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
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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
Aberdeen Standard Bloomberg Al COM 003261104   760,369 36,609 SH   SOLE   36,609 0 0
ACI Worldwide Inc COM 004498101   327,063 7,124 SH   SOLE   7,124 0 0
ADT, Inc. COM 00090Q103   3,094,235 365,317 SH   SOLE   365,317 0 0
Adtalem Global Education Inc. COM 00737L103   6,169,128 48,488 SH   SOLE   48,488 0 0
Agnico-Eagle Mines Ltd. COM 008474108   5,566,519 46,805 SH   SOLE   46,805 0 0
Akamai Technologies Inc. COM 00971T101   3,491,654 43,777 SH   SOLE   43,777 0 0
Allstate Corp. COM 020002101   3,842,807 19,089 SH   SOLE   19,089 0 0
Alphabet Inc. Cl A COM 02079K305   11,894,291 67,493 SH   SOLE   67,493 0 0
Arch Capital Group Ltd. COM G0450A105   3,201,682 35,164 SH   SOLE   35,164 0 0
Asbury Automotive Group Inc. COM 043436104   2,718,163 11,395 SH   SOLE   11,395 0 0
Assurant Inc. COM 04621X108   3,313,882 16,780 SH   SOLE   16,780 0 0
AT&T Inc. COM 00206R102   6,813,981 235,452 SH   SOLE   235,452 0 0
Autoliv Inc. COM 052800109   333,014 2,976 SH   SOLE   2,976 0 0
Axis Capital Holdings Ltd COM G0692U109   478,506 4,609 SH   SOLE   4,609 0 0
Banco Santander S.A. ADR COM 05964H105   571,870 68,900 SH   SOLE   68,900 0 0
Bank of America Corp. COM 060505104   7,394,602 156,268 SH   SOLE   156,268 0 0
Barclays PLC ADR COM 06738E204   5,897,547 317,243 SH   SOLE   317,243 0 0
Benchmark Electronics Inc. COM 08160H101   1,751,117 45,097 SH   SOLE   45,097 0 0
Canadian Imperial Bank of Comm COM 136069101   5,905,522 83,376 SH   SOLE   83,376 0 0
Cardinal Health Inc. COM 14149Y108   10,254,048 61,036 SH   SOLE   61,036 0 0
CarGurus, Inc. Class A COM 141788109   4,402,945 131,549 SH   SOLE   131,549 0 0
Carnival Corp. COM 143658300   3,130,515 111,327 SH   SOLE   111,327 0 0
Cencora Inc. COM 03073E105   8,952,921 29,858 SH   SOLE   29,858 0 0
Cenovus Energy Inc. COM 15135U109   243,984 17,940 SH   SOLE   17,940 0 0
Charter Communications Inc. Cl COM 16119P108   2,927,897 7,162 SH   SOLE   7,162 0 0
Check Point Software Technolog COM M22465104   7,099,470 32,088 SH   SOLE   32,088 0 0
Chevron Corp. COM 166764100   366,423 2,559 SH   SOLE   2,559 0 0
Chubb Limited COM H1467J104   237,281 819 SH   SOLE   819 0 0
Cigna Corporation COM 125523100   2,923,319 8,843 SH   SOLE   8,843 0 0
Cisco Systems Inc. COM 17275R102   8,572,732 123,562 SH   SOLE   123,562 0 0
Citigroup Inc. COM 172967424   6,822,198 80,148 SH   SOLE   80,148 0 0
Clear Secure, Inc. Class A COM 18467V109   408,155 14,703 SH   SOLE   14,703 0 0
Comcast Corp. (Cl A) COM 20030N101   3,791,170 106,225 SH   SOLE   106,225 0 0
Comerica Inc. COM 200340107   261,565 4,385 SH   SOLE   4,385 0 0
Communication Services Select COM 81369Y852   9,025,572 83,162 SH   SOLE   83,162 0 0
Concentrix Corporation COM 20602D101   3,044,659 57,604 SH   SOLE   57,604 0 0
Copa Holdings S.A. Cl A COM P31076105   332,439 3,023 SH   SOLE   3,023 0 0
CSG Systems International Inc. COM 126349109   2,847,059 43,593 SH   SOLE   43,593 0 0
CTS Corp COM 126501105   1,721,614 40,404 SH   SOLE   40,404 0 0
CVS Health Corp. COM 126650100   2,837,837 41,140 SH   SOLE   41,140 0 0
D.R. Horton Inc. COM 23331A109   7,598,287 58,938 SH   SOLE   58,938 0 0
