Clark Capital Management 13F-HR Quarterly holdings report by institutional manager

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
Expires:	Oct 31, 2018
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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
AMC NETWORKS INC	CL A	00164V103	313,660	4,830	SH		SOLE		0	0	4,830
AMN HEALTHCARE SERVICES INC	COM	001744101	629,213	18,721	SH		SOLE		0	0	18,721
AT&T INC	COM	00206R102	3,939,795	100,582	SH		SOLE		25,521	0	75,061
ABBOTT LABS	COM	002824100	294,274	7,035	SH		SOLE		0	0	7,035
ABBVIE INC	COM	00287Y109	581,424	10,179	SH		SOLE		0	0	10,179
ADVANCE AUTO PARTS INC	COM	00751Y106	234,577	1,463	SH		SOLE		0	0	1,463
AIR METHODS CORP	COM PAR $.06	009128307	346,299	9,561	SH		SOLE		0	0	9,561
ALASKA AIR GROUP INC	COM	011659109	11,779,694	143,620	SH		SOLE		21,306	0	122,314
ALPHABET INC	CAP STK CL C	02079K107	397,059	533	SH		SOLE		0	0	533
ALTRIA GROUP INC	COM	02209S103	8,351,831	133,288	SH		SOLE		12,783	0	120,505
AMERICAN EAGLE OUTFITTERS NE	COM	02553E106	13,013,480	780,653	SH		SOLE		133,704	0	646,949
AMERICAN EXPRESS CO	COM	025816109	515,637	8,398	SH		SOLE		0	0	8,398
AMERICAN FINL GROUP INC OHIO	COM	025932104	2,436,172	34,619	SH		SOLE		9,612	0	25,007
AMERISOURCEBERGEN CORP	COM	03073E105	2,102,008	24,287	SH		SOLE		7,414	0	16,873
AMGEN INC	COM	031162100	15,289,187	101,976	SH		SOLE		15,675	0	86,301
ANALOG DEVICES INC	COM	032654105	11,046,314	186,625	SH		SOLE		17,862	0	168,763
ANTARES PHARMA INC	COM	036642106	8,701	10,000	SH		SOLE		0	0	10,000
ANTHEM INC	COM	036752103	2,471,362	17,781	SH		SOLE		4,883	0	12,898
APPLE INC	COM	037833100	17,041,847	156,362	SH		SOLE		18,700	0	137,661
AQUA AMERICA INC	COM	03836W103	218,790	6,876	SH		SOLE		0	0	6,876
ARGAN INC	COM	04010E109	585,133	16,642	SH		SOLE		0	0	16,642
AUTOMATIC DATA PROCESSING IN	COM	053015103	302,233	3,369	SH		SOLE		0	0	3,369
AUTOZONE INC	COM	053332102	2,746,987	3,448	SH		SOLE		1,113	0	2,335
BP PLC	SPONSORED ADR	055622104	387,059	12,825	SH		SOLE		0	0	12,825
BOFI HLDG INC	COM	05566U108	1,216,423	57,002	SH		SOLE		11,867	0	45,135
BANK AMER CORP	COM	060505104	283,433	20,964	SH		SOLE		0	0	20,964
BANK MONTREAL QUE	COM	063671101	16,699,027	275,153	SH		SOLE		36,805	0	238,348
BARCLAYS BK PLC	ETN DJUBS COPR37	06739F101	699,750	27,680	SH		SOLE		0	0	27,680
BARCLAYS BANK PLC	ETN DJUBSCOCO 38	06739H313	666,392	17,769	SH		SOLE		0	0	17,769
BARCLAYS BK PLC	IPATH S&P500 VIX	06742E711	2,216,755	125,809	SH		SOLE		0	0	125,809
BAXTER INTL INC	COM	071813109	200,224	4,874	SH		SOLE		0	0	4,874
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	451,746	3,184	SH		SOLE		0	0	3,184
BLACKROCK INC	COM	09247X101	273,137	802	SH		SOLE		0	0	802
BOEING CO	COM	097023105	611,386	4,794	SH		SOLE		0	0	4,794
BRISTOL MYERS SQUIBB CO	COM	110122108	8,940,017	139,950	SH		SOLE		12,636	0	127,314
BRITISH AMERN TOB PLC	SPONSORED ADR	110448107	2,256,948	19,305	SH		SOLE		0	0	19,305
BROCADE COMMUNICATIONS SYS I	COM NEW	111621306	4,128,975	390,262	SH		SOLE		111,373	0	278,889
