Madison Asset Management 13F-HR Quarterly holdings report by institutional manager

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
Expires:	Oct 31, 2018
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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
3M Co	COM	88579Y101	794	5,816	SH		SOLE		5,816	0	0
Abbott Laboratories	COM	002824100	322	4,079	SH		SOLE		4,079	0	0
AbbVie Inc	COM	00287Y109	309	4,050	SH		SOLE		4,050	0	0
Accenture PLC	COM	G1151C101	64,582	395,578	SH		SOLE		386,325	0	9,253
Adobe Inc	COM	00724F101	29,458	92,566	SH		SOLE		89,819	0	2,747
AES Corp/VA	COM	00130H105	5,889	433,000	SH		SOLE		433,000	0	0
Alcoa Corp	COM	013872106	1,935	314,200	SH		SOLE		314,200	0	0
Alcon Inc	ORD SHS	H01301128	43,802	861,910	SH		SOLE		835,078	0	26,832
Alexion Pharmaceuticals Inc	COM	015351109	266	2,965	SH		SOLE		2,965	0	0
Alliant Energy Corp	COM	018802108	363	7,513	SH		SOLE		7,513	0	0
Allstate Corp	COM	020002101	257	2,800	SH		SOLE		2,800	0	0
Alphabet Inc	CAP STK CL C	02079K107	85,885	73,860	SH		SOLE		71,682	0	2,178
Alphabet Inc	CAP STK CL A	02079K305	451	388	SH		SOLE		388	0	0
Altria Group Inc	COM	02209S103	363	9,393	SH		SOLE		9,393	0	0
Amazon.com Inc	COM	023135106	9,021	4,627	SH		SOLE		4,627	0	0
American Tower Corp	COM	03027X100	32,312	148,392	SH		SOLE		144,121	0	4,271
Amgen Inc	COM	031162100	19,270	95,053	SH		SOLE		94,978	0	75
AMN Healthcare Services Inc	COM	001744101	4,708	81,432	SH		SOLE		81,432	0	0
Amphenol Corp	CL A	032095101	30,226	414,743	SH		SOLE		401,259	0	13,484
Analog Devices Inc	COM	032654105	63,030	703,066	SH		SOLE		688,000	0	15,066
Aon PLC	SHS CL A	G0403H108	7,674	46,500	SH		SOLE		46,500	0	0
Apache Corp	COM	037411105	618	147,900	SH		SOLE		147,900	0	0
Apple Hospitality REIT Inc	COM	03784Y200	229	24,940	SH		SOLE		24,940	0	0
Apple Inc	COM	037833100	10,589	41,642	SH		SOLE		41,319	0	323
Arch Capital Group Ltd	COM	G0450A105	66,971	2,353,165	SH		SOLE		2,276,171	0	76,994
Archer-Daniels-Midland Co	COM	039483102	4,820	137,000	SH		SOLE		137,000	0	0
AT&T Inc	COM	00206R102	881	30,237	SH		SOLE		30,237	0	0
Automatic Data Processing Inc	COM	053015103	15,360	112,380	SH		SOLE		111,843	0	537
Avanos Medical Inc	COM	05350V106	2,862	106,286	SH		SOLE		106,286	0	0
Axalta Coating Systems Ltd	COM	G0750C108	256	14,816	SH		SOLE		14,816	0	0
Baker Hughes Co	CL A	05722G100	2,808	267,400	SH		SOLE		267,400	0	0
Bank of America Corp	COM	060505104	4,956	233,440	SH		SOLE		233,440	0	0
Barrick Gold Corp	COM	067901108	15,975	872,000	SH		SOLE		872,000	0	0