Delta Air Lines Inc. COM 247361702   441,095 8,969 SH   SOLE   8,969 0 0
Deutsche Bank AG COM D18190898   7,384,884 252,216 SH   SOLE   252,216 0 0
Digi International Inc. COM 253798102   1,701,098 48,798 SH   SOLE   48,798 0 0
DigitalOcean Holdings, Inc. COM 25402D102   2,098,503 73,477 SH   SOLE   73,477 0 0
Dillard's Inc. Cl A COM 254067101   283,707 679 SH   SOLE   679 0 0
Direxion Daily S&P500 Bear 1X COM 25460E869   17,835,161 1,731,569 SH   SOLE   1,731,569 0 0
DocuSign, Inc. COM 256163106   404,093 5,188 SH   SOLE   5,188 0 0
Dropbox, Inc. Class A COM 26210C104   443,672 15,513 SH   SOLE   15,513 0 0
Dycom Industries Inc COM 267475101   3,761,895 15,393 SH   SOLE   15,393 0 0
eBay Inc. COM 278642103   548,845 7,371 SH   SOLE   7,371 0 0
Ecopetrol SA Sponsored ADR COM 279158109   230,728 26,071 SH   SOLE   26,071 0 0
Eldorado Gold Corp. COM 284902509   3,482,493 171,214 SH   SOLE   171,214 0 0
Encompass Health Corporation COM 29261A100   3,680,862 30,016 SH   SOLE   30,016 0 0
Equinor ASA Sponsored ADR COM 29446M102   244,461 9,724 SH   SOLE   9,724 0 0
Equinox Gold Corp. COM 29446Y502   2,906,729 505,518 SH   SOLE   505,518 0 0
Everest Group Ltd. COM G3223R108   639,938 1,883 SH   SOLE   1,883 0 0
Expedia Group, Inc. COM 30212P303   2,738,182 16,233 SH   SOLE   16,233 0 0
F5 Networks Inc. COM 315616102   5,419,314 18,413 SH   SOLE   18,413 0 0
Financial Select Sector SPDR F COM 81369Y605   10,287,877 196,446 SH   SOLE   196,446 0 0
Flex Ltd. COM Y2573F102   9,879,967 197,916 SH   SOLE   197,916 0 0
Fortinet Inc. COM 34959E109   6,526,730 61,736 SH   SOLE   61,736 0 0
Frontdoor, Inc. COM 35905A109   3,862,397 65,531 SH   SOLE   65,531 0 0
General Motors Co. COM 37045V100   415,136 8,436 SH   SOLE   8,436 0 0
GoDaddy, Inc. Class A COM 380237107   3,943,134 21,899 SH   SOLE   21,899 0 0
Goldman Sachs Group Inc. COM 38141G104   12,304,234 17,385 SH   SOLE   17,385 0 0
Graham Holdings Co. COM 384637104   509,986 539 SH   SOLE   539 0 0
Grupo Aeroportuario del Surest COM 40051E202   356,178 1,117 SH   SOLE   1,117 0 0
H&R Block, Inc. COM 093671105   368,751 6,718 SH   SOLE   6,718 0 0
Hartford Insurance Group Inc. COM 416515104   4,441,719 35,010 SH   SOLE   35,010 0 0
HCA Healthcare Inc COM 40412C101   5,978,659 15,606 SH   SOLE   15,606 0 0
Health Care Select Sector SPDR COM 81369Y209   2,907,286 21,569 SH   SOLE   21,569 0 0
Hyatt Hotels Corp. COM 448579102   2,528,782 18,108 SH   SOLE   18,108 0 0
Iamgold Corporation COM 450913108   6,017,717 818,737 SH   SOLE   818,737 0 0
Industrial Select Sector SPDR COM 81369Y704   997,235 6,760 SH   SOLE   6,760 0 0
Interactive Brokers Group Inc. COM 45841N107   393,411 7,100 SH   SOLE   7,100 0 0
InterDigital Inc. COM 45867G101   464,380 2,071 SH   SOLE   2,071 0 0
Invesco CurrencyShares Euro Tr COM 46138K103   4,866,721 44,735 SH   SOLE   44,735 0 0
Invesco CurrencyShares Japanes COM 46138W107   8,603,191 134,551 SH   SOLE   134,551 0 0
Invesco KBW Bank ETF COM 46138E628   659,620 9,210 SH   SOLE   9,210 0 0
Invesco Leisure and Entertainm COM 46137V720   446,437 7,846 SH   SOLE   7,846 0 0
Invesco S&P 500 Equal Weight C COM 46137V381   1,266,664 23,805 SH   SOLE   23,805 0 0
