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
DBX ETF TR DBXTR HAR CS 300 233051879 1,002 39,883 SH   DFND 1 39,883 0 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 1,819 24,184 SH   DFND 1 24,184 0 0
ISHARES MSCI AUST ETF 464286103 559 24,709 SH   DFND 1 24,709 0 0
ISHARES MSCI BRZ CAP ETF 464286400 1,604 42,812 SH   DFND 1 42,812 0 0
ISHARES MSCI CDA ETF 464286509 665 24,752 SH   DFND 1 24,752 0 0
ISHARES MSCI EURZONE ETF 464286608 5,555 147,741 SH   DFND 1 147,741 0 0
ISHARES MSCI THI CAP ETF 464286624 1,303 16,707 SH   DFND 1 16,707 0 0
ISHARES INC MSCI JAPAN ETF NEW 46434G822 1,990 38,638 SH   DFND 1 38,638 0 0
ISHARES INC MSCI TAIWAN ETF 46434G772 1,771 53,294 SH   DFND 1 53,294 0 0
ISHARES TR TIPS BD ETF 464287176 1,043 9,101 SH   DFND 1 9,101 0 0
ISHARES TR MSCI INDONIA ETF 46429B309 1,378 53,423 SH   DFND 1 53,423 0 0
ISHARES TR LATN AMER 40 ETF 464287390 363 11,457 SH   DFND 1 11,457 0 0
ISHARES TR US TREASURY ETF 46429B267 4,165 166,277 SH   DFND 1 166,277 0 0
ISHARES TR MSCI AC ASIA ETF 464288182 2,348 37,305 SH   DFND 1 37,305 0 0
ISHARES TR IBOXX HI YD ETF 464288513 479 5,457 SH   DFND 1 5,457 0 0
ISHARES TR JP MOR EM MK ETF 464288281 241 2,118 SH   DFND 1 2,118 0 0
ISHARES TR IBOXX INV CP ETF 464287242 479 4,059 SH   DFND 1 4,059 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 5,560 141,154 SH   DFND 1 141,154 0 0
ISHARES TR MSCI POL CAP ETF 46429B606 1,604 74,333 SH   DFND 1 74,333 0 0
ISHARES U S ETF TR IT RT HDG HGYL 46431W606 719 7,904 SH   DFND 1 7,904 0 0
MAKEMYTRIP LIMITED MAURITIUS SHS V5633W109 2,113 61,056 SH   DFND 1 61,056 0 0
PROSHARES TR INVT INT RT HG 74347B607 718 9,476 SH   DFND 1 9,476 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 204 3,134 SH   DFND 1 3,134 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 12,300 52,176 SH   DFND 1 52,176 0 0
VANECK VECTORS ETF TR RUSSIA ETF 92189F403 1,465 70,894 SH   DFND 1 70,894 0 0
VANECK VECTORS ETF TR INDIA SMALL CAP 92189F767 384 7,257 SH   DFND 1 7,257 0 0
WISDOMTREE TR JAPN HEDGE EQT 97717W851 2,153 42,535 SH   DFND 1 42,535 0 0
WISDOMTREE TR EUROPE HEDGED EQ 97717X701 387 6,166 SH   DFND 1 6,166 0 0