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
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
A10 Networks, Inc. COM 002121101   193,508 14,135 SH   SOLE   14,135 0 0
Aberdeen Standard Bloomberg Al BBRG ALL COMD K1 003261104   799,242 40,427 SH   SOLE   40,427 0 0
Adobe Inc. COM 00724F101   4,989,989 9,889 SH   SOLE   9,889 0 0
AerCap Holdings NV SHS N00985106   5,988,881 68,909 SH   SOLE   68,909 0 0
AGCO Corp. COM 001084102   1,766,813 14,362 SH   SOLE   14,362 0 0
Akamai Technologies Inc. COM 00971T101   6,196,057 56,970 SH   SOLE   56,970 0 0
Allison Transmission Holdings COM 01973R101   3,539,469 43,611 SH   SOLE   43,611 0 0
Alphabet Inc. CAP STK CL A 02079K305   14,661,189 97,139 SH   SOLE   97,139 0 0
Amdocs Ltd. SHS G02602103   315,301 3,489 SH   SOLE   3,489 0 0
Amkor Technology Inc. COM 031652100   387,041 12,005 SH   SOLE   12,005 0 0
Andersons Inc. COM 034164103   284,383 4,957 SH   SOLE   4,957 0 0
APA Corp. COM 03743Q108   412,594 12,001 SH   SOLE   12,001 0 0
Apple Inc. COM 037833100   16,194,400 94,439 SH   SOLE   94,439 0 0
Applied Materials Inc. COM 038222105   19,105,353 92,641 SH   SOLE   92,641 0 0
ArcelorMittal SA ADR NY REGISTRY SH 03938L203   273,401 9,913 SH   SOLE   9,913 0 0
Assurant Inc. COM 04621X108   3,730,164 19,816 SH   SOLE   19,816 0 0
Axis Capital Holdings Ltd SHS G0692U109   329,586 5,069 SH   SOLE   5,069 0 0
Baidu Inc. SPON ADR REP A 056752108   363,637 3,454 SH   SOLE   3,454 0 0
Baker Hughes Company CL A 05722G100   4,555,565 135,987 SH   SOLE   135,987 0 0
Banco Santander S.A. ADR 05964H105   366,717 75,768 SH   SOLE   75,768 0 0
Barclays PLC ADR 06738E204   252,211 26,689 SH   SOLE   26,689 0 0
Boise Cascade Co. Del COM 09739D100   3,850,814 25,108 SH   SOLE   25,108 0 0
Canadian Natural Resources Ltd COM 136385101   1,014,216 13,289 SH   SOLE   13,289 0 0
Cardinal Health Inc. COM 14149Y108   7,977,351 71,290 SH   SOLE   71,290 0 0
CarGurus, Inc. COM CL A 141788109   3,791,767 164,288 SH   SOLE   164,288 0 0
Caterpillar Inc. COM 149123101   5,077,254 13,856 SH   SOLE   13,856 0 0
Cemex S.A.B. de C.V. SPON ADR NEW 151290889   5,143,791 570,898 SH   SOLE   570,898 0 0
Cencora Inc. COM 03073E105   8,602,332 35,402 SH   SOLE   35,402 0 0
Centene Corp. COM 15135B101   6,056,537 77,173 SH   SOLE   77,173 0 0
Charter Communications Inc. CL A 16119P108   3,496,570 12,031 SH   SOLE   12,031 0 0
Check Point Software Tech LT ORD M22465104   6,568,108 40,047 SH   SOLE   40,047 0 0
Chord Energy Corp. COM 674215207   508,697 2,854 SH   SOLE   2,854 0 0
Chubb Limited COM H1467J104   3,032,598 11,703 SH   SOLE   11,703 0 0
Cisco Systems Inc. COM 17275R102   5,320,905 106,610 SH   SOLE   106,610 0 0
Citigroup Inc. COM NEW 172967424   258,778 4,092 SH   SOLE   4,092 0 0
Cognizant Technology Solutions CL A 192446102   520,139 7,097 SH   SOLE   7,097 0 0
Comcast Corp. CL A 20030N101   6,027,557 139,044 SH   SOLE   139,044 0 0