BUCKEYE PARTNERS L P	UNIT LTD PARTN	118230101	228,183	3,359	SH		SOLE		0	0	3,359
CBS CORP NEW	CL B	124857202	302,169	5,485	SH		SOLE		0	0	5,485
CIGNA CORPORATION	COM	125509109	360,804	2,629	SH		SOLE		0	0	2,629
CSG SYS INTL INC	COM	126349109	514,237	11,387	SH		SOLE		0	0	11,387
CSX CORP	COM	126408103	404,018	15,690	SH		SOLE		0	0	15,690
CVS HEALTH CORP	COM	126650100	1,271,419	12,257	SH		SOLE		0	0	12,257
CACI INTL INC	CL A	127190304	645,855	6,053	SH		SOLE		0	0	6,053
CALERES INC	COM	129500104	593,128	20,966	SH		SOLE		0	0	20,966
CARNIVAL PLC	ADR	14365C103	2,428,066	44,724	SH		SOLE		0	0	44,724
CELANESE CORP DEL	COM SER A	150870103	4,605,434	70,312	SH		SOLE		20,793	0	49,519
CELGENE CORP	COM	151020104	419,577	4,192	SH		SOLE		0	0	4,192
CHEMED CORP NEW	COM	16359R103	374,519	2,765	SH		SOLE		0	0	2,765
CHEVRON CORP NEW	COM	166764100	17,023,785	178,446	SH		SOLE		22,659	0	155,787
CHINA LIFE INS CO LTD	SPON ADR REP H	16939P106	2,192,414	178,390	SH		SOLE		0	0	178,390
CHINA MOBILE LIMITED	SPONSORED ADR	16941M109	2,192,233	39,535	SH		SOLE		0	0	39,535
CHURCH & DWIGHT INC	COM	171340102	208,511	2,262	SH		SOLE		0	0	2,262
CIRRUS LOGIC INC	COM	172755100	620,172	17,033	SH		SOLE		0	0	17,033
CISCO SYS INC	COM	17275R102	13,482,607	473,572	SH		SOLE		44,967	0	428,605
CITIGROUP INC	COM NEW	172967424	343,978	8,239	SH		SOLE		0	0	8,239
CLOROX CO DEL	COM	189054109	7,367,330	58,443	SH		SOLE		5,660	0	52,783
COCA COLA CO	COM	191216100	508,063	10,952	SH		SOLE		0	0	10,952
COLGATE PALMOLIVE CO	COM	194162103	530,864	7,514	SH		SOLE		0	0	7,514
COMCAST CORP NEW	CL A	20030N101	10,416,400	170,537	SH		SOLE		16,849	0	153,688
CONAGRA FOODS INC	COM	205887102	1,306,518	29,281	SH		SOLE		0	0	29,281
CONOCOPHILLIPS	COM	20825C104	9,895,144	245,720	SH		SOLE		24,533	0	221,187
COOPER STD HLDGS INC	COM	21676P103	597,709	8,320	SH		SOLE		0	0	8,320
COOPER TIRE & RUBR CO	COM	216831107	1,057,069	28,554	SH		SOLE		5,576	0	22,978
CORELOGIC INC	COM	21871D103	441,558	12,725	SH		SOLE		0	0	12,725
CRACKER BARREL OLD CTRY STOR	COM	22410J106	8,641,770	56,604	SH		SOLE		5,919	0	50,685
CREDIT ACCEP CORP MICH	COM	225310101	2,529,173	13,931	SH		SOLE		3,859	0	10,072
CREDIT SUISSE NASSAU BRH	INVRS VIX STERM	22542D795	4,116,990	159,080	SH		SOLE		16,494	0	142,586
CUMMINS INC	COM	231021106	10,525,381	95,738	SH		SOLE		9,287	0	86,451
CURRENCYSHS JAPANESE YEN TR	JAPANESE YEN	23130A102	3,426,349	39,832	SH		SOLE		0	0	39,832
DBX ETF TR	XTRAK MSCI EMKT	233051101	615,809	32,617	SH		SOLE		0	0	32,617
DELEK US HLDGS INC	COM	246647101	302,575	19,854	SH		SOLE		0	0	19,854
DELUXE CORP	COM	248019101	4,897,857	78,378	SH		SOLE		22,628	0	55,750
DIAMOND OFFSHORE DRILLING IN	COM	25271C102	3,895,733	179,279	SH		SOLE		50,672	0	128,607
DISNEY WALT CO	COM DISNEY	254687106	17,759,948	178,833	SH		SOLE		26,059	0	152,775
DISCOVER FINL SVCS	COM	254709108	591,385	11,614	SH		SOLE		0	0	11,614
DOMINION RES INC VA NEW	COM	25746U109	276,742	3,684	SH		SOLE		0	0	3,684