Baxter International Inc	COM	071813109	17,862	220,000	SH		SOLE		220,000	0	0
Beacon Roofing Supply Inc	COM	073685109	1,509	91,207	SH		SOLE		91,207	0	0
Becton Dickinson and Co	COM	075887109	87,509	380,854	SH		SOLE		371,380	0	9,474
Berkshire Hathaway Inc	CL B	084670702	79,197	433,175	SH		SOLE		422,026	0	11,149
BlackRock Inc	COM	09247X101	31,174	70,855	SH		SOLE		70,577	0	278
Boeing Co (The)	COM	097023105	257	1,720	SH		SOLE		1,720	0	0
Boston Beer Co Inc/The	CL A	100557107	6,320	17,195	SH		SOLE		17,195	0	0
Box Inc	CL A	10316T104	3,109	221,405	SH		SOLE		221,405	0	0
Bristol-Myers Squibb Co	COM	110122108	41,435	743,363	SH		SOLE		740,778	0	2,585
Broadcom Inc	COM	11135F101	3,853	16,250	SH		SOLE		16,250	0	0
Brookfield Asset Management In	CL A LTD VT SH	112585104	82,706	1,869,051	SH		SOLE		1,808,699	0	60,352
Brown-Forman Corp	CL B	115637209	16,816	302,932	SH		SOLE		293,181	0	9,751
Brown & Brown Inc	COM	115236101	52,596	1,452,129	SH		SOLE		1,405,326	0	46,803
Brunswick Corp/DE	COM	117043109	2,944	83,234	SH		SOLE		83,234	0	0
Canadian Natural Resources Ltd	COM	136385101	2,557	188,700	SH		SOLE		188,700	0	0
Cardiovascular Systems Inc	COM	141619106	1,652	46,925	SH		SOLE		46,925	0	0
Carlisle Cos Inc	COM	142339100	30,411	242,748	SH		SOLE		235,794	0	6,954
CarMax Inc	COM	143130102	42,818	795,424	SH		SOLE		769,651	0	25,773
Catalent Inc	COM	148806102	5,934	114,228	SH		SOLE		114,228	0	0
Caterpillar Inc	COM	149123101	26,760	230,607	SH		SOLE		230,382	0	225
CDW Corp/DE	COM	12514G108	36,874	395,345	SH		SOLE		382,607	0	12,738
CenturyLink Inc	COM	156700106	4,484	474,000	SH		SOLE		474,000	0	0
Chevron Corp	COM	166764100	286	3,946	SH		SOLE		3,946	0	0
Chubb Ltd	COM	H1467J104	15,632	139,959	SH		SOLE		139,837	0	122
Cisco Systems Inc	COM	17275R102	30,204	768,357	SH		SOLE		766,085	0	2,272
Coca-Cola Co	COM	191216100	7,340	165,875	SH		SOLE		165,625	0	250
Cognizant Technology Solutions	CL A	192446102	36,874	793,502	SH		SOLE		767,407	0	26,095
Comcast Corp	CL A	20030N101	35,850	1,042,743	SH		SOLE		1,040,485	0	2,258
CommVault Systems Inc	COM	204166102	6,604	163,145	SH		SOLE		163,145	0	0
Construction Partners Inc	CL A	21044C107	2,928	173,369	SH		SOLE		173,369	0	0
Copart Inc	COM	217204106	91,655	1,337,643	SH		SOLE		1,294,435	0	43,208
Costco Wholesale Corp	COM	22160K105	7,277	25,522	SH		SOLE		25,039	0	483
Covetrus Inc	COM	22304C100	3,223	395,903	SH		SOLE		395,903	0	0
Crane Co	COM	224399105	2,171	44,135	SH		SOLE		44,135	0	0
Cullen/Frost Bankers Inc	COM	229899109	8,808	157,873	SH		SOLE		152,620	0	5,253
