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	28,658	178,910	SH		SOLE		178,770	0	140
Abbott Laboratories	COM	002824100	301	2,769	SH		SOLE		2,769	0	0
AbbVie Inc	COM	00287Y109	841	9,605	SH		SOLE		9,605	0	0
Accenture PLC	COM	G1151C101	83,405	369,064	SH		SOLE		360,465	0	8,599
Adobe Inc	COM	00724F101	44,760	91,267	SH		SOLE		88,700	0	2,567
AES Corp/VA	COM	00130H105	7,583	418,700	SH		SOLE		418,700	0	0
Alcoa Corp	COM	013872106	3,654	314,200	SH		SOLE		314,200	0	0
Alcon Inc	ORD SHS	H01301128	49,026	860,865	SH		SOLE		835,963	0	24,902
Alexion Pharmaceuticals Inc	COM	015351109	339	2,965	SH		SOLE		2,965	0	0
Alliant Energy Corp	COM	018802108	388	7,513	SH		SOLE		7,513	0	0
Allstate Corp	COM	020002101	264	2,800	SH		SOLE		2,800	0	0
Alphabet Inc - Class C	CAP STK CL C	02079K107	83,194	56,610	SH		SOLE		55,165	0	1,445
Alphabet Inc - Class A	CAP STK CL A	02079K305	532	363	SH		SOLE		363	0	0
Altria Group Inc	COM	02209S103	434	11,244	SH		SOLE		11,244	0	0
Amazon.com Inc	COM	023135106	6,294	1,999	SH		SOLE		1,999	0	0
American Tower Corp	COM	03027X100	49,804	206,032	SH		SOLE		200,406	0	5,626
Amgen Inc	COM	031162100	25,158	98,986	SH		SOLE		98,911	0	75
Amphenol Corp	CL A	032095101	43,955	405,972	SH		SOLE		392,303	0	13,669
Analog Devices Inc	COM	032654105	91,339	782,412	SH		SOLE		766,656	0	15,756
Apache Corp	COM	037411105	1,401	147,900	SH		SOLE		147,900	0	0
Apple Inc	COM	037833100	19,400	167,518	SH		SOLE		166,226	0	1,292
Arch Capital Group Ltd	COM	G0450A105	69,853	2,388,124	SH		SOLE		2,310,092	0	78,032
Archer-Daniels-Midland Co	COM	039483102	6,369	137,000	SH		SOLE		137,000	0	0
Arista Networks Inc	COM	040413106	41,187	199,037	SH		SOLE		192,190	0	6,847
Armstrong World Industries Inc	COM	04247X102	18,313	266,141	SH		SOLE		264,989	0	1,152
Artisan Partners Asset Managem	CL A	04316A108	276	7,085	SH		SOLE		7,085	0	0
AT&T Inc	COM	00206R102	708	24,829	SH		SOLE		24,829	0	0
Automatic Data Processing Inc	COM	053015103	15,160	108,680	SH		SOLE		108,268	0	412
Avanos Medical Inc	COM	05350V106	4,056	122,098	SH		SOLE		122,098	0	0
Axis Capital Holdings Ltd	SHS	G0692U109	4,456	101,175	SH		SOLE		101,175	0	0
Baker Hughes Co	CL A	05722G100	3,155	237,400	SH		SOLE		237,400	0	0
Bank of America Corp	COM	060505104	5,624	233,440	SH		SOLE		233,440	0	0
Barrick Gold Corp	COM	067901108	13,155	468,000	SH		SOLE		468,000	0	0
Baxter International Inc	COM	071813109	5,147	64,000	SH		SOLE		64,000	0	0
Beacon Roofing Supply Inc	COM	073685109	3,396	109,288	SH		SOLE		109,288	0	0
Becton Dickinson and Co	COM	075887109	77,925	334,902	SH		SOLE		325,460	0	9,442
Berkshire Hathaway Inc	CL B	084670702	83,564	392,432	SH		SOLE		382,289	0	10,143
BlackRock Inc	COM	09247X101	44,567	79,083	SH		SOLE		78,836	0	247
Boston Beer Co Inc/The	CL A	100557107	5,502	6,228	SH		SOLE		6,228	0	0
Box Inc	CL A	10316T104	4,936	284,341	SH		SOLE		284,341	0	0
