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
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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   194,192 14,745 SH   SOLE   14,745 0 0
Aberdeen Standard Bloomberg Al BBRG ALL COMD K1 003261104   782,667 40,427 SH   SOLE   40,427 0 0
Adobe Inc. COM 00724F101   5,911,709 9,909 SH   SOLE   9,909 0 0
AerCap Holdings NV SHS N00985106   5,132,019 69,053 SH   SOLE   69,053 0 0
AGCO Corp. COM 001084102   1,744,783 14,371 SH   SOLE   14,371 0 0
Akamai Technologies Inc. COM 00971T101   6,756,602 57,090 SH   SOLE   57,090 0 0
Allison Transmission Holdings COM 01973R101   2,541,271 43,702 SH   SOLE   43,702 0 0
Alphabet Inc. CAP STK CL A 02079K305   13,597,704 97,342 SH   SOLE   97,342 0 0
Amdocs Ltd. SHS G02602103   320,007 3,641 SH   SOLE   3,641 0 0
Amkor Technology Inc. COM 031652100   416,474 12,518 SH   SOLE   12,518 0 0
Andersons Inc. COM 034164103   297,482 5,170 SH   SOLE   5,170 0 0
APA Corp. COM 03743Q108   448,966 12,513 SH   SOLE   12,513 0 0
Apple Inc. COM 037833100   18,221,039 94,640 SH   SOLE   94,640 0 0
Applied Materials Inc. COM 038222105   15,078,182 93,035 SH   SOLE   93,035 0 0
ArcelorMittal SA ADR NY REGISTRY SH 03938L203   293,467 10,337 SH   SOLE   10,337 0 0
Archer Daniels Midland Co. COM 039483102   497,379 6,887 SH   SOLE   6,887 0 0
Axis Capital Holdings Ltd SHS G0692U109   292,630 5,285 SH   SOLE   5,285 0 0
Baker Hughes Company CL A 05722G100   4,650,018 136,045 SH   SOLE   136,045 0 0
Banco Santander S.A. ADR 05964H105   327,072 79,003 SH   SOLE   79,003 0 0
Barclays PLC ADR 06738E204   219,285 27,828 SH   SOLE   27,828 0 0
Boise Cascade Co. Del COM 09739D100   3,266,599 25,252 SH   SOLE   25,252 0 0
Brady Corporation CL A 104674106   3,390,169 57,764 SH   SOLE   57,764 0 0
Brink's Co. COM 109696104   3,584,402 40,755 SH   SOLE   40,755 0 0
Bunge Ltd. COM G16962105   400,671 3,969 SH   SOLE   3,969 0 0
Canadian Natural Resources Ltd COM 136385101   907,911 13,857 SH   SOLE   13,857 0 0
Cardinal Health Inc. COM 14149Y108   7,201,253 71,441 SH   SOLE   71,441 0 0
CarGurus, Inc. COM CL A 141788109   3,786,742 156,736 SH   SOLE   156,736 0 0
Caterpillar Inc. COM 149123101   4,106,265 13,888 SH   SOLE   13,888 0 0
Cemex S.A.B. de C.V. SPON ADR NEW 151290889   4,433,426 572,055 SH   SOLE   572,055 0 0
Cencora Inc. COM 03073E105   7,286,266 35,477 SH   SOLE   35,477 0 0
Centene Corp. COM 15135B101   5,768,121 77,727 SH   SOLE   77,727 0 0
Charter Communications Inc. CL A 16119P108   4,677,375 12,034 SH   SOLE   12,034 0 0
Check Point Software Tech LT ORD M22465104   6,163,396 40,339 SH   SOLE   40,339 0 0
Chord Energy Corp. COM 674215207   494,700 2,976 SH   SOLE   2,976 0 0
Cisco Systems Inc. COM 17275R102   5,388,261 106,656 SH   SOLE   106,656 0 0
Citigroup Inc. COM NEW 172967424   219,494 4,267 SH   SOLE   4,267 0 0