CVS Health Corp	COM	126650100	5,570	93,880	SH		SOLE		93,880	0	0
Danaher Corp	COM	235851102	52,897	382,176	SH		SOLE		370,669	0	11,507
Diageo PLC - ADR	SPON ADR	25243Q205	3,817	30,030	SH		SOLE		29,512	0	518
Discovery Inc	COM SER A	25470F302	4,771	272,000	SH		SOLE		272,000	0	0
Dollar Tree Inc	COM	256746108	99,049	1,348,149	SH		SOLE		1,303,969	0	44,180
Dominion Energy Inc	COM	25746U109	22,036	305,255	SH		SOLE		304,990	0	265
Dow Inc	COM	260557103	381	13,017	SH		SOLE		13,017	0	0
Duke Energy Corp	COM	26441C204	498	6,154	SH		SOLE		6,154	0	0
Dunkin' Brands Group Inc	COM	265504100	1,515	28,529	SH		SOLE		28,529	0	0
Ecolab Inc	COM	278865100	3,565	22,877	SH		SOLE		22,507	0	370
Edgewell Personal Care Co	COM	28035Q102	5,926	246,092	SH		SOLE		246,092	0	0
Elanco Animal Health Inc	COM	28414H103	15,301	683,367	SH		SOLE		660,903	0	22,464
Eli Lilly & Co	COM	532457108	6,784	48,907	SH		SOLE		48,161	0	746
Emerson Electric Co	COM	291011104	10,384	217,932	SH		SOLE		217,697	0	235
Encompass Health Corp	COM	29261A100	7,199	112,429	SH		SOLE		112,429	0	0
Entegris Inc	COM	29362U104	3,432	76,668	SH		SOLE		76,668	0	0
EOG Resources Inc	COM	26875P101	2,689	74,860	SH		SOLE		74,860	0	0
Estee Lauder Cos Inc/The	CL A	518439104	2,020	12,675	SH		SOLE		12,460	0	215
Etsy Inc	COM	29786A106	2,139	55,646	SH		SOLE		55,646	0	0
Expeditors International of Wa	COM	302130109	24,767	371,211	SH		SOLE		359,306	0	11,905
Exxon Mobil Corp	COM	30231G102	268	7,066	SH		SOLE		7,066	0	0
Facebook Inc	CL A	30303M102	1,554	9,316	SH		SOLE		9,316	0	0
Fastenal Co	COM	311900104	62,928	2,013,711	SH		SOLE		1,972,363	0	41,348
FedEx Corp	COM	31428X106	3,262	26,900	SH		SOLE		26,900	0	0
FireEye Inc	COM	31816Q101	3,997	377,776	SH		SOLE		377,776	0	0
Flexion Therapeutics Inc	COM	33938J106	1,356	172,267	SH		SOLE		172,267	0	0
FLIR Systems Inc	COM	302445101	3,552	111,374	SH		SOLE		111,374	0	0
Floor & Decor Holdings Inc	CL A	339750101	14,283	445,104	SH		SOLE		430,772	0	14,332
Franco-Nevada Corp	COM	351858105	5,364	53,900	SH		SOLE		53,900	0	0
Freeport-McMoRan Inc	CL B	35671D857	5,021	743,800	SH		SOLE		743,800	0	0
Gartner Inc	COM	366651107	48,653	488,633	SH		SOLE		472,460	0	16,173
General Dynamics Corp	COM	369550108	12,703	96,012	SH		SOLE		95,949	0	63
General Motors Co	COM	37045V100	4,557	219,300	SH		SOLE		219,300	0	0
Gilead Sciences Inc	COM	375558103	12,337	165,016	SH		SOLE		164,921	0	95
Glacier Bancorp Inc	COM	37637Q105	24,443	718,815	SH		SOLE		695,703	0	23,112
Glaukos Corp	COM	377322102	861	27,892	SH		SOLE		27,892	0	0