Bristol-Myers Squibb Co	COM	110122108	44,099	731,444	SH		SOLE		728,859	0	2,585
Brookfield Asset Management In	CL A LTD VT SH	112585104	68,346	2,067,336	SH		SOLE		2,002,122	0	65,214
Brown-Forman Corp	CL B	115637209	22,366	296,941	SH		SOLE		287,026	0	9,915
Brown & Brown Inc	COM	115236101	64,137	1,416,758	SH		SOLE		1,369,251	0	47,507
Brunswick Corp/DE	COM	117043109	4,316	73,271	SH		SOLE		73,271	0	0
Canadian Natural Resources Ltd	COM	136385101	3,021	188,700	SH		SOLE		188,700	0	0
Cardiovascular Systems Inc	COM	141619106	2,987	75,911	SH		SOLE		75,911	0	0
Carlisle Cos Inc	COM	142339100	55,001	449,466	SH		SOLE		435,199	0	14,267
CarMax Inc	COM	143130102	57,016	620,342	SH		SOLE		599,639	0	20,703
Catalent Inc	COM	148806102	4,886	57,035	SH		SOLE		57,035	0	0
Caterpillar Inc	COM	149123101	32,956	220,961	SH		SOLE		220,771	0	190
CBRE Group Inc	CL A	12504L109	216	4,595	SH		SOLE		4,595	0	0
CDW Corp/DE	COM	12514G108	46,303	387,374	SH		SOLE		374,416	0	12,958
CenturyLink Inc	COM	156700106	4,066	403,000	SH		SOLE		403,000	0	0
Cisco Systems Inc	COM	17275R102	38,921	988,091	SH		SOLE		985,888	0	2,203
CME Group Inc	COM	12572Q105	13,850	82,778	SH		SOLE		82,708	0	70
Coca-Cola Co	COM	191216100	17,626	357,013	SH		SOLE		356,683	0	330
Cognizant Technology Solutions	CL A	192446102	63,003	907,560	SH		SOLE		880,573	0	26,987
Colgate-Palmolive Co	COM	194162103	13,809	178,987	SH		SOLE		178,837	0	150
Comcast Corp	CL A	20030N101	49,545	1,071,013	SH		SOLE		1,068,545	0	2,468
CommVault Systems Inc	COM	204166102	7,213	176,789	SH		SOLE		176,789	0	0
Copart Inc	COM	217204106	137,549	1,307,995	SH		SOLE		1,265,803	0	42,192
Costco Wholesale Corp	COM	22160K105	8,924	25,137	SH		SOLE		24,659	0	478
Covetrus Inc	COM	22304C100	6,858	281,083	SH		SOLE		281,083	0	0
Crane Co	COM	224399105	3,624	72,287	SH		SOLE		72,287	0	0
CVS Health Corp	COM	126650100	7,030	120,380	SH		SOLE		120,380	0	0
Danaher Corp	COM	235851102	54,382	252,553	SH		SOLE		245,710	0	6,843
Diageo PLC - Spons ADR	SPON ADR	25243Q205	2,597	18,863	SH		SOLE		18,574	0	289
Discovery Inc	COM SER A	25470F302	4,451	227,100	SH		SOLE		227,100	0	0
Dollar General Corp	COM	256677105	213	1,018	SH		SOLE		1,018	0	0
Dollar Tree Inc	COM	256746108	128,973	1,412,015	SH		SOLE		1,366,344	0	45,671
Dominion Energy Inc	COM	25746U109	27,581	349,431	SH		SOLE		349,166	0	265
Dow Inc	COM	260557103	717	15,242	SH		SOLE		15,242	0	0
Duke Energy Corp	COM	26441C204	775	8,754	SH		SOLE		8,754	0	0
Ecolab Inc	COM	278865100	4,514	22,590	SH		SOLE		22,220	0	370
Edgewell Personal Care Co	COM	28035Q102	6,214	222,890	SH		SOLE		222,890	0	0
Eli Lilly & Co	COM	532457108	7,579	51,200	SH		SOLE		50,454	0	746
Emerson Electric Co	COM	291011104	23,731	361,917	SH		SOLE		361,587	0	330
Encompass Health Corp	COM	29261A100	7,237	111,375	SH		SOLE		111,375	0	0
EnerSys	COM	29275Y102	4,440	66,153	SH		SOLE		66,153	0	0
