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| | | 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 |
AT&T Inc | COM | 00206R102 | 1,424 | 49,910 | SH | | SOLE | | 49,910 | 0 | 0 |
Alibaba Group Holding Ltd | COM | 01609W102 | 2,878 | 21,000 | SH | | SOLE | | 21,000 | 0 | 0 |
Alphabet Inc | COM | 02079K305 | 8,031 | 7,685 | SH | | SOLE | | 7,685 | 0 | 0 |
Amazon.com Inc | COM | 023135106 | 8,111 | 5,400 | SH | | SOLE | | 5,400 | 0 | 0 |
American Express Co | COM | 025816109 | 1,328 | 13,930 | SH | | SOLE | | 13,930 | 0 | 0 |
Apple Inc | COM | 037833100 | 2,156 | 13,670 | SH | | SOLE | | 13,670 | 0 | 0 |
Axis Capital Holdings Ltd | COM | G0692U109 | 883 | 17,100 | SH | | SOLE | | 17,100 | 0 | 0 |
BB&T Corp | COM | 054937107 | 529 | 12,200 | SH | | SOLE | | 12,200 | 0 | 0 |
Boston Scientific Corp | COM | 101137107 | 2,184 | 61,800 | SH | | SOLE | | 61,800 | 0 | 0 |
Chubb Ltd | COM | H1467J104 | 1,421 | 11,000 | SH | | SOLE | | 11,000 | 0 | 0 |
Comerica Inc | COM | 200340107 | 941 | 13,700 | SH | | SOLE | | 13,700 | 0 | 0 |
Communication Services Select | ETF | 81369Y852 | 63,951 | 1,549,200 | SH | | SOLE | | 1,549,200 | 0 | 0 |
Consumer Discretionary Select | ETF | 81369Y407 | 71,463 | 721,780 | SH | | SOLE | | 721,780 | 0 | 0 |
Consumer Staples Select Sector | ETF | 81369Y308 | 55,320 | 1,089,410 | SH | | SOLE | | 1,089,410 | 0 | 0 |
Edwards Lifesciences Corp | COM | 28176E108 | 1,853 | 12,100 | SH | | SOLE | | 12,100 | 0 | 0 |
Energy Select Sector SPDR Fund | ETF | 81369Y506 | 204,832 | 3,571,621 | SH | | SOLE | | 3,571,621 | 0 | 0 |
Exxon Mobil Corp | COM | 30231G102 | 658 | 9,650 | SH | | SOLE | | 9,650 | 0 | 0 |
Facebook Inc | COM | 30303M102 | 577 | 4,400 | SH | | SOLE | | 4,400 | 0 | 0 |
Financial Select Sector SPDR | ETF | 81369Y605 | 133,810 | 5,617,560 | SH | | SOLE | | 5,617,560 | 0 | 0 |
GW Pharmaceuticals PLC | COM | 36197T103 | 507 | 5,210 | SH | | SOLE | | 5,210 | 0 | 0 |
Goldman Sachs Group Inc/The | COM | 38141G104 | 539 | 3,225 | SH | | SOLE | | 3,225 | 0 | 0 |
Health Care Select Sector SPDR | ETF | 81369Y209 | 115,123 | 1,330,745 | SH | | SOLE | | 1,330,745 | 0 | 0 |
Illumina Inc | COM | 452327109 | 2,711 | 9,040 | SH | | SOLE | | 9,040 | 0 | 0 |
Independent Bank Group Inc | COM | 45384B106 | 893 | 19,500 | SH | | SOLE | | 19,500 | 0 | 0 |
Industrial Select Sector SPDR | ETF | 81369Y704 | 71,920 | 1,116,590 | SH | | SOLE | | 1,116,590 | 0 | 0 |
Invesco DB Commodity Index | ETF | 46138B103 | 3,695 | 255,000 | SH | | SOLE | | 255,000 | 0 | 0 |