Global Net Lease Inc	COM	379378201	275	20,555	SH		SOLE		20,555	0	0
Globus Medical Inc	CL A	379577208	5,063	119,037	SH		SOLE		119,037	0	0
Hain Celestial Group Inc/The	COM	405217100	9,129	351,504	SH		SOLE		351,504	0	0
HD Supply Holdings Inc	COM	40416M105	29,240	1,028,504	SH		SOLE		994,313	0	34,191
Healthcare Services Group Inc	COM	421906108	4,219	176,448	SH		SOLE		176,448	0	0
Healthcare Trust of America In	CL A	42225P501	513	21,140	SH		SOLE		21,140	0	0
Hershey Co/The	COM	427866108	11,920	89,964	SH		SOLE		89,894	0	70
Hibbett Sports Inc	COM	428567101	2,653	242,639	SH		SOLE		242,639	0	0
Home Depot Inc	COM	437076102	30,038	160,881	SH		SOLE		160,424	0	457
IHS Markit Ltd	SHS	G47567105	57,324	955,394	SH		SOLE		924,270	0	31,124
Insperity Inc	COM	45778Q107	1,321	35,413	SH		SOLE		35,413	0	0
International Business Machine	COM	459200101	240	2,160	SH		SOLE		2,160	0	0
Iron Mountain Inc	COM	46284V101	502	21,083	SH		SOLE		21,083	0	0
Jacobs Engineering Group Inc	COM	469814107	77,491	977,561	SH		SOLE		951,117	0	26,444
JM Smucker Co	COM	832696405	6,149	55,400	SH		SOLE		55,400	0	0
Johnson & Johnson	COM	478160104	33,953	258,923	SH		SOLE		258,680	0	243
JPMorgan Chase & Co	COM	46625H100	37,704	418,798	SH		SOLE		418,483	0	315
Kemper Corp	COM	488401100	32,296	434,258	SH		SOLE		419,861	0	14,397
Kennametal Inc	COM	489170100	2,236	120,108	SH		SOLE		120,108	0	0
Keysight Technologies Inc	COM	49338L103	3,130	37,407	SH		SOLE		37,407	0	0
Kornit Digital Ltd	SHS	M6372Q113	1,350	54,223	SH		SOLE		54,223	0	0
Laboratory Corp of America Hol	COM	50540R409	40,078	317,099	SH		SOLE		306,841	0	10,258
Liberty Broadband Corp	COM SER C	530307305	130,745	1,180,864	SH		SOLE		1,142,099	0	38,765
Linde PLC	COM	G5494J103	64,340	371,908	SH		SOLE		364,229	0	7,679
LiveRamp Holdings Inc	COM	53815P108	2,653	80,576	SH		SOLE		80,576	0	0
Lowe's Cos Inc	COM	548661107	73,910	858,924	SH		SOLE		837,293	0	21,631
ManpowerGroup Inc	COM	56418H100	1,942	36,640	SH		SOLE		36,640	0	0
Markel Corp	COM	570535104	58,450	62,992	SH		SOLE		60,949	0	2,043
Marvell Technology Group Ltd	ORD SHS	G5876H105	3,105	137,216	SH		SOLE		137,216	0	0
Masco Corp	COM	574599106	7,005	202,628	SH		SOLE		202,628	0	0
McDonald's Corp	COM	580135101	26,523	160,407	SH		SOLE		160,069	0	338
Medical Properties Trust Inc	COM	58463J304	520	30,057	SH		SOLE		30,057	0	0
Medtronic PLC	SHS	G5960L103	23,223	257,521	SH		SOLE		257,276	0	245
Merck & Co Inc	COM	58933Y105	25,335	329,280	SH		SOLE		329,005	0	275
MGIC Investment Corp	COM	552848103	5,625	885,881	SH		SOLE		885,881	0	0