Entegris Inc	COM	29362U104	5,530	74,390	SH		SOLE		74,390	0	0
EOG Resources Inc	COM	26875P101	2,228	62,000	SH		SOLE		62,000	0	0
Estee Lauder Cos Inc/The	CL A	518439104	2,777	12,723	SH		SOLE		12,508	0	215
Expeditors International of Wa	COM	302130109	32,957	364,080	SH		SOLE		351,995	0	12,085
Facebook Inc	CL A	30303M102	45,084	172,141	SH		SOLE		167,228	0	4,913
Fastenal Co	COM	311900104	54,621	1,211,387	SH		SOLE		1,189,378	0	22,009
FedEx Corp	COM	31428X106	6,716	26,700	SH		SOLE		26,700	0	0
Ferro Corp	COM	315405100	3,579	288,669	SH		SOLE		288,669	0	0
FireEye Inc	COM	31816Q101	5,626	455,706	SH		SOLE		455,706	0	0
Flexion Therapeutics Inc	COM	33938J106	3,356	322,345	SH		SOLE		322,345	0	0
FLIR Systems Inc	COM	302445101	3,427	95,602	SH		SOLE		95,602	0	0
Floor & Decor Holdings Inc	CL A	339750101	277	3,705	SH		SOLE		3,705	0	0
Franco-Nevada Corp	COM	351858105	5,639	40,400	SH		SOLE		40,400	0	0
Gartner Inc	COM	366651107	61,542	492,532	SH		SOLE		476,117	0	16,415
General Dynamics Corp	COM	369550108	5,607	40,501	SH		SOLE		40,501	0	0
General Motors Co	COM	37045V100	6,489	219,300	SH		SOLE		219,300	0	0
Gilead Sciences Inc	COM	375558103	6,169	97,619	SH		SOLE		97,619	0	0
Glacier Bancorp Inc	COM	37637Q105	22,476	701,272	SH		SOLE		678,015	0	23,257
Glaukos Corp	COM	377322102	3,137	63,341	SH		SOLE		63,341	0	0
Globus Medical Inc	CL A	379577208	4,785	96,632	SH		SOLE		96,632	0	0
Hain Celestial Group Inc/The	COM	405217100	9,742	284,030	SH		SOLE		284,030	0	0
HD Supply Holdings Inc	COM	40416M105	52,033	1,261,712	SH		SOLE		1,219,463	0	42,249
Healthcare Services Group Inc	COM	421906108	3,688	171,293	SH		SOLE		171,293	0	0
Hershey Co/The	COM	427866108	12,424	86,677	SH		SOLE		86,607	0	70
Hibbett Sports Inc	COM	428567101	3,101	79,072	SH		SOLE		79,072	0	0
Home Depot Inc	COM	437076102	56,147	202,178	SH		SOLE		201,721	0	457
Honeywell International Inc	COM	438516106	15,008	91,172	SH		SOLE		91,116	0	56
IHS Markit Ltd	SHS	G47567105	73,181	932,126	SH		SOLE		900,615	0	31,511
Insperity Inc	COM	45778Q107	3,075	46,954	SH		SOLE		46,954	0	0
International Business Machine	COM	459200101	506	4,160	SH		SOLE		4,160	0	0
Iron Mountain Inc	COM	46284V101	806	30,083	SH		SOLE		30,083	0	0
Jacobs Engineering Group Inc	COM	469814107	63,635	685,941	SH		SOLE		666,550	0	19,391
JM Smucker Co	COM	832696405	6,400	55,400	SH		SOLE		55,400	0	0
Johnson & Johnson	COM	478160104	43,333	291,062	SH		SOLE		290,819	0	243
JPMorgan Chase & Co	COM	46625H100	32,645	339,102	SH		SOLE		338,472	0	630
Kemper Corp	COM	488401100	28,359	424,339	SH		SOLE		409,900	0	14,439
Kennametal Inc	COM	489170100	3,369	116,401	SH		SOLE		116,401	0	0
Knight-Swift Transportation Ho	CL A	499049104	1,857	45,622	SH		SOLE		45,622	0	0
Laboratory Corp of America Hol	COM	50540R409	58,197	309,112	SH		SOLE		298,697	0	10,415