iShares 1-3 Year Treasury Bond COM 464287457   13,735,868 165,772 SH   SOLE   165,772 0 0
iShares 5-10yr Investment Grad COM 464288638   7,624,573 143,077 SH   SOLE   143,077 0 0
iShares 7-10 Year Treasury Bon COM 464287440   7,682,861 80,222 SH   SOLE   80,222 0 0
iShares Aaa-A Rated Corporate COM 46429B291   807,635 16,882 SH   SOLE   16,882 0 0
iShares Core MSCI EAFE ETF COM 46432F842   6,591,330 78,957 SH   SOLE   78,957 0 0
iShares Core Total U.S. Bond M COM 464287226   4,741,264 47,795 SH   SOLE   47,795 0 0
iShares Edge MSCI Min Vol USA COM 46429B697   411,338 4,382 SH   SOLE   4,382 0 0
iShares Edge MSCI USA Quality COM 46432F339   221,029 1,209 SH   SOLE   1,209 0 0
iShares Expanded Tech-Software COM 464287515   2,280,447 20,826 SH   SOLE   20,826 0 0
iShares iBoxx $ Investment Gra COM 464287242   445,345 4,063 SH   SOLE   4,063 0 0
iShares International Treasury COM 464288117   12,467,494 289,269 SH   SOLE   289,269 0 0
iShares MBS ETF COM 464288588   6,274,856 66,832 SH   SOLE   66,832 0 0
iShares MSCI ACWI ETF COM 464288257   220,678 1,716 SH   SOLE   1,716 0 0
iShares MSCI Emerging Markets COM 46434G764   2,086,777 33,050 SH   SOLE   33,050 0 0
iShares S&P 500 Fund COM 464287200   9,101,152 14,658 SH   SOLE   14,658 0 0
iShares S&P Small Cap 600 Inde COM 464287804   345,356 3,160 SH   SOLE   3,160 0 0
iShares U.S. Healthcare Provid COM 464288828   1,404,039 28,860 SH   SOLE   28,860 0 0
iShares U.S. Insurance ETF COM 464288786   982,634 7,308 SH   SOLE   7,308 0 0
iShares U.S. Telecommunication COM 464287713   1,251,177 42,014 SH   SOLE   42,014 0 0
Jabil Inc. COM 466313103   13,064,190 59,900 SH   SOLE   59,900 0 0
Janus Detroit Street Trust Jan COM 47103U845   635,187 12,516 SH   SOLE   12,516 0 0
JPMorgan Chase & Co. COM 46625H100   8,953,001 30,882 SH   SOLE   30,882 0 0
Kemper Corporation COM 488401100   2,119,494 32,840 SH   SOLE   32,840 0 0
Kinross Gold Corporation COM 496902404   9,446,709 604,396 SH   SOLE   604,396 0 0
Laureate Education Inc COM 518613203   4,970,401 212,592 SH   SOLE   212,592 0 0
Lear Corp. COM 521865204   256,541 2,701 SH   SOLE   2,701 0 0
Leuthold Select Industries ET COM 56167R705   862,635 23,464 SH   SOLE   23,464 0 0
Life Time Group Holdings, Inc. COM 53190C102   2,998,272 98,855 SH   SOLE   98,855 0 0
Lithia Motors Inc. COM 536797103   2,790,393 8,260 SH   SOLE   8,260 0 0
Loews Corp. COM 540424108   366,457 3,998 SH   SOLE   3,998 0 0
M&T Bank Corp. COM 55261F104   286,717 1,478 SH   SOLE   1,478 0 0
Magna International Inc. COM 559222401   387,722 10,042 SH   SOLE   10,042 0 0
Markel Group Inc. COM 570535104   3,615,222 1,810 SH   SOLE   1,810 0 0
Mastercard Inc. Cl A COM 57636Q104   8,486,418 15,102 SH   SOLE   15,102 0 0
Matson, Inc. COM 57686G105   200,207 1,798 SH   SOLE   1,798 0 0
Maximus Inc. COM 577933104   2,709,369 38,595 SH   SOLE   38,595 0 0
McKesson Corp. COM 58155Q103   11,323,649 15,453 SH   SOLE   15,453 0 0
MDU Resources Group, Inc. COM 552690109   3,378,159 202,649 SH   SOLE   202,649 0 0
Meta Platforms Inc. Class A COM 30303M102   21,814,988 29,556 SH   SOLE   29,556 0 0
Microsoft Corp. COM 594918104   25,004,303 50,269 SH   SOLE   50,269 0 0
Millrose Properties Inc COM 601137102   501,234 17,581 SH   SOLE   17,581 0 0
Mizuho Financial Group Inc. AD COM 60687Y109   456,131 82,038 SH   SOLE   82,038 0 0