MGM Growth Properties LLC	CL A	55303A105	295	12,455	SH		SOLE		12,455	0	0
Microsoft Corp	COM	594918104	15,425	97,808	SH		SOLE		96,645	0	1,163
Mohawk Industries Inc	CL A	608190104	19,535	256,224	SH		SOLE		247,830	0	8,394
Mondelez International Inc	CL A	609207105	10,580	211,265	SH		SOLE		211,265	0	0
Natera Inc	COM	632307104	3,486	116,732	SH		SOLE		116,732	0	0
National Instruments Corp	COM	636518102	1,818	54,949	SH		SOLE		54,949	0	0
Nestle SA - ADR	COM	641069406	22,319	216,713	SH		SOLE		215,739	0	974
NewMarket Corp	COM	651587107	29,315	76,567	SH		SOLE		74,058	0	2,509
Newmont Goldcorp Corp	COM	651639106	2,490	55,000	SH		SOLE		55,000	0	0
NextEra Energy Inc	COM	65339F101	28,984	120,456	SH		SOLE		119,703	0	753
Nordstrom Inc	COM	655664100	2,326	151,598	SH		SOLE		151,598	0	0
Northern Trust Corp	COM	665859104	17,110	226,749	SH		SOLE		226,229	0	520
Novartis AG - ADR	SPONSORED ADR	66987V109	71,155	863,008	SH		SOLE		842,064	0	20,944
O'Reilly Automotive Inc	COM	67103H107	34,507	114,622	SH		SOLE		110,917	0	3,705
Olin Corp	COM	680665205	2,724	233,434	SH		SOLE		233,434	0	0
Oracle Corp	COM	68389X105	431	8,913	SH		SOLE		8,913	0	0
PACCAR Inc	COM	693718108	39,483	645,882	SH		SOLE		625,347	0	20,535
Paychex Inc	COM	704326107	11,255	178,880	SH		SOLE		178,745	0	135
PepsiCo Inc	COM	713448108	36,520	304,083	SH		SOLE		303,560	0	523
Pfizer Inc	COM	717081103	13,915	426,326	SH		SOLE		425,921	0	405
Phibro Animal Health Corp	CL A	71742Q106	4,419	182,816	SH		SOLE		182,816	0	0
Philip Morris International In	COM	718172109	218	2,983	SH		SOLE		2,983	0	0
Physicians Realty Trust	COM	71943U104	504	36,135	SH		SOLE		36,135	0	0
PPG Industries Inc	COM	693506107	49,510	592,227	SH		SOLE		572,996	0	19,231
PRA Group Inc	COM	69354N106	3,446	124,332	SH		SOLE		124,332	0	0
PRA Health Sciences Inc	COM	69354M108	6,187	74,501	SH		SOLE		74,501	0	0
Primo Water Corp	COM	74167P108	2,140	236,216	SH		SOLE		236,216	0	0
Procter & Gamble Co	COM	742718109	23,676	215,232	SH		SOLE		214,509	0	723
Progressive Corp	COM	743315103	113,633	1,538,909	SH		SOLE		1,490,289	0	48,620
Prologis Inc	COM	74340W103	7,642	95,090	SH		SOLE		95,090	0	0
PTC Inc	COM	69370C100	2,808	45,879	SH		SOLE		45,879	0	0
QUALCOMM Inc	COM	747525103	1,090	16,112	SH		SOLE	��	16,112	0	0
Quest Diagnostics Inc	COM	74834L100	1,975	24,600	SH		SOLE		24,600	0	0
Range Resources Corp	COM	75281A109	3,008	1,319,200	SH		SOLE		1,319,200	0	0
Raytheon Technologies Corp	COM	75513E101	277	2,940	SH		SOLE		2,940	0	0
Regions Financial Corp	COM	7591EP100	3,700	412,500	SH		SOLE		412,500	0	0