Comerica Inc. COM 200340107   265,162 4,822 SH   SOLE   4,822 0 0
Commercial Metals Co. COM 201723103   284,741 4,845 SH   SOLE   4,845 0 0
Communication Services Select COMMUNICATION 81369Y852   9,152,534 112,081 SH   SOLE   112,081 0 0
Consumer Discretionary Select SBI CONS DISCR 81369Y407   520,593 2,831 SH   SOLE   2,831 0 0
CRH PLC ADR 12626K203   8,928,600 103,508 SH   SOLE   103,508 0 0
Cummins Inc. COM 231021106   2,190,133 7,433 SH   SOLE   7,433 0 0
D.R. Horton Inc. COM 23331A109   12,468,941 75,776 SH   SOLE   75,776 0 0
Deere & Co. COM 244199105   3,887,654 9,465 SH   SOLE   9,465 0 0
Diodes Inc. COM 254543101   257,043 3,646 SH   SOLE   3,646 0 0
Direxion Daily S&P500 Bear 1X DLY S&P500 BR 1X 25460E869   21,157,508 1,738,497 SH   SOLE   1,738,497 0 0
Dolby Laboratories Inc. COM CL A 25659T107   3,812,205 45,508 SH   SOLE   45,508 0 0
Dropbox, Inc. CL A 26210C104   407,730 16,779 SH   SOLE   16,779 0 0
Eagle Materials Inc. COM 26969P108   6,087,472 22,401 SH   SOLE   22,401 0 0
Elevance Health Inc. COM 036752103   7,839,288 15,118 SH   SOLE   15,118 0 0
ENI S.p.A. SPONSORED ADR 26874R108   342,164 10,787 SH   SOLE   10,787 0 0
EOG Resources Inc. COM 26875P101   808,332 6,323 SH   SOLE   6,323 0 0
Everest Group Ltd. COM G3223R108   7,451,933 18,747 SH   SOLE   18,747 0 0
Exxon Mobil Corp. COM 30231G102   9,194,468 79,099 SH   SOLE   79,099 0 0
Fidelity Covington Trust MSCI ENERGY IDX 316092402   1,962,653 75,866 SH   SOLE   75,866 0 0
Financial Select Sector SPDR TR FINANCIAL 81369Y605   4,707,879 111,773 SH   SOLE   111,773 0 0
Flex Ltd. COM Y2573F102   6,697,057 234,081 SH   SOLE   234,081 0 0
Fortinet Inc. COM 34959E109   4,951,860 72,491 SH   SOLE   72,491 0 0
General Motors Co. COM 37045V100   420,712 9,277 SH   SOLE   9,277 0 0
Gerdau S.A. SPON ADR REP PFD 373737105   182,453 41,279 SH   SOLE   41,279 0 0
GMS Inc. COM 36251C103   3,554,662 36,518 SH   SOLE   36,518 0 0
GoDaddy, Inc. CL A 380237107   7,595,401 63,999 SH   SOLE   63,999 0 0
Halliburton Co. COM 406216101   4,627,829 117,398 SH   SOLE   117,398 0 0
Hartford Financial Services Gr COM 416515104   3,112,110 30,200 SH   SOLE   30,200 0 0
HCA Healthcare Inc COM 40412C101   6,094,260 18,272 SH   SOLE   18,272 0 0
Health Care Select Sector SPDR SBI HEALTHCARE 81369Y209   3,984,574 26,972 SH   SOLE   26,972 0 0
Humana Inc. COM 444859102   6,337,001 18,277 SH   SOLE   18,277 0 0
IAC Inc. COM NEW 44891N208   3,376,049 63,293 SH   SOLE   63,293 0 0
Industrial Select Sector SPDR INDL 81369Y704   3,978,699 31,587 SH   SOLE   31,587 0 0
Intel Corp. COM 458140100   317,980 7,199 SH   SOLE   7,199 0 0
InterDigital Inc. COM 45867G101   359,303 3,375 SH   SOLE   3,375 0 0
Invesco CurrencyShares Euro EURO SHS 46138K103   4,577,886 45,912 SH   SOLE   45,912 0 0
Invesco CurrencyShares Japan JAPANESE YEN 46138W107   4,370,169 71,373 SH   SOLE   71,373 0 0
