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 1,380 13,400 SH   SOLE   13,400 0 0
AFFILIATED MANAGERS GROUP COM 008252108 1,453 10,000 SH   SOLE   10,000 0 0
ALEXION PHARMACEUTICALS, INC. COM 015351109 2,471 20,200 SH   SOLE   20,200 0 0
ALIBABA GROUP HLDS LTD COM 01609W102 1,177 13,400 SH   SOLE   13,400 0 0
ALLERGAN PLC COM G0177J108 3,549 16,900 SH   SOLE   16,900 0 0
ALPHABET INC - CL A COM 02079K305 4,715 5,950 SH   SOLE   5,950 0 0
ALPHABET INC NON-VOTING CL C COM 02079K107 2,701 3,500 SH   SOLE   3,500 0 0
AMAZON.COM INC. COM 023135106 5,549 7,400 SH   SOLE   7,400 0 0
AMERICAN EXPRESS CO. COM 025816109 1,578 21,300 SH   SOLE   21,300 0 0
APPLE INC COM 037833100 8,788 75,880 SH   SOLE   75,880 0 0
AT&T INC COM 00206R102 2,222 52,240 SH   SOLE   52,240 0 0
BAKER HUGHES INCORPORATED COM 057224107 1,299 20,000 SH   SOLE   20,000 0 0
BROADCOM LTD COM Y09827109 1,875 10,605 SH   SOLE   10,605 0 0
CHEVRON COM 166764100 1,221 10,370 SH   SOLE   10,370 0 0
CITIGROUP COM 172967424 3,328 56,000 SH   SOLE   56,000 0 0
CITRIX SYSTEM COM 177376100 495 5,540 SH   SOLE   5,540 0 0
CME GROUP INC COM 12572Q105 1,384 12,000 SH   SOLE   12,000 0 0
COMCAST CORPORATION COM 20030N101 2,852 41,300 SH   SOLE   41,300 0 0
COMERICA INC. COM 200340107 2,520 37,000 SH   SOLE   37,000 0 0
DOLBY LABORATORIES INC COM 25659T107 1,085 24,000 SH   SOLE   24,000 0 0
EDWARDS LIFESCIENCES CORP. COM 28176E108 1,312 14,000 SH   SOLE   14,000 0 0
EQUITY RESIDENTIAL COM 29476L107 618 9,600 SH   SOLE   9,600 0 0
EXPRESS SCRIPTS, INC COM 30219G108 2,339 34,000 SH   SOLE   34,000 0 0
EXXON COM 30231G102 6,082 67,380 SH   SOLE   67,380 0 0
FACEBOOK COM 30303M102 4,383 38,100 SH   SOLE   38,100 0 0
FIDELITY NATIONAL COM 31620M106 1,362 18,000 SH   SOLE   18,000 0 0
GENERAL ELECTRIC CO. COM 369604103 3,473 109,900 SH   SOLE   109,900 0 0
GILEAD SCIENCES INC COM 375558103 1,378 19,250 SH   SOLE   19,250 0 0
HALLIBURTON COM 406216101 1,298 24,000 SH   SOLE   24,000 0 0
HEWLETT PACKARD COM 40434L105 856 57,660 SH   SOLE   57,660 0 0
INTEL CORP COM 458140100 1,301 35,880 SH   SOLE   35,880 0 0
INTERNATIONAL BUSINESS MACHINE COM 459200101 1,889 11,380 SH   SOLE   11,380 0 0
JOHNSON & JOHNSON COM 478160104 1,336 11,600 SH   SOLE   11,600 0 0
JP MORGAN COM 46625H100 5,005 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 1,057 10,000 SH   SOLE   10,000 0 0
LONGTOP FINANCIAL ADR COM 543189108 3 94,200 SH   SOLE   94,200 0 0
MERCK & CO. INC. COM 58933Y105 2,219 37,700 SH   SOLE   37,700 0 0
MICROSOFT CORP COM 594918104 5,375 86,500 SH   SOLE   86,500 0 0
MORGAN STANLEY COM 617446448 5,070 120,000 SH   SOLE   120,000 0 0
NAVIOS MARITIME HOLDINGS INC. COM Y62196103 35 25,000 SH   SOLE   25,000 0 0