DU PONT E I DE NEMOURS & CO	COM	263534109	370,422	5,850	SH		SOLE		0	0	5,850
E M C CORP MASS	COM	268648102	634,243	23,799	SH		SOLE		0	0	23,799
ETFS PLATINUM TR	SH BEN INT	26922V101	660,913	7,028	SH		SOLE		0	0	7,028
ENERSIS AMERICAS S A	SPONSORED ADR	29274F104	2,313,957	166,472	SH		SOLE		0	0	166,472
ETHAN ALLEN INTERIORS INC	COM	297602104	387,122	12,166	SH		SOLE		0	0	12,166
EXPRESS INC	COM	30219E103	1,372,852	64,122	SH		SOLE		11,941	0	52,181
EXPRESS SCRIPTS HLDG CO	COM	30219G108	324,698	4,727	SH		SOLE		0	0	4,727
EXXON MOBIL CORP	COM	30231G102	17,096,433	204,527	SH		SOLE		14,956	0	189,571
FS INVT CORP	COM	302635107	132,259	14,423	SH		SOLE		0	0	14,423
FACEBOOK INC	CL A	30303M102	306,473	2,686	SH		SOLE		0	0	2,686
FIDELITY NATL INFORMATION SV	COM	31620M106	432,344	6,829	SH		SOLE		0	0	6,829
FIRST DEFIANCE FINL CORP	COM	32006W106	749,149	19,504	SH		SOLE		0	0	19,504
FISERV INC	COM	337738108	251,834	2,455	SH		SOLE		0	0	2,455
FOOT LOCKER INC	COM	344849104	5,194,546	80,536	SH		SOLE		20,275	0	60,261
FORD MTR CO DEL	COM PAR $0.01	345370860	216,041	16,003	SH		SOLE		0	0	16,003
FULTON FINL CORP PA	COM	360271100	9,931,693	742,279	SH		SOLE		74,129	0	668,150
GENERAL ELECTRIC CO	COM	369604103	2,478,984	77,980	SH		SOLE		0	0	77,980
GENERAL MTRS CO	COM	37045V100	357,548	11,376	SH		SOLE		0	0	11,376
GENTEX CORP	COM	371901109	3,272,555	208,576	SH		SOLE		59,432	0	149,144
GENUINE PARTS CO	COM	372460105	254,759	2,564	SH		SOLE		0	0	2,564
GILEAD SCIENCES INC	COM	375558103	14,955,757	162,810	SH		SOLE		25,165	0	137,645
GLOBAL PMTS INC	COM	37940X102	260,416	3,988	SH		SOLE		0	0	3,988
GLOBAL X FDS	GB MSCI AR ETF	37950E259	2,371,144	122,730	SH		SOLE		0	0	122,730
GOLDMAN SACHS GROUP INC	COM	38141G104	244,418	1,557	SH		SOLE		0	0	1,557
GRAND CANYON ED INC	COM	38526M106	6,125,881	143,329	SH		SOLE		39,118	0	104,211
GREAT WESTN BANCORP INC	COM	391416104	583,823	21,409	SH		SOLE		0	0	21,409
GRUPO FINANCIERO GALICIA S A	SP ADR 10 SH B	399909100	2,055,457	72,631	SH		SOLE		0	0	72,631
HCA HOLDINGS INC	COM	40412C101	3,115,288	39,914	SH		SOLE		12,032	0	27,882
HARRIS CORP DEL	COM	413875105	7,644,932	98,188	SH		SOLE		9,435	0	88,753
HASBRO INC	COM	418056107	10,555,431	131,778	SH		SOLE		13,044	0	118,734
HAWAIIAN HOLDINGS INC	COM	419879101	1,238,690	26,249	SH		SOLE		5,231	0	21,018
HILL ROM HLDGS INC	COM	431475102	1,038,041	20,637	SH		SOLE		4,248	0	16,389
HOME DEPOT INC	COM	437076102	16,846,805	126,259	SH		SOLE		11,927	0	114,332
HONEYWELL INTL INC	COM	438516106	11,076,511	98,853	SH		SOLE		9,444	0	89,409
HUNTINGTON INGALLS INDS INC	COM	446413106	234,715	1,714	SH		SOLE		0	0	1,714
INTEL CORP	COM	458140100	3,336,256	103,130	SH		SOLE		29,532	0	73,598
INTERCONTINENTAL EXCHANGE IN	COM	45866F104	2,813,464	11,965	SH		SOLE		3,581	0	8,384
INTERNATIONAL BUSINESS MACHS	COM	459200101	508,299	3,356	SH		SOLE		0	0	3,356
ISHARES	MSCI AUST ETF	464286103	3,481,039	180,178	SH		SOLE		0	0	180,178
ISHARES	MSCI BRZ CAP ETF	464286400	2,383,253	90,618	SH		SOLE		0	0	90,618