Invesco NASDAQ 100 ETF NASDAQ 100 ETF 46138G649   208,449 1,141 SH   SOLE   1,141 0 0
Invesco S&P 500 Equal Weight C S&P500 EQL DIS 46137V381   1,481,978 29,047 SH   SOLE   29,047 0 0
iShares 0-5 Year High Yield Co 0-5YR HI YL CP 46434V407   5,463,080 128,392 SH   SOLE   128,392 0 0
iShares 0-5 Year TIPS Bond ETF 0-5 YR TIPS ETF 46429B747   5,458,409 54,897 SH   SOLE   54,897 0 0
iShares 1-3 Year Treasury Bond 1 3 YR TREAS BD 464287457   11,713,513 143,232 SH   SOLE   143,232 0 0
iShares 5-10yr Investment Grad ISHS 5-10YR INVT 464288638   20,196,085 391,397 SH   SOLE   391,397 0 0
iShares 7-10 Year Treasury Bon 7-10 YR TRSY BD 464287440   4,562,991 48,204 SH   SOLE   48,204 0 0
iShares Core MSCI EAFE ETF CORE MSCI EAFE 46432F842   6,104,743 82,252 SH   SOLE   82,252 0 0
iShares Core Total U.S. Bond M CORE US AGGBD ET 464287226   3,794,391 38,742 SH   SOLE   38,742 0 0
iShares DJ US Home Constructio US HOME CONS ETF 464288752   5,045,141 43,579 SH   SOLE   43,579 0 0
iShares Edge MSCI USA Quality MSCI USA QLT FCT 46432F339   218,421 1,329 SH   SOLE   1,329 0 0
iShares International Treasury INTL TREA BD ETF 464288117   16,086,610 405,920 SH   SOLE   405,920 0 0
iShares JPMorgan USD Emerging JPMORGAN USD EMG 464288281   1,340,208 14,946 SH   SOLE   14,946 0 0
iShares MBS ETF MBS ETF 464288588   12,205,632 132,067 SH   SOLE   132,067 0 0
iShares MSCI ACWI ETF MSCI ACWI ETF 464288257   212,881 1,933 SH   SOLE   1,933 0 0
iShares MSCI Emerging Markets MSCI EMRG CHN 46434G764   2,314,832 40,209 SH   SOLE   40,209 0 0
iShares MSCI Global Metals & M MSCI GBL ETF NEW 46434G848   605,943 14,531 SH   SOLE   14,531 0 0
iShares S&P 500 Fund CORE S&P500 ETF 464287200   8,288,133 15,765 SH   SOLE   15,765 0 0
iShares U.S. Healthcare Provid US HLTHCR PR ETF 464288828   3,078,510 56,445 SH   SOLE   56,445 0 0
iShares U.S. Insurance ETF U.S. INSRNCE ETF 464288786   1,991,874 16,968 SH   SOLE   16,968 0 0
iShares U.S. Oil Equipment & S US OIL EQ&SV ETF 464288844   1,373,474 58,075 SH   SOLE   58,075 0 0
Jabil Inc. COM 466313103   9,493,706 70,875 SH   SOLE   70,875 0 0
KB Home COM 48666K109   4,547,590 64,159 SH   SOLE   64,159 0 0
KLA Corporation COM 482480100   12,644,816 18,101 SH   SOLE   18,101 0 0
Lam Research Corp. COM 512807108   23,254,528 23,935 SH   SOLE   23,935 0 0
Lennar Corp. CL A 526057104   8,666,932 50,395 SH   SOLE   50,395 0 0
Liberty Energy, Inc. COM CL A 53115L104   2,279,780 110,028 SH   SOLE   110,028 0 0
LKQ Corp. COM 501889208   5,080,092 95,115 SH   SOLE   95,115 0 0
Loews Corp. COM 540424108   344,163 4,396 SH   SOLE   4,396 0 0
M&T Bank Corp. COM 55261F104   3,125,360 21,489 SH   SOLE   21,489 0 0
Markel Corp. COM 570535104   3,046,003 2,002 SH   SOLE   2,002 0 0
Martin Marietta Materials Inc. COM 573284106   5,468,978 8,908 SH   SOLE   8,908 0 0
Mastercard Inc. CL A 57636Q104   8,862,814 18,404 SH   SOLE   18,404 0 0