Liberty Broadband Corp	COM SER C	530307305	185,135	1,295,830	SH		SOLE		1,254,025	0	41,805
Linde PLC	COM	G5494J103	81,243	341,170	SH		SOLE		335,251	0	5,919
LiveRamp Holdings Inc	COM	53815P108	4,501	86,948	SH		SOLE		86,948	0	0
Lowe's Cos Inc	COM	548661107	131,696	794,022	SH		SOLE		773,930	0	20,092
Magnite Inc	COM	55955D100	3,027	435,871	SH		SOLE		435,871	0	0
ManpowerGroup Inc	COM	56418H100	2,612	35,621	SH		SOLE		35,621	0	0
Markel Corp	COM	570535104	60,003	61,624	SH		SOLE		59,542	0	2,082
Marsh & McLennan Cos Inc	COM	571748102	60,283	525,574	SH		SOLE		509,892	0	15,682
Masco Corp	COM	574599106	6,435	116,716	SH		SOLE		116,716	0	0
McDonald's Corp	COM	580135101	36,141	164,660	SH		SOLE		164,442	0	218
Medical Properties Trust Inc	COM	58463J304	644	36,557	SH		SOLE		36,557	0	0
Medtronic PLC	SHS	G5960L103	16,726	160,950	SH		SOLE		160,800	0	150
Merck & Co Inc	COM	58933Y105	28,712	346,135	SH		SOLE		345,860	0	275
MGIC Investment Corp	COM	552848103	6,196	699,303	SH		SOLE		699,303	0	0
MGM Growth Properties LLC	CL A	55303A105	502	17,955	SH		SOLE		17,955	0	0
Microsoft Corp	COM	594918104	23,964	113,933	SH		SOLE		112,770	0	1,163
Moelis & Co	CL A	60786M105	31,395	893,432	SH		SOLE		863,196	0	30,236
Mondelez International Inc	CL A	609207105	427	7,435	SH		SOLE		7,435	0	0
Natera Inc	COM	632307104	5,619	77,787	SH		SOLE		77,787	0	0
National Instruments Corp	COM	636518102	2,657	74,419	SH		SOLE		74,419	0	0
Nestle SA - Spons ADR	SPONSORED ADR	641069406	28,814	241,620	SH		SOLE		240,646	0	974
NewMarket Corp	COM	651587107	25,165	73,514	SH		SOLE		70,999	0	2,515
Newmont Corp	COM	651639106	2,919	46,000	SH		SOLE		46,000	0	0
NextEra Energy Inc	COM	65339F101	39,898	143,745	SH		SOLE		143,027	0	718
Nordstrom Inc	COM	655664100	1,862	156,172	SH		SOLE		156,172	0	0
Northern Trust Corp	COM	665859104	29,455	377,777	SH		SOLE		377,452	0	325
Novartis AG - Spons ADR	SPONSORED ADR	66987V109	73,776	848,388	SH		SOLE		827,125	0	21,263
O'Reilly Automotive Inc	COM	67103H107	29,963	64,985	SH		SOLE		62,824	0	2,161
Olin Corp	COM	680665205	1,913	154,516	SH		SOLE		154,516	0	0
Oracle Corp	COM	68389X105	532	8,913	SH		SOLE		8,913	0	0
PACCAR Inc	COM	693718108	54,179	635,313	SH		SOLE		616,369	0	18,944
Paychex Inc	COM	704326107	20,724	259,803	SH		SOLE		259,588	0	215
PayPal Holdings Inc	COM	70450Y103	5,433	27,575	SH		SOLE		27,575	0	0
PepsiCo Inc	COM	713448108	43,813	316,109	SH		SOLE		315,746	0	363
PetIQ Inc	CL A	71639T106	3,011	91,474	SH		SOLE		91,474	0	0
Pfizer Inc	COM	717081103	17,974	489,762	SH		SOLE		489,357	0	405
Phibro Animal Health Corp	CL A	71742Q106	734	42,167	SH		SOLE		42,167	0	0
Philip Morris International In	COM	718172109	503	6,704	SH		SOLE		6,704	0	0
Physicians Realty Trust	COM	71943U104	706	39,435	SH		SOLE		39,435	0	0
PPG Industries Inc	COM	693506107	61,169	501,058	SH		SOLE		486,356	0	14,702
PRA Group Inc	COM	69354N106	5,253	131,495	SH		SOLE		131,495	0	0