Invesco S&P 500 Low Volatility | ETF | 46138E354 | 5,038 | 108,000 | SH | | SOLE | | 108,000 | 0 | 0 |
Invesco S&P 500 Pure Growth | ETF | 46137V266 | 9,965 | 100,000 | SH | | SOLE | | 100,000 | 0 | 0 |
Invesco S&P 500 Pure Value | ETF | 46137V258 | 9,951 | 175,000 | SH | | SOLE | | 175,000 | 0 | 0 |
Invesco S&P 500 Quality ETF | ETF | 46137V241 | 10,012 | 360,000 | SH | | SOLE | | 360,000 | 0 | 0 |
Jazz Pharmaceuticals PLC | COM | G50871105 | 434 | 3,500 | SH | | SOLE | | 3,500 | 0 | 0 |
Johnson & Johnson | COM | 478160104 | 1,523 | 11,800 | SH | | SOLE | | 11,800 | 0 | 0 |
Mastercard Inc | COM | 57636Q104 | 541 | 2,870 | SH | | SOLE | | 2,870 | 0 | 0 |
Materials Select Sector SPDR | ETF | 81369Y100 | 17,949 | 355,280 | SH | | SOLE | | 355,280 | 0 | 0 |
Microsoft Corp | COM | 594918104 | 1,527 | 15,030 | SH | | SOLE | | 15,030 | 0 | 0 |
Morgan Stanley | COM | 617446448 | 563 | 14,200 | SH | | SOLE | | 14,200 | 0 | 0 |
New Oriental Education & Tech | COM | 647581107 | 2,138 | 39,000 | SH | | SOLE | | 39,000 | 0 | 0 |
Old National Bancorp/IN | COM | 680033107 | 964 | 62,600 | SH | | SOLE | | 62,600 | 0 | 0 |
Real Estate Select Sector SPDR | ETF | 81369Y860 | 22,578 | 728,329 | SH | | SOLE | | 728,329 | 0 | 0 |
SPDR Portfolio Long Term | ETF | 78464A664 | 88,756 | 2,533,000 | SH | | SOLE | | 2,533,000 | 0 | 0 |
SPDR Portfolio S&P 500 Growth | ETF | 78464A409 | 5,005 | 154,000 | SH | | SOLE | | 154,000 | 0 | 0 |
SPDR S&P 500 ETF Trust | ETF | 78462F103 | 18,881 | 75,550 | SH | | SOLE | | 75,550 | 0 | 0 |
SVB Financial Group | COM | 78486Q101 | 1,026 | 5,400 | SH | | SOLE | | 5,400 | 0 | 0 |
Summit Materials Inc | COM | 86614U100 | 1,061 | 85,600 | SH | | SOLE | | 85,600 | 0 | 0 |
Taiwan Semiconductor Manufac | COM | 874039100 | 2,067 | 56,000 | SH | | SOLE | | 56,000 | 0 | 0 |
Technology Select Sector SPDR | ETF | 81369Y803 | 152,838 | 2,465,920 | SH | | SOLE | | 2,465,920 | 0 | 0 |
Texas Capital Bancshares Inc | COM | 88224Q107 | 1,517 | 29,700 | SH | | SOLE | | 29,700 | 0 | 0 |
US Bancorp | COM | 902973304 | 1,170 | 25,600 | SH | | SOLE | | 25,600 | 0 | 0 |
US Concrete Inc | COM | 90333L201 | 1,108 | 31,400 | SH | | SOLE | | 31,400 | 0 | 0 |
UnitedHealth Group Inc | COM | 91324P102 | 947 | 3,800 | SH | | SOLE | | 3,800 | 0 | 0 |
Utilities Select Sector SPDR | ETF | 81369Y886 | 78,333 | 1,480,215 | SH | | SOLE | | 1,480,215 | 0 | 0 |
Vanguard Extended Market ETF | ETF | 922908652 | 75,157 | 753,000 | SH | | SOLE | | 753,000 | 0 | 0 |
Vanguard FTSE Developed Market | ETF | 921943858 | 42,294 | 1,140,000 | SH | | SOLE | | 1,140,000 | 0 | 0 |
