<SEC-DOCUMENT>0001144204-19-006922.txt : 20190213
<SEC-HEADER>0001144204-19-006922.hdr.sgml : 20190213
<ACCEPTANCE-DATETIME>20190213112421
ACCESSION NUMBER:		0001144204-19-006922
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20181231
FILED AS OF DATE:		20190213
DATE AS OF CHANGE:		20190213
EFFECTIVENESS DATE:		20190213

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Itau Unibanco Holding S.A.
		CENTRAL INDEX KEY:			0001132597
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-17515
		FILM NUMBER:		19594293

	BUSINESS ADDRESS:	
		STREET 1:		PC. ALFREDO EGYDIO DE SOUZA ARANHA, 100
		STREET 2:		TORRE AE, 3 ANDAR, CEP 04344-902
		CITY:			SAO PAULO
		STATE:			D5
		ZIP:			00000
		BUSINESS PHONE:		55-11-5019-1723

	MAIL ADDRESS:	
		STREET 1:		PC. ALFREDO EGYDIO DE SOUZA ARANHA, 100
		STREET 2:		TORRE AE, 3 ANDAR, CEP 04344-902
		CITY:			SAO PAULO
		STATE:			D5
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Itau Unibanco Banco Multiplo S.A.
		DATE OF NAME CHANGE:	20090226

