MD Financial 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
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
ARCH CAP GROUP LTD	ORD	G0450A105	1,947	50,994	SH		DFND	NONE	50,994	0	0
ATHENE HOLDING LTD	CL A	G0684D107	1,295	18,802	SH		DFND	NONE	18,802	0	0
BUNGE LIMITED	COM	G16962105	1,605	19,737	SH		DFND	NONE	19,737	0	0
IHS MARKIT LTD	SHS	G47567105	1,851	15,872	SH		DFND	NONE	15,872	0	0
INVESCO LTD	SHS	G491BT108	1,415	58,688	SH		DFND	NONE	58,688	0	0
WASTE CONNECTIONS INC	COM	94106B101	3,081	19,298	SH		DFND	NONE	19,298	0	0
CHUBB LIMITED	COM	H1467J104	2,047	11,801	SH		DFND	NONE	11,801	0	0
GARMIN LTD	SHS	H2906T109	2,779	17,873	SH		DFND	NONE	17,873	0	0
LIBERTY GLOBAL PLC	SHS CL A	G5480U104	641	21,513	SH		DFND	NONE	21,513	0	0
LIBERTY GLOBAL PLC	SHS CL C	G5480U120	1,506	51,117	SH		DFND	NONE	51,117	0	0
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	3,347	10,461	SH		DFND	NONE	10,461	0	0
ALLEGION PLC	ORD SHS	G0176J109	1,580	11,955	SH		DFND	NONE	11,955	0	0
PENTAIR PLC	SHS	G7S00T104	1,528	21,036	SH		DFND	NONE	21,036	0	0
JOHNSON CTLS INTL PLC	SHS	G51502105	2,339	34,351	SH		DFND	NONE	34,351	0	0
CHECK POINT SOFTWARE TECH LT	ORD	M22465104	2,452	21,692	SH		DFND	NONE	21,692	0	0
AFLAC INC	COM	001055102	2,824	54,174	SH		DFND	NONE	54,174	0	0
AGNC INVT CORP	COM	00123Q104	1,106	70,116	SH		DFND	NONE	70,116	0	0
ADOBE SYSTEMS INCORPORATED	COM	00724F101	2,712	4,711	SH		DFND	NONE	4,711	0	0
AGILENT TECHNOLOGIES INC	COM	00846U101	2,606	16,544	SH		DFND	NONE	16,544	0	0
ALEXANDRIA REAL ESTATE EQ IN	COM	015271109	1,921	10,055	SH		DFND	NONE	10,055	0	0
ALIBABA GROUP HLDG LTD	SPONSORED ADS	01609W102	11,429	77,200	SH		DFND	NONE	77,200	0	0
ALLIANT ENERGY CORP	COM	018802108	1,784	31,876	SH		DFND	NONE	31,876	0	0
ALLSTATE CORP	COM	020002101	3,743	29,397	SH		DFND	NONE	29,397	0	0
ALLY FINL INC	COM	02005N100	2,557	50,079	SH		DFND	NONE	50,079	0	0
ALPHABET INC	CAP STK CL C	02079K107	7,756	2,910	SH		DFND	NONE	2,910	0	0
ALPHABET INC	CAP STK CL A	02079K305	6,494	2,429	SH		DFND	NONE	2,429	0	0
AMAZON COM INC	COM	023135106	17,043	5,188	SH		DFND	NONE	5,188	0	0
AMERCO	COM	023586100	757	1,171	SH		DFND	NONE	1,171	0	0
AMEREN CORP	COM	023608102	2,037	25,149	SH		DFND	NONE	25,149	0	0
AMERICAN ELEC PWR CO INC	COM	025537101	2,193	27,011	SH		DFND	NONE	27,011	0	0
AMERICAN FINL GROUP INC OHIO	COM	025932104	1,133	9,007	SH		DFND	NONE	9,007	0	0
AMETEK INC	COM	031100100	1,679	13,541	SH		DFND	NONE	13,541	0	0
AMGEN INC	COM	031162100	2,381	11,196	SH		DFND	NONE	11,196	0	0
AMPHENOL CORP NEW	CL A	032095101	2,589	35,348	SH		DFND	NONE	35,348	0	0
ANALOG DEVICES INC	COM	032654105	2,625	15,672	SH		DFND	NONE	15,672	0	0
ANNALY CAPITAL MANAGEMENT IN	COM	035710409	1,637	194,424	SH		DFND	NONE	194,424	0	0
APPLE INC	COM	037833100	32,842	232,096	SH		DFND	NONE	232,096	0	0