Cognizant Technology Solutions CL A 192446102   559,451 7,407 SH   SOLE   7,407 0 0
Comcast Corp. CL A 20030N101   6,099,842 139,107 SH   SOLE   139,107 0 0
Commercial Metals Co. COM 201723103   252,802 5,052 SH   SOLE   5,052 0 0
Communication Services Select COMMUNICATION 81369Y852   7,805,791 107,429 SH   SOLE   107,429 0 0
Consumer Discretionary Select SBI CONS DISCR 81369Y407   494,231 2,764 SH   SOLE   2,764 0 0
CRH PLC ADR 12626K203   7,191,326 103,981 SH   SOLE   103,981 0 0
Cummins Inc. COM 231021106   1,780,963 7,434 SH   SOLE   7,434 0 0
D.R. Horton Inc. COM 23331A109   11,540,905 75,937 SH   SOLE   75,937 0 0
Deere & Co. COM 244199105   3,785,569 9,467 SH   SOLE   9,467 0 0
Diodes Inc. COM 254543101   306,057 3,801 SH   SOLE   3,801 0 0
Direxion Daily S&P500 Bear 1X DLY S&P500 BR 1X 25460E869   23,012,592 1,731,572 SH   SOLE   1,731,572 0 0
Dolby Laboratories Inc. COM CL A 25659T107   3,944,459 45,770 SH   SOLE   45,770 0 0
Dropbox, Inc. CL A 26210C104   515,753 17,495 SH   SOLE   17,495 0 0
Eagle Materials Inc. COM 26969P108   4,564,509 22,503 SH   SOLE   22,503 0 0
Elevance Health Inc. COM 036752103   7,170,070 15,205 SH   SOLE   15,205 0 0
Energy Select Sector SPDR TR ENERGY 81369Y506   362,943 4,329 SH   SOLE   4,329 0 0
ENI S.p.A. SPONSORED ADR 26874R108   382,544 11,248 SH   SOLE   11,248 0 0
EOG Resources Inc. COM 26875P101   797,302 6,592 SH   SOLE   6,592 0 0
Everest Group Ltd. COM G3223R108   6,672,055 18,870 SH   SOLE   18,870 0 0
Exxon Mobil Corp. COM 30231G102   7,945,011 79,466 SH   SOLE   79,466 0 0
Fidelity Covington Trust MSCI ENERGY IDX 316092402   1,686,275 73,189 SH   SOLE   73,189 0 0
Financial Select Sector SPDR TR FINANCIAL 81369Y605   1,947,492 51,795 SH   SOLE   51,795 0 0
Flex Ltd. COM Y2573F102   7,145,124 234,574 SH   SOLE   234,574 0 0
Fortinet Inc. COM 34959E109   4,244,713 72,522 SH   SOLE   72,522 0 0
Fresh Del Monte Produce Inc. ORD G36738105   224,884 8,567 SH   SOLE   8,567 0 0
General Motors Co. COM 37045V100   347,598 9,677 SH   SOLE   9,677 0 0
Gerdau S.A. SPON ADR REP PFD 373737105   208,749 43,041 SH   SOLE   43,041 0 0
GMS Inc. COM 36251C103   3,028,561 36,741 SH   SOLE   36,741 0 0
GoDaddy, Inc. CL A 380237107   6,808,465 64,134 SH   SOLE   64,134 0 0
Halliburton Co. COM 406216101   4,245,854 117,451 SH   SOLE   117,451 0 0
HCA Healthcare Inc COM 40412C101   4,948,572 18,282 SH   SOLE   18,282 0 0
Health Care Select Sector SPDR SBI HEALTHCARE 81369Y209   3,929,108 28,810 SH   SOLE   28,810 0 0
Humana Inc. COM 444859102   8,412,259 18,375 SH   SOLE   18,375 0 0
IAC Inc. COM NEW 44891N208   3,322,097 63,423 SH   SOLE   63,423 0 0
Industrial Select Sector SPDR INDL 81369Y704   3,971,298 34,839 SH   SOLE   34,839 0 0
Ingles Markets, Inc. CL A 457030104   209,793 2,429 SH   SOLE   2,429 0 0
