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 |
ALPHABET INC - CL A | COM | 02079K305 | 7,297 | 6,045 | SH | | SOLE | | 6,045 | 0 | 0 |
AMAZON.COM INC. | COM | 023135106 | 6,970 | 3,480 | SH | | SOLE | | 3,480 | 0 | 0 |
AMERICAN EXPRESS CO. | COM | 025816109 | 1,483 | 13,930 | SH | | SOLE | | 13,930 | 0 | 0 |
APPLE INC | COM | 037833100 | 36,947 | 163,670 | SH | | SOLE | | 163,670 | 0 | 0 |
AT&T INC | COM | 00206R102 | 1,676 | 49,910 | SH | | SOLE | | 49,910 | 0 | 0 |
AXIS CAPITAL HOLDINGS LTD | COM | G0692U109 | 491 | 8,500 | SH | | SOLE | | 8,500 | 0 | 0 |
CHEVRON | COM | 166764100 | 1,435 | 11,735 | SH | | SOLE | | 11,735 | 0 | 0 |
CHUBB LTD(old ACE LTD) | COM | H1467J104 | 708 | 5,300 | SH | | SOLE | | 5,300 | 0 | 0 |
CIGNA CORP | COM | 125509109 | 687 | 3,300 | SH | | SOLE | | 3,300 | 0 | 0 |
EDWARDS LIFESCIENCES CORP. | COM | 28176E108 | 853 | 4,900 | SH | | SOLE | | 4,900 | 0 | 0 |
EXXON | COM | 30231G102 | 1,913 | 22,500 | SH | | SOLE | | 22,500 | 0 | 0 |
FACEBOOK | COM | 30303M102 | 724 | 4,400 | SH | | SOLE | | 4,400 | 0 | 0 |
GENERAL ELECTRIC CO. | COM | 369604103 | 962 | 85,200 | SH | | SOLE | | 85,200 | 0 | 0 |
GOLDMAN SACHS GROUP | COM | 38141G104 | 841 | 3,750 | SH | | SOLE | | 3,750 | 0 | 0 |
GW PHARMACEUTICALS PLC | COM | 36197T103 | 900 | 5,210 | SH | | SOLE | | 5,210 | 0 | 0 |
ILLUMINA, INC | COM | 452327109 | 815 | 2,220 | SH | | SOLE | | 2,220 | 0 | 0 |
INDEPENDENT BANK GROUP INC | COM | 45384B106 | 1,286 | 19,400 | SH | | SOLE | | 19,400 | 0 | 0 |
JOHNSON & JOHNSON | COM | 478160104 | 3,226 | 23,350 | SH | | SOLE | | 23,350 | 0 | 0 |
MASTERCARD INC | COM | 57636Q104 | 639 | 2,870 | SH | | SOLE | | 2,870 | 0 | 0 |
MICROSOFT CORP | COM | 594918104 | 3,778 | 33,030 | SH | | SOLE | | 33,030 | 0 | 0 |
MORGAN STANLEY | COM | 617446448 | 605 | 13,000 | SH | | SOLE | | 13,000 | 0 | 0 |
OLD NATIONAL BANCORP | COM | 680033107 | 1,208 | 62,600 | SH | | SOLE | | 62,600 | 0 | 0 |
STIFEL FINANCIAL CORP | COM | 860630102 | 1,020 | 19,900 | SH | | SOLE | | 19,900 | 0 | 0 |
US BANCORP | COM | 902973304 | 739 | 14,000 | SH | | SOLE | | 14,000 | 0 | 0 |
VERIZON COMMUNICATION INC. | COM | 92343V104 | 3,931 | 73,620 | SH | | SOLE | | 73,620 | 0 | 0 |
VISA INC | COM | 92826C839 | 2,416 | 16,100 | SH | | SOLE | | 16,100 | 0 | 0 |
CONSUMER STAPLES SPDR | ETF | 81369Y308 | 61,691 | 1,143,910 | SH | | SOLE | | 1,143,910 | 0 | 0 |
INVESCO S&P 500 PURE GROWTH | ETF | 46137V266 | 962 | 8,000 | SH | | SOLE | | 8,000 | 0 | 0 |
INVESCO S&P 500 PURE VALUE | ETF | 46137V258 | 1,030 | 15,000 | SH | | SOLE | | 15,000 | 0 | 0 |
ISHARE MSCI EMERGING MARKETS E | ETF | 464287234 | 20,988 | 489,000 | SH | | SOLE | | 489,000 | 0 | 0 |
ISHARES CORE MSCI EMERGING MKT | ETF | 46434G103 | 90,972 | 1,756,889 | SH | | SOLE | | 1,756,889 | 0 | 0 |
ISHARES CORE TOTAL US BOND ETF | ETF | 464287226 | 97,944 | 928,200 | SH | | SOLE | | 928,200 | 0 | 0 |
ISHARES DJ US REAL ESTATE | ETF | 464287739 | 124,015 | 1,549,800 | SH | | SOLE | | 1,549,800 | 0 | 0 |
ISHARES JAPAN | ETF | 46434G822 | 27,604 | 458,305 | SH | | SOLE | | 458,305 | 0 | 0 |
ISHARES MSCI AUSTRALIA INDEX F | ETF | 464286103 | 17,184 | 776,840 | SH | | SOLE | | 776,840 | 0 | 0 |
ISHARES MSCI CANADA INDEX | ETF | 464286509 | 31,160 | 1,082,686 | SH | | SOLE | | 1,082,686 | 0 | 0 |
ISHARES MSCI CHINA ETF | ETF | 46429B671 | 66,598 | 1,112,000 | SH | | SOLE | | 1,112,000 | 0 | 0 |