APPLIED MATLS INC	COM	038222105	3,001	23,312	SH		DFND	NONE	23,312	0	0
ARCHER DANIELS MIDLAND CO	COM	039483102	2,633	43,874	SH		DFND	NONE	43,874	0	0
ARROW ELECTRS INC	COM	042735100	1,119	9,967	SH		DFND	NONE	9,967	0	0
ATMOS ENERGY CORP	COM	049560105	1,784	20,222	SH		DFND	NONE	20,222	0	0
AUTOMATIC DATA PROCESSING IN	COM	053015103	3,034	15,178	SH		DFND	NONE	15,178	0	0
AVERY DENNISON CORP	COM	053611109	2,244	10,830	SH		DFND	NONE	10,830	0	0
BAXTER INTL INC	COM	071813109	2,294	28,521	SH		DFND	NONE	28,521	0	0
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	4,256	15,593	SH		DFND	NONE	15,593	0	0
BIO RAD LABS INC	CL A	090572207	2,108	2,826	SH		DFND	NONE	2,826	0	0
BLACKSTONE GROUP INC	COM	09260D107	3,918	33,681	SH		DFND	NONE	33,681	0	0
BROADRIDGE FINL SOLUTIONS IN	COM	11133T103	2,556	15,337	SH		DFND	NONE	15,337	0	0
BROWN FORMAN CORP	CL B	115637209	2,022	30,178	SH		DFND	NONE	30,178	0	0
CIGNA CORP NEW	COM	125523100	2,065	10,319	SH		DFND	NONE	10,319	0	0
CMS ENERGY CORP	COM	125896100	1,984	33,223	SH		DFND	NONE	33,223	0	0
CSX CORP	COM	126408103	1,377	46,300	SH		DFND	NONE	46,300	0	0
CVS HEALTH CORP	COM	126650100	2,145	25,276	SH		DFND	NONE	25,276	0	0
CADENCE DESIGN SYSTEM INC	COM	127387108	2,332	15,402	SH		DFND	NONE	15,402	0	0
CAMDEN PPTY TR	SH BEN INT	133131102	1,984	13,456	SH		DFND	NONE	13,456	0	0
CAPITAL ONE FINL CORP	COM	14040H105	3,351	20,688	SH		DFND	NONE	20,688	0	0
CARLYLE GROUP INC	COM	14316J108	1,080	22,833	SH		DFND	NONE	22,833	0	0
CARRIER GLOBAL CORPORATION	COM	14448C104	1,452	28,046	SH		DFND	NONE	28,046	0	0
CELANESE CORP DEL	COM	150870103	2,373	15,752	SH		DFND	NONE	15,752	0	0
CERNER CORP	COM	156782104	2,104	29,833	SH		DFND	NONE	29,833	0	0
CHURCH & DWIGHT INC	COM	171340102	2,362	28,610	SH		DFND	NONE	28,610	0	0
CINCINNATI FINL CORP	COM	172062101	2,534	22,182	SH		DFND	NONE	22,182	0	0
CISCO SYS INC	COM	17275R102	2,910	53,460	SH		DFND	NONE	53,460	0	0
CITIGROUP INC	COM NEW	172967424	2,467	35,159	SH		DFND	NONE	35,159	0	0
CITIZENS FINANCIAL GROUP INC	COM	174610105	2,684	57,127	SH		DFND	NONE	57,127	0	0
COCA COLA CO	COM	191216100	2,512	47,869	SH		DFND	NONE	47,869	0	0
COLGATE PALMOLIVE CO	COM	194162103	2,677	35,418	SH		DFND	NONE	35,418	0	0
COMCAST CORP NEW	CL A	20030N101	4,635	82,866	SH		DFND	NONE	82,866	0	0
CONAGRA BRANDS INC	COM	205887102	2,203	65,036	SH		DFND	NONE	65,036	0	0
CONSOLIDATED EDISON INC	COM	209115104	2,277	31,367	SH		DFND	NONE	31,367	0	0
COOPER COS INC	COM NEW	216648402	2,598	6,287	SH		DFND	NONE	6,287	0	0
COPART INC	COM	217204106	2,233	16,094	SH		DFND	NONE	16,094	0	0
CORTEVA INC	COM	22052L104	1,830	43,478	SH		DFND	NONE	43,478	0	0
COSTCO WHSL CORP NEW	COM	22160K105	2,724	6,063	SH		DFND	NONE	6,063	0	0
CUMMINS INC	COM	231021106	1,612	7,180	SH		DFND	NONE	7,180	0	0