PRA Health Sciences Inc	COM	69354M108	3,766	37,126	SH		SOLE		37,126	0	0
Primo Water Corp	COM	74167P108	3,257	229,356	SH		SOLE		229,356	0	0
Procter & Gamble Co	COM	742718109	31,252	224,854	SH		SOLE		224,186	0	668
Progressive Corp	COM	743315103	143,473	1,515,510	SH		SOLE		1,468,684	0	46,826
Prologis Inc	COM	74340W103	2,170	21,571	SH		SOLE		21,571	0	0
PTC Inc	COM	69370C100	4,794	57,954	SH		SOLE		57,954	0	0
QUALCOMM Inc	COM	747525103	6,242	53,043	SH		SOLE		52,495	0	548
Range Resources Corp	COM	75281A109	8,733	1,319,200	SH		SOLE		1,319,200	0	0
Regions Financial Corp	COM	7591EP100	4,487	389,200	SH		SOLE		389,200	0	0
Rexnord Corp	COM	76169B102	3,758	125,952	SH		SOLE		125,952	0	0
RLI Corp	COM	749607107	586	7,001	SH		SOLE		7,001	0	0
Robert Half International Inc	COM	770323103	1,280	24,181	SH		SOLE		24,181	0	0
Ross Stores Inc	COM	778296103	45,403	486,534	SH		SOLE		470,182	0	16,352
Royal Gold Inc	COM	780287108	5,588	46,500	SH		SOLE		46,500	0	0
Scotts Miracle-Gro Co/The	CL A	810186106	4,840	31,653	SH		SOLE		31,653	0	0
Shake Shack Inc	CL A	819047101	2,178	33,780	SH		SOLE		33,780	0	0
Simply Good Foods Co/The	COM	82900L102	4,882	221,428	SH		SOLE		221,428	0	0
STAG Industrial Inc	COM	85254J102	726	23,824	SH		SOLE		23,824	0	0
Starbucks Corp	COM	855244109	17,839	207,619	SH		SOLE		207,423	0	196
Steel Dynamics Inc	COM	858119100	5,339	186,500	SH		SOLE		186,500	0	0
Stericycle Inc	COM	858912108	3,821	60,595	SH		SOLE		60,595	0	0
T-Mobile US Inc	COM	872590104	4,689	41,000	SH		SOLE		41,000	0	0
Target Corp	COM	87612E106	11,234	71,361	SH		SOLE		70,221	0	1,140
TCF Financial Corp	COM	872307103	4,252	182,034	SH		SOLE		182,034	0	0
TE Connectivity Ltd	REG SHS	H84989104	106,329	1,087,879	SH		SOLE		1,063,179	0	24,700
Texas Instruments Inc	COM	882508104	32,686	228,911	SH		SOLE		228,721	0	190
Thermo Fisher Scientific Inc	COM	883556102	433	981	SH		SOLE		981	0	0
TJX Cos Inc	COM	872540109	52,714	947,234	SH		SOLE		922,710	0	24,524
Transocean Ltd	REG SHS	H8817H100	516	640,000	SH		SOLE		640,000	0	0
Travelers Cos Inc	COM	89417E109	22,060	203,900	SH		SOLE		203,745	0	155
U.S. Bancorp	COM	902973304	74,339	2,073,611	SH		SOLE		2,026,102	0	47,509
Unilever NV	N Y SHS	904784709	851	14,082	SH		SOLE		14,082	0	0
Union Pacific Corp	COM	907818108	26,712	135,682	SH		SOLE		135,096	0	586
United Parcel Service Inc	CL B	911312106	10,774	64,658	SH		SOLE		63,767	0	891
UnitedHealth Group Inc	COM	91324P102	7,820	25,082	SH		SOLE		24,647	0	435
Varian Medical Systems Inc	COM	92220P105	1,316	7,652	SH		SOLE		7,628	0	24
Varonis Systems Inc	COM	922280102	2,075	17,979	SH		SOLE		17,979	0	0
Verisk Analytics Inc	COM	92345Y106	389	2,101	SH		SOLE		2,101	0	0
Verizon Communications Inc	COM	92343V104	51,711	869,243	SH		SOLE		867,685	0	1,558
Vertex Pharmaceuticals Inc	COM	92532F100	816	3,000	SH		SOLE		3,000	0	0
