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 INC MIN VOL GBL ETF 464286525 60,525 691,085 SH   DFND NONE 691,085 0 0
ISHARES TR CORE US AGGRD ET 464287226 93,793 793,446 SH   DFND NONE 793,446 0 0
INVESCO EXCHNG TRADED FD TR SR LN ETF 46138G508 59,232 2,774,328 SH   DFND NONE 2,774,328 0 0
VANGUARD CHARLOTTE FDS INTL BD IDX ETF 92203J407 70,575 1,222,509 SH   DFND NONE 1,222,509 0 0
SPDR SERIES TRUST BLOMBERG INTL TR 78464A516 40,592 1,404,080 SH   DFND NONE 1,404,080 0 0
INVESCO EXCHNG TRADED FD TR S&P GBL WATER 46138E263 15,287 408,964 SH   DFND NONE 408,964 0 0
SPDR SERIES TRUST BLMBRG BRC CNVRT 78464A359 57,501 950,429 SH   DFND NONE 950,429 0 0
INVESCO DB MLTI SECTR CMMTY AGRICULTURE FD 46140H106 5,642 417,764 SH   DFND NONE 417,764 0 0
INVESCO DB MLTI SECTR CMMTY BASE METALS FD 46140H700 8,082 593,831 SH   DFND NONE 593,831 0 0
ISHARES TR JPMORGAN USD EMG 464288281 62,293 570,342 SH   DFND NONE 570,342 0 0
ISHARES INC EM HGHYL BD ETF 464286285 7,340 170,661 SH   DFND NONE 170,661 0 0
VANECK VECTORS ETF TR JP MORGAN MKTS 92189H300 49,536 1,611,447 SH   DFND NONE 1,611,447 0 0
SPDR INDEX SHS FDS S&P EMKTSC ETF 78463X756 4,391 107,541 SH   DFND NONE 107,541 0 0
FIRST TR EXCHANGE TRADED FD WTR ETF 33733B100 13,155 236,139 SH   DFND NONE 236,139 0 0
ISHARES TR FLTG RATE NT ETF 46429B655 41,134 813,090 SH   DFND NONE 813,090 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 62,178 1,695,148 SH   DFND NONE 1,695,148 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 6,003 35,864 SH   DFND NONE 35,864 0 0
SPDR INDEX SHS FDS GLB NAT RESRCE 78463X541 52,083 1,410,312 SH   DFND NONE 1,410,312 0 0
FLEXSHARES TR MORNSTAR UPSTR 33939L407 99,372 3,595,226 SH   DFND NONE 3,595,226 0 0
ISHARES TR GLB INFRASTR ETF 464288372 106,571 2,783,251 SH   DFND NONE 2,783,251 0 0
VANECK VECTORS ETF TR INTL HIGH YIELD 92189F445 3,076 129,684 SH   DFND NONE 129,684 0 0
ISHARES TR MICRO-CAP ETF 464288869 52,498 601,553 SH   DFND NONE 601,553 0 0
SPDR SERIES TRUST BLOOMBERG BRCLYS 78468R622 69,788 689,873 SH   DFND NONE 689,873 0 0
GLOBAL X FDS LITHIUM BTRY ETF 37954Y855 13,894 438,995 SH   DFND NONE 438,995 0 0
VANECK VECTORS ETF TR AGRIBUSINESS ETF 92189F700 49,136 816,888 SH   DFND NONE 816,888 0 0
INVESCO ACTIVELY MANAGD ETF OPTIMUM YIELD 46090F100 2,698 208,504 SH   DFND NONE 208,504 0 0
ISHARES TR PFD AND INCM SEC 464288687 30,325 875,441 SH   DFND NONE 875,441 0 0
INVESCO EXCHANGE TRADED FD T WATER RES ETF 46137V142 26,716 735,165 SH   DFND NONE 735,165 0 0
INVESCO EXCHNG TRADED FD TR GLOBAL WATER 46138E651 12,215 424,591 SH   DFND NONE 424,591 0 0
SPDR INDEX SHS FDS DJ INTL RL ETF 78463X863 73,485 2,549,793 SH   DFND NONE 2,549,793 0 0
SCHWAB STRATEGIC TR US TIPS ETF 808524870 92,817 1,546,442 SH   DFND NONE 1,546,442 0 0
GLOBAL X FDS GLOBAL X SILVER 37954Y848 25,570 690,699 SH   DFND NONE 690,699 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 21,267 1,250,282 SH   DFND NONE 1,250,282 0 0
ISHARES TR USD INV GRDE ETF 464288620 39,608 655,547 SH   DFND NONE 655,547 0 0
VANGUARD INDEX FDS SMALL CP ETF 922908751 114,443 785,361 SH   DFND NONE 785,361 0 0
VANGUARD SCOTTSDALE FDS MORTG-BACK SEC 92206C771 62,361 1,146,975 SH   DFND NONE 1,146,975 0 0
VANGUARD INDEX FDS REAL ESTATE ETF 922908553 81,338 1,035,752 SH   DFND NONE 1,035,752 0 0
INVESCO EXCHNG TRADED FD TR VAR RATE PFD 46138G870 8,105 345,942 SH   DFND NONE 345,942 0 0
VANGUARD INTL EQUITY INDEX F FTSE SMCAP ETF 922042718 108,440 1,122,337 SH   DFND NONE 1,122,337 0 0
VANGUARD WHITEHALL FDS INC EMERG MKT BD ETF 921946885 18,000 231,477 SH   DFND NONE 231,477 0 0
SPDR SERIES TRUST FTSE INT GVT ETF 78464A490 13,808 263,018 SH   DFND NONE 263,018 0 0
ISHARES TR GL TIMB FORE ETF 464288174 15,876 286,238 SH   DFND NONE 286,238 0 0