Morgan Stanley COM 617446448   9,528,616 67,646 SH   SOLE   67,646 0 0
Netflix Inc. COM 64110L106   19,338,376 14,441 SH   SOLE   14,441 0 0
New Jersey Resources Corp. COM 646025106   3,121,041 69,635 SH   SOLE   69,635 0 0
Nokia Corp. (ADR) COM 654902204   5,431,815 1,048,613 SH   SOLE   1,048,613 0 0
Norwegian Cruise Line Holdings COM G66721104   2,170,386 107,021 SH   SOLE   107,021 0 0
Okta, Inc. Class A COM 679295105   3,168,749 31,697 SH   SOLE   31,697 0 0
Old National Bancorp COM 680033107   264,957 12,416 SH   SOLE   12,416 0 0
Old Republic International Cor COM 680223104   453,630 11,801 SH   SOLE   11,801 0 0
ONE Gas Inc. COM 68235P108   3,053,978 42,499 SH   SOLE   42,499 0 0
Opera Limited Sponsored ADR COM 68373M107   261,104 13,815 SH   SOLE   13,815 0 0
Oracle Corp. COM 68389X105   14,733,038 67,388 SH   SOLE   67,388 0 0
Pan American Silver Corp. COM 697900108   3,509,445 123,572 SH   SOLE   123,572 0 0
PayPal Holdings, Inc. COM 70450Y103   3,402,816 45,786 SH   SOLE   45,786 0 0
Perdoceo Education Corporation COM 71363P106   545,596 16,690 SH   SOLE   16,690 0 0
Plexus Corp. COM 729132100   3,393,710 25,081 SH   SOLE   25,081 0 0
PNC Financial Services Group I COM 693475105   4,313,759 23,140 SH   SOLE   23,140 0 0
Primoris Services Corporation COM 74164F103   263,048 3,375 SH   SOLE   3,375 0 0
ProShares Short QQQ COM 74349Y837   4,118,941 122,369 SH   SOLE   122,369 0 0
ProShares Short Russell2000 COM 74348A210   11,199,274 595,073 SH   SOLE   595,073 0 0
PulteGroup Inc. COM 745867101   9,414,203 89,268 SH   SOLE   89,268 0 0
Qualys, Inc. COM 74758T303   3,344,587 23,410 SH   SOLE   23,410 0 0
Raymond James Financial Inc COM 754730109   4,082,096 26,616 SH   SOLE   26,616 0 0
Royal Caribbean Cruises Ltd COM V7780T103   3,374,084 10,775 SH   SOLE   10,775 0 0
Salesforce.com Inc. COM 79466L302   549,743 2,016 SH   SOLE   2,016 0 0
Sanmina Corporation COM 801056102   3,542,229 36,208 SH   SOLE   36,208 0 0
SAP SE Sponsored ADR COM 803054204   379,517 1,248 SH   SOLE   1,248 0 0
Schwab Fundamental Internation COM 808524755   208,744 5,216 SH   SOLE   5,216 0 0
Schwab US Dividend Equity ETF COM 808524797   233,916 8,827 SH   SOLE   8,827 0 0
Simplify MBS ETF COM 82889N525   5,008,299 99,986 SH   SOLE   99,986 0 0
SK Telecom Co. Ltd. ADS COM 78440P306   369,560 15,827 SH   SOLE   15,827 0 0
SPDR Barclays International Co COM 78464A151   8,362,333 256,592 SH   SOLE   256,592 0 0
SPDR Bloomberg Barclays Intern COM 78464A516   19,711,516 839,145 SH   SOLE   839,145 0 0
SPDR Intermediate Term Corpora COM 78464A375   13,046,804 388,529 SH   SOLE   388,529 0 0
SPDR S&P Capital Markets ETF COM 78464A771   637,982 4,402 SH   SOLE   4,402 0 0
Spire Inc. COM 84857L101   3,028,355 41,490 SH   SOLE   41,490 0 0
SS&C Technologies Holdings, In COM 78467J100   3,975,394 48,012 SH   SOLE   48,012 0 0
Strategic Education, Inc. COM 86272C103   3,507,015 41,196 SH   SOLE   41,196 0 0
Stride, Inc. COM 86333M108   5,371,014 36,993 SH   SOLE   36,993 0 0
Suncor Energy Inc. COM 867224107   361,505 9,653 SH   SOLE   9,653 0 0
Synopsys Inc COM 871607107   451,158 880 SH   SOLE   880 0 0
T-Mobile US Inc COM 872590104   9,409,126 39,491 SH   SOLE   39,491 0 0