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANCO ITAU HOLDING FINANCEIRA S A
		DATE OF NAME CHANGE:	20030319

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANCO ITAU SA
		DATE OF NAME CHANGE:	20010117
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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    <submissionType>13F-HR</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <flags>
        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>false</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
      </flags>
      <filer>
        <credentials>
          <cik>0001132597</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>12-31-2018</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>12-31-2018</reportCalendarOrQuarter>
      <isAmendment>false</isAmendment>
      <filingManager>
        <name>Itau Unibanco Holding S.A.</name>
        <address>
          <ns1:street1>Pc. Alfredo Egydio De Souza Aranha, 100</ns1:street1>
          <ns1:street2>Torre Ae, 3 Andar, Cep 04344-902</ns1:street2>
          <ns1:city>Sao Paulo</ns1:city>
          <ns1:stateOrCountry>D5</ns1:stateOrCountry>
          <ns1:zipCode>00000</ns1:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-17515</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Tatiana Grecco</name>
      <title>Executive Officer</title>
      <phone>55-11-36312510</phone>
      <signature>/s/ Tatiana Grecco</signature>
      <city>Sao Paulo</city>
      <stateOrCountry>D5</stateOrCountry>
      <signatureDate>02-13-2019</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>1</otherIncludedManagersCount>
      <tableEntryTotal>587</tableEntryTotal>
      <tableValueTotal>2210719</tableValueTotal>
      <otherManagers2Info>
        <otherManager2>
          <sequenceNumber>1</sequenceNumber>
          <otherManager>
            <cik>0001541597</cik>
            <form13FFileNumber>028-14678</form13FFileNumber>
            <name>Itau USA Asset Management Inc.</name>
          </otherManager>
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      </otherManagers2Info>
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      <None>3974</None>
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      <None>1585</None>
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      <None>586</None>
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      <None>1449</None>
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      <None>1441</None>
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    <value>118</value>
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      <None>4693</None>
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      <None>13361</None>
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      <None>481</None>
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    <value>976</value>
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      <None>3125</None>
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    <nameOfIssuer>BOISE CASCADE CO DEL</nameOfIssuer>
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    <value>55</value>
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      <None>2347</None>
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      <sshPrnamt>269</sshPrnamt>
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      <None>269</None>
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      <None>22028</None>
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    <cusip>104674106</cusip>
    <value>159</value>
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      <Sole>0</Sole>
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      <None>3728</None>
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    <nameOfIssuer>BRASKEM S A</nameOfIssuer>
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      <None>103600</None>
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    <value>75</value>
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      <None>1713</None>
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      <None>19183</None>
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      <None>17901</None>
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      <None>324</None>
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    <nameOfIssuer>BROADRIDGE FINL SOLUTIONS IN</nameOfIssuer>
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      <None>1217</None>
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      <None>1204</None>
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      <None>1127</None>
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    <nameOfIssuer>CARNIVAL CORP</nameOfIssuer>
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      <None>2160</None>
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    <titleOfClass>COM</titleOfClass>
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    <value>55</value>
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    <value>101</value>
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      <None>2126</None>
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    <value>154</value>
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      <sshPrnamt>1759</sshPrnamt>
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      <None>1759</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>151020104</cusip>
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      <None>228</None>
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    <nameOfIssuer>CEMEX SAB DE CV</nameOfIssuer>
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    <value>9140</value>
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    <titleOfClass>COM</titleOfClass>
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      <None>5608</None>
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      <None>1209</None>
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      <None>3311</None>
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      <None>6395</None>
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    <nameOfIssuer>INVESCO QQQ TR</nameOfIssuer>
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      <None>167200</None>
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      <None>2750</None>
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      <None>45000</None>
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      <None>29500</None>
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    <nameOfIssuer>ISHARES TR</nameOfIssuer>
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  <infoTable>
    <nameOfIssuer>ITAU UNIBANCO HLDG SA</nameOfIssuer>
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      <None>2555153</None>
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  <infoTable>
    <nameOfIssuer>ITT INC</nameOfIssuer>
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    <value>78</value>
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      <None>1649</None>
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    <nameOfIssuer>J2 GLOBAL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>56</value>
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      <None>1950</None>
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    <cusip>576690101</cusip>
    <value>107</value>
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      <None>2387</None>
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    <value>144</value>
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      <None>2224</None>
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    <value>198</value>
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      <None>1459</None>
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    <value>759</value>
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      <None>4396</None>
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    <cusip>G5960L103</cusip>
    <value>1022</value>
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      <None>11582</None>
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    <value>207</value>
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      <None>2741</None>
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    <value>211</value>
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      <None>5279</None>
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    <nameOfIssuer>MGIC INVT CORP WIS</nameOfIssuer>
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    <value>103</value>
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      <None>10142</None>
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    <value>284</value>
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      <None>12132</None>
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    <nameOfIssuer>MICHAEL KORS HLDGS LTD</nameOfIssuer>
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    <cusip>G60754101</cusip>
    <value>108</value>
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      <None>2915</None>
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    <titleOfClass>COM</titleOfClass>
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    <value>151</value>
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      <sshPrnamt>4884</sshPrnamt>
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      <None>4884</None>
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      <None>21614</None>
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    <titleOfClass>COM</titleOfClass>
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    <value>67</value>
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      <None>2250</None>
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    <cusip>55306N104</cusip>
    <value>40</value>
    <shrsOrPrnAmt>
      <sshPrnamt>616</sshPrnamt>
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      <None>616</None>
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    <cusip>61174X109</cusip>
    <value>158</value>
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      <None>3344</None>
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    <cusip>615394202</cusip>
    <value>158</value>
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      <None>2086</None>
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    <value>112</value>
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      <None>1001</None>
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    <nameOfIssuer>MOVADO GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>624580106</cusip>
    <value>54</value>
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      <None>1731</None>
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    <nameOfIssuer>MSA SAFETY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>94</value>
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      <None>1014</None>