D R HORTON INC	COM	23331A109	2,041	24,304	SH		DFND	NONE	24,304	0	0
DTE ENERGY CO	COM	233331107	1,971	17,644	SH		DFND	NONE	17,644	0	0
DEERE & CO	COM	244199105	1,484	4,428	SH		DFND	NONE	4,428	0	0
DOLLAR GEN CORP NEW	COM	256677105	2,036	9,598	SH		DFND	NONE	9,598	0	0
DOVER CORP	COM	260003108	2,080	13,376	SH		DFND	NONE	13,376	0	0
DUKE REALTY CORP	COM NEW	264411505	2,413	50,409	SH		DFND	NONE	50,409	0	0
DUKE ENERGY CORP NEW	COM NEW	26441C204	2,345	24,034	SH		DFND	NONE	24,034	0	0
EBAY INC.	COM	278642103	1,836	26,352	SH		DFND	NONE	26,352	0	0
EMERSON ELEC CO	COM	291011104	1,588	16,854	SH		DFND	NONE	16,854	0	0
ENTERGY CORP NEW	COM	29364G103	1,771	17,836	SH		DFND	NONE	17,836	0	0
EPAM SYS INC	COM	29414B104	3,056	5,357	SH		DFND	NONE	5,357	0	0
EVERGY INC	COM	30034W106	1,785	28,695	SH		DFND	NONE	28,695	0	0
EVERSOURCE ENERGY	COM	30040W108	1,668	20,404	SH		DFND	NONE	20,404	0	0
EXELON CORP	COM	30161N101	1,996	41,301	SH		DFND	NONE	41,301	0	0
EXPEDITORS INTL WASH INC	COM	302130109	2,856	23,974	SH		DFND	NONE	23,974	0	0
EXTRA SPACE STORAGE INC	COM	30225T102	2,875	17,112	SH		DFND	NONE	17,112	0	0
FACEBOOK INC	CL A	30303M102	5,830	17,179	SH		DFND	NONE	17,179	0	0
FAIR ISAAC CORP	COM	303250104	1,829	4,596	SH		DFND	NONE	4,596	0	0
FASTENAL CO	COM	311900104	1,940	37,597	SH		DFND	NONE	37,597	0	0
FIFTH THIRD BANCORP	COM	316773100	2,602	61,310	SH		DFND	NONE	61,310	0	0
FIRST TR EXCHANGE TRADED FD	WTR ETF	33733B100	17,439	204,832	SH		DFND	NONE	204,832	0	0
FLEXSHARES TR	MORNSTAR UPSTR	33939L407	121,034	3,306,943	SH		DFND	NONE	3,306,943	0	0
FORD MTR CO DEL	COM	345370860	2,427	171,383	SH		DFND	NONE	171,383	0	0
FORTIVE CORP	COM	34959J108	1,753	24,836	SH		DFND	NONE	24,836	0	0
FOX CORP	CL B COM	35137L204	761	20,498	SH		DFND	NONE	20,498	0	0
GALLAGHER ARTHUR J & CO	COM	363576109	2,558	17,210	SH		DFND	NONE	17,210	0	0
GENERAC HLDGS INC	COM	368736104	2,288	5,598	SH		DFND	NONE	5,598	0	0
GENERAL DYNAMICS CORP	COM	369550108	3,102	15,826	SH		DFND	NONE	15,826	0	0
GENERAL MLS INC	COM	370334104	2,282	38,151	SH		DFND	NONE	38,151	0	0
GENERAL MTRS CO	COM	37045V100	2,962	56,200	SH		DFND	NONE	56,200	0	0
GLOBAL X FDS	GLOBAL X SILVER	37954Y848	37,495	1,068,531	SH		DFND	NONE	1,068,531	0	0
GLOBAL X FDS	LITHIUM BTRY ETF	37954Y855	18,083	220,628	SH		DFND	NONE	220,628	0	0
GOLDMAN SACHS GROUP INC	COM	38141G104	2,668	7,058	SH		DFND	NONE	7,058	0	0
GRAINGER W W INC	COM	384802104	2,046	5,205	SH		DFND	NONE	5,205	0	0
HERSHEY CO	COM	427866108	3,326	19,649	SH		DFND	NONE	19,649	0	0
HOLOGIC INC	COM	436440101	2,053	27,808	SH		DFND	NONE	27,808	0	0
HONEYWELL INTL INC	COM	438516106	1,695	7,983	SH		DFND	NONE	7,983	0	0
HORMEL FOODS CORP	COM	440452100	1,659	40,463	SH		DFND	NONE	40,463	0	0
HUMANA INC	COM	444859102	1,714	4,404	SH		DFND	NONE	4,404	0	0
