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
Estimated average burden
hours per response: 23.8
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
ABBOT LAB COM 002824100 598 9,800 SH   SOLE   9,800 0 0
ALIBABA GROUP HLDS LTD COM 01609W102 9,518 51,300 SH   SOLE   51,300 0 0
ALPHABET INC - CL A COM 02079K305 2,964 2,625 SH   SOLE   2,625 0 0
AMERICAN EXPRESS CO. COM 025816109 1,365 13,930 SH   SOLE   13,930 0 0
APPLE INC COM 037833100 33,277 179,770 SH   SOLE   179,770 0 0
AT&T INC COM 00206R102 1,603 49,910 SH   SOLE   49,910 0 0
AXIS CAPITAL HOLDINGS LTD COM G0692U109 473 8,500 SH   SOLE   8,500 0 0
BAIDU, INC. COM 056752108 948 3,900 SH   SOLE   3,900 0 0
CHEVRON COM 166764100 1,484 11,735 SH   SOLE   11,735 0 0
CHUBB LTD(old ACE LTD) COM H1467J104 673 5,300 SH   SOLE   5,300 0 0
COMERICA INC. COM 200340107 1,041 11,450 SH   SOLE   11,450 0 0
EDWARDS LIFESCIENCES CORP. COM 28176E108 1,710 11,750 SH   SOLE   11,750 0 0
EXXON COM 30231G102 1,861 22,500 SH   SOLE   22,500 0 0
FACEBOOK COM 30303M102 855 4,400 SH   SOLE   4,400 0 0
GENERAL ELECTRIC CO. COM 369604103 1,160 85,200 SH   SOLE   85,200 0 0
GW PHARMACEUTICALS PLC COM 36197T103 727 5,210 SH   SOLE   5,210 0 0
ILLUMINA, INC COM 452327109 620 2,220 SH   SOLE   2,220 0 0
INDEPENDENT BANK GROUP INC COM 45384B106 1,296 19,400 SH   SOLE   19,400 0 0
JAZZ PHARMACEUTICALS PLC COM G50871105 712 4,130 SH   SOLE   4,130 0 0
JD COM INC COM 47215P106 4,183 107,400 SH   SOLE   107,400 0 0
JOHNSON & JOHNSON COM 478160104 1,696 13,980 SH   SOLE   13,980 0 0
MICROSOFT CORP COM 594918104 4,509 45,730 SH   SOLE   45,730 0 0
NASDAQ INC. COM 631103108 1,214 13,300 SH   SOLE   13,300 0 0
NETEASE INC (ADR) COM 64110W102 872 3,450 SH   SOLE   3,450 0 0
NEW ORIENTAL EDUCATION & TECH COM 647581107 5,712 60,340 SH   SOLE   60,340 0 0
OLD NATIONAL BANCORP COM 680033107 642 34,500 SH   SOLE   34,500 0 0
STIFEL FINANCIAL CORP COM 860630102 1,040 19,900 SH   SOLE   19,900 0 0
TAIWAN SEMICONDUCTOR MFG CO COM 874039100 212 5,800 SH   SOLE   5,800 0 0
US BANCORP COM 902973304 700 14,000 SH   SOLE   14,000 0 0
VERIZON COMMUNICATION INC. COM 92343V104 3,704 73,620 SH   SOLE   73,620 0 0
VERTEX PHARMACEUTICALS COM 92532F100 697 4,100 SH   SOLE   4,100 0 0
VISA INC COM 92826C839 1,629 12,300 SH   SOLE   12,300 0 0
WEIBO CORP ADR COM 948596101 3,701 41,700 SH   SOLE   41,700 0 0
ZTO EXPRESS CAYMAN INC COM 98980A105 4,820 241,000 SH   SOLE   241,000 0 0
CONSUMER STAPLES SPDR ETF 81369Y308 63,264 1,227,710 SH   SOLE   1,227,710 0 0
DB COMMODITY INDEX FUND ETF 73935S105 4,508 255,000 SH   SOLE   255,000 0 0
INVESCO S&P 500 PURE GROWTH ETF 46137V266 9,835 85,700 SH   SOLE   85,700 0 0
INVESCO S&P 500 PURE VALUE ETF 46137V258 9,695 147,500 SH   SOLE   147,500 0 0
ISHARE MSCI EMERGING MARKETS E ETF 464287234 23,138 534,000 SH   SOLE   534,000 0 0
ISHARES CORE MSCI EMERGING MKT ETF 46434G103 91,194 1,736,689 SH   SOLE   1,736,689 0 0
ISHARES CORE TOTAL US BOND ETF ETF 464287226 99,430 935,200 SH   SOLE   935,200 0 0