Rexnord Corp	COM	76169B102	5,043	222,449	SH		SOLE		222,449	0	0
RLI Corp	COM	749607107	630	7,168	SH		SOLE		7,168	0	0
Ross Stores Inc	COM	778296103	43,222	496,976	SH		SOLE		480,895	0	16,081
Royal Gold Inc	COM	780287108	5,175	59,000	SH		SOLE		59,000	0	0
Sabra Health Care REIT Inc	COM	78573L106	138	12,640	SH		SOLE		12,640	0	0
Scotts Miracle-Gro Co/The	CL A	810186106	3,794	37,051	SH		SOLE		37,051	0	0
Sempra Energy	COM	816851109	12,429	110,000	SH		SOLE		110,000	0	0
STAG Industrial Inc	COM	85254J102	323	14,324	SH		SOLE		14,324	0	0
Steel Dynamics Inc	COM	858119100	4,587	203,500	SH		SOLE		203,500	0	0
T-Mobile US Inc	COM	872590104	1,720	20,500	SH		SOLE		20,500	0	0
Target Corp	COM	87612E106	6,558	70,540	SH		SOLE		69,400	0	1,140
TCF Financial Corp	COM	872307103	4,247	187,427	SH		SOLE		187,427	0	0
TE Connectivity Ltd	REG SHS	H84989104	68,167	1,082,360	SH		SOLE		1,056,504	0	25,856
Texas Instruments Inc	COM	882508104	25,620	256,381	SH		SOLE		256,191	0	190
TJX Cos Inc	COM	872540109	66,726	1,395,654	SH		SOLE		1,363,391	0	32,263
Transocean Ltd	REG SHS	H8817H100	742	640,000	SH		SOLE		640,000	0	0
Travelers Cos Inc	COM	89417E109	18,340	184,598	SH		SOLE		184,443	0	155
U.S. Bancorp	COM	902973304	67,048	1,946,247	SH		SOLE		1,898,853	0	47,394
Unilever NV	N Y SHS	904784709	220	4,510	SH		SOLE		4,510	0	0
Union Pacific Corp	COM	907818108	19,574	138,781	SH		SOLE		138,195	0	586
United Parcel Service Inc	CL B	911312106	4,937	52,849	SH		SOLE		52,093	0	756
UnitedHealth Group Inc	COM	91324P102	6,281	25,187	SH		SOLE		24,737	0	450
Varian Medical Systems Inc	COM	92220P105	47,902	466,610	SH		SOLE		451,785	0	14,825
Verisk Analytics Inc	COM	92345Y106	293	2,101	SH		SOLE		2,101	0	0
Veritex Holdings Inc	COM	923451108	940	67,279	SH		SOLE		67,279	0	0
Verizon Communications Inc	COM	92343V104	46,578	866,883	SH		SOLE		865,051	0	1,832
Vertex Pharmaceuticals Inc	COM	92532F100	714	3,000	SH		SOLE		3,000	0	0
Visa Inc	CL A	92826C839	55,917	347,052	SH		SOLE		337,239	0	9,813
Vulcan Materials Co	COM	929160109	2,926	27,075	SH		SOLE		27,075	0	0
Walt Disney Co	COM	254687106	4,287	44,379	SH		SOLE		43,554	0	825
Waste Management Inc	COM	94106L109	417	4,500	SH		SOLE		4,500	0	0
Welbilt Inc	COM	949090104	1,253	244,326	SH		SOLE		244,326	0	0
Wells Fargo & Co	COM	949746101	233	8,115	SH		SOLE		8,115	0	0
Western Alliance Bancorp	COM	957638109	3,626	118,444	SH		SOLE		118,444	0	0
Whirlpool Corp	COM	963320106	1,141	13,300	SH		SOLE		13,300	0	0
WillScot Corp	COM	971375126	3,760	371,217	SH		SOLE		371,217	0	0