ISHARES	CNTRY MIN VL ETF	464286525	15,267,254	207,746	SH		SOLE		0	0	207,746
ISHARES	EM MK MINVOL ETF	464286533	1,644,970	32,022	SH		SOLE		0	0	32,022
ISHARES	MSCI THI CAP ETF	464286624	3,640,677	54,024	SH		SOLE		0	0	54,024
ISHARES	MSCI TURKEY ETF	464286715	4,144,853	94,545	SH		SOLE		0	0	94,545
ISHARES	MSCI TAIWAN ETF	464286731	2,389,547	172,406	SH		SOLE		0	0	172,406
ISHARES	MSCI STH KOR ETF	464286772	2,366,019	44,794	SH		SOLE		0	0	44,794
ISHARES	MSCI MALAYSI ETF	464286830	2,466,341	276,806	SH		SOLE		0	0	276,806
ISHARES TR	S&P 100 ETF	464287101	208,689	2,284	SH		SOLE		0	0	2,284
ISHARES TR	TIPS BD ETF	464287176	221,370	1,931	SH		SOLE		0	0	1,931
ISHARES TR	CORE US AGGBD ET	464287226	263,209	2,375	SH		SOLE		0	0	2,375
ISHARES TR	S&P 500 GRWT ETF	464287309	1,808,463	15,605	SH		SOLE		0	0	15,605
ISHARES TR	S&P 500 VAL ETF	464287408	18,411,099	204,727	SH		SOLE		16,930	0	187,797
ISHARES TR	20 YR TR BD ETF	464287432	1,226,036	9,387	SH		SOLE		1,720	0	7,667
ISHARES TR	7-10 Y TR BD ETF	464287440	534,818	4,847	SH		SOLE		0	0	4,847
ISHARES TR	CORE S&P MCP ETF	464287507	4,377,897	30,362	SH		SOLE		3,876	0	26,486
ISHARES TR	PHLX SEMICND ETF	464287523	4,354,515	47,528	SH		SOLE		0	0	47,528
ISHARES TR	RUSSELL 2000 ETF	464287655	3,784,320	34,207	SH		SOLE		4,784	0	29,423
ISHARES TR	CORE S&P SCP ETF	464287804	1,127,389	10,015	SH		SOLE		0	0	10,015
ISHARES TR	IBOXX HI YD ETF	464288513	60,848,539	744,871	SH		SOLE		120,985	0	623,886
ISHARES TR	3-7 YR TR BD ETF	464288661	437,676	3,475	SH		SOLE		0	0	3,475
ISHARES	NW ZEALND CP ETF	464289123	7,485,454	181,995	SH		SOLE		0	0	181,995
ISHARES	RUS TOP 200 ETF	464289446	365,353	7,800	SH		SOLE		0	0	7,800
ISHARES TR	MSCI PHILIPS ETF	46429B408	2,385,329	65,084	SH		SOLE		0	0	65,084
ISHARES TR	IRELAND CAPD ETF	46429B507	3,895,903	96,913	SH		SOLE		0	0	96,913
ISHARES TR	MSCI DENMRK ETF	46429B523	1,772,411	31,359	SH		SOLE		0	0	31,359
ISHARES TR	CORE HIGH DV ETF	46429B663	19,308,879	247,518	SH		SOLE		15,350	0	232,168
ISHARES TR	EAFE MIN VOL ETF	46429B689	7,325,209	110,253	SH		SOLE		0	0	110,253
ISHARES TR	USA MIN VOL ETF	46429B697	25,161,566	572,765	SH		SOLE		36,067	0	536,698
ISHARES TR	MSCI USA QLT FAC	46432f339	9,507,616	144,889	SH		SOLE		11,619	0	133,270
ISHARES TR	CORE MSCI EAFE	46432F842	670,095	12,610	SH		SOLE		0	0	12,610
ISHARES INC	CORE MSCI EMKT	46434G103	4,638,299	111,444	SH		SOLE		5,608	0	105,836
ISHARES TR	CORE DIV GRWTH	46434V621	19,831,891	751,208	SH		SOLE		57,706	0	693,502
ISHARES TR	HDG MSCI EAFE	46434V803	1,423,798	59,648	SH		SOLE		0	0	59,648
JPMORGAN CHASE & CO	COM	46625H100	10,971,653	185,269	SH		SOLE		16,958	0	168,311
JOHNSON & JOHNSON	COM	478160104	1,826,091	16,877	SH		SOLE		0	0	16,877
J2 GLOBAL INC	COM	48123V102	4,763,865	77,361	SH		SOLE		20,816	0	56,545
JUNIPER NETWORKS INC	COM	48203R104	2,895,028	113,486	SH		SOLE		34,220	0	79,266
KIMBERLY CLARK CORP	COM	494368103	8,735,145	64,940	SH		SOLE		5,672	0	59,268