NEWELL BRANDS INC COM 651229106 848 19,000 SH   SOLE   19,000 0 0
NXP SEMICONDUCTORS COM N6596X109 1,588 16,200 SH   SOLE   16,200 0 0
ON SEMICONDUCTOR CORP COM 682189105 849 66,540 SH   SOLE   66,540 0 0
ORACLE CORP COM 68389X105 2,332 60,660 SH   SOLE   60,660 0 0
PANDORA MEDIA INC COM 698354107 926 70,980 SH   SOLE   70,980 0 0
PFIZER COM 717081103 944 29,050 SH   SOLE   29,050 0 0
PTC INC COM 69370C100 1,851 40,000 SH   SOLE   40,000 0 0
PVTPL GDR LEVANESE CO FOR DEV COM 522386101 453 43,647 SH   SOLE   43,647 0 0
RENAISSANCERE HLDGS LTD COM G7496G103 1,498 11,000 SH   SOLE   11,000 0 0
SEAGATE TECHNOLOGY HOLDINGS COM G7945M107 3,512 92,000 SH   SOLE   92,000 0 0
SHIRE PLC-ADR COM 82481R106 2,045 12,000 SH   SOLE   12,000 0 0
SPIRIT AEROSYSTEMS HLDGS INC COM 848574109 700 12,000 SH   SOLE   12,000 0 0
ST MICRO ELECTRONICS COM 861012102 1,007 88,720 SH   SOLE   88,720 0 0
STONEPATH GROUP INC COM 861837102 0 679,800 SH   SOLE   679,800 0 0
SUMMIT MATERIALS INC COM 86614U100 1,517 63,756 SH   SOLE   63,756 0 0
TEXAS INSTRUMENTS COM 882508104 486 6,660 SH   SOLE   6,660 0 0
TRANSOCEAN INC COM H8817H100 2,432 165,000 SH   SOLE   165,000 0 0
TRIPADVISOR INC COM 896945201 1,067 23,000 SH   SOLE   23,000 0 0
UNITED THERAPEUTICS CORP COM 91307C102 2,837 19,780 SH   SOLE   19,780 0 0
UNITEDHEALTH GROUP COM 91324P102 1,600 10,000 SH   SOLE   10,000 0 0
US CONCRETE INC COM 90333L201 1,703 26,000 SH   SOLE   26,000 0 0
VANTIV INC COM 92210H105 537 9,000 SH   SOLE   9,000 0 0
VERINT SYSTEMS INC COM 92343X100 564 16,000 SH   SOLE   16,000 0 0
VERIZON COMMUNICATION INC. COM 92343V104 3,685 69,030 SH   SOLE   69,030 0 0
VOLKSWAGEN AG COM 928662303 2,423 84,000 SH   SOLE   84,000 0 0
WALT DISNEY CO. COM 254687106 948 9,100 SH   SOLE   9,100 0 0
WESTERN DIGITAL CORP COM 958102105 1,529 22,500 SH   SOLE   22,500 0 0
ZOETIS INC COM 98978V103 1,071 20,000 SH   SOLE   20,000 0 0
ZYNGA, INC. COM 98986T108 2,979 1,159,000 SH   SOLE   1,159,000 0 0
CONSUMER STAPLES SPDR ETF 81369Y308 65,178 1,260,460 SH   SOLE   1,260,460 0 0
DB COMMODITY INDEX FUND ETF 73935S105 4,039 255,000 SH   SOLE   255,000 0 0
ISHARE MSCI EMERGING MARKETS E ETF 464287234 8,770 250,500 SH   SOLE   250,500 0 0
ISHARES CORE MSCI EMERGING MKT ETF 46434G103 53,735 1,265,851 SH   SOLE   1,265,851 0 0
ISHARES CORE S&P MIDCAP ETF ETF 464287507 2,221 13,434 SH   SOLE   13,434 0 0
ISHARES CORE TOTAL US BOND ETF ETF 464287226 27,663 256,000 SH   SOLE   256,000 0 0
ISHARES DJ US REAL ESTATE ETF 464287739 62,606 813,700 SH   SOLE   813,700 0 0
ISHARES JAPAN ETF 46434G822 22,257 455,525 SH   SOLE   455,525 0 0
ISHARES MSCI AUSTRALIA INDEX F ETF 464286103 13,872 685,700 SH   SOLE   685,700 0 0
ISHARES MSCI CANADA INDEX ETF 464286509 23,994 917,535 SH   SOLE   917,535 0 0