IDEX CORP	COM	45167R104	1,507	7,280	SH		DFND	NONE	7,280	0	0
IDEXX LABS INC	COM	45168D104	2,656	4,271	SH		DFND	NONE	4,271	0	0
ILLINOIS TOOL WKS INC	COM	452308109	2,312	11,190	SH		DFND	NONE	11,190	0	0
INTEL CORP	COM	458140100	2,646	49,664	SH		DFND	NONE	49,664	0	0
INTERCONTINENTAL EXCHANGE IN	COM	45866F104	2,209	19,243	SH		DFND	NONE	19,243	0	0
INVESCO EXCHANGE TRADED FD T	WATER RES ETF	46137V142	35,325	645,556	SH		DFND	NONE	645,556	0	0
INVESCO EXCHNG TRADED FD TR	S&P GBL WATER	46138E263	20,148	360,825	SH		DFND	NONE	360,825	0	0
INVESCO EXCHNG TRADED FD TR	GLOBAL WATER	46138E651	15,718	395,919	SH		DFND	NONE	395,919	0	0
INVESCO EXCHNG TRADED FD TR	SR LN ETF	46138G508	78,328	3,542,648	SH		DFND	NONE	3,542,648	0	0
INVESCO EXCHNG TRADED FD TR	VAR RATE PFD	46138G870	6,397	243,960	SH		DFND	NONE	243,960	0	0
ISHARES INC	JP MRGN EM HI BD	464286285	9,502	214,230	SH		DFND	NONE	214,230	0	0
ISHARES INC	MSCI GBL MIN VOL	464286525	48,496	472,074	SH		DFND	NONE	472,074	0	0
ISHARES TR	CORE S&P500 ETF	464287200	90,955	211,121	SH		DFND	NONE	211,121	0	0
ISHARES TR	CORE US AGGBD ET	464287226	132,711	1,155,717	SH		DFND	NONE	1,155,717	0	0
ISHARES TR	GL TIMB FORE ETF	464288174	21,139	248,523	SH		DFND	NONE	248,523	0	0
ISHARES TR	JPMORGAN USD EMG	464288281	82,584	750,351	SH		DFND	NONE	750,351	0	0
ISHARES TR	GLB INFRASTR ETF	464288372	158,157	3,445,692	SH		DFND	NONE	3,445,692	0	0
ISHARES TR	USD INV GRDE ETF	464288620	33,987	565,515	SH		DFND	NONE	565,515	0	0
ISHARES TR	PFD AND INCM SEC	464288687	35,851	923,767	SH		DFND	NONE	923,767	0	0
ISHARES TR	MICRO-CAP ETF	464288869	68,259	472,967	SH		DFND	NONE	472,967	0	0
ISHARES SILVER TRUST	ISHARES	46428Q109	44,112	2,149,715	SH		DFND	NONE	2,149,715	0	0
ISHARES TR	US TREAS BD ETF	46429B267	157,699	5,944,181	SH		DFND	NONE	5,944,181	0	0
ISHARES TR	FLTG RATE NT ETF	46429B655	47,160	927,619	SH		DFND	NONE	927,619	0	0
ISHARES TR	CORE MSCI EAFE	46432F842	100,633	1,355,327	SH		DFND	NONE	1,355,327	0	0
ISHARES INC	CORE MSCI EMKT	46434G103	145,377	2,353,897	SH		DFND	NONE	2,353,897	0	0
ISHARES TR	0-5YR INVT GR CP	46434V100	11,013	213,101	SH		DFND	NONE	213,101	0	0
JOHNSON & JOHNSON	COM	478160104	2,412	14,932	SH		DFND	NONE	14,932	0	0
KLA CORP	COM NEW	482480100	2,870	8,579	SH		DFND	NONE	8,579	0	0
KELLOGG CO	COM	487836108	2,122	33,205	SH		DFND	NONE	33,205	0	0
KEURIG DR PEPPER INC	COM	49271V100	2,469	72,270	SH		DFND	NONE	72,270	0	0
KEYSIGHT TECHNOLOGIES INC	COM	49338L103	2,770	16,860	SH		DFND	NONE	16,860	0	0
KNIGHT-SWIFT TRANSN HLDGS IN	CL A	499049104	1,099	21,492	SH		DFND	NONE	21,492	0	0
KRAFT HEINZ CO	COM	500754106	2,532	68,754	SH		DFND	NONE	68,754	0	0
LKQ CORP	COM	501889208	1,971	39,177	SH		DFND	NONE	39,177	0	0
LABORATORY CORP AMER HLDGS	COM NEW	50540R409	2,804	9,962	SH		DFND	NONE	9,962	0	0