KINDER MORGAN INC DEL	COM	49456B101	250,201	14,009	SH		SOLE		0	0	14,009
KNOLL INC	COM NEW	498904200	1,217,726	56,246	SH		SOLE		11,005	0	45,241
KORN FERRY INTL	COM NEW	500643200	879,451	31,087	SH		SOLE		0	0	31,087
KRAFT HEINZ CO	COM	500754106	605,855	7,712	SH		SOLE		0	0	7,712
LGI HOMES INC	COM	50187T106	1,143,390	47,228	SH		SOLE		9,243	0	37,985
LANDSTAR SYS INC	COM	515098101	684,866	10,600	SH		SOLE		0	0	10,600
LAS VEGAS SANDS CORP	COM	517834107	9,989,241	193,290	SH		SOLE		18,853	0	174,437
LEAR CORP	COM NEW	521865204	4,608,339	41,453	SH		SOLE		12,241	0	29,212
LENNAR CORP	CL A	526057104	4,809,700	99,456	SH		SOLE		29,433	0	70,023
LITHIA MTRS INC	CL A	536797103	541,970	6,206	SH		SOLE		0	0	6,206
LOCKHEED MARTIN CORP	COM	539830109	10,986,506	49,600	SH		SOLE		4,580	0	45,020
LOWES COS INC	COM	548661107	828,099	10,932	SH		SOLE		0	0	10,932
MACYS INC	COM	55616P104	274,108	6,217	SH		SOLE		0	0	6,217
MARATHON PETE CORP	COM	56585A102	2,963,407	79,704	SH		SOLE		22,104	0	57,600
MARKET VECTORS ETF TR	RUSSIA ETF	57060U506	2,336,993	142,848	SH		SOLE		0	0	142,848
MARKET VECTORS ETF TR	INDONESIA ETF	57060U753	11,193,186	535,303	SH		SOLE		0	0	535,303
MARSH & MCLENNAN COS INC	COM	571748102	357,749	5,885	SH		SOLE		0	0	5,885
MCDONALDS CORP	COM	580135101	320,107	2,547	SH		SOLE		0	0	2,547
MEDNAX INC	COM	58502B106	210,661	3,260	SH		SOLE		0	0	3,260
MERCK & CO INC NEW	COM	58933Y105	806,135	15,236	SH		SOLE		0	0	15,236
MICROSOFT CORP	COM	594918104	17,253,165	312,388	SH		SOLE		28,533	0	283,854
MITSUBISHI UFJ FINL GROUP IN	SPONSORED ADR	606822104	2,263,074	493,044	SH		SOLE		0	0	493,044
MONDELEZ INTL INC	CL A	609207105	569,383	14,192	SH		SOLE		0	0	14,192
MONSANTO CO NEW	COM	61166W101	237,337	2,705	SH		SOLE		0	0	2,705
MOODYS CORP	COM	615369105	247,676	2,565	SH		SOLE		0	0	2,565
NVR INC	COM	62944T105	578,622	334	SH		SOLE		0	0	334
NATIONAL GRID PLC	SPON ADR NEW	636274300	2,241,398	31,383	SH		SOLE		0	0	31,383
NATIONAL PENN BANCSHARES INC	COM	637138108	229,058	21,528	SH		SOLE		0	0	21,528
NET 1 UEPS TECHNOLOGIES INC	COM NEW	64107N206	2,286,890	248,575	SH		SOLE		81,112	0	167,463
NETEASE INC	SPONSORED ADR	64110W102	2,235,835	15,572	SH		SOLE		0	0	15,572
NEUSTAR INC	CL A	64126X201	476,428	19,367	SH		SOLE		0	0	19,367
NEXTERA ENERGY INC	COM	65339F101	10,959,427	92,610	SH		SOLE		8,639	0	83,971
NIPPON TELEG & TEL CORP	SPONSORED ADR	654624105	2,177,177	50,351	SH		SOLE		0	0	50,351
NORTHROP GRUMMAN CORP	COM	666807102	13,445,759	67,942	SH		SOLE		9,695	0	58,247
NOVO-NORDISK A S	ADR	670100205	306,444	5,655	SH		SOLE		0	0	5,655
NVIDIA CORP	COM	67066G104	7,723,230	216,762	SH		SOLE		21,351	0	195,411
OCCIDENTAL PETE CORP DEL	COM	674599105	1,150,103	16,807	SH		SOLE		0	0	16,807
OPEN TEXT CORP	COM	683715106	3,122,930	60,288	SH		SOLE		17,581	0	42,707
ORACLE CORP	COM	68389X105	481,511	11,770	SH		SOLE		0	0	11,770
ORBITAL ATK INC	COM	68557N103	284,642	3,274	SH		SOLE		0	0	3,274
P C CONNECTION	COM	69318J100	1,210,283	46,892	SH		SOLE		9,356	0	37,536
