000 SH   SOLE   20,000 0 0
BROADCOM LTD COM Y09827109 1,830 10,605 SH   SOLE   10,605 0 0
CATERPILLAR INC COM 149123101 666 7,500 SH   SOLE   7,500 0 0
CITIGROUP COM 172967424 2,645 56,000 SH   SOLE   56,000 0 0
CITRIX SYSTEM COM 177376100 426 5,000 SH   SOLE   5,000 0 0
CME GROUP INC COM 12572Q105 1,254 12,000 SH   SOLE   12,000 0 0
COMCAST CORPORATION COM 20030N101 2,654 40,000 SH   SOLE   40,000 0 0
COMERICA INC. COM 200340107 2,506 52,950 SH   SOLE   52,950 0 0
DENTSPLY INTL INC COM 24906P109 2,377 40,000 SH   SOLE   40,000 0 0
DEXCOM INC. COM 252131107 1,929 22,000 SH   SOLE   22,000 0 0
DISCOVER FINANCIAL SERVICES COM 254709108 792 14,000 SH   SOLE   14,000 0 0
DOLBY LABORATORIES INC COM 25659T107 760 14,000 SH   SOLE   14,000 0 0
EDWARDS LIFESCIENCES CORP. COM 28176E108 3,665 30,400 SH   SOLE   30,400 0 0
EXPRESS SCRIPTS, INC COM 30219G108 2,398 34,000 SH   SOLE   34,000 0 0
FACEBOOK COM 30303M102 4,041 31,500 SH   SOLE   31,500 0 0
FIDELITY NATIONAL COM 31620M106 1,387 18,000 SH   SOLE   18,000 0 0
FITBIT INC COM 33812L102 1,781 120,000 SH   SOLE   120,000 0 0
GILEAD SCIENCES INC COM 375558103 1,523 19,250 SH   SOLE   19,250 0 0
HALLIBURTON COM 406216101 1,077 24,000 SH   SOLE   24,000 0 0
HEWLETT PACKARD COM 40434L105 1,646 106,000 SH   SOLE   106,000 0 0
INTEL CORP COM 458140100 1,774 47,000 SH   SOLE   47,000 0 0
INTERNATIONAL BUSINESS MACHINE COM 459200101 1,334 8,400 SH   SOLE   8,400 0 0
JP MORGAN COM 46625H100 3,862 58,000 SH   SOLE   58,000 0 0
KUSHNER-LOCKE CO COM 501337109 0 352,050 SH   SOLE   352,050 0 0
LAM RESEARCH CORP COM 512807108 947 10,000 SH   SOLE   10,000 0 0
LONGTOP FINANCIAL ADR COM 543189108 3 94,200 SH   SOLE   94,200 0 0
MASCO CORP COM 574599106 1,235 36,000 SH   SOLE   36,000 0 0
MERCK & CO. INC. COM 58933Y105 2,559 41,000 SH   SOLE   41,000 0 0
MICROSOFT CORP COM 594918104 3,398 59,000 SH   SOLE   59,000 0 0
MONSANTO CO COM 61166W101 664 6,500 SH   SOLE   6,500 0 0
MORGAN STANLEY COM 617446448 3,847 120,000 SH   SOLE   120,000 0 0
MYLAN, INC. COM N59465109 1,105 29,000 SH   SOLE   29,000 0 0
NAVIOS MARITIME HOLDINGS INC. COM Y62196103 30 25,000 SH   SOLE   25,000 0 0
NEWELL BRANDS INC COM 651229106 1,001 19,000 SH   SOLE   19,000 0 0
NXP SEMICONDUCTORS COM N6596X109 6,029 59,100 SH   SOLE   59,100 0 0
ON SEMICONDUCTOR CORP COM 682189105 1,478 120,000 SH   SOLE   120,000 0 0
ORACLE CORP COM 68389X105 3,967 101,000 SH   SOLE   101,000 0 0
PALO ALTO NETWORKS INC COM 697435105 1,593 10,000 SH   SOLE   10,000 0 0
PANDORA MEDIA INC COM 698354107 2,637 184,000 SH   SOLE   184,000 0 0
PTC INC COM 69370C100 1,772 40,000 SH   SOLE   40,000 0 0
PULTE GROUP COM 745867101 2,593 129,400 SH   SOLE   129,400 0 0