LAM RESEARCH CORP	COM	512807108	3,071	5,395	SH		DFND	NONE	5,395	0	0
LENNAR CORP	CL A	526057104	1,909	20,383	SH		DFND	NONE	20,383	0	0
LOCKHEED MARTIN CORP	COM	539830109	2,591	7,509	SH		DFND	NONE	7,509	0	0
LOWES COS INC	COM	548661107	2,345	11,562	SH		DFND	NONE	11,562	0	0
MARKEL CORP	COM	570535104	3,820	3,196	SH		DFND	NONE	3,196	0	0
MARSH & MCLENNAN COS INC	COM	571748102	3,024	19,970	SH		DFND	NONE	19,970	0	0
MASTERCARD INCORPORATED	CL A	57636Q104	3,557	10,232	SH		DFND	NONE	10,232	0	0
MERCK & CO. INC	COM	58933Y105	2,095	27,893	SH		DFND	NONE	27,893	0	0
METLIFE INC	COM	59156R108	2,573	41,686	SH		DFND	NONE	41,686	0	0
METTLER TOLEDO INTERNATIONAL	COM	592688105	8,775	6,371	SH		DFND	NONE	6,371	0	0
MICROSOFT CORP	COM	594918104	26,681	94,639	SH		DFND	NONE	94,639	0	0
MID-AMER APT CMNTYS INC	COM	59522J103	2,898	15,516	SH		DFND	NONE	15,516	0	0
MOHAWK INDS INC	COM	608190104	1,376	7,758	SH		DFND	NONE	7,758	0	0
MONDELEZ INTL INC	CL A	609207105	2,555	43,908	SH		DFND	NONE	43,908	0	0
MONSTER BEVERAGE CORP NEW	COM	61174X109	2,115	23,807	SH		DFND	NONE	23,807	0	0
MOODYS CORP	COM	615369105	2,885	8,125	SH		DFND	NONE	8,125	0	0
MORGAN STANLEY	COM NEW	617446448	2,073	21,307	SH		DFND	NONE	21,307	0	0
MOSAIC CO NEW	COM	61945C103	1,756	49,163	SH		DFND	NONE	49,163	0	0
NASDAQ INC	COM	631103108	2,520	13,054	SH		DFND	NONE	13,054	0	0
NORFOLK SOUTHN CORP	COM	655844108	1,469	6,139	SH		DFND	NONE	6,139	0	0
NORTHROP GRUMMAN CORP	COM	666807102	2,447	6,795	SH		DFND	NONE	6,795	0	0
NUCOR CORP	COM	670346105	2,452	24,892	SH		DFND	NONE	24,892	0	0
OREILLY AUTOMOTIVE INC	COM	67103H107	3,506	5,738	SH		DFND	NONE	5,738	0	0
OLD DOMINION FREIGHT LINE IN	COM	679580100	2,374	8,300	SH		DFND	NONE	8,300	0	0
ORACLE CORP	COM	68389X105	3,772	43,286	SH		DFND	NONE	43,286	0	0
OWENS CORNING NEW	COM	690742101	1,244	14,551	SH		DFND	NONE	14,551	0	0
PARKER-HANNIFIN CORP	COM	701094104	1,354	4,844	SH		DFND	NONE	4,844	0	0
PAYCHEX INC	COM	704326107	4,556	40,515	SH		DFND	NONE	40,515	0	0
PEPSICO INC	COM	713448108	2,540	16,890	SH		DFND	NONE	16,890	0	0
PINNACLE WEST CAP CORP	COM	723484101	1,161	16,050	SH		DFND	NONE	16,050	0	0
POOL CORP	COM	73278L105	2,050	4,720	SH		DFND	NONE	4,720	0	0
PRICE T ROWE GROUP INC	COM	74144T108	3,413	17,349	SH		DFND	NONE	17,349	0	0
PROCTER AND GAMBLE CO	COM	742718109	2,683	19,192	SH		DFND	NONE	19,192	0	0
PROGRESSIVE CORP	COM	743315103	2,173	24,037	SH		DFND	NONE	24,037	0	0
PRUDENTIAL FINL INC	COM	744320102	3,190	30,323	SH		DFND	NONE	30,323	0	0
PUBLIC SVC ENTERPRISE GRP IN	COM	744573106	2,016	33,100	SH		DFND	NONE	33,100	0	0
PUBLIC STORAGE	COM	74460D109	3,176	10,689	SH		DFND	NONE	10,689	0	0
PULTE GROUP INC	COM	745867101	1,728	37,622	SH		DFND	NONE	37,622	0	0
QUALCOMM INC	COM	747525103	2,534	19,644	SH		DFND	NONE	19,644	0	0
