Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	US Equity Large Cap ETF - Firs	850,446	$38.98M	14.5%	$45.08	—	COM	33734k109
SPY	S&P500 Index ETF - SPDR	145,425	$29.94M	11.1%	$205.17	—	COM	78462F103
DBJP	Japan Yen Hedged ETF - Deutsch	599,061	$25.03M	9.3%	$41.35	—	COM	233051507
—	Japan Hedged Equity ETF - Wisd	208,992	$11.95M	4.5%	$50.49	—	COM	97717w851
—	China ETF - First Trust	419,380	$10.87M	4.0%	$22.78	—	COM	33737j141
—	Germany Hedged ETF - Deutsche	376,155	$9.441M	3.5%	$28.22	—	COM	233051408
SCHF	Intl Equity ETF - Schwab	296,490	$9.034M	3.4%	$30.47	—	COM	808524805
EWH	Hong Kong ETF - iShares	398,939	$9M	3.4%	$22.56	—	COM	464286871
XLF	Financial Sector ETF - SPDR	332,630	$8.11M	3.0%	$24.38	—	COM	81369Y605
FYX	US Small Cap ETF - First Trust	161,315	$8.063M	3.0%	$50.34	—	COM	33734Y109
DBAW	Hedged ACWI ex US ETF - Deutsc	300,320	$7.613M	2.8%	$26.22	—	COM	233051820
—	United Kingdom ETF - First Tru	159,342	$6.93M	2.6%	$41.14	—	COM	33737j224
—	Norway ETF - Global X	508,269	$6.242M	2.3%	$13.55	—	COM	37950E747
—	US Dollar Bullish ETF - Powers	218,750	$5.475M	2.0%	$23.21	—	COM	73936d107
QAI	Multi-Strategy Tracker ETF - I	172,850	$5.113M	1.9%	$29.16	—	COM	45409B107
HEDJ	Europe Hedged Equity ETF - Wis	73,105	$4.503M	1.7%	$55.62	—	COM	97717X701
XLK	Technology Select Sector ETF -	106,060	$4.391M	1.6%	$41.40	—	COM	81369Y803
IVV	S&P500 ETF - iShares	21,001	$4.352M	1.6%	$171.18	—	COM	464287200
—	Global Core Equity Fund -Z	435,000	$4.32M	1.6%	$10.00	—	COM	BSP005061
EWD	Sweden ETF - iShares	133,478	$4.241M	1.6%	$33.62	—	COM	464286756
EIS	Israel ETF - iShares	79,636	$4.096M	1.5%	$47.76	—	COM	464286632
—	Global Long Short ETF - Adviso	174,449	$3.463M	1.3%	$21.76	—	COM	00768Y404
EWY	Korea ETF - iShares	60,358	$3.326M	1.2%	$55.10	—	COM	464286772
—	Taiwan ETF - First Trust	80,475	$3.049M	1.1%	$38.13	—	COM	33737j257
—	Pimco GIS Income Fund	249,169	$2.995M	1.1%	$12.02	—	COM	IE00B7KFL
AAPL	Apple Inc	19,249	$2.414M	0.9%	$22.02	+29.7%	COM	037833100
—	Axtel	6,248,216	$1.944M	0.7%	$0.31	—	COM	mx01ax040
EZA	South Africa ETF - iShares	26,225	$1.716M	0.6%	$65.66	—	COM	464286780
—	Israel ETF - Market Vectors	51,325	$1.669M	0.6%	$32.52	—	COM	57061R676
—	China ETF - iShares	29,755	$1.667M	0.6%	$45.79	—	COM	46429b671
—	Brazil Hedged ETF - Deutsche B	128,705	$1.379M	0.5%	$10.71	—	COM	233051309
—	Short Term Muni Bond ETF - SPD	55,300	$1.343M	0.5%	$24.31	—	COM	78464A425
TUR	Turkey ETF - iShares	28,979	$1.308M	0.5%	$53.81	—	COM	464286715
—	Senior Loan ETF - Powershares	46,410	$1.104M	0.4%	$24.19	—	COM	73936q769
—	0-5 Year High Yield ETF - PIMC	10,990	$1.098M	0.4%	$100.10	—	COM	72201r783
INDY	India ETF - iShares	34,660	$1.035M	0.4%	$29.08	—	COM	464289529
—	Mex Bonos Desarr Fix RT (MXP)	141,800	$929K	0.3%	$6.55	—	COM	MX0MGO000
—	Discover Financial SVCS	15,724	$906K	0.3%	$62.96	—	COM	254709108
LEA	Lear Corp.	7,265	$816K	0.3%	$75.60	+25.6%	COM	521865204