WR Berkley Corp	COM	084423102	33,731	646,555	SH		SOLE		625,650	0	20,905
Xilinx Inc	COM	983919101	5,970	76,600	SH		SOLE		76,600	0	0
Zimmer Biomet Holdings Inc	COM	98956P102	5,559	55,000	SH		SOLE		55,000	0	0
Alerian MLP ETF	ALERIAN MLP	00162Q866	40	11,700	SH		SOLE		11,700	0	0
Invesco BuyBack Achievers ETF	BUYBACK ACHIEV	46137V308	1,453	29,977	SH		SOLE		29,977	0	0
Invesco DB Gold Fund	GOLD FD	46140H601	7,363	158,000	SH		SOLE		158,000	0	0
Invesco FTSE RAFI US 1000 ETF	FTSE RAFI 1000	46137V613	465	5,032	SH		SOLE		5,032	0	0
Invesco FTSE RAFI US 1500 Smal	FTSE RAFI 1500	46137V597	423	4,724	SH		SOLE		4,724	0	0
Invesco S&P 500 Quality ETF	S&P500 QUALITY	46137V241	20,145	673,063	SH		SOLE		673,063	0	0
iShares 20 Year Treasury Bond	20 YR TR BD ETF	464287432	69,394	420,649	SH		SOLE		420,649	0	0
iShares Asia 50 ETF	ASIA 50 ETF	464288430	261	4,687	SH		SOLE		4,687	0	0
iShares Core MSCI EAFE ETF	CORE MSCI EAFE	46432F842	326	6,540	SH		SOLE		6,540	0	0
iShares Core S&P 500 ETF	CORE S&P500 ETF	464287200	15,305	59,229	SH		SOLE		59,229	0	0
iShares Core S&P Mid-Cap ETF	CORE S&P MCP ETF	464287507	37,051	257,548	SH		SOLE		257,515	0	33
iShares Core S&P Small-Cap ETF	CORE S&P SCP ETF	464287804	23,716	422,663	SH		SOLE		422,663	0	0
iShares Edge MSCI Min Vol EAFE	MIN VOL EAFE ETF	46429B689	58,116	936,598	SH		SOLE		936,598	0	0
iShares Edge MSCI Min Vol Emer	MIN VOL EMRG MKT	464286533	1,907	40,650	SH		SOLE		40,650	0	0
iShares Edge MSCI Min Vol USA	MIN VOL USA ETF	46429B697	18,486	342,277	SH		SOLE		342,277	0	0
iShares Edge MSCI USA Quality	USA QUALITY FCTR	46432F339	3,298	40,697	SH		SOLE		40,697	0	0
iShares Global Energy ETF	GLOBAL ENERG ETF	464287341	7,272	430,562	SH		SOLE		430,562	0	0
iShares MBS ETF	MBS ETF	464288588	68,849	623,410	SH		SOLE		623,410	0	0
iShares MSCI China ETF	MSCI CHINA ETF	46429B671	16,484	287,933	SH		SOLE		287,933	0	0
iShares MSCI EAFE Small-Cap ET	EAFE SML CP ETF	464288273	3,604	80,397	SH		SOLE		80,397	0	0
iShares MSCI Japan ETF	MSCI JPN ETF	46434G822	1,691	34,238	SH		SOLE		34,238	0	0
iShares MSCI Japan Small-Cap E	MSCI JAPN SMCETF	464286582	4,491	76,085	SH		SOLE		76,085	0	0
iShares Nasdaq Biotechnology E	NASDAQ BIOTECH	464287556	7,357	68,285	SH		SOLE		68,285	0	0
iShares Russell 1000 ETF	RUS 1000 ETF	464287622	553	3,909	SH		SOLE		3,744	0	165
iShares Russell 1000 Growth ET	RUS 1000 GRW ETF	464287614	697	4,624	SH		SOLE		4,624	0	0
iShares Russell 1000 Value ETF	RUS 1000 VAL ETF	464287598	293	2,958	SH		SOLE		2,958	0	0
iShares Russell 2000 Growth ET	RUS 2000 GRW ETF	464287648	326	2,062	SH		SOLE		2,062	0	0