QUEST DIAGNOSTICS INC	COM	74834L100	2,404	16,547	SH		DFND	NONE	16,547	0	0
RPM INTL INC	COM	749685103	1,385	17,840	SH		DFND	NONE	17,840	0	0
REGENERON PHARMACEUTICALS	COM	75886F107	1,894	3,130	SH		DFND	NONE	3,130	0	0
REPUBLIC SVCS INC	COM	760759100	2,477	20,629	SH		DFND	NONE	20,629	0	0
ROBERT HALF INTL INC	COM	770323103	1,477	14,724	SH		DFND	NONE	14,724	0	0
ROCKWELL AUTOMATION INC	COM	773903109	1,598	5,436	SH		DFND	NONE	5,436	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	52,780	122,991	SH		DFND	NONE	122,991	0	0
SPDR GOLD TR	GOLD SHS	78463V107	47,738	290,697	SH		DFND	NONE	290,697	0	0
SPDR INDEX SHS FDS	GLB NAT RESRCE	78463X541	60,696	1,182,006	SH		DFND	NONE	1,182,006	0	0
SPDR INDEX SHS FDS	DJ INTL RL ETF	78463X863	88,343	2,488,538	SH		DFND	NONE	2,488,538	0	0
SPDR SERIES TRUST	BLMBRG BRC CNVRT	78464A359	59,591	698,194	SH		DFND	NONE	698,194	0	0
SPDR SERIES TRUST	FTSE INT GVT ETF	78464A490	18,294	336,194	SH		DFND	NONE	336,194	0	0
SPDR SERIES TRUST	BLOMBERG INTL TR	78464A516	54,188	1,886,106	SH		DFND	NONE	1,886,106	0	0
SPDR SER TR	BLOOMBERG SRT TR	78468R408	42,429	1,549,078	SH		DFND	NONE	1,549,078	0	0
SPDR SERIES TRUST	BLOOMBERG BRCLYS	78468R622	84,689	774,406	SH		DFND	NONE	774,406	0	0
SCHWAB STRATEGIC TR	US TIPS ETF	808524870	114,186	1,824,644	SH		DFND	NONE	1,824,644	0	0
SELECT SECTOR SPDR TR	SBI MATERIALS	81369Y100	10,354	130,879	SH		DFND	NONE	130,879	0	0
SELECT SECTOR SPDR TR	SBI HEALTHCARE	81369Y209	18,433	144,798	SH		DFND	NONE	144,798	0	0
SELECT SECTOR SPDR TR	SBI CONS DISCR	81369Y407	70,816	394,628	SH		DFND	NONE	394,628	0	0
SELECT SECTOR SPDR TR	ENERGY	81369Y506	29,252	561,576	SH		DFND	NONE	561,576	0	0
SELECT SECTOR SPDR TR	SBI INT-FINL	81369Y605	46,406	1,236,517	SH		DFND	NONE	1,236,517	0	0
SELECT SECTOR SPDR TR	SBI INT-INDS	81369Y704	53,405	545,841	SH		DFND	NONE	545,841	0	0
SELECT SECTOR SPDR TR	TECHNOLOGY	81369Y803	130,640	874,898	SH		DFND	NONE	874,898	0	0
SELECT SECTOR SPDR TR	COMMUNICATION	81369Y852	68,243	851,868	SH		DFND	NONE	851,868	0	0
SEMPRA ENERGY	COM	816851109	1,991	15,736	SH		DFND	NONE	15,736	0	0
SHERWIN WILLIAMS CO	COM	824348106	2,592	9,266	SH		DFND	NONE	9,266	0	0
SKYWORKS SOLUTIONS INC	COM	83088M102	2,179	13,222	SH		DFND	NONE	13,222	0	0
SMUCKER J M CO	COM NEW	832696405	1,763	14,689	SH		DFND	NONE	14,689	0	0
SNAP ON INC	COM	833034101	1,535	7,344	SH		DFND	NONE	7,344	0	0
SOUTHERN CO	COM	842587107	2,225	35,897	SH		DFND	NONE	35,897	0	0
STEEL DYNAMICS INC	COM	858119100	1,592	27,221	SH		DFND	NONE	27,221	0	0
SYNCHRONY FINANCIAL	COM	87165B103	2,336	47,790	SH		DFND	NONE	47,790	0	0
TARGET CORP	COM	87612E106	2,807	12,269	SH		DFND	NONE	12,269	0	0
TERADYNE INC	COM	880770102	2,652	24,293	SH		DFND	NONE	24,293	0	0