Match Group, Inc. COM 57667L107   4,974,133 137,104 SH   SOLE   137,104 0 0
McKesson Corp. COM 58155Q103   9,699,806 18,068 SH   SOLE   18,068 0 0
Meritage Homes Corp. COM 59001A102   6,597,998 37,604 SH   SOLE   37,604 0 0
Meta Platforms Inc. CL A 30303M102   20,035,516 41,261 SH   SOLE   41,261 0 0
Microsoft Corp. COM 594918104   28,038,464 66,644 SH   SOLE   66,644 0 0
Mizuho Financial Group Inc. SPONSORED ADR 60687Y109   359,060 90,216 SH   SOLE   90,216 0 0
Molina Healthcare Inc. COM 60855R100   523,808 1,275 SH   SOLE   1,275 0 0
MSC Industrial Direct Inc. CL A 553530106   1,706,351 17,584 SH   SOLE   17,584 0 0
Netflix Inc. COM 64110L106   10,258,411 16,891 SH   SOLE   16,891 0 0
Nextracker Inc. CLASS A COM 65290E101   2,294,409 40,775 SH   SOLE   40,775 0 0
NMI Holdings, Inc. CL A 629209305   2,987,472 92,377 SH   SOLE   92,377 0 0
NOV Inc. COM 62955J103   2,821,909 144,565 SH   SOLE   144,565 0 0
Nucor Corp. COM 670346105   4,121,663 20,827 SH   SOLE   20,827 0 0
Okta, Inc. CL A 679295105   7,350,810 70,262 SH   SOLE   70,262 0 0
Old National Bancorp COM 680033107   3,141,878 180,464 SH   SOLE   180,464 0 0
Old Republic International Cor COM 680223104   398,684 12,978 SH   SOLE   12,978 0 0
Oracle Corp. COM 68389X105   9,994,160 79,565 SH   SOLE   79,565 0 0
Paccar Inc. COM 693718108   5,496,504 44,366 SH   SOLE   44,366 0 0
Petroleo Brasileiro SA Petro SPONSORED ADR 71654V408   334,240 21,975 SH   SOLE   21,975 0 0
Progress Software Corp COM 743312100   2,366,911 44,399 SH   SOLE   44,399 0 0
ProShares Short Russell2000 SHRT RUSSELL2000 74348A210   11,646,294 580,573 SH   SOLE   580,573 0 0
PTC Inc. COM 69370C100   841,539 4,454 SH   SOLE   4,454 0 0
PulteGroup Inc. COM 745867101   13,947,773 115,634 SH   SOLE   115,634 0 0
Qualys, Inc. COM 74758T303   4,620,130 27,687 SH   SOLE   27,687 0 0
Radian Group Inc. COM 750236101   3,241,636 96,852 SH   SOLE   96,852 0 0
Reinsurance Group of America I COM NEW 759351604   8,607,270 44,625 SH   SOLE   44,625 0 0
RenaissanceRe Holdings Ltd. COM G7496G103   7,426,008 31,596 SH   SOLE   31,596 0 0
Rush Enterprises Inc Cl A CL A 781846209   3,458,891 64,628 SH   SOLE   64,628 0 0
Schlumberger COM STK 806857108   5,361,240 97,815 SH   SOLE   97,815 0 0
Schwab Fundamental Internation SCHWB FDT INT LG 808524755   209,244 5,876 SH   SOLE   5,876 0 0
Shell PLC SPON ADS 780259305   7,620,571 113,672 SH   SOLE   113,672 0 0
Shutterstock, Inc. COM 825690100   3,381,328 73,812 SH   SOLE   73,812 0 0
Skyworks Solutions Inc COM 83088M102   284,123 2,623 SH   SOLE   2,623 0 0
SPDR Barclays International Co BLOOMBERG INTL 78464A151   5,404,854 185,670 SH   SOLE   185,670 0 0
SPDR Barclays Short Term High BLOOMBERG SHT TE 78468R408   3,886,780 154,115 SH   SOLE   154,115 0 0
SPDR Bloomberg Barclays Intern BLOOMBERG INTL T 78464A516   9,168,106 412,235 SH   SOLE   412,235 0 0