Vanguard FTSE Europe ETF | ETF | 922042874 | 17,198 | 353,730 | SH | | SOLE | | 353,730 | 0 | 0 |
Vanguard Russell 2000 ETF | ETF | 92206C664 | 4,187 | 39,000 | SH | | SOLE | | 39,000 | 0 | 0 |
Vanguard S&P 500 ETF | ETF | 922908363 | 151,790 | 660,500 | SH | | SOLE | | 660,500 | 0 | 0 |
Verizon Communications Inc | COM | 92343V104 | 4,139 | 73,620 | SH | | SOLE | | 73,620 | 0 | 0 |
Visa Inc | COM | 92826C839 | 1,557 | 11,800 | SH | | SOLE | | 11,800 | 0 | 0 |
ZTO Express Cayman Inc | COM | 98980A105 | 1,900 | 120,000 | SH | | SOLE | | 120,000 | 0 | 0 |
iShares Core MSCI Emerging | ETF | 46434G103 | 87,854 | 1,863,289 | SH | | SOLE | | 1,863,289 | 0 | 0 |
iShares Core U.S. Aggregate | ETF | 464287226 | 98,844 | 928,200 | SH | | SOLE | | 928,200 | 0 | 0 |
iShares Edge MSCI USA Momentum | ETF | 46432F396 | 10,023 | 100,000 | SH | | SOLE | | 100,000 | 0 | 0 |
iShares MSCI Australia ETF | ETF | 464286103 | 14,816 | 769,640 | SH | | SOLE | | 769,640 | 0 | 0 |
iShares MSCI Canada ETF | ETF | 464286509 | 24,163 | 1,008,486 | SH | | SOLE | | 1,008,486 | 0 | 0 |
iShares MSCI China ETF | ETF | 46429B671 | 25,363 | 482,000 | SH | | SOLE | | 482,000 | 0 | 0 |
iShares MSCI EAFE Growth ETF | ETF | 464288885 | 11,306 | 163,689 | SH | | SOLE | | 163,689 | 0 | 0 |
iShares MSCI EAFE Small-Cap | ETF | 464288273 | 8,976 | 173,210 | SH | | SOLE | | 173,210 | 0 | 0 |
iShares MSCI EAFE Value ETF | ETF | 464288877 | 8,153 | 180,291 | SH | | SOLE | | 180,291 | 0 | 0 |
iShares MSCI Emerging Markets | ETF | 464287234 | 17,108 | 438,000 | SH | | SOLE | | 438,000 | 0 | 0 |
iShares MSCI Japan ETF | ETF | 46434G822 | 32,716 | 645,405 | SH | | SOLE | | 645,405 | 0 | 0 |
iShares MSCI United Kingdom | ETF | 46435G334 | 4,187 | 142,650 | SH | | SOLE | | 142,650 | 0 | 0 |
iShares Nasdaq Biotechnology | ETF | 464287556 | 40,250 | 417,400 | SH | | SOLE | | 417,400 | 0 | 0 |
iShares Russell 2000 ETF | ETF | 464287655 | 11,364 | 84,866 | SH | | SOLE | | 84,866 | 0 | 0 |
iShares S&P 500 Growth ETF | ETF | 464287309 | 15,318 | 101,669 | SH | | SOLE | | 101,669 | 0 | 0 |
iShares S&P 500 Value ETF | ETF | 464287408 | 17,082 | 168,897 | SH | | SOLE | | 168,897 | 0 | 0 |
iShares S&P Mid-Cap 400 Growth | ETF | 464287606 | 6,885 | 36,003 | SH | | SOLE | | 36,003 | 0 | 0 |
iShares S&P Mid-Cap 400 Value | ETF | 464287705 | 7,949 | 57,458 | SH | | SOLE | | 57,458 | 0 | 0 |
iShares U.S. Real Estate ETF | ETF | 464287739 | 131,655 | 1,756,800 | SH | | SOLE | | 1,756,800 | 0 | 0 |
iShares US Telecommunications | ETF | 464287713 | 52,165 | 1,979,700 | SH | | SOLE | | 1,979,700 | 0 | 0 |