TEXAS INSTRS INC	COM	882508104	3,294	17,138	SH		DFND	NONE	17,138	0	0
THERMO FISHER SCIENTIFIC INC	COM	883556102	4,292	7,512	SH		DFND	NONE	7,512	0	0
3M CO	COM	88579Y101	2,132	12,153	SH		DFND	NONE	12,153	0	0
TRACTOR SUPPLY CO	COM	892356106	1,812	8,941	SH		DFND	NONE	8,941	0	0
TRAVELERS COMPANIES INC	COM	89417E109	2,271	14,940	SH		DFND	NONE	14,940	0	0
TRIMBLE INC	COM	896239100	2,285	27,785	SH		DFND	NONE	27,785	0	0
TYSON FOODS INC	CL A	902494103	2,168	27,466	SH		DFND	NONE	27,466	0	0
UGI CORP NEW	COM	902681105	1,251	29,351	SH		DFND	NONE	29,351	0	0
UNITED PARCEL SERVICE INC	CL B	911312106	1,889	10,371	SH		DFND	NONE	10,371	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	2,096	5,364	SH		DFND	NONE	5,364	0	0
VANECK VECTORS ETF TR	GOLD MINERS ETF	92189F106	83,565	2,835,611	SH		DFND	NONE	2,835,611	0	0
VANECK VECTORS ETF TR	INTL HIGH YIELD	92189F445	3,773	151,716	SH		DFND	NONE	151,716	0	0
VANECK VECTORS ETF TR	AGRIBUSINESS ETF	92189F700	66,635	730,329	SH		DFND	NONE	730,329	0	0
VANECK VECTORS ETF TR	JP MORGAN MKTS	92189H300	86,621	2,890,241	SH		DFND	NONE	2,890,241	0	0
VANGUARD WHITEHALL FDS INC	EMERG MKT BD ETF	921946885	10,031	128,109	SH		DFND	NONE	128,109	0	0
VANGUARD CHARLOTTE FDS	INTL BD IDX ETF	92203J407	47,127	827,369	SH		DFND	NONE	827,369	0	0
VANGUARD INTL EQUITY INDEX F	FTSE SMCAP ETF	922042718	119,442	893,426	SH		DFND	NONE	893,426	0	0
VANGUARD SCOTTSDALE FDS	MORTG-BACK SEC	92206C771	76,349	1,432,699	SH		DFND	NONE	1,432,699	0	0
VANGUARD INDEX FDS	REAL ESTATE ETF	922908553	160,376	1,575,712	SH		DFND	NONE	1,575,712	0	0
VANGUARD INDEX FDS	SMALL CP ETF	922908751	145,083	663,479	SH		DFND	NONE	663,479	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	5,316	98,428	SH		DFND	NONE	98,428	0	0
VIACOMCBS INC	CL B	92556H206	3,105	78,594	SH		DFND	NONE	78,594	0	0
VICI PPTYS INC	COM	925652109	2,173	76,493	SH		DFND	NONE	76,493	0	0
VISA INC	COM CL A	92826C839	2,836	12,734	SH		DFND	NONE	12,734	0	0
VOYA FINANCIAL INC	COM	929089100	1,024	16,688	SH		DFND	NONE	16,688	0	0
WEC ENERGY GROUP INC	COM	92939U106	1,907	21,626	SH		DFND	NONE	21,626	0	0
WALMART INC	COM	931142103	2,293	16,449	SH		DFND	NONE	16,449	0	0
WASTE MGMT INC DEL	COM	94106L109	2,565	17,172	SH		DFND	NONE	17,172	0	0
WHIRLPOOL CORP	COM	963320106	1,734	8,508	SH		DFND	NONE	8,508	0	0
XCEL ENERGY INC	COM	98389B100	1,848	29,566	SH		DFND	NONE	29,566	0	0
ZEBRA TECHNOLOGIES CORPORATI	CL A	989207105	2,613	5,070	SH		DFND	NONE	5,070	0	0
ZOETIS INC	CL A	98978V103	2,573	13,251	SH		DFND	NONE	13,251	0	0
BARRICK GOLD CORP	COM	067901108	81	4,506	SH		DFND	NONE	4,506	0	0
BECTON DICKINSON & CO	COM	075887109	1,071	4,356	SH		DFND	NONE	4,356	0	0
BRISTOL-MYERS SQUIBB CO	COM	110122108	14,228	240,455	SH		DFND	NONE	240,455	0	0
CATERPILLAR INC DEL	COM	149123101	48	248	SH		DFND	NONE	248	0	0
