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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ISHARES TR CORE US AGGRD ET 464287226 90,003 762,349 SH   DFND NONE 762,349 0 0
INVESCO EXCHNG TRADED FD TR SR LN ETF 46138G508 61,004 2,806,064 SH   DFND NONE 2,806,064 0 0
VANGUARD CHARLOTTE FDS INTL BD IDX ETF 92203J407 37,365 642,169 SH   DFND NONE 642,169 0 0
SPDR SERIES TRUST BLOMBERG INTL TR 78464A516 42,469 1,431,370 SH   DFND NONE 1,431,370 0 0
INVESCO EXCHNG TRADED FD TR S&P GBL WATER 46138E263 16,911 408,964 SH   DFND NONE 408,964 0 0
SPDR SERIES TRUST BLMBRG BRC CNVRT 78464A359 68,670 996,804 SH   DFND NONE 996,804 0 0
INVESCO DB MLTI SECTR CMMTY BASE METALS FD 46140H700 8,991 593,831 SH   DFND NONE 593,831 0 0
ISHARES TR JPMORGAN USD EMG 464288281 77,250 696,637 SH   DFND NONE 696,637 0 0
ISHARES INC EM HGHYL BD ETF 464286285 9,797 224,490 SH   DFND NONE 224,490 0 0
VANECK VECTORS ETF TR JP MORGAN MKTS 92189H300 44,271 1,435,505 SH   DFND NONE 1,435,505 0 0
FIRST TR EXCHANGE TRADED FD WTR ETF 33733B100 14,272 236,139 SH   DFND NONE 236,139 0 0
ISHARES TR FLTG RATE NT ETF 46429B655 36,912 727,751 SH   DFND NONE 727,751 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 61,592 1,572,832 SH   DFND NONE 1,572,832 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 28,111 158,712 SH   DFND NONE 158,712 0 0
SPDR INDEX SHS FDS GLB NAT RESRCE 78463X541 51,507 1,371,689 SH   DFND NONE 1,371,689 0 0
FLEXSHARES TR MORNSTAR UPSTR 33939L407 97,486 3,511,759 SH   DFND NONE 3,511,759 0 0
ISHARES TR GLB INFRASTR ETF 464288372 118,859 3,080,836 SH   DFND NONE 3,080,836 0 0
VANECK VECTORS ETF TR INTL HIGH YIELD 92189F445 3,169 129,684 SH   DFND NONE 129,684 0 0
ISHARES TR MICRO-CAP ETF 464288869 54,251 599,658 SH   DFND NONE 599,658 0 0
SPDR SERIES TRUST BLOOMBERG BRCLYS 78468R622 76,028 729,141 SH   DFND NONE 729,141 0 0
GLOBAL X FDS LITHIUM BTRY ETF 37954Y855 14,970 373,782 SH   DFND NONE 373,782 0 0
VANECK VECTORS ETF TR AGRIBUSINESS ETF 92189F700 53,452 791,995 SH   DFND NONE 791,995 0 0
ISHARES TR PFD AND INCM SEC 464288687 28,183 773,190 SH   DFND NONE 773,190 0 0
INVESCO EXCHANGE TRADED FD T WATER RES ETF 46137V142 29,089 733,078 SH   DFND NONE 733,078 0 0
INVESCO EXCHNG TRADED FD TR GLOBAL WATER 46138E651 13,483 424,591 SH   DFND NONE 424,591 0 0
SPDR INDEX SHS FDS DJ INTL RL ETF 78463X863 69,640 2,344,004 SH   DFND NONE 2,344,004 0 0
SCHWAB STRATEGIC TR US TIPS ETF 808524870 93,895 1,523,524 SH   DFND NONE 1,523,524 0 0
GLOBAL X FDS GLOBAL X SILVER 37954Y848 27,131 626,004 SH   DFND NONE 626,004 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 19,632 907,186 SH   DFND NONE 907,186 0 0
ISHARES TR 20 YR TR BD ETF 464287432 25,329 155,144 SH   DFND NONE 155,144 0 0
ISHARES TR USD INV GRDE ETF 464288620 54,736 900,567 SH   DFND NONE 900,567 0 0
VANGUARD INDEX FDS SMALL CP ETF 922908751 171,770 1,116,840 SH   DFND NONE 1,116,840 0 0
VANGUARD SCOTTSDALE FDS MORTG-BACK SEC 92206C771 59,840 1,102,636 SH   DFND NONE 1,102,636 0 0
VANGUARD INDEX FDS REAL ESTATE ETF 922908553 84,471 1,069,790 SH   DFND NONE 1,069,790 0 0
INVESCO EXCHNG TRADED FD TR VAR RATE PFD 46138G870 11,900 483,335 SH   DFND NONE 483,335 0 0
VANGUARD INTL EQUITY INDEX F FTSE SMCAP ETF 922042718 124,953 1,186,747 SH   DFND NONE 1,186,747 0 0
VANGUARD WHITEHALL FDS INC EMERG MKT BD ETF 921946885 20,840 264,129 SH   DFND NONE 264,129 0 0
SPDR SERIES TRUST FTSE INT GVT ETF 78464A490 14,265 263,018 SH   DFND NONE 263,018 0 0
ISHARES TR GL TIMB FORE ETF 464288174 17,133 265,717 SH   DFND NONE 265,717 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 22,695 77,200 SH   DFND NONE 77,200 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 362,366 1,082,044 SH   DFND NONE 1,082,044 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 159,077 1,363,126 SH   DFND NONE 1,363,126 0 0