ISHARES MSCI EAFE GROWTH ETF 464288885 4,219 66,237 SH   SOLE   66,237 0 0
ISHARES MSCI EAFE SMALL CAP ETF 464288273 3,017 60,542 SH   SOLE   60,542 0 0
ISHARES MSCI EAFE VALUE ETF 464288877 6,861 145,202 SH   SOLE   145,202 0 0
ISHARES MSCI EUROPE FINANCIALS ETF 464289180 5,119 270,000 SH   SOLE   270,000 0 0
ISHARES MSCI UNITED KINGDOM ETF 46435G334 5,681 185,120 SH   SOLE   185,120 0 0
ISHARES MSCI USA MOMENTUM FACT ETF 46432F396 4,042 53,276 SH   SOLE   53,276 0 0
ISHARES NASDAQ BIOTECH ETF 464287556 1,990 7,500 SH   SOLE   7,500 0 0
ISHARES RUSSELL 2000 VALUE ETF ETF 464287630 1,163 9,778 SH   SOLE   9,778 0 0
ISHARES S&P 500 GROWTH ETF ETF 464287309 4,248 34,878 SH   SOLE   34,878 0 0
ISHARES S&P 500 VALUE ETF ETF 464287408 11,642 114,833 SH   SOLE   114,833 0 0
ISHARES S&P MIDCAP 400/GROWTH ETF 464287606 11,099 60,915 SH   SOLE   60,915 0 0
ISHARES S&P MIDCAP 400/VALUE E ETF 464287705 9,450 65,081 SH   SOLE   65,081 0 0
ISHARES S&P SMALLCAP 600 ETF 464287804 996 7,243 SH   SOLE   7,243 0 0
JP MORGAN ALERIAN MLP ETF 46625H365 4,900 155,000 SH   SOLE   155,000 0 0
POWERSHARES BUYBACK ACHIEVERS ETF 73935X286 3,507 69,504 SH   SOLE   69,504 0 0
POWERSHARES S&P 500 LOW ETF 73937B779 4,572 109,965 SH   SOLE   109,965 0 0
POWERSHARES S&P 500 QUALITY ETF 73935X682 5,640 217,012 SH   SOLE   217,012 0 0
PROSHARES S&P500 HI DIV ETF 73937B654 1,302 33,222 SH   SOLE   33,222 0 0
RUSSELL 2000 INDEX FUND ETF 464287655 8,841 65,564 SH   SOLE   65,564 0 0
S&P 500 PURE GROWTH ETF 78355W403 4,061 48,595 SH   SOLE   48,595 0 0
S&P 500 PURE VALUE ETF 78355W304 6,052 105,082 SH   SOLE   105,082 0 0
SELECT SECTOR SPDR- REAL ESTAT ETF 81369Y860 21,774 708,082 SH   SOLE   708,082 0 0
SELECT SECTOR SPDR-CONSUMER DI ETF 81369Y407 85,634 1,052,010 SH   SOLE   1,052,010 0 0
SELECT SECTOR SPDR-ENERGY ETF 81369Y506 51,723 686,706 SH   SOLE   686,706 0 0
SELECT SECTOR SPDR-FINANCIAL ETF 81369Y605 113,031 4,861,538 SH   SOLE   4,861,538 0 0
SELECT SECTOR SPDR-HEALTH CARE ETF 81369Y209 90,926 1,318,910 SH   SOLE   1,318,910 0 0
SELECT SECTOR SPDR-INDUSTRIAL ETF 81369Y704 71,494 1,149,050 SH   SOLE   1,149,050 0 0
SELECT SECTOR SPDR-MATERIALS ETF 81369Y100 22,585 454,424 SH   SOLE   454,424 0 0
SELECT SECTOR SPDR-TECHNOLOGY ETF 81369Y803 140,234 2,899,785 SH   SOLE   2,899,785 0 0
SELECT SECTOR SPDR-UTILITIES ETF 81369Y886 23,628 486,465 SH   SOLE   486,465 0 0
SPDR S&P OIL & GAS EXPLORATION ETF 78464A730 10,231 247,000 SH   SOLE   247,000 0 0
SPDR-S&P DIVIDEND ETF 78464A763 2,410 28,165 SH   SOLE   28,165 0 0
VANECK VECTORS OIL SERVICES ET ETF 92189F718 16,075 482,000 SH   SOLE   482,000 0 0
VANGUARD FTSE EUROPE ETF ETF 922042874 11,036 230,200 SH   SOLE   230,200 0 0