Ingredion Incorporated COM 457187102   359,017 3,308 SH   SOLE   3,308 0 0
Intel Corp. COM 458140100   377,227 7,507 SH   SOLE   7,507 0 0
InterDigital Inc. COM 45867G101   381,518 3,515 SH   SOLE   3,515 0 0
Invesco CurrencyShares Canadia CDN DLR SHS 46138T104   203,909 2,760 SH   SOLE   2,760 0 0
Invesco CurrencyShares Euro EURO SHS 46138K103   4,654,248 45,612 SH   SOLE   45,612 0 0
Invesco CurrencyShares Japan JAPANESE YEN 46138W107   1,240,058 18,843 SH   SOLE   18,843 0 0
Invesco Exchange Traded FD T S&P500 EQL DIS 46137V381   1,293,693 27,207 SH   SOLE   27,207 0 0
iShares 0-5 Year High Yield Co 0-5YR HI YL CP 46434V407   3,207,791 75,978 SH   SOLE   75,978 0 0
iShares 0-5 Year TIPS Bond ETF 0-5 YR TIPS ETF 46429B747   5,412,295 54,897 SH   SOLE   54,897 0 0
iShares 1-3 Year Treasury Bond 1 3 YR TREAS BD 464287457   11,412,092 139,104 SH   SOLE   139,104 0 0
iShares 20 Year Treasury Bond 20 YR TR BD ETF 464287432   1,080,363 10,926 SH   SOLE   10,926 0 0
iShares 5-10yr Investment Grad ISHS 5-10YR INVT 464288638   13,742,040 264,270 SH   SOLE   264,270 0 0
iShares 7-10 Year Treasury Bon 7-10 YR TRSY BD 464287440   2,907,604 30,165 SH   SOLE   30,165 0 0
iShares Core MSCI EAFE ETF CORE MSCI EAFE 46432F842   5,786,428 82,252 SH   SOLE   82,252 0 0
iShares Core Total U.S. Bond M CORE US AGGBD ET 464287226   3,845,144 38,742 SH   SOLE   38,742 0 0
iShares DJ US Home Constructio US HOME CONS ETF 464288752   4,266,048 41,935 SH   SOLE   41,935 0 0
iShares International Treasury INTL TREA BD ETF 464288117   17,964,911 434,670 SH   SOLE   434,670 0 0
iShares JPMorgan USD Emerging JPMORGAN USD EMG 464288281   685,851 7,701 SH   SOLE   7,701 0 0
iShares MBS ETF MBS ETF 464288588   12,741,537 135,433 SH   SOLE   135,433 0 0
iShares MSCI Emerging Markets MSCI EMRG CHN 46434G764   2,227,981 40,209 SH   SOLE   40,209 0 0
iShares MSCI Global Metals & M MSCI GBL ETF NEW 46434G848   601,946 13,976 SH   SOLE   13,976 0 0
iShares S&P 500 Fund CORE S&P500 ETF 464287200   7,528,882 15,763 SH   SOLE   15,763 0 0
iShares U.S. Healthcare Provid US HLTHCR PR ETF 464288828   2,809,020 10,699 SH   SOLE   10,699 0 0
iShares U.S. Insurance ETF U.S. INSRNCE ETF 464288786   906,530 9,054 SH   SOLE   9,054 0 0
iShares U.S. Oil Equipment & S US OIL EQ&SV ETF 464288844   1,208,800 55,146 SH   SOLE   55,146 0 0
Jabil Inc. COM 466313103   9,048,458 71,024 SH   SOLE   71,024 0 0
KB Home COM 48666K109   4,036,915 64,632 SH   SOLE   64,632 0 0
KLA Corporation COM 482480100   10,548,270 18,146 SH   SOLE   18,146 0 0
Lam Research Corp. COM 512807108   21,296,056 27,189 SH   SOLE   27,189 0 0
Lennar Corp. CL A 526057104   7,558,713 50,716 SH   SOLE   50,716 0 0
Liberty Energy, Inc. COM CL A 53115L104   2,000,098 110,259 SH   SOLE   110,259 0 0
LKQ Corp. COM 501889208   4,564,901 95,520 SH   SOLE   95,520 0 0