PVTPL GDR LEVANESE CO FOR DEV COM 522386101 393 42,264 SH   SOLE   42,264 0 0
RENAISSANCERE HLDGS LTD COM G7496G103 1,322 11,000 SH   SOLE   11,000 0 0
SEAGATE TECHNOLOGY HOLDINGS COM G7945M107 4,240 110,000 SH   SOLE   110,000 0 0
SHIRE PLC-ADR COM 82481R106 5,428 28,000 SH   SOLE   28,000 0 0
SPIRIT AEROSYSTEMS HLDGS INC COM 848574109 1,069 24,000 SH   SOLE   24,000 0 0
ST MICRO ELECTRONICS COM 861012102 652 80,000 SH   SOLE   80,000 0 0
STONEPATH GROUP INC COM 861837102 0 679,800 SH   SOLE   679,800 0 0
TEXAS INSTRUMENTS COM 882508104 842 12,000 SH   SOLE   12,000 0 0
TRANSOCEAN INC COM H8817H100 1,759 165,000 SH   SOLE   165,000 0 0
TRIPADVISOR INC COM 896945201 1,453 23,000 SH   SOLE   23,000 0 0
TWITTER INC COM 90184L102 3,043 132,000 SH   SOLE   132,000 0 0
UNITED THERAPEUTICS CORP COM 91307C102 4,416 37,400 SH   SOLE   37,400 0 0
UNITEDHEALTH GROUP COM 91324P102 1,400 10,000 SH   SOLE   10,000 0 0
VANTIV INC COM 92210H105 506 9,000 SH   SOLE   9,000 0 0
VERIZON COMMUNICATION INC. COM 92343V104 3,327 64,000 SH   SOLE   64,000 0 0
VOLKSWAGEN AG COM 928662303 2,438 84,000 SH   SOLE   84,000 0 0
WALT DISNEY CO. COM 254687106 1,746 18,800 SH   SOLE   18,800 0 0
WESTERN DIGITAL CORP COM 958102105 1,199 20,500 SH   SOLE   20,500 0 0
ZOETIS INC COM 98978V103 1,196 23,000 SH   SOLE   23,000 0 0
ZYNGA, INC. COM 98986T108 3,594 1,235,000 SH   SOLE   1,235,000 0 0
CCL INDUSTRIES CLB (2417028) COM 2159795 1,922 10,000 SH   SOLE   10,000 0 0
CONSUMER STAPLES SPDR ETF 81369Y308 65,635 1,233,512 SH   SOLE   1,233,512 0 0
DB COMMODITY INDEX FUND ETF 73935S105 3,828 255,000 SH   SOLE   255,000 0 0
ISHARE MSCI EMERGING MARKETS E ETF 464287234 12,733 340,000 SH   SOLE   340,000 0 0
ISHARES CORE MSCI EMERGING MKT ETF 46434G103 57,861 1,268,593 SH   SOLE   1,268,593 0 0
ISHARES CORE S&P MIDCAP ETF ETF 464287507 3,117 20,150 SH   SOLE   20,150 0 0
ISHARES CORE TOTAL US BOND ETF ETF 464287226 18,662 166,000 SH   SOLE   166,000 0 0
ISHARES DJ US REAL ESTATE ETF 464287739 65,318 810,000 SH   SOLE   810,000 0 0
ISHARES JAPAN ETF 464286848 15,186 1,211,000 SH   SOLE   1,211,000 0 0
ISHARES MSCI AUSTRALIA INDEX F ETF 464286103 11,767 563,000 SH   SOLE   563,000 0 0
ISHARES MSCI CANADA INDEX ETF 464286509 16,993 661,447 SH   SOLE   661,447 0 0
ISHARES MSCI EAFE GROWTH ETF 464288885 2,696 39,420 SH   SOLE   39,420 0 0
ISHARES MSCI EAFE SMALL CAP ETF 464288273 2,009 38,332 SH   SOLE   38,332 0 0
ISHARES MSCI EAFE VALUE ETF 464288877 1,744 37,777 SH   SOLE   37,777 0 0
ISHARES MSCI EUROPE FINANCIALS ETF 464289180 4,633 270,000 SH   SOLE   270,000 0 0
ISHARES MSCI UNITED KINGDOM ETF 46434V548 3,311 209,000 SH   SOLE   209,000 0 0
