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
INVESCO EXCHANGE TRADED FD TR SandP500 EQL COM 46137V357 59,681 467,940 SH   DFND   98,053 0 369,887
INVESCO EXCHANGE TRADED FD TR SandP500 EQL COM 46137V282 57,194 225,576 SH   DFND   49,681 0 175,895
SPDR SER TR PORTFOLIO SandP500 COM 78464A854 41,998 955,376 SH   DFND   201,168 0 754,208
SPDR SER TR PORTFOLI SandP1500 COM 78464A805 37,607 815,949 SH   DFND   172,798 0 643,151
ISHARES TR MSCI USA MIN VOL COM 46429B697 22,677 334,079 SH   DFND   69,506 0 264,573
SPDR GOLD TR GOLD SHS COM 78463V107 20,105 112,722 SH   DFND   21,328 0 91,394
WISDOMTREE TR EM EX ST-OWNED COM 97717X578 19,551 492,840 SH   DFND   105,708 0 387,132
ABERDEEN STD GOLD ETF TR PHYSCL GOLD SHS COM 00326A104 18,767 1,026,668 SH   DFND   210,103 0 816,565
ISHARES TR ISHS 1-5YR INVS COM 464288646 18,349 332,601 SH   DFND   68,284 0 264,317
FIRST TR EXCHANGE-TRADED FD IV FST LOW OPPT EFT COM 33739Q200 18,133 352,307 SH   DFND   72,522 0 279,785
SPDR SER TR BLOMBERG BRC INV COM 78468R200 18,023 589,198 SH   DFND   120,490 0 468,708
VANGUARD BD INDEX FDS SHORT TRM BOND COM 921937827 17,968 216,754 SH   DFND   44,243 0 172,511
SPDR INDEX SHS FDS PORTFOLIO EMG MK COM 78463X509 11,283 267,640 SH   DFND   57,330 0 210,310
ISHARES TR IBOXX INV CP ETF COM 464287242 11,086 80,260 SH   DFND   16,789 0 63,471
SELECT SECTOR SPDR TR SBI CONS DISCR COM 81369Y407 10,497 65,288 SH   DFND   17,094 0 48,194
SELECT SECTOR SPDR TR SBI HEALTHCARE COM 81369Y209 10,457 92,186 SH   DFND   24,001 0 68,185
INVESCO QQQ TR UNIT SER 1 COM 46090E103 10,240 32,640 SH   DFND   0 0 32,640
VANGUARD WORLD FDS COMM SRVC ETF COM 92204A884 9,648 80,272 SH   DFND   21,493 0 58,779
ISHARES INC CORE MSCI EMKT COM 46434G103 7,941 128,010 SH   DFND   27,793 0 100,217
SELECT SECTOR SPDR TR SBI CONS STPLS COM 81369Y308 6,938 102,870 SH   DFND   27,571 0 75,299
FIRST TR EXCHANGE TRADED FD II TECH ALPHADEX COM 33734X176 5,561 49,737 SH   DFND   13,083 0 36,654
ISHARES TR 20 YR TR BD ETF COM 464287432 4,697 29,784 SH   DFND   0 0 29,784
INVESCO EXCHANGE TRADED FD TR SandP500 PUR COM 46137V266 3,945 24,216 SH   DFND   0 0 24,216
SELECT SECTOR SPDR TR RL EST SEL SEC COM 81369Y860 3,134 85,723 SH   DFND   23,106 0 62,617
AMA Fund Ltd COM 99VVBJY83 1,969 26,876 SH   DFND   0 0 26,876
SPDR SandP 500 ETF TR TR UNIT COM 78462F103 1,642 4,394 SH   DFND   0 0 4,394
FIRST TR EXCHANGE TRADED FD II HLTH CARE ALPH COM 33734X143 714 6,632 SH   DFND   1,897 0 4,735
ISHARES TR CORE US AGGBD ET COM 464287226 476 4,028 SH   DFND   0 0 4,028
ISHARES TR MSCI INDONIA ETF COM 46429B309 298 12,762 SH   DFND   0 0 12,762
ISHARES INC MSCI THAILND ETF COM 464286624 298 3,876 SH   DFND   0 0 3,876
ISHARES TR MSCI POLAND ETF COM 46429B606 298 15,696 SH   DFND   0 0 15,696
ISHARES TR MSCI INDIA ETF COM 46429B598 298 7,421 SH   DFND   0 0 7,421
ISHARES INC MSCI STH AFR ETF COM 464286780 298 6,805 SH   DFND   0 0 6,805
ISHARES TR MSCI CHINA ETF COM 46429B671 298 3,683 SH   DFND   0 0 3,683
ISHARES INC MSCI BRAZIL ETF COM 464286400 298 8,041 SH   DFND   0 0 8,041
ISHARES INC MSCI TAIWAN ETF COM 46434G772 297 5,598 SH   DFND   0 0 5,598
ISHARES INC MSCI TURKEY ETF COM 464286715 296 11,207 SH   DFND   0 0 11,207
ISHARES INC MSCI MEXICO ETF COM 464286822 296 6,906 SH   DFND   0 0 6,906
ISHARES INC MSCI CHILE ETF COM 464286640 295 9,789 SH   DFND   0 0 9,789
ISHARES INC MSCI RUSSIA ETF COM 46434G798 295 7,920 SH   DFND   0 0 7,920
ISHARES TR MSCI PHILIPS ETF COM 46429B408 89 2,752 SH   DFND   0 0 2,752
ISHARES INC MSCI MLY ETF NEW COM 46434G814 89 3,110 SH   DFND   0 0 3,110
ISHARES U S ETF TR BLACKROCK ST MAT COM 46431W507 25 504 SH   DFND   0 0 504
PIMCO ETF TR 0-5 HIGH YIELD COM 72201R783 21 220 SH   DFND   0 0 220
INDEXIQ ETF TR IQ SandP HGH YLD COM 45409B412 20 824 SH   DFND   0 0 824
ISHARES TR ISHS 5-10YR INVT COM 464288638 20 334 SH   DFND   0 0 334
INVESCO EXCH TRD SLF IDX FD TR BULSHS 2022 CB COM 46138J882 18 832 SH   DFND   0 0 832
ISHARES TR CORE TOTAL USD COM 46434V613 16 294 SH   DFND   0 0 294
VANECK VECTORS ETF TR FALLEN ANGEL HG COM 92189F437 14 441 SH   DFND   0 0 441
FIRST TR EXCHANGE-TRADED FD IV SENIOR LN FD COM 33738D309 13 278 SH   DFND   0 0 278
ISHARES TR IBOXX HI YD ETF COM 464288513 13 150 SH   DFND   0 0 150
ISHARES TR TIPS BD ETF COM 464287176 13 102 SH   DFND   0 0 102
ISHARES TR FLTG RATE NT ETF COM 46429B655 12 254 SH   DFND   0 0 254
J P MORGAN EXCHANGE-TRADED FD HIGH YLD COM 46641Q878 7 138 SH   DFND   0 0 138
SPDR SER TR PORTFOLIO SH TSR COM 78468R101 2 69 SH   DFND   0 0 69
SPDR SER TR SPDR BLOOMBERG COM 78468R663 0 6 SH   DFND   0 0 6