M.D.C. Holdings Inc. COM 552676108   4,075,185 73,759 SH   SOLE   73,759 0 0
Martin Marietta Materials Inc. COM 573284106   4,453,271 8,926 SH   SOLE   8,926 0 0
Marvell Technology Inc. COM 573874104   469,151 7,779 SH   SOLE   7,779 0 0
Mastercard Inc. CL A 57636Q104   7,864,418 18,439 SH   SOLE   18,439 0 0
Match Group, Inc. COM 57667L107   4,782,486 131,027 SH   SOLE   131,027 0 0
McKesson Corp. COM 58155Q103   8,382,253 18,105 SH   SOLE   18,105 0 0
Meritage Homes Corp. COM 59001A102   6,601,483 37,896 SH   SOLE   37,896 0 0
Meta Platforms Inc. CL A 30303M102   14,635,538 41,348 SH   SOLE   41,348 0 0
Microsoft Corp. COM 594918104   25,113,079 66,783 SH   SOLE   66,783 0 0
Mizuho Financial Group Inc. SPONSORED ADR 60687Y109   323,594 94,068 SH   SOLE   94,068 0 0
MKS Instruments Inc. COM 55306N104   3,434,829 33,390 SH   SOLE   33,390 0 0
Molina Healthcare Inc. COM 60855R100   481,265 1,332 SH   SOLE   1,332 0 0
MSC Industrial Direct Inc. CL A 553530106   1,783,999 17,618 SH   SOLE   17,618 0 0
Netflix Inc. COM 64110L106   8,240,444 16,925 SH   SOLE   16,925 0 0
NOV Inc. COM 62955J103   2,933,117 144,631 SH   SOLE   144,631 0 0
Nucor Corp. COM 670346105   3,632,563 20,872 SH   SOLE   20,872 0 0
Okta, Inc. CL A 679295105   6,374,036 70,408 SH   SOLE   70,408 0 0
Old Republic International Cor COM 680223104   397,841 13,532 SH   SOLE   13,532 0 0
Oracle Corp. COM 68389X105   8,405,618 79,727 SH   SOLE   79,727 0 0
Paccar Inc. COM 693718108   4,341,714 44,462 SH   SOLE   44,462 0 0
Petroleo Brasileiro SA Petro SPONSORED ADR 71654V408   365,937 22,914 SH   SOLE   22,914 0 0
Progress Software Corp COM 743312100   2,423,626 44,634 SH   SOLE   44,634 0 0
ProShares Short Russell2000 SHRT RUSSELL2000 74348A210   12,283,695 582,718 SH   SOLE   582,718 0 0
PTC Inc. COM 69370C100   812,514 4,644 SH   SOLE   4,644 0 0
PulteGroup Inc. COM 745867101   11,961,030 115,879 SH   SOLE   115,879 0 0
Qualys, Inc. COM 74758T303   5,445,592 27,744 SH   SOLE   27,744 0 0
Reinsurance Group of America I COM NEW 759351604   7,234,154 44,716 SH   SOLE   44,716 0 0
RenaissanceRe Holdings Ltd. COM G7496G103   6,205,556 31,661 SH   SOLE   31,661 0 0
Rush Enterprises Inc Cl A CL A 781846209   3,263,716 64,885 SH   SOLE   64,885 0 0
Schlumberger COM STK 806857108   5,092,478 97,857 SH   SOLE   97,857 0 0
Shell PLC SPON ADS 780259305   7,510,412 114,140 SH   SOLE   114,140 0 0
Shutterstock, Inc. COM 825690100   3,393,456 70,287 SH   SOLE   70,287 0 0
Skyworks Solutions Inc COM 83088M102   307,469 2,735 SH   SOLE   2,735 0 0
SPDR Barclays International Co BLOOMBERG INTL 78464A151   5,530,645 184,786 SH   SOLE   184,786 0 0
SPDR Barclays Short Term High BLOOMBERG SHT TE 78468R408   2,120,911 84,364 SH   SOLE   84,364 0 0
SPDR Bloomberg Barclays 1-3 Mo BLOOMBERG 1-3 MO 78468R663   888,311 9,720 SH   SOLE   9,720 0 0