SPDR Intermediate Term Corpora PORTFOLIO INTRMD 78464A375   9,284,875 284,028 SH   SOLE   284,028 0 0
SPDR Portfolio Long Term Treas PORTFOLIO LN TSR 78464A664   1,324,803 47,416 SH   SOLE   47,416 0 0
SPDR S&P Homebuilders ETF S&P HOMEBUILD 78464A888   1,440,404 12,908 SH   SOLE   12,908 0 0
SPDR S&P Metals & Mining ETF S&P METALS MNG 78464A755   1,071,477 17,775 SH   SOLE   17,775 0 0
SPDR S&P Semiconductor ETF S&P SEMICNDCTR 78464A862   397,123 1,711 SH   SOLE   1,711 0 0
SPDR S&P Software & Services E COMP SOFTWARE 78464A599   1,012,694 6,492 SH   SOLE   6,492 0 0
Steel Dynamics Inc. COM 858119100   5,459,459 36,831 SH   SOLE   36,831 0 0
Summit Materials, Inc. CL A 86614U100   5,279,985 118,465 SH   SOLE   118,465 0 0
Suncor Energy Inc. COM 867224107   431,441 11,689 SH   SOLE   11,689 0 0
T-Mobile US Inc COM 872590104   7,013,074 42,967 SH   SOLE   42,967 0 0
Taylor Morrison Home Corp. Cla COM 87724P106   5,257,095 84,560 SH   SOLE   84,560 0 0
TE Connectivity Ltd. SHS H84989104   6,666,661 45,901 SH   SOLE   45,901 0 0
Technology Select Sector SPDR TECHNOLOGY 81369Y803   17,047,524 81,853 SH   SOLE   81,853 0 0
Tenaris S.A. SPONSORED ADS 88031M109   4,871,679 124,056 SH   SOLE   124,056 0 0
Tenet Healthcare Corporation COM NEW 88033G407   3,525,915 33,545 SH   SOLE   33,545 0 0
Terex Corp. COM 880779103   2,863,353 44,462 SH   SOLE   44,462 0 0
Ternium S.A. Sponsored ADR COM 880890108   320,557 7,702 SH   SOLE   7,702 0 0
Toll Brothers Inc. COM 889478103   9,987,105 77,198 SH   SOLE   77,198 0 0
TRI Pointe Group Inc COM 87265H109   624,320 16,149 SH   SOLE   16,149 0 0
TripAdvisor Inc. COM 896945201   4,541,497 163,422 SH   SOLE   163,422 0 0
UBS Group AG SHS H42097107   237,005 7,715 SH   SOLE   7,715 0 0
United Rentals Inc. COM 911363109   11,669,002 16,182 SH   SOLE   16,182 0 0
UnitedHealth Group Inc. COM 91324P102   12,446,157 25,159 SH   SOLE   25,159 0 0
Universal Health Services Inc. CL B 913903100   3,877,822 21,253 SH   SOLE   21,253 0 0
VanEck Vectors J.P. Morgan EM JP MRGAN EM LO 92189H300   6,284,781 256,417 SH   SOLE   256,417 0 0
Vanguard Russell 1000 Value ET VNG RUS1000VAL 92206C714   4,415,479 56,148 SH   SOLE   56,148 0 0
Vanguard Short-Term Corporate SHRT TRM CORP BD 92206C409   3,269,517 42,291 SH   SOLE   42,291 0 0
Vanguard Short-Term Inflation- STRM INFPROIDX 922020805   4,484,372 93,639 SH   SOLE   93,639 0 0
Vanguard Short-Term Treasury E SHORT TERM TREAS 92206C102   756,478 13,027 SH   SOLE   13,027 0 0
Visa Inc. COM CL A 92826C839   6,820,157 24,438 SH   SOLE   24,438 0 0
Wesco International Inc. COM 95082P105   5,843,902 34,119 SH   SOLE   34,119 0 0
Wipro Ltd. ADS SPON ADR 1 SH 97651M109   561,775 97,700 SH   SOLE   97,700 0 0
Wix.com Ltd. SHS M98068105   6,512,840 47,373 SH   SOLE   47,373 0 0
Yelp Inc CL A 985817105   2,903,741 73,699 SH   SOLE   73,699 0 0
ZipRecruiter, Inc. CL A 98980B103   142,752 12,424 SH   SOLE   12,424 0 0