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
ISHARES INC MIN VOL GBL ETF 464286525 59,262 662,288 SH   DFND NONE 662,288 0 0
ISHARES TR CORE US AGGRD ET 464287226 111,246 1,019,948 SH   DFND NONE 1,019,948 0 0
POWERSHARES ETF TRUST II SENIOR LN PORT 46138G508 136,072 6,010,266 SH   DFND NONE 6,010,266 0 0
VANGUARD CHARLOTTE FDS INTL BD IDX ETF 92203J407 28,904 518,275 SH   DFND NONE 518,275 0 0
SPDR SERIES TRUST BLOMBERG INTL ETF 78464A516 48,072 1,723,626 SH   DFND NONE 1,723,626 0 0
INVESCO EXCHNG TRADED FD TR S&P GBL WATER 46138E263 13,552 382,638 SH   DFND NONE 382,638 0 0
SPDR SERIES TRUST BLMBRG BRC CNVRT 78464A359 69,249 1,325,335 SH   DFND NONE 1,325,335 0 0
POWERSHS DB MULTI SECT COMM DB BASE METALS 46140H700 14,610 857,384 SH   DFND NONE 857,384 0 0
ISHARES TR JPMORGAN USD EMG 464288281 111,653 1,014,473 SH   DFND NONE 1,014,473 0 0
ISHARES INC EM HGHYL BD ETF 464286285 9,603 205,232 SH   DFND NONE 205,232 0 0
VANECK VECTORS ETF TR JP MORGAN MKTS 92189H300 45,668 1,368,955 SH   DFND NONE 1,368,955 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 64,805 2,890,486 SH   DFND NONE 2,890,486 0 0
SPDR INDEX SHS FDS GLB NAT RESRCE 78463X541 50,501 1,092,378 SH   DFND NONE 1,092,378 0 0
FLEXSHARES TR MORNSTAR UPSTR 33939L407 107,757 3,290,296 SH   DFND NONE 3,290,296 0 0
ISHARES TR GLB INFRASTR ETF 464288372 90,828 2,024,249 SH   DFND NONE 2,024,249 0 0
VANECK VECTORS ETF TR INTL HIGH YIELD 92189F445 7,494 307,366 SH   DFND NONE 307,366 0 0
ISHARES TR MICRO-CAP ETF 464288869 65,293 703,894 SH   DFND NONE 703,894 0 0
SPDR SERIES TRUST BLOOMBERG BRCLYS 78464A417 117,186 3,257,872 SH   DFND NONE 3,257,872 0 0
VANECK VECTORS ETF TR AGRIBUSINESS ETF 92189F700 85,463 1,370,701 SH   DFND NONE 1,370,701 0 0
INVESCO ACTIVELY MANAGD ETF OPTIMUM YIELD 46090F100 29,646 1,784,801 SH   DFND NONE 1,784,801 0 0
ISHARES TR S&P US PFD STK 464288687 124,568 3,408,164 SH   DFND NONE 3,408,164 0 0
POWERSHARES ETF TRUST WATER RES PORT 46137V142 28,487 838,599 SH   DFND NONE 838,599 0 0
POWERSHARES ETF TR II GBL WTR PORT 46138E651 7,959 295,993 SH   DFND NONE 295,993 0 0
INDEXIQ ETF TR HEDGE MLTI ETF 45409B107 61,869 2,057,497 SH   DFND NONE 2,057,497 0 0
SPDR INDEX SHS FDS DJ INTL RL ETF 78463X863 94,349 2,401,960 SH   DFND NONE 2,401,960 0 0
GLOBAL X FDS GLOBAL X SILVER 37954Y848 34,631 1,311,784 SH   DFND NONE 1,311,784 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 22,187 1,564,643 SH   DFND NONE 1,564,643 0 0
ISHARES TR TIPS BD ETF 464287176 96,798 856,088 SH   DFND NONE 856,088 0 0
VANGUARD INDEX FDS SMALL CP ETF 922908751 150,254 983,340 SH   DFND NONE 983,340 0 0
VANGUARD SCOTTSDALE FDS MORTG-BACK SEC 92206C771 64,264 1,227,347 SH   DFND NONE 1,227,347 0 0
VANGUARD INDEX FDS REIT ETF 922908553 97,396 1,120,654 SH   DFND NONE 1,120,654 0 0
VANGUARD INTL EQUITY INDEX F FTSE SMCAP ETF 922042718 101,110 970,994 SH   DFND NONE 970,994 0 0
SPDR SERIES TRUST CITI INT GVT ETF 78464A490 23,149 428,049 SH   DFND NONE 428,049 0 0
ISHARES TR GL TIMB FORE ETF 464288174 13,283 209,116 SH   DFND NONE 209,116 0 0