SPDR Bloomberg Barclays Intern BLOOMBERG INTL T 78464A516   10,533,734 454,432 SH   SOLE   454,432 0 0
SPDR Portfolio Long Term Treas PORTFOLIO LN TSR 78464A664   1,391,045 47,934 SH   SOLE   47,934 0 0
SPDR S&P Homebuilders ETF S&P HOMEBUILD 78464A888   1,179,775 12,333 SH   SOLE   12,333 0 0
SPDR S&P Metals & Mining ETF S&P METALS MNG 78464A755   1,033,085 17,267 SH   SOLE   17,267 0 0
SPDR S&P Semiconductor ETF S&P SEMICNDCTR 78464A862   1,471,925 6,548 SH   SOLE   6,548 0 0
SPDR S&P Software & Services E COMP SOFTWARE 78464A599   988,269 6,574 SH   SOLE   6,574 0 0
Steel Dynamics Inc. COM 858119100   4,358,717 36,907 SH   SOLE   36,907 0 0
Summit Materials, Inc. CL A 86614U100   4,575,625 118,971 SH   SOLE   118,971 0 0
Suncor Energy Inc. COM 867224107   390,504 12,188 SH   SOLE   12,188 0 0
T-Mobile US Inc COM 872590104   6,903,168 43,056 SH   SOLE   43,056 0 0
Taylor Morrison Home Corp. Cla COM 87724P106   4,520,879 84,740 SH   SOLE   84,740 0 0
TE Connectivity Ltd. SHS H84989104   6,463,000 46,000 SH   SOLE   46,000 0 0
Technology Select Sector SPDR TECHNOLOGY 81369Y803   15,740,822 81,779 SH   SOLE   81,779 0 0
Tenaris S.A. SPONSORED ADS 88031M109   4,321,189 124,315 SH   SOLE   124,315 0 0
Tenet Healthcare Corporation COM NEW 88033G407   2,536,205 33,561 SH   SOLE   33,561 0 0
Terex Corp. COM 880779103   2,560,130 44,555 SH   SOLE   44,555 0 0
Ternium S.A. Sponsored ADR COM 880890108   341,077 8,031 SH   SOLE   8,031 0 0
Textainer Group Holdings Ltd S SHS G8766E109   3,181,715 64,669 SH   SOLE   64,669 0 0
Toll Brothers Inc. COM 889478103   7,982,877 77,662 SH   SOLE   77,662 0 0
TRI Pointe Group Inc COM 87265H109   596,101 16,839 SH   SOLE   16,839 0 0
TripAdvisor Inc. COM 896945201   3,520,004 163,493 SH   SOLE   163,493 0 0
United Rentals Inc. COM 911363109   9,299,152 16,217 SH   SOLE   16,217 0 0
United States Steel Corp. COM 912909108   6,625,206 136,181 SH   SOLE   136,181 0 0
UnitedHealth Group Inc. COM 91324P102   13,302,844 25,268 SH   SOLE   25,268 0 0
VanEck Vectors J.P. Morgan EM JP MRGAN EM LO 92189H300   6,070,311 239,460 SH   SOLE   239,460 0 0
Vanguard Russell 1000 Value ET VNG RUS1000VAL 92206C714   4,072,976 56,148 SH   SOLE   56,148 0 0
Vanguard Short-Term Corporate SHRT TRM CORP BD 92206C409   2,136,805 27,618 SH   SOLE   27,618 0 0
Vanguard Short-Term Inflation- STRM INFPROIDX 922020805   4,212,126 88,695 SH   SOLE   88,695 0 0
Vanguard Short-Term Treasury E SHORT TERM TREAS 92206C102   759,865 13,027 SH   SOLE   13,027 0 0
Visa Inc. COM CL A 92826C839   6,377,273 24,495 SH   SOLE   24,495 0 0
Wesco International Inc. COM 95082P105   5,970,344 34,336 SH   SOLE   34,336 0 0
Wipro Ltd. ADS SPON ADR 1 SH 97651M109   567,321 101,853 SH   SOLE   101,853 0 0
Wix.com Ltd. SHS M98068105   5,840,621 47,477 SH   SOLE   47,477 0 0
Yelp Inc CL A 985817105   3,246,861 68,586 SH   SOLE   68,586 0 0