PNC FINL SVCS GROUP INC	COM	693475105	7,960,583	94,130	SH		SOLE		8,643	0	85,487
PPG INDS INC	COM	693506107	365,687	3,280	SH		SOLE		0	0	3,280
PPL CORP	COM	69351T106	376,550	9,891	SH		SOLE		0	0	9,891
PACKAGING CORP AMER	COM	695156109	345,065	5,713	SH		SOLE		0	0	5,713
PAREXEL INTL CORP	COM	699462107	3,807,146	60,691	SH		SOLE		16,591	0	44,100
PATRICK INDS INC	COM	703343103	787,971	17,360	SH		SOLE		4,833	0	12,527
PEPSICO INC	COM	713448108	11,432,725	111,561	SH		SOLE		9,994	0	101,567
PFIZER INC	COM	717081103	8,184,354	276,125	SH		SOLE		26,470	0	249,655
PHILIP MORRIS INTL INC	COM	718172109	484,173	4,935	SH		SOLE		0	0	4,935
PHILLIPS 66	COM	718546104	540,495	6,242	SH		SOLE		0	0	6,242
PINNACLE WEST CAP CORP	COM	723484101	3,043,863	40,547	SH		SOLE		12,207	0	28,340
POWERSHARES QQQ TRUST	UNIT SER 1	73935A104	6,187,169	56,659	SH		SOLE		2,064	0	54,595
POWERSHARES ETF TR II	1000 EQ WHT PT	73937B571	1,049,704	43,109	SH		SOLE		0	0	43,109
POWERSHARES ETF TR II	S&P SMCP CONSU	73937B605	1,757,007	29,422	SH		SOLE		0	0	29,422
POWERSHARES ETF TR II	S&P SMCP UTI P	73937B837	1,737,794	38,652	SH		SOLE		0	0	38,652
POWERSHARES ETF TR II	S&P SMCP IT PO	73937B860	3,145,832	57,145	SH		SOLE		0	0	57,145
PRAXAIR INC	COM	74005P104	713,367	6,233	SH		SOLE		0	0	6,233
PRICE T ROWE GROUP INC	COM	74144T108	1,961,382	26,700	SH		SOLE		0	0	26,700
PRIMERICA INC	COM	74164M108	3,759,676	84,430	SH		SOLE		23,146	0	61,284
PROCTER & GAMBLE CO	COM	742718109	1,211,932	14,724	SH		SOLE		0	0	14,724
PROSHARES TR	PSHS SHRT S&P500	74347R503	3,892,187	190,700	SH		SOLE		0	0	190,700
PUBLIC SVC ENTERPRISE GROUP	COM	744573106	594,435	12,610	SH		SOLE		0	0	12,610
PUBLIC STORAGE	COM	74460D109	5,826,145	21,122	SH		SOLE		1,906	0	19,216
QUAKER CHEM CORP	COM	747316107	373,893	4,406	SH		SOLE		0	0	4,406
QUALCOMM INC	COM	747525103	298,658	5,840	SH		SOLE		0	0	5,840
RPM INTL INC	COM	749685103	205,743	4,347	SH		SOLE		0	0	4,347
RESMED INC	COM	761152107	311,361	5,385	SH		SOLE		0	0	5,385
REYNOLDS AMERICAN INC	COM	761713106	12,444,053	247,348	SH		SOLE		24,303	0	223,045
RYANAIR HLDGS PLC	SPONSORED ADR NE	783513203	2,187,723	25,492	SH		SOLE		0	0	25,492
RYDEX ETF TRUST	GUG S&P500 EQ WT	78355W106	9,504,329	121,028	SH		SOLE		9,737	0	111,291
SPDR S&P 500 ETF TR	TR UNIT	78462F103	21,547,489	104,844	SH		SOLE		988	0	103,856
SPDR GOLD TRUST	GOLD SHS	78463V107	3,372,856	28,671	SH		SOLE		0	0	28,671
SPDR SERIES TRUST	BRC CNV SECS ETF	78464A359	2,152,613	49,829	SH		SOLE		0	0	49,829
SPDR SERIES TRUST	BRC HGH YLD BD	78464A417	49,486,156	1,444,851	SH		SOLE		231,224	0	1,213,627
SPDR SERIES TRUST	DJ REIT ETF	78464A607	9,496,065	99,801	SH		SOLE		0	0	99,801
SPDR SERIES TRUST	S&P METALS MNG	78464A755	5,893,789	288,064	SH		SOLE		0	0	288,064
SPDR SERIES TRUST	S&P DIVID ETF	78464A763	619,458	7,750	SH		SOLE		0	0	7,750
SPDR S&P MIDCAP 400 ETF TR	UTSER1 S&PDCRP	78467Y107	513,880	1,956	SH		SOLE		0	0	1,956
SPDR SER TR	SHT TRM HGH YLD	78468R408	11,687,671	452,660	SH		SOLE		77,938	0	374,722
