Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	US Equity Large Cap ETF - Firs	867,070	$37.51M	16.2%	$44.76	—	COM	33734k109
IVV	S&P500 ETF - iShares	142,506	$29.2M	12.6%	$195.54	—	COM	464287200
DBJP	Japan Yen Hedged ETF - Deutsch	696,138	$26.52M	11.5%	$40.88	—	COM	233051507
SPY	S&P500 Index ETF - SPDR	43,055	$8.778M	3.8%	$204.30	—	COM	78462F103
FYX	US Small Cap ETF - First Trust	190,215	$8.404M	3.6%	$49.01	—	COM	33734Y109
—	QQQ Trust ETF - Powershares	73,940	$8.271M	3.6%	$102.54	—	COM	73935A104
—	Korea Hedged ETF - Deutsche Ba	363,925	$8.156M	3.5%	$22.21	—	COM	233051812
—	China ETF - iShares	180,510	$8.054M	3.5%	$44.62	—	COM	46429b671
—	Taiwan ETF - iShares	621,265	$7.934M	3.4%	$12.77	—	COM	464286731
—	KBW Bank ETF - Powershares	195,120	$7.335M	3.2%	$36.10	—	COM	73937B746
EWD	Sweden ETF - iShares	240,421	$7.015M	3.0%	$31.61	—	COM	464286756
—	United Kingdom ETF - iShares	417,810	$6.743M	2.9%	$16.27	—	COM	46434v548
DBAW	Hedged ACWI ex US ETF - Deutsc	286,640	$6.63M	2.9%	$26.18	—	COM	233051820
—	Germany Hedged ETF - Deutsche	242,835	$5.83M	2.5%	$27.95	—	COM	233051408
—	US Dollar Bullish ETF - Powers	190,375	$4.883M	2.1%	$25.65	—	COM	73936d107
QAI	Multi-Strategy Tracker ETF - I	161,980	$4.61M	2.0%	$29.16	—	COM	45409B107
DBEZ	Eurozone Hedged ETF - Deutsche	165,545	$4.331M	1.9%	$26.10	—	COM	233051697
—	Japan Hedged Equity ETF - Wisd	69,279	$3.469M	1.5%	$50.21	—	COM	97717w851
TLT	20+ yr Treasury ETF - iShares	26,215	$3.161M	1.4%	$120.58	—	COM	464287432
EZA	South Africa ETF - iShares	56,690	$2.648M	1.1%	$56.97	—	COM	464286780
AAPL	Apple Inc	23,499	$2.474M	1.1%	$22.79	+12.9%	COM	037833100
EWH	Hong Kong ETF - iShares	114,185	$2.263M	1.0%	$19.82	—	COM	464286871
—	MS India Investment Fund	58,295	$1.485M	0.6%	$26.29	—	COM	61745C105
TUR	Turkey ETF - iShares	37,189	$1.352M	0.6%	$41.77	—	COM	464286715
—	Short Term Muni Bond ETF - SPD	55,300	$1.347M	0.6%	$24.31	—	COM	78464A425
EFA	EAFE Index ETF - iShares	20,900	$1.227M	0.5%	$58.71	—	COM	464287465
—	Israel ETF - Market Vectors	39,975	$1.15M	0.5%	$30.35	—	COM	57061R676
EDEN	Denmark ETF - iShares	17,675	$987K	0.4%	$53.03	—	COM	46429B523
SRLN	Blackstone/GSO Senior Loan ETF	21,190	$977K	0.4%	$46.11	—	COM	78467V608
—	Alphabet Inc Class A	1,150	$895K	0.4%	$638.26	—	COM	02079k305
LEA	Lear Corp.	7,265	$892K	0.4%	$75.60	+33.8%	COM	521865204
EWK	Belgium ETF - iShares	45,990	$831K	0.4%	$18.07	—	COM	464286301