ISHARES MSCI EAFE GROWTH | ETF | 464288885 | 13,107 | 163,689 | SH | | SOLE | | 163,689 | 0 | 0 |
ISHARES MSCI EAFE SMALL CAP | ETF | 464288273 | 9,772 | 156,910 | SH | | SOLE | | 156,910 | 0 | 0 |
ISHARES MSCI EAFE VALUE | ETF | 464288877 | 8,686 | 167,291 | SH | | SOLE | | 167,291 | 0 | 0 |
ISHARES MSCI UNITED KINGDOM | ETF | 46435G334 | 5,379 | 157,650 | SH | | SOLE | | 157,650 | 0 | 0 |
ISHARES MSCI USA MOMENTUM FACT | ETF | 46432F396 | 1,785 | 15,000 | SH | | SOLE | | 15,000 | 0 | 0 |
ISHARES NASDAQ BIOTECH | ETF | 464287556 | 18,584 | 152,400 | SH | | SOLE | | 152,400 | 0 | 0 |
ISHARES S&P 500 GROWTH ETF | ETF | 464287309 | 13,956 | 78,769 | SH | | SOLE | | 78,769 | 0 | 0 |
ISHARES S&P 500 VALUE ETF | ETF | 464287408 | 15,673 | 135,297 | SH | | SOLE | | 135,297 | 0 | 0 |
ISHARES S&P MIDCAP 400/GROWTH | ETF | 464287606 | 12,603 | 54,103 | SH | | SOLE | | 54,103 | 0 | 0 |
ISHARES S&P MIDCAP 400/VALUE E | ETF | 464287705 | 13,547 | 80,958 | SH | | SOLE | | 80,958 | 0 | 0 |
ISHARES S&P SMALLCAP 600 | ETF | 464287804 | 305 | 3,500 | SH | | SOLE | | 3,500 | 0 | 0 |
ISHARES TELECOMMUNICATION | ETF | 464287713 | 41,776 | 1,404,700 | SH | | SOLE | | 1,404,700 | 0 | 0 |
RUSSELL 2000 INDEX FUND | ETF | 464287655 | 18,729 | 111,116 | SH | | SOLE | | 111,116 | 0 | 0 |
SELECT SECTOR SPDR- REAL ESTAT | ETF | 81369Y860 | 23,751 | 728,329 | SH | | SOLE | | 728,329 | 0 | 0 |
SELECT SECTOR SPDR-COMMUNICATI | ETF | 81369Y852 | 75,470 | 1,540,200 | SH | | SOLE | | 1,540,200 | 0 | 0 |
SELECT SECTOR SPDR-CONSUMER DI | ETF | 81369Y407 | 83,341 | 710,980 | SH | | SOLE | | 710,980 | 0 | 0 |
SELECT SECTOR SPDR-ENERGY | ETF | 81369Y506 | 231,655 | 3,058,554 | SH | | SOLE | | 3,058,554 | 0 | 0 |
SELECT SECTOR SPDR-FINANCIAL | ETF | 81369Y605 | 112,048 | 4,062,660 | SH | | SOLE | | 4,062,660 | 0 | 0 |
SELECT SECTOR SPDR-HEALTH CARE | ETF | 81369Y209 | 126,713 | 1,331,715 | SH | | SOLE | | 1,331,715 | 0 | 0 |
SELECT SECTOR SPDR-INDUSTRIAL | ETF | 81369Y704 | 81,959 | 1,045,390 | SH | | SOLE | | 1,045,390 | 0 | 0 |
SELECT SECTOR SPDR-MATERIALS | ETF | 81369Y100 | 22,122 | 381,880 | SH | | SOLE | | 381,880 | 0 | 0 |
SELECT SECTOR SPDR-TECHNOLOGY | ETF | 81369Y803 | 171,475 | 2,276,320 | SH | | SOLE | | 2,276,320 | 0 | 0 |
SELECT SECTOR SPDR-UTILITIES | ETF | 81369Y886 | 77,354 | 1,469,215 | SH | | SOLE | | 1,469,215 | 0 | 0 |
SPDR PORT LNG TRM TRSRY | ETF | 78464A664 | 85,615 | 2,533,000 | SH | | SOLE | | 2,533,000 | 0 | 0 |
SPDR S&P 500 GROWTH | ETF | 78464A409 | 574 | 15,000 | SH | | SOLE | | 15,000 | 0 | 0 |
SPDR S&P OIL & GAS EXPLORATION | ETF | 78464A730 | 23,203 | 536,000 | SH | | SOLE | | 536,000 | 0 | 0 |
SPDR-S&P 500 INDEX | ETF | 78462F103 | 81,663 | 280,900 | SH | | SOLE | | 280,900 | 0 | 0 |
VANGUARD EXTENDED MARKET ETF | ETF | 922908652 | 92,333 | 753,000 | SH | | SOLE | | 753,000 | 0 | 0 |
VANGUARD FTSE DEVELOPED MARKET | ETF | 921943858 | 49,328 | 1,140,000 | SH | | SOLE | | 1,140,000 | 0 | 0 |
VANGUARD FTSE EUROPE ETF | ETF | 922042874 | 7,974 | 141,830 | SH | | SOLE | | 141,830 | 0 | 0 |
VANGUARD INFORMATION TECH VIPE | ETF | 92204A702 | 324 | 1,600 | SH | | SOLE | | 1,600 | 0 | 0 |
VANGUARD RUSSELL 2000 ETF | ETF | 92206C664 | 6,225 | 46,000 | SH | | SOLE | | 46,000 | 0 | 0 |
VANGUARD S&P 500 ETF | ETF | 922908363 | 174,384 | 653,000 | SH | | SOLE | | 653,000 | 0 | 0 |