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

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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
DBX ETF TR DBXTR HAR CS 300 233051879 1,087 39,883 SH   DFND 1 39,883 0 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 2,103 24,184 SH   DFND 1 24,184 0 0
ICICI BK LTD ADR 45104G104 4,045 451,000 SH   DFND 1 451,000 0 0
ISHARES MSCI AUST ETF 464286103 555 25,594 SH   DFND 1 25,594 0 0
ISHARES MSCI CDA ETF 464286509 680 25,408 SH   DFND 1 25,408 0 0
ISHARES MSCI EURZONE ETF 464286608 5,436 134,809 SH   DFND 1 134,809 0 0
ISHARES MSCI THI CAP ETF 464286624 2,529 32,445 SH   DFND 1 32,445 0 0
ISHARES INC MSCI JAPAN ETF NEW 46434G822 2,010 37,466 SH   DFND 1 37,466 0 0
ISHARES INC MSCI TAIWAN ETF 46434G772 3,629 101,472 SH   DFND 1 101,472 0 0
ISHARES TR LATN AMER 40 ETF 464287390 253 8,344 SH   DFND 1 8,344 0 0
ISHARES TR US TREASURY ETF 46429B267 5,540 219,311 SH   DFND 1 219,311 0 0
ISHARES TR MSCI AC ASIA ETF 464288182 2,624 38,908 SH   DFND 1 38,908 0 0
ISHARES TR IBOXX HI YD ETF 464288513 553 6,261 SH   DFND 1 6,261 0 0
ISHARES TR JP MOR EM MK ETF 464288281 550 4,807 SH   DFND 1 4,807 0 0
ISHARES TR IBOXX INV CP ETF 464287242 557 4,625 SH   DFND 1 4,625 0 0
ISHARES TR MSCI POL CAP ETF 46429B606 3,556 146,442 SH   DFND 1 146,442 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 7,620 184,112 SH   DFND 1 184,112 0 0
ISHARES TR MSCI INDONIA ETF 46429B309 3,460 127,160 SH   DFND 1 127,160 0 0
ISHARES U S ETF TR IT RT HDG HGYL 46431W606 829 9,080 SH   DFND 1 9,080 0 0
MAKEMYTRIP LIMITED MAURITIUS SHS V5633W109 2,485 74,077 SH   DFND 1 74,077 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 493 3,579 SH   DFND 1 3,579 0 0
PROSHARES TR INVT INT RT HG 74347B607 838 10,949 SH   DFND 1 10,949 0 0
SPDR INDEX SHS FDS EUROPE ETF 78463X608 220 7,510 SH   DFND 1 7,510 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 11,983 49,559 SH   DFND 1 49,559 0 0
SPDR SERIES TRUST BLOMBRG BRC INTL 78464A151 280 8,404 SH   DFND 1 8,404 0 0
VANECK VECTORS ETF TR INDIA SMALL CAP 92189F767 647 11,601 SH   DFND 1 11,601 0 0
VANECK VECTORS ETF TR RUSSIA ETF 92189F403 1,582 82,527 SH   DFND 1 82,527 0 0
WISDOMTREE TR EUROPE HEDGED EQ 97717X701 368 5,903 SH   DFND 1 5,903 0 0