CHEVRON CORP NEW	COM	166764100	678	6,682	SH		DFND	NONE	6,682	0	0
COGNIZANT TECHNOLOGY SOLUTIO	CL A	192446102	691	9,315	SH		DFND	NONE	9,315	0	0
EQUIFAX INC	COM	294429105	2,815	11,108	SH		DFND	NONE	11,108	0	0
HOME DEPOT INC	COM	437076102	422	1,286	SH		DFND	NONE	1,286	0	0
INTERNATIONAL BUSINESS MACHS	COM	459200101	18	127	SH		DFND	NONE	127	0	0
INTERNATIONAL FLAVORS&FRAGRA	COM	459506101	171	1,277	SH		DFND	NONE	1,277	0	0
INTUIT	COM	461202103	2,461	4,561	SH		DFND	NONE	4,561	0	0
LILLY ELI & CO	COM	532457108	17,522	75,835	SH		DFND	NONE	75,835	0	0
MCDONALDS CORP	COM	580135101	209	867	SH		DFND	NONE	867	0	0
NEWMONT CORP	COM	651639106	283	5,220	SH		DFND	NONE	5,220	0	0
NIKE INC	CL B	654106103	689	4,743	SH		DFND	NONE	4,743	0	0
OMNICOM GROUP INC	COM	681919106	10,133	139,836	SH		DFND	NONE	139,836	0	0
PFIZER INC	COM	717081103	931	21,637	SH		DFND	NONE	21,637	0	0
STARBUCKS CORP	COM	855244109	567	5,139	SH		DFND	NONE	5,139	0	0
STATE STR CORP	COM	857477103	305	3,601	SH		DFND	NONE	3,601	0	0
STRYKER CORPORATION	COM	863667101	3,062	11,609	SH		DFND	NONE	11,609	0	0
TJX COS INC NEW	COM	872540109	1,541	23,354	SH		DFND	NONE	23,354	0	0
UNILEVER PLC	SPON ADR NEW	904767704	68	1,247	SH		DFND	NONE	1,247	0	0
VANGUARD BD INDEX FDS	SHORT TRM BOND	921937827	34	414	SH		DFND	NONE	414	0	0
VANGUARD TAX-MANAGED INTL FD	FTSE DEV MKT ETF	921943858	27	536	SH		DFND	NONE	536	0	0
VANGUARD INTL EQUITY INDEX F	FTSE EMR MKT ETF	922042858	20	403	SH		DFND	NONE	403	0	0
WALGREENS BOOTS ALLIANCE INC	COM	931427108	12	263	SH		DFND	NONE	263	0	0
WELLS FARGO CO NEW	COM	949746101	30	654	SH		DFND	NONE	654	0	0
CDK GLOBAL INC	COM	12508E101	12	281	SH		DFND	NONE	281	0	0
ARK ETF TR	INNOVATION ETF	00214Q104	7	65	SH		DFND	NONE	65	0	0
ARK ETF TR	GENOMIC REV ETF	00214Q302	422	5,657	SH		DFND	NONE	5,657	0	0
BROOKFIELD INFRASTRUCTURE CO	COM SB VTG SHS A	11275Q107	24	404	SH		DFND	NONE	404	0	0
CONSTELLATION BRANDS INC	CL A	21036P108	1,226	5,817	SH		DFND	NONE	5,817	0	0
DIAGEO PLC	SPON ADR NEW	25243Q205	7,249	37,561	SH		DFND	NONE	37,561	0	0
GLAXOSMITHKLINE PLC	SPONSORED ADR	37733W105	46	1,201	SH		DFND	NONE	1,201	0	0
JPMORGAN CHASE & CO	COM	46625H100	615	3,760	SH		DFND	NONE	3,760	0	0
LEXARIA BIOSCIENCE CORP	COM NEW	52886N406	2,552	407,687	SH		DFND	NONE	407,687	0	0
ORGANON & CO	COM	68622V106	51	1,566	SH		DFND	NONE	1,566	0	0
OVINTIV INC	COM	69047Q102	53	1,605	SH		DFND	NONE	1,605	0	0
PRECISION DRILLING CORP	COM NEW	74022D407	4,083	101,037	SH		DFND	NONE	101,037	0	0
VERISK ANALYTICS INC	COM	92345Y106	222	1,108	SH		DFND	NONE	1,108	0	0
VIATRIS INC	COM	92556V106	5	346	SH		DFND	NONE	346	0	0
LINDE PLC	SHS	G5494J103	45	153	SH		DFND	NONE	153	0	0
MEDTRONIC PLC	SHS	G5960L103	26	210	SH		DFND	NONE	210	0	0
STERIS PLC	SHS USD	G8473T100	43	210	SH		DFND	NONE	210	0	0