SANFILIPPO JOHN B & SON INC	COM	800422107	362,170	5,242	SH		SOLE		0	0	5,242
SAP SE	SPON ADR	803054204	204,508	2,543	SH		SOLE		0	0	2,543
SCANSOURCE INC	COM	806037107	661,223	16,375	SH		SOLE		0	0	16,375
SCHLUMBERGER LTD	COM	806857108	214,465	2,908	SH		SOLE		0	0	2,908
SELECT SECTOR SPDR TR	SBI CONS STPLS	81369Y308	12,720,180	239,732	SH		SOLE		0	0	239,732
SELECT SECTOR SPDR TR	SBI INT-INDS	81369Y704	11,136,435	200,765	SH		SOLE		0	0	200,765
SELECT SECTOR SPDR TR	SBI INT-UTILS	81369Y886	9,959,032	200,706	SH		SOLE		0	0	200,706
SERVISFIRST BANCSHARES INC	COM	81768t108	254,989	5,743	SH		SOLE		0	0	5,743
SHIRE PLC	SPONSORED ADR	82481R106	2,302,085	13,392	SH		SOLE		0	0	13,392
SIGNATURE BK NEW YORK N Y	COM	82669G104	2,876,760	21,134	SH		SOLE		6,373	0	14,761
SIRIUS XM HLDGS INC	COM	82968B103	81,437	20,617	SH		SOLE		0	0	20,617
SNAP ON INC	COM	833034101	503,781	3,209	SH		SOLE		0	0	3,209
SOUTHWEST AIRLS CO	COM	844741108	3,171,172	70,785	SH		SOLE		21,426	0	49,359
STANDEX INTL CORP	COM	854231107	228,372	2,935	SH		SOLE		0	0	2,935
STANLEY BLACK & DECKER INC	COM	854502101	417,684	3,970	SH		SOLE		0	0	3,970
SYNCHRONY FINL	COM	87165B103	2,998,839	104,635	SH		SOLE		31,290	0	73,345
SYSCO CORP	COM	871829107	264,445	5,659	SH		SOLE		0	0	5,659
TARGET CORP	COM	87612E106	10,488,882	127,478	SH		SOLE		12,875	0	114,603
TEVA PHARMACEUTICAL INDS LTD	ADR	881624209	2,071,089	38,705	SH		SOLE		0	0	38,705
TEXAS CAPITAL BANCSHARES INC	COM	88224Q107	278,754	7,263	SH		SOLE		0	0	7,263
TEXAS INSTRS INC	COM	882508104	16,085,175	280,132	SH		SOLE		26,895	0	253,237
THERMO FISHER SCIENTIFIC INC	COM	883556102	608,412	4,297	SH		SOLE		0	0	4,297
THOR INDS INC	COM	885160101	285,690	4,480	SH		SOLE		0	0	4,480
3M CO	COM	88579Y101	1,222,064	7,334	SH		SOLE		0	0	7,334
TIME WARNER INC	COM NEW	887317303	606,155	8,355	SH		SOLE		0	0	8,355
TIME WARNER CABLE INC	COM	88732J207	341,920	1,671	SH		SOLE		0	0	1,671
TOMPKINS FINANCIAL CORPORATI	COM	890110109	409,152	6,393	SH		SOLE		0	0	6,393
TORO CO	COM	891092108	3,184,287	36,975	SH		SOLE		10,742	0	26,233
TORONTO DOMINION BK ONT	COM NEW	891160509	394,812	9,154	SH		SOLE		0	0	9,154
TOYOTA MOTOR CORP	SP ADR REP2COM	892331307	2,144,170	20,167	SH		SOLE		0	0	20,167
TRAVELERS COMPANIES INC	COM	89417E109	20,724,249	177,570	SH		SOLE		24,962	0	152,608
TRUEBLUE INC	COM	89785X101	675,794	25,843	SH		SOLE		0	0	25,843
US BANCORP DEL	COM NEW	902973304	335,842	8,274	SH		SOLE		0	0	8,274
USANA HEALTH SCIENCES INC	COM	90328M107	315,692	2,600	SH		SOLE		0	0	2,600
UNIFIRST CORP MASS	COM	904708104	400,470	3,670	SH		SOLE		0	0	3,670
UNION PAC CORP	COM	907818108	710,779	8,935	SH		SOLE		0	0	8,935
UNITED PARCEL SERVICE INC	CL B	911312106	10,489,023	99,450	SH		SOLE		9,489	0	89,961
UNITEDHEALTH GROUP INC	COM	91324P102	17,201,373	133,447	SH		SOLE		17,410	0	116,037
UNIVERSAL INS HLDGS INC	COM	91359V107	882,471	49,577	SH		SOLE		10,449	0	39,128
VCA INC	COM	918194101	261,913	4,540	SH		SOLE		0	0	4,540
V F CORP	COM	918204108	388,171	5,994	SH		SOLE		0	0	5,994