ISHARES DJ US REAL ESTATE ETF 464287739 65,254 809,800 SH   SOLE   809,800 0 0
ISHARES JAPAN ETF 46434G822 30,600 528,405 SH   SOLE   528,405 0 0
ISHARES MSCI AUSTRALIA INDEX F ETF 464286103 18,765 829,940 SH   SOLE   829,940 0 0
ISHARES MSCI CANADA INDEX ETF 464286509 31,115 1,091,386 SH   SOLE   1,091,386 0 0
ISHARES MSCI CHINA ETF ETF 46429B671 26,763 414,290 SH   SOLE   414,290 0 0
ISHARES MSCI EAFE GROWTH ETF 464288885 9,613 121,989 SH   SOLE   121,989 0 0
ISHARES MSCI EAFE SMALL CAP ETF 464288273 9,029 143,910 SH   SOLE   143,910 0 0
ISHARES MSCI EAFE VALUE ETF 464288877 7,239 140,991 SH   SOLE   140,991 0 0
ISHARES MSCI UNITED KINGDOM ETF 46435G334 5,483 157,650 SH   SOLE   157,650 0 0
ISHARES MSCI USA MOMENTUM FACT ETF 46432F396 10,202 93,000 SH   SOLE   93,000 0 0
ISHARES NASDAQ BIOTECH ETF 464287556 16,737 152,400 SH   SOLE   152,400 0 0
ISHARES S&P 500 GROWTH ETF ETF 464287309 15,638 96,169 SH   SOLE   96,169 0 0
ISHARES S&P 500 VALUE ETF ETF 464287408 19,438 176,497 SH   SOLE   176,497 0 0
ISHARES S&P MIDCAP 400/GROWTH ETF 464287606 17,196 76,503 SH   SOLE   76,503 0 0
ISHARES S&P MIDCAP 400/VALUE E ETF 464287705 14,965 92,358 SH   SOLE   92,358 0 0
ISHARES TELECOMMUNICATION ETF 464287713 19,153 694,700 SH   SOLE   694,700 0 0
ROBO GLOBAL ROBOTICS AND AUTOM ETF 301505707 716 17,900 SH   SOLE   17,900 0 0
RUSSELL 2000 INDEX FUND ETF 464287655 22,079 134,816 SH   SOLE   134,816 0 0
SELECT SECTOR SPDR- REAL ESTAT ETF 81369Y860 25,613 783,029 SH   SOLE   783,029 0 0
SELECT SECTOR SPDR-CONSUMER DI ETF 81369Y407 122,468 1,120,480 SH   SOLE   1,120,480 0 0
SELECT SECTOR SPDR-ENERGY ETF 81369Y506 198,002 2,607,354 SH   SOLE   2,607,354 0 0
SELECT SECTOR SPDR-FINANCIAL ETF 81369Y605 107,718 4,051,060 SH   SOLE   4,051,060 0 0
SELECT SECTOR SPDR-HEALTH CARE ETF 81369Y209 118,656 1,421,715 SH   SOLE   1,421,715 0 0
SELECT SECTOR SPDR-INDUSTRIAL ETF 81369Y704 80,834 1,128,490 SH   SOLE   1,128,490 0 0
SELECT SECTOR SPDR-MATERIALS ETF 81369Y100 23,825 410,280 SH   SOLE   410,280 0 0
SELECT SECTOR SPDR-TECHNOLOGY ETF 81369Y803 232,830 3,351,520 SH   SOLE   3,351,520 0 0
SELECT SECTOR SPDR-UTILITIES ETF 81369Y886 58,471 1,125,315 SH   SOLE   1,125,315 0 0
SPDR PORT LNG TRM TRSRY ETF 78464A664 22,349 638,000 SH   SOLE   638,000 0 0
SPDR S&P OIL & GAS EXPLORATION ETF 78464A730 23,080 536,000 SH   SOLE   536,000 0 0
SPDR-S&P 500 INDEX ETF 78462F103 34,249 126,250 SH   SOLE   126,250 0 0
VANECK VECTORS OIL SERVICES ET ETF 92189F718 21,305 811,000 SH   SOLE   811,000 0 0
VANGUARD EXTENDED MARKET ETF ETF 922908652 88,703 753,000 SH   SOLE   753,000 0 0
VANGUARD FTSE DEVELOPED MARKET ETF 921943858 48,906 1,140,000 SH   SOLE   1,140,000 0 0
VANGUARD FTSE EUROPE ETF ETF 922042874 19,187 341,830 SH   SOLE   341,830 0 0
VANGUARD INFORMATION TECH VIPE ETF 92204A702 3,628 20,000 SH   SOLE   20,000 0 0
VANGUARD RUSSELL 2000 ETF ETF 92206C664 6,692 51,000 SH   SOLE   51,000 0 0
VANGUARD S&P 500 ETF ETF 922908363 149,606 599,600 SH   SOLE   599,600 0 0