Visa Inc	CL A	92826C839	77,496	387,536	SH		SOLE		377,269	0	10,267
Vulcan Materials Co	COM	929160109	3,572	26,357	SH		SOLE		26,357	0	0
Walmart Inc	COM	931142103	213	1,525	SH		SOLE		1,525	0	0
Walt Disney Co	COM	254687106	5,705	45,976	SH		SOLE		45,151	0	825
Waste Management Inc	COM	94106L109	509	4,500	SH		SOLE		4,500	0	0
Welbilt Inc	COM	949090104	1,494	242,604	SH		SOLE		242,604	0	0
Western Alliance Bancorp	COM	957638109	3,084	97,519	SH		SOLE		97,519	0	0
Whirlpool Corp	COM	963320106	2,446	13,300	SH		SOLE		13,300	0	0
WillScot Mobile Mini Holdings	COM CL A	971378104	5,307	318,157	SH		SOLE		318,157	0	0
WR Berkley Corp	COM	084423102	38,650	632,058	SH		SOLE		610,865	0	21,193
Zimmer Biomet Holdings Inc	COM	98956P102	7,488	55,000	SH		SOLE		55,000	0	0
Distillate US Fundamental Stab	DISTILLATE US	26922A321	19,752	605,331	SH		SOLE		605,331	0	0
Invesco BuyBack Achievers ETF	BUYBACK ACHIEV	46137V308	1,804	29,974	SH		SOLE		29,974	0	0
Invesco FTSE RAFI US 1000 ETF	FTSE RAFI 1000	46137V613	573	5,032	SH		SOLE		5,032	0	0
Invesco FTSE RAFI US 1500 Smal	FTSE RAFI 1500	46137V597	276	2,356	SH		SOLE		2,356	0	0
Invesco Optimum Yield Diversif	OPTIMUM YIELD	46090F100	4,927	360,412	SH		SOLE		360,412	0	0
Invesco QQQ Trust Series 1	UNIT SER 1	46090E103	252	907	SH		SOLE		907	0	0
Invesco S&P 500 Quality ETF	S&P500 QUALITY	46137V241	24,296	628,462	SH		SOLE		628,462	0	0
Invesco Treasury Collateral ET	TREAS COLATERL	46138G888	16,465	155,726	SH		SOLE		155,726	0	0
iShares 20 Year Treasury Bond	20 YR TR BD ETF	464287432	83,150	509,310	SH		SOLE		509,310	0	0
iShares 7-10 Year Treasury Bon	BARCLAYS 7 10 YR	464287440	13,361	109,681	SH		SOLE		109,681	0	0
iShares Core MSCI EAFE ETF	CORE MSCI EAFE	46432F842	399	6,621	SH		SOLE		6,621	0	0
iShares Core S&P 500 ETF	CORE S&P500 ETF	464287200	9,043	26,909	SH		SOLE		26,909	0	0
iShares Core S&P Mid-Cap ETF	CORE S&P MCP ETF	464287507	44,309	239,110	SH		SOLE		239,077	0	33
iShares Core S&P Small-Cap ETF	CORE S&P SCP ETF	464287804	29,820	424,604	SH		SOLE		424,604	0	0
iShares Edge MSCI Min Vol EAFE	MIN VOL EAFE ETF	46429B689	30,921	453,850	SH		SOLE		453,850	0	0
iShares Edge MSCI Min Vol Emer	MIN VOL EMRG MKT	464286533	263	4,759	SH		SOLE		4,759	0	0
iShares Edge MSCI USA Quality	USA QUALITY FCTR	46432F339	5,038	48,564	SH		SOLE		48,564	0	0
iShares MBS ETF	MBS ETF	464288588	114,676	1,038,728	SH		SOLE		1,038,728	0	0
iShares MSCI China ETF	MSCI CHINA ETF	46429B671	28,261	381,028	SH		SOLE		381,028	0	0
iShares MSCI EAFE ETF	MSCI EAFE ETF	464287465	208	3,267	SH		SOLE		3,267	0	0
iShares MSCI Emerging Markets	MSCI EM ASIA ETF	464286426	4,552	60,948	SH		SOLE		60,948	0	0
iShares MSCI Germany ETF	MSCI GERMANY ETF	464286806	2,954	101,399	SH		SOLE		101,399	0	0
iShares MSCI Japan Small-Cap E	MSCI JAPN SMCETF	464286582	5,226	71,197	SH		SOLE		71,197	0	0