GILD	Gilead Sciences Inc	6,542	$766K	0.3%	$71.85	+5.7%	COM	375558103
BAC	Bank of America Corp	44,000	$749K	0.3%	$11.79	+11.4%	COM	060505104
AGG	Barclays Aggregate Bond Fund E	6,660	$724K	0.3%	$110.06	—	COM	464287226
EL	Estee Lauder Companies Inc.	7,792	$675K	0.3%	$64.09	+17.5%	COM	518439104
—	Facebook Inc	7,770	$666K	0.2%	$78.01	—	COM	30303m102
—	Allergan Inc	2,177	$661K	0.2%	$303.63	—	COM	018490102
XLV	Healthcare ETF - SPDR	8,680	$646K	0.2%	$68.38	—	COM	81369Y209
—	JPMorgan Chase & Co	9,434	$639K	0.2%	$62.03	—	COM	46625h100
HAL	Halliburton Co Holdings Co	14,631	$630K	0.2%	$39.28	-4.5%	COM	406216101
—	Google Inc Class A	1,150	$621K	0.2%	$530.61	—	COM	38259p508
—	RAFI Long/Short ETF - ProShare	15,249	$619K	0.2%	$42.09	—	COM	74347x310
—	Canada ETF - First Trust	19,930	$587K	0.2%	$29.57	—	COM	33737j208
—	Info Tech ETF - Vanguard	5,350	$568K	0.2%	$97.06	—	COM	92204a702
URI	United Rentals Inc	6,320	$554K	0.2%	$103.79	-10.6%	COM	911363109
WTMF	Managed Futures ETF - Wisdomtr	12,662	$541K	0.2%	$43.10	—	COM	97717W125
CVS	CVS Caremark Corp	4,820	$506K	0.2%	$64.44	+16.8%	COM	126650100
DAL	Delta Air Lines Inc	12,294	$505K	0.2%	$34.70	+10.7%	COM	247361702
IGSB	Barclays 1-3 Yr Credit Bond ET	4,660	$491K	0.2%	$105.36	—	COM	464288646
—	Macro Tracker ETF - Index IQ	18,060	$456K	0.2%	$25.83	—	COM	45409b206
PANW	Palo Alto Networks Inc.	2,540	$444K	0.2%	$26.69	0.0%	COM	697435105
—	EOG Resources Inc	5,000	$438K	0.2%	$92.08	—	COM	26875p101
—	Splunk Inc	6,250	$435K	0.2%	$58.96	—	COM	848637104
LVS	Las Vegas Sands Corp	8,047	$423K	0.2%	$43.64	-9.5%	COM	517834107
—	Taiwan ETF - iShares	26,623	$420K	0.2%	$15.33	—	COM	464286731
VZ	Verizon Communications Inc	8,763	$408K	0.2%	$27.66	+2.4%	COM	92343V104
—	Merger Arb ETF - Credit Suisse	19,640	$386K	0.1%	$20.05	—	COM	22542D845
MU	Micron Technology Inc	20,100	$379K	0.1%	$32.30	-19.5%	COM	595112103
—	Blackrock MuniYield Quality	24,900	$342K	0.1%	$14.07	—	COM	09254E103
—	Calpine Corp.	19,015	$342K	0.1%	$17.99	—	COM	131347304
—	MS India Investment Fund	12,005	$330K	0.1%	$27.49	—	COM	61745C105
—	Peritus High Yield ETF - Advis	7,584	$308K	0.1%	$46.39	—	COM	00768Y503
FCX	Freeport McMoran Copper & Gold	15,310	$285K	0.1%	$23.82	-22.4%	COM	35671D857
—	HCA Inc	3,120	$283K	0.1%	$73.40	—	COM	40412c101
SJNK	High Yield 0-5yr Bond ETF - SP	9,180	$265K	0.1%	$29.18	—	COM	78468R408
NRG	NRG Energy Inc New	11,540	$264K	0.1%	$23.11	-14.6%	COM	629377508
—	Blackrock Core Bond Trust	18,500	$234K	0.1%	$13.20	—	COM	09249E101
FLR	Fluor Corporation	4,370	$232K	0.1%	$56.60	-8.0%	COM	343412102
EWN	Netherlands ETF - iShares	8,835	$227K	0.1%	$25.69	—	COM	464286814
—	Blackrock Global Floating Rate	14,700	$191K	0.1%	$12.83	—	COM	091941104
—	Eaton Vance Ltd Duration Incom	14,000	$189K	0.1%	$14.14	—	COM	27828h105
—	Singapore ETF - iShares	14,410	$181K	0.1%	$12.80	—	COM	464286673
—	Hovnanian Enterprises Inc.	18,180	$48,000	0.0%	$2.64	—	COM	442487203