ISHARES MSCI USA MOMENTUM FACT ETF 46432F396 6,487 83,847 SH   SOLE   83,847 0 0
ISHARES NASDAQ BIOTECH ETF 464287556 4,342 15,000 SH   SOLE   15,000 0 0
ISHARES RUSSELL 2000 VALUE ETF ETF 464287630 2,062 19,681 SH   SOLE   19,681 0 0
ISHARES S&P 500 GROWTH ETF ETF 464287309 1,975 16,237 SH   SOLE   16,237 0 0
ISHARES S&P 500 VALUE ETF ETF 464287408 3,131 32,969 SH   SOLE   32,969 0 0
ISHARES S&P MIDCAP 400/GROWTH ETF 464287606 7,457 42,676 SH   SOLE   42,676 0 0
ISHARES S&P MIDCAP 400/VALUE E ETF 464287705 6,497 48,849 SH   SOLE   48,849 0 0
ISHARES S&P100 ETF ETF 464287101 13,320 138,847 SH   SOLE   138,847 0 0
JP MORGAN ALERIAN MLP ETF 46625H365 4,882 155,000 SH   SOLE   155,000 0 0
NASDAQ 100 MFC POWERSHARES ETF 73935A104 3,562 30,000 SH   SOLE   30,000 0 0
POWERSHARES S&P 500 LOW ETF 73937B779 1,586 38,233 SH   SOLE   38,233 0 0
POWERSHARES S&P 500 QUALITY ETF 73935X682 3,634 144,318 SH   SOLE   144,318 0 0
PROSHARES S&P500 HI DIV ETF 73937B654 2,317 59,546 SH   SOLE   59,546 0 0
RUSSELL 2000 INDEX FUND ETF 464287655 7,221 58,136 SH   SOLE   58,136 0 0
S&P 500 PURE GROWTH ETF 78355W403 3,170 37,633 SH   SOLE   37,633 0 0
S&P 500 PURE VALUE ETF 78355W304 2,019 38,183 SH   SOLE   38,183 0 0
SELECT SECTOR SPDR- REAL ESTAT ETF 81369Y860 22,732 693,693 SH   SOLE   693,693 0 0
SELECT SECTOR SPDR-CONSUMER DI ETF 81369Y407 78,376 979,210 SH   SOLE   979,210 0 0
SELECT SECTOR SPDR-ENERGY ETF 81369Y506 49,972 707,718 SH   SOLE   707,718 0 0
SELECT SECTOR SPDR-FINANCIAL ETF 81369Y605 92,972 4,817,218 SH   SOLE   4,817,218 0 0
SELECT SECTOR SPDR-HEALTH CARE ETF 81369Y209 73,783 1,023,200 SH   SOLE   1,023,200 0 0
SELECT SECTOR SPDR-INDUSTRIAL ETF 81369Y704 64,449 1,103,950 SH   SOLE   1,103,950 0 0
SELECT SECTOR SPDR-MATERIALS ETF 81369Y100 20,812 435,844 SH   SOLE   435,844 0 0
SELECT SECTOR SPDR-TECHNOLOGY ETF 81369Y803 120,652 2,525,162 SH   SOLE   2,525,162 0 0
SELECT SECTOR SPDR-UTILITIES ETF 81369Y886 22,809 465,575 SH   SOLE   465,575 0 0
SPDR S&P OIL & GAS EXPLORATION ETF 78464A730 7,461 194,000 SH   SOLE   194,000 0 0
SPDR-S&P 500 INDEX ETF 78462F103 19,973 92,340 SH   SOLE   92,340 0 0
SPDR-S&P DIVIDEND ETF 78464A763 5,400 64,017 SH   SOLE   64,017 0 0
VANECK VECTORS GOLD MINERS ETF 92189F106 3,172 120,000 SH   SOLE   120,000 0 0
VANECK VECTORS JUNIOR GOLD MIN ETF 92189F791 2,214 50,000 SH   SOLE   50,000 0 0
VANECK VECTORS OIL SERVICES ET ETF 92189F718 908 31,000 SH   SOLE   31,000 0 0
VANGUARD FTSE DEVELOPED MARKET ETF 921943858 25,813 690,000 SH   SOLE   690,000 0 0
VANGUARD FTSE EUROPE ETF ETF 922042874 8,430 173,000 SH   SOLE   173,000 0 0
LYXOR UCITS ETF STOXX EUROPE 6 ETF b1vffn8 23,062 1,244,500 SH   SOLE   1,244,500 0 0