iShares MSCI Switzerland ETF	MSCI SWITZERLAND	464286749	9,717	236,597	SH		SOLE		236,597	0	0
iShares Nasdaq Biotechnology E	NASDAQ BIOTECH	464287556	5,469	40,391	SH		SOLE		40,391	0	0
iShares Russell 1000 Growth ET	RUS 1000 GRW ETF	464287614	1,009	4,652	SH		SOLE		4,652	0	0
iShares Russell 1000 Value ETF	RUS 1000 VAL ETF	464287598	354	2,997	SH		SOLE		2,997	0	0
iShares Russell 2000 ETF	RUSSELL 2000 ETF	464287655	296	1,977	SH		SOLE		1,977	0	0
iShares Short Treasury Bond ET	SHORT TREAS BD	464288679	10,656	96,259	SH		SOLE		96,259	0	0
iShares U.S. Home Construction	US HOME CONS ETF	464288752	3,806	67,187	SH		SOLE		67,187	0	0
JPMorgan BetaBuilders Japan ET	BETBULD JAPAN	46641Q712	28,353	1,149,303	SH		SOLE		1,149,303	0	0
Schwab Fundamental U.S. Large	SCHWAB FDT US LG	808524771	8,451	218,207	SH		SOLE		218,207	0	0
Schwab Intermediate-Term U.S.	INTRM TRM TRES	808524854	823	14,030	SH		SOLE		14,030	0	0
Schwab US Dividend Equity ETF	US DIVIDEND EQ	808524797	14,315	258,863	SH		SOLE		258,863	0	0
Schwab US TIPS ETF	US TIPS ETF	808524870	59,359	963,148	SH		SOLE		963,148	0	0
SPDR Gold Shares	GOLD SHS	78463V107	4,053	22,881	SH		SOLE		22,881	0	0
SPDR S&P 500 ETF Trust	TR UNIT	78462F103	81,249	242,613	SH		SOLE		242,607	0	6
SPDR S&P China ETF	S&P CHINA ETF	78463X400	11,157	93,899	SH		SOLE		93,899	0	0
SPDR S&P Dividend ETF	S&P DIVID ETF	78464A763	3,148	34,068	SH		SOLE		34,068	0	0
SPDR S&P Emerging Asia Pacific	ASIA PACIF ETF	78463X301	29,081	261,069	SH		SOLE		261,069	0	0
SPDR S&P MidCap 400 ETF Trust	UTSER1 S&PCRP	78467Y107	4,200	12,396	SH		SOLE		12,202	0	194
VanEck Vectors Fallen Angel Hi	FALLEN ANGEL HG	92189F437	3,547	119,263	SH		SOLE		119,263	0	0
VanEck Vectors Gold Miners ETF	GOLD MINERS ETF	92189F106	68,113	1,739,361	SH		SOLE		1,739,361	0	0
Vanguard Consumer Staples ETF	CONSUM STP ETF	92204A207	6,548	40,082	SH		SOLE		40,082	0	0
Vanguard Dividend Appreciation	DIV APP ETF	921908844	16,644	129,368	SH		SOLE		129,368	0	0
Vanguard FTSE All-World ex-US	ALLWRLD EX US	922042775	71,292	1,413,114	SH		SOLE		1,413,114	0	0
Vanguard FTSE All World ex-US	FTSE SMCAP ETF	922042718	25,357	240,833	SH		SOLE		240,833	0	0
Vanguard Growth ETF	GROWTH ETF	922908736	23,356	102,615	SH		SOLE		102,615	0	0
Vanguard Health Care ETF	HEALTH CAR ETF	92204A504	1,501	7,357	SH		SOLE		7,357	0	0
Vanguard Industrials ETF	INDUSTRIAL ETF	92204A603	1,526	10,543	SH		SOLE		10,543	0	0
Vanguard Information Technolog	INF TECH ETF	92204A702	71,753	230,385	SH		SOLE		230,385	0	0
Vanguard Intermediate-Term Cor	INT-TERM CORP	92206C870	7,999	83,494	SH		SOLE		83,494	0	0
Vanguard Large-Cap ETF	LARGE CAP ETF	922908637	35,926	229,647	SH		SOLE		229,647	0	0
Vanguard Short-Term Corporate	SHRT TRM CORP BD	92206C409	128,999	1,557,022	SH		SOLE		1,557,022	0	0
Vanguard Total Bond Market ETF	TOTAL BND MRKT	921937835	60,137	681,670	SH		SOLE		681,670	0	0