MNA	Merger Arbitrage ETF - Index I	29,220	$820K	0.4%	$28.06	—	COM	45409B800
—	Facebook Inc	7,770	$813K	0.4%	$78.01	—	COM	30303m102
—	High Yield L/S ETF - First Tru	17,050	$801K	0.3%	$46.98	—	COM	33738d408
AGG	Barclays Aggregate Bond Fund E	6,675	$721K	0.3%	$110.06	—	COM	464287226
—	Allergan Inc	2,177	$680K	0.3%	$303.63	—	COM	018490102
ACWI	All Country World Index ETF -	12,170	$679K	0.3%	$53.90	—	COM	464288257
GILD	Gilead Sciences Inc	6,542	$662K	0.3%	$71.85	+1.5%	COM	375558103
XLV	Healthcare ETF - SPDR	8,680	$625K	0.3%	$68.38	—	COM	81369Y209
—	JPMorgan Chase & Co	9,434	$623K	0.3%	$62.03	—	COM	46625h100
DAL	Delta Air Lines Inc	12,294	$623K	0.3%	$34.70	+25.9%	COM	247361702
WTMF	Managed Futures ETF - Wisdomtr	14,727	$615K	0.3%	$42.87	—	COM	97717W125
—	Norway ETF - Global X	60,484	$586K	0.3%	$13.55	—	COM	37950E747
HAL	Halliburton Co Holdings Co	14,631	$498K	0.2%	$39.28	-21.1%	COM	406216101
IGSB	Barclays 1-3 Yr Credit Bond ET	4,660	$487K	0.2%	$105.36	—	COM	464288646
FTLS	Long/Short ETF - First Trust	14,495	$474K	0.2%	$31.32	—	COM	33739P103
CVS	CVS Caremark Corp	4,820	$471K	0.2%	$64.44	+12.7%	COM	126650100
PANW	Palo Alto Networks Inc.	2,540	$447K	0.2%	$26.69	+8.1%	COM	697435105
INDY	India ETF - iShares	15,260	$415K	0.2%	$27.20	—	COM	464289529
—	HCA Inc	5,985	$405K	0.2%	$75.29	—	COM	40412c101
—	Splunk Inc	6,250	$368K	0.2%	$58.96	—	COM	848637104
—	Blackrock MuniYield Quality	24,900	$367K	0.2%	$14.07	—	COM	09254E103
PRU	Prudential Financial Inc	4,465	$363K	0.2%	$52.99	-0.7%	COM	744320102
—	D R Horton Inc	11,340	$363K	0.2%	$29.37	—	COM	23331a109
—	SVB Financial Group Inc	2,820	$335K	0.1%	$115.60	—	COM	78486q101
—	Aetna Inc New	2,975	$322K	0.1%	$109.24	—	COM	00817y108
DIS	Walt Disney Co	2,470	$260K	0.1%	$99.73	+2.5%	COM	254687106
SJNK	High Yield 0-5yr Bond ETF - SP	9,300	$239K	0.1%	$29.13	—	COM	78468R408
—	Blackrock Core Bond Trust	18,500	$234K	0.1%	$13.20	—	COM	09249E101
—	0-5 Year High Yield ETF - PIMC	2,500	$229K	0.1%	$100.10	—	COM	72201r783
IWM	Russell 2000 ETF - iShares	1,860	$209K	0.1%	$112.37	—	COM	464287655
—	Senior Loan ETF - Powershares	8,540	$191K	0.1%	$24.19	—	COM	73936q769
—	Calpine Corp.	12,925	$187K	0.1%	$17.99	—	COM	131347304
—	Blackrock Global Floating Rate	14,700	$184K	0.1%	$12.83	—	COM	091941104
—	Eaton Vance Ltd Duration Incom	14,000	$179K	0.1%	$14.14	—	COM	27828h105
—	Hovnanian Enterprises Inc.	18,180	$33,000	0.0%	$2.64	—	COM	442487203