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
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 799 4,779 SH   DFND   4,779 0 0
BAIDU INC SPON ADR REP A 056752108 694 6,749 SH   DFND   6,749 0 0
BARRICK GOLD CORPORATION COM 067901108 5,620 324,274 SH   DFND   324,274 0 0
DBX ETF TR XTRACK HRVST CSI 233051879 206 7,612 SH   DFND   7,612 0 0
FIAT CHRYSLER AUTOMOBILES N SHS N31738102 894 69,000 SH   DFND   69,000 0 0
ISHARES INC MSCI AUST ETF 464286103 1,217 54,706 SH   DFND   54,706 0 0
ISHARES INC MSCI CHILE ETF 464286640 1,317 35,185 SH   DFND   35,185 0 0
ISHARES INC MSCI STH KOR ETF 464286772 667 11,834 SH   DFND   11,834 0 0
ISHARES INC MSCI MEXICO ETF 464286822 1,401 32,788 SH   DFND   32,788 0 0
ISHARES INC MSCI HONG KG ETF 464286871 815 35,922 SH   DFND   35,922 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 3,227 81,089 SH   DFND   81,089 0 0
ISHARES TR IBOXX INV CP ETF 464287242 15,773 123,733 SH   DFND   123,733 0 0
ISHARES TR JPMORGAN USD EMG 464288281 3,364 29,680 SH   DFND   29,680 0 0
ISHARES TR MSCI INDIA ETF 46429B598 3,419 101,854 SH   DFND   101,854 0 0
NATIONAL GRID PLC SPONSORED ADR NE 636274409 1,324 24,452 SH   DFND   24,452 0 0
QIAGEN NV SHS NEW N72482123 575 17,430 SH   DFND   17,430 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 906 10,053 SH   DFND   10,053 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 487 4,037 SH   DFND   4,037 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 3,133 111,885 SH   DFND   111,885 0 0
SELECT SECTOR SPDR TR COMMUNICATION 81369Y852 2,104 42,488 SH   DFND   42,488 0 0
SELECT SECTOR SPDR TR RL EST SEL SEC 81369Y860 753 19,151 SH   DFND   19,151 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100 327 7,041 SH   DFND   7,041 0 0
TRANSOCEAN INC DEB 0.500% 1/3 893830BJ7 38 47,000 PRN   DFND   0 0 0
VANECK VECTORS ETF TR RUSSIA ETF 92189F403 3,445 151,030 SH   DFND   151,030 0 0
VANECK VECTORS ETF TR JP MORGAN MKTS 92189H300 1,356 41,106 SH   DFND   41,106 0 0