TE Connectivity Ltd. COM G87052109   6,546,420 38,812 SH   SOLE   38,812 0 0
Technology Select Sector SPDR COM 81369Y803   9,848,874 38,893 SH   SOLE   38,893 0 0
Telefonaktiebolaget LM Ericsso COM 294821608   5,110,709 602,678 SH   SOLE   602,678 0 0
Tenet Healthcare Corporation COM 88033G407   5,078,832 28,857 SH   SOLE   28,857 0 0
The Hanover Insurance Group In COM 410867105   2,335,882 13,751 SH   SOLE   13,751 0 0
TIM S.A. Sponsored ADR COM 88706T108   420,359 20,903 SH   SOLE   20,903 0 0
Toll Brothers Inc. COM 889478103   6,178,884 54,139 SH   SOLE   54,139 0 0
TotalEnergies SE Sponsored ADR COM 89151E109   367,235 5,982 SH   SOLE   5,982 0 0
Travel Leisure Co. COM 894164102   2,730,840 52,913 SH   SOLE   52,913 0 0
Travelers Companies, Inc. COM 89417E109   4,255,759 15,907 SH   SOLE   15,907 0 0
Twilio, Inc COM 90138F102   4,556,302 36,638 SH   SOLE   36,638 0 0
U.S. Bancorp COM 902973304   4,133,452 91,347 SH   SOLE   91,347 0 0
U.S. Global Jets ETF COM 26922A842   1,227,999 53,461 SH   SOLE   53,461 0 0
Uber Technologies, Inc. COM 90353T100   5,722,556 61,335 SH   SOLE   61,335 0 0
UBS Group AG (new) COM H42097107   416,764 12,323 SH   SOLE   12,323 0 0
UGI Corp. COM 902681105   3,831,930 105,215 SH   SOLE   105,215 0 0
United Parks & Resorts, Inc. COM 81282V100   2,550,013 54,083 SH   SOLE   54,083 0 0
United Rentals Inc. COM 911363109   9,706,052 12,883 SH   SOLE   12,883 0 0
Universal Health Services Inc. COM 913903100   3,273,199 18,069 SH   SOLE   18,069 0 0
Universal Technical Institute COM 913915104   4,626,697 136,521 SH   SOLE   136,521 0 0
Utilities Select Sector SPDR F COM 81369Y886   2,247,773 27,526 SH   SOLE   27,526 0 0
Valmont Industries Inc. COM 920253101   219,782 673 SH   SOLE   673 0 0
VanEck Gold Miners ETF COM 92189F106   2,262,528 43,460 SH   SOLE   43,460 0 0
Vanguard Russell 1000 Value ET COM 92206C714   4,332,588 50,846 SH   SOLE   50,846 0 0
Vanguard Short-Term Corporate COM 92206C409   1,471,784 18,513 SH   SOLE   18,513 0 0
Vanguard Short-Term Inflation- COM 922020805   10,727,015 213,388 SH   SOLE   213,388 0 0
Vanguard Short-Term Treasury E COM 92206C102   1,045,461 17,786 SH   SOLE   17,786 0 0
VeriSign Inc. COM 92343E102   5,699,179 19,734 SH   SOLE   19,734 0 0
Verizon Communications Inc. COM 92343V104   2,835,180 65,523 SH   SOLE   65,523 0 0
Virtu Financial, Inc. Class A COM 928254101   3,352,084 74,840 SH   SOLE   74,840 0 0
Visa Inc. COM 92826C839   7,124,433 20,066 SH   SOLE   20,066 0 0
Vodafone Group PLC ADS COM 92857W308   498,558 46,769 SH   SOLE   46,769 0 0
Walt Disney Co. COM 254687106   6,439,963 51,931 SH   SOLE   51,931 0 0
Wells Fargo & Co. COM 949746101   347,240 4,334 SH   SOLE   4,334 0 0
White Mountains Insurance Grou COM G9618E107   2,092,014 1,165 SH   SOLE   1,165 0 0
WisdomTree Yield Enhanced U.S. COM 97717X511   476,963 10,932 SH   SOLE   10,932 0 0
Wix.com Ltd. COM M98068105   1,893,755 11,951 SH   SOLE   11,951 0 0
WNS (Holdings) Limited Sponsor COM G98196101   2,633,567 41,644 SH   SOLE   41,644 0 0
YPF SA Sponsored ADR Class D COM 984245100   228,516 7,266 SH   SOLE   7,266 0 0
ZIM Integrated Shipping Servic COM M9T951109   205,421 12,767 SH   SOLE   12,767 0 0
Zoom Communications, Inc. Clas COM 98980L101   415,477 5,328 SH   SOLE   5,328 0 0