iShares Russell 2000 Value ETF	RUS 2000 VAL ETF	464287630	263	3,211	SH		SOLE		3,211	0	0
iShares Russell Mid-Cap Growth	RUS MD CP GR ETF	464287481	446	3,667	SH		SOLE		3,667	0	0
iShares Short Treasury Bond ET	SHORT TREAS BD	464288679	4,676	42,120	SH		SOLE		42,043	0	77
JPMorgan BetaBuilders Japan ET	BETBULD JAPAN	46641Q712	10,338	505,046	SH		SOLE		505,046	0	0
Schwab Fundamental U.S. Large	SCHWAB FDT US LG	808524771	2,107	67,246	SH		SOLE		65,368	0	1,878
Schwab Intermediate-Term U.S.	INTRM TRM TRES	808524854	2,465	41,936	SH		SOLE		41,936	0	0
Schwab US Dividend Equity ETF	US DIVIDEND EQ	808524797	14,099	313,447	SH		SOLE		313,447	0	0
Schwab US TIPS ETF	US TIPS ETF	808524870	51,600	897,241	SH		SOLE		897,241	0	0
SPDR Bloomberg Barclays 1-3 Mo	SPDR BLOOMBERG	78468R663	17,033	185,889	SH		SOLE		185,889	0	0
SPDR Gold Shares	GOLD SHS	78463V107	7,230	48,838	SH		SOLE		48,838	0	0
SPDR S&P 500 ETF Trust	TR UNIT	78462F103	68,082	264,141	SH		SOLE		264,141	0	0
SPDR S&P China ETF	S&P CHINA ETF	78463X400	11,936	130,804	SH		SOLE		130,804	0	0
SPDR S&P Dividend ETF	S&P DIVID ETF	78464A763	3,031	37,957	SH		SOLE		37,957	0	0
SPDR S&P Emerging Asia Pacific	ASIA PACIF ETF	78463X301	5,313	62,567	SH		SOLE		62,567	0	0
SPDR S&P MidCap 400 ETF Trust	UTSER1 S&PCRP	78467Y107	6,571	24,997	SH		SOLE		24,779	0	218
TrimTabs All Cap US Free-Cash-	ALL CAP US FREE	89628W302	481	15,745	SH		SOLE		15,745	0	0
VanEck Vectors Gold Miners ETF	GOLD MINERS ETF	92189F106	9,852	427,616	SH		SOLE		427,616	0	0
Vanguard Dividend Appreciation	DIV APP ETF	921908844	26,350	254,860	SH		SOLE		254,860	0	0
Vanguard FTSE All-World ex-US	ALLWRLD EX US	922042775	51,192	1,247,981	SH		SOLE		1,247,981	0	0
Vanguard FTSE Emerging Markets	FTSE EMR MKT ETF	922042858	6,290	187,490	SH		SOLE		187,490	0	0
Vanguard FTSE Europe ETF	FTSE EUROPE ETF	922042874	2,335	53,955	SH		SOLE		53,955	0	0
Vanguard Growth ETF	GROWTH ETF	922908736	33,863	216,116	SH		SOLE		216,116	0	0
Vanguard Health Care ETF	HEALTH CAR ETF	92204A504	28,402	171,004	SH		SOLE		171,004	0	0
Vanguard Information Technolog	INF TECH ETF	92204A702	80,182	378,394	SH		SOLE		378,394	0	0
Vanguard Large-Cap ETF	LARGE CAP ETF	922908637	34,444	290,839	SH		SOLE		290,839	0	0
Vanguard Short-Term Corporate	SHRT TRM CORP BD	92206C409	103,138	1,303,888	SH		SOLE		1,303,888	0	0
Vanguard Short-Term Treasury E	SHORT TERM TREAS	92206C102	45,725	733,478	SH		SOLE		733,478	0	0
Vanguard Total Bond Market ETF	TOTAL BND MRKT	921937835	57,694	675,968	SH		SOLE		675,968	0	0