VANGUARD TAX MANAGED INTL FD	FTSE DEV MKT ETF	921943858	671,279	18,709	SH		SOLE		0	0	18,709
VANGUARD INTL EQUITY INDEX F	FTSE SMCAP ETF	922042718	204,315	2,188	SH		SOLE		0	0	2,188
VANGUARD INTL EQUITY INDEX F	FTSE EMR MKT ETF	922042858	4,068,406	117,652	SH		SOLE		0	0	117,652
VANGUARD WORLD FDS	TELCOMM ETF	92204A884	11,889,764	128,233	SH		SOLE		0	0	128,233
VANGUARD INDEX FDS	REIT ETF	922908553	379,195	4,525	SH		SOLE		0	0	4,525
VANGUARD INDEX FDS	GROWTH ETF	922908736	2,356,377	22,136	SH		SOLE		0	0	22,136
VERIZON COMMUNICATIONS INC	COM	92343V104	16,596,712	306,892	SH		SOLE		29,712	0	277,180
WNS HOLDINGS LTD	SPON ADR	92932M101	2,293,067	74,839	SH		SOLE		0	0	74,839
WPP PLC NEW	ADR	92937A102	2,260,954	19,419	SH		SOLE		0	0	19,419
WEC ENERGY GROUP INC	COM	92939U106	4,448,056	74,048	SH		SOLE		20,133	0	53,915
WALKER & DUNLOP INC	COM	93148P102	476,202	19,621	SH		SOLE		0	0	19,621
WELLS FARGO & CO NEW	COM	949746101	9,127,793	188,747	SH		SOLE		16,005	0	172,742
WESTPAC BKG CORP	SPONSORED ADR	961214301	2,101,401	90,344	SH		SOLE		0	0	90,344
WHIRLPOOL CORP	COM	963320106	342,105	1,897	SH		SOLE		0	0	1,897
WISDOMTREE TR	BLMBG US BULL	97717W471	665,892	25,377	SH		SOLE		0	0	25,377
WISDOMTREE TR	MIDCAP DIVI FD	97717W505	454,747	5,281	SH		SOLE		0	0	5,281
WISDOMTREE TR	JAPN HEDGE EQT	97717W851	263,134	6,020	SH		SOLE		0	0	6,020
WORLD FUEL SVCS CORP	COM	981475106	3,232,999	66,550	SH		SOLE		19,135	0	47,415
WYNDHAM WORLDWIDE CORP	COM	98310W108	12,731,724	166,580	SH		SOLE		24,789	0	141,791
XEROX CORP	COM	984121103	3,295,927	295,334	SH		SOLE		87,809	0	207,525
ZIMMER BIOMET HLDGS INC	COM	98956P102	3,247,950	30,460	SH		SOLE		8,859	0	21,601
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	11,750,028	101,820	SH		SOLE		9,184	0	92,636
ESSENT GROUP LTD	COM	G3198U102	3,183,794	153,067	SH		SOLE		43,319	0	109,748
FABRINET	SHS	G3323L100	3,339,038	103,216	SH		SOLE		28,428	0	74,788
ICON PLC	SHS	G4705A100	3,145,789	41,888	SH		SOLE		11,967	0	29,921
MEDTRONIC PLC	SHS	G5960L103	3,480,975	46,413	SH		SOLE		10,880	0	35,533
MICHAEL KORS HLDGS LTD	SHS	G60754101	3,003,729	52,734	SH		SOLE		15,470	0	37,264
NIELSEN HLDGS PLC	SHS EUR	G6518L108	11,023,702	209,337	SH		SOLE		19,853	0	189,484
PERRIGO CO PLC	SHS	G97822103	271,979	2,126	SH		SOLE		0	0	2,126
CHUBB LIMITED	COM	H1467J104	3,368,618	28,272	SH		SOLE		7,345	0	20,927
TE CONNECTIVITY LTD	REG SHS	H84989104	294,058	4,749	SH		SOLE		0	0	4,749
CHECK POINT SOFTWARE TECH LT	ORD	M22465104	3,174,636	36,294	SH		SOLE		10,541	0	25,753
ORBOTECH LTD	ORD	M75253100	3,127,688	131,526	SH		SOLE		37,595	0	93,931
TARO PHARMACEUTICAL INDS LTD	SHS	M8737E108	2,965,132	20,699	SH		SOLE		5,898	0	14,801
LYONDELLBASELL INDUSTRIES N	SHS - A -	N53745100	16,307,444	190,552	SH		SOLE		25,230	0	165,322
MYLAN N V	SHS EURO	N59465109	2,965,519	63,981	SH		SOLE		17,452	0	46,529
BROADCOM LTD	SHS	Y09827109	3,198,057	20,699	SH		SOLE		6,280	0	14,419
DANAOS CORPORATION	SHS	Y1968P105	1,632,507	429,607	SH		SOLE		148,576	0	281,031