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 |
Consumer Discretionary Select | COM | 81369Y407 | 6,357 | 58,158 | SH | | DFND | | 38,257 | 0 | 19,901 |
Energy Select Sector SPDR Fund | COM | 81369Y506 | 10,847 | 142,840 | SH | | DFND | | 95,962 | 0 | 46,878 |
Financial Select Sector SPDR F | COM | 81369Y605 | 19,415 | 730,160 | SH | | DFND | | 490,532 | 0 | 239,628 |
First Trust Consumer Discretio | COM | 33734X101 | 4,983 | 117,531 | SH | | DFND | | 78,007 | 0 | 39,524 |
First Trust Industrials/Produc | COM | 33734X150 | 3,053 | 78,085 | SH | | DFND | | 52,453 | 0 | 25,632 |
First Trust Materials AlphaDEX | COM | 33734X168 | 6,592 | 157,636 | SH | | DFND | | 105,882 | 0 | 51,754 |
First Trust Technology AlphaDE | COM | 33734X176 | 21,695 | 385,546 | SH | | DFND | | 259,847 | 0 | 125,699 |
ISHARES CORE MSCI EMERGING | COM | 46434G103 | 18,120 | 345,075 | SH | | DFND | | 185,636 | 0 | 159,439 |
Invesco DB Agriculture Fund | COM | 46140H106 | 12,709 | 704,905 | SH | | DFND | | 354,627 | 0 | 350,278 |
Invesco DB Base Metals Fund | COM | 46140H700 | 12,423 | 706,278 | SH | | DFND | | 354,119 | 0 | 352,159 |
Invesco DB Energy Fund | COM | 46140H304 | 9,387 | 549,575 | SH | | DFND | | 261,498 | 0 | 288,077 |
Invesco Optimum Yield Diversif | COM | 46090F100 | 3,348 | 181,375 | SH | | DFND | | 144,461 | 0 | 36,914 |
Invesco QQQ Trust | COM | 46090E103 | 19,389 | 112,955 | SH | | DFND | | 64,157 | 0 | 48,798 |
Invesco S&P 500 Equal Weight | COM | 46137V357 | 39,888 | 391,477 | SH | | DFND | | 202,535 | 0 | 188,942 |
Invesco S&P 500 High Dividend | COM | 46138E362 | 302 | 7,348 | SH | | DFND | | 6,141 | 0 | 1,207 |
Invesco S&P 500 Pure Growth E | COM | 46137V266 | 1,102 | 9,605 | SH | | DFND | | 9,605 | 0 | 0 |
Invesco S&P 500 Pure Value ET | COM | 46137V258 | 204 | 3,106 | SH | | DFND | | 3,094 | 0 | 12 |
Invesco Senior Loan ETF | COM | 46138G508 | 617 | 26,929 | SH | | DFND | | 22,430 | 0 | 4,499 |
Invesco Ultra Short Duration E | COM | 46090A887 | 718 | 14,283 | SH | | DFND | | 11,903 | 0 | 2,380 |
JPMorgan Diversified Return In | COM | 46641Q209 | 27,181 | 471,890 | SH | | DFND | | 251,640 | 0 | 220,250 |
O'Shares FTSE US Quality Divid | COM | 67110p407 | 20,585 | 670,967 | SH | | DFND | | 353,439 | 0 | 317,528 |
PIMCO 0-5 Year High Yield Corp | COM | 72201R783 | 716 | 7,191 | SH | | DFND | | 5,987 | 0 | 1,204 |
Real Estate Select Sector SPDR | COM | 81369Y860 | 9,140 | 279,438 | SH | | DFND | | 187,741 | 0 | 91,697 |
SPDR Blackstone / GSO Senior L | COM | 78467V608 | 333 | 7,086 | SH | | DFND | | 5,906 | 0 | 1,180 |
SPDR Cons Staples Slct | COM | 81369Y308 | 4,783 | 92,829 | SH | | DFND | | 63,291 | 0 | 29,538 |
SPDR Gold Trust | COM | 78463V107 | 335 | 2,827 | SH | | DFND | | 2,800 | 0 | 27 |
SPDR Health Care Select Sector | COM | 81369Y209 | 8,824 | 105,731 | SH | | DFND | | 71,035 | 0 | 34,696 |
SPDR Portfolio S&P Emerging Ma | COM | 78463X509 | 17,969 | 508,465 | SH | | DFND | | 275,396 | 0 | 233,069 |
SPDR Portfolio Small Cap ETF | COM | 78468R853 | 24,258 | 751,488 | SH | | DFND | | 382,374 | 0 | 369,114 |
SPDR S&P MidCap 400 ETF Trust | COM | 78467y107 | 38,009 | 107,061 | SH | | DFND | | 55,308 | 0 | 51,753 |
SPDR S&P500 ETF Trust | COM | 78462F103 | 12,636 | 46,581 | SH | | DFND | | 31,458 | 0 | 15,123 |
SPDR Select Technology | COM | 81369Y803 | 38,741 | 557,669 | SH | | DFND | | 285,945 | 0 | 271,724 |
VanEck Vectors Fallen Angel Hi | COM | 92189F437 | 376 | 13,107 | SH | | DFND | | 10,941 | 0 | 2,166 |
WisdomTree Europe Hedged Eq Fd | COM | 97717X701 | 14,182 | 224,618 | SH | | DFND | | 116,350 | 0 | 108,268 |
iShares Barclays Shrt Trsr ETF | COM | 464288679 | 660 | 5,975 | SH | | DFND | | 5,975 | 0 | 0 |
iShares Core S&P Small-Cap ETF | COM | 464287804 | 33,694 | 403,716 | SH | | DFND | | 201,857 | 0 | 201,859 |
iShares Core S&P Total US Stoc | COM | 464287150 | 68,992 | 1,103,513 | SH | | DFND | | 570,150 | 0 | 533,363 |
iShares Core U.S. Aggregate Bo | COM | 464287226 | 619 | 5,824 | SH | | DFND | | 5,820 | 0 | 4 |
iShares Edge MSCI Min Vol USA | COM | 46429b697 | 61,852 | 1,163,499 | SH | | DFND | | 603,480 | 0 | 560,019 |
iShares Floating Rate Bond ETF | COM | 46429B655 | 249 | 4,892 | SH | | DFND | | 3,911 | 0 | 981 |
iShares Intermediate Credit Bo | COM | 464288638 | 689 | 6,490 | SH | | DFND | | 5,390 | 0 | 1,100 |
iShares Russell 2000 ETF | COM | 464287655 | 13,801 | 84,271 | SH | | DFND | | 58,096 | 0 | 26,175 |
iShares Short Maturity Bond ET | COM | 46431W507 | 430 | 8,574 | SH | | DFND | | 7,152 | 0 | 1,422 |