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    <value>190</value>
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      <None>3248</None>
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    <value>88</value>
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      <None>1088</None>
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    <nameOfIssuer>NATIONAL INSTRS CORP</nameOfIssuer>
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    <value>102</value>
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      <None>2294</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>63845R107</cusip>
    <value>298</value>
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      <None>10682</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>628778102</cusip>
    <value>72</value>
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      <None>2083</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>640079109</cusip>
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      <sshPrnamt>1614</sshPrnamt>
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      <None>1614</None>
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    <nameOfIssuer>NEKTAR THERAPEUTICS</nameOfIssuer>
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    <value>102</value>
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      <None>3147</None>
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    <nameOfIssuer>NEON THERAPEUTICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>64050Y100</cusip>
    <value>1</value>
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      <sshPrnamt>309</sshPrnamt>
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      <None>309</None>
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    <nameOfIssuer>NETAPP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>64110D104</cusip>
    <value>144</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2444</sshPrnamt>
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      <None>2444</None>
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    <titleOfClass>COM</titleOfClass>
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    <value>498</value>
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      <None>1945</None>
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    <titleOfClass>COM</titleOfClass>
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    <value>76</value>
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      <None>6644</None>
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    <cusip>650111107</cusip>
    <value>50</value>
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      <None>2311</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>65339F101</cusip>
    <value>328</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1957</sshPrnamt>
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      <None>1957</None>
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    <nameOfIssuer>NIC INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>62914B100</cusip>
    <value>107</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8723</sshPrnamt>
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      <None>8723</None>
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    <titleOfClass>CL B</titleOfClass>
    <cusip>654106103</cusip>
    <value>397</value>
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      <sshPrnamt>5516</sshPrnamt>
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      <None>5516</None>
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    <nameOfIssuer>NMI HLDGS INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>629209305</cusip>
    <value>51</value>
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      <sshPrnamt>2873</sshPrnamt>
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      <None>2873</None>
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    <nameOfIssuer>NOBLE ENERGY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>655044105</cusip>
    <value>20</value>
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      <sshPrnamt>1131</sshPrnamt>
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      <None>1707</None>
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      <None>2658</None>
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      <None>10708</None>
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    <value>107</value>
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      <None>2056</None>
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      <None>2030</None>
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      <None>8311</None>
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      <None>6475</None>
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      <None>2461</None>
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      <None>2492</None>
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      <None>2187</None>
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      <None>5389</None>
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      <None>3201</None>
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      <None>2361</None>
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      <None>4855</None>
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      <None>2256</None>
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  </infoTable>
  <infoTable>
    <nameOfIssuer>PUBLIC STORAGE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74460D109</cusip>
    <value>241</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1193</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1193</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PULTE GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>745867101</cusip>
    <value>127</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4875</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>4875</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>QUEST DIAGNOSTICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74834L100</cusip>
    <value>203</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2481</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2481</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RA PHARMACEUTICALS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74933V108</cusip>
    <value>36</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2004</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2004</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RADIUS HEALTH INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>750469207</cusip>
    <value>18</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1172</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1172</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RALPH LAUREN CORP</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>751212101</cusip>
    <value>88</value>
    <shrsOrPrnAmt>
      <sshPrnamt>866</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>866</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RAYMOND JAMES FINANCIAL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>754730109</cusip>
    <value>197</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2724</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2724</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RAYONIER INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>754907103</cusip>
    <value>102</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3708</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>3708</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RAYTHEON CO</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>755111507</cusip>
    <value>164</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1070</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1070</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REGENERON PHARMACEUTICALS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>75886F107</cusip>
    <value>26</value>
    <shrsOrPrnAmt>
      <sshPrnamt>71</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>71</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REINSURANCE GROUP AMER INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>759351604</cusip>
    <value>81</value>
    <shrsOrPrnAmt>
      <sshPrnamt>587</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>587</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RELIANCE STEEL &amp; ALUMINUM CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>759509102</cusip>
    <value>100</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1406</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1406</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REPUBLIC SVCS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>760759100</cusip>
    <value>136</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1887</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1887</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RESMED INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>761152107</cusip>
    <value>160</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1429</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1429</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REVANCE THERAPEUTICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>761330109</cusip>
    <value>36</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1837</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1837</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RIGEL PHARMACEUTICALS INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>766559603</cusip>
    <value>8</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3382</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>3382</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROBERT HALF INTL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>770323103</cusip>
    <value>140</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2487</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2487</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROLLINS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>775711104</cusip>
    <value>81</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2268</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2268</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROSS STORES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>778296103</cusip>
    <value>243</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2995</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2995</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RUTHS HOSPITALITY GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>783332109</cusip>
    <value>187</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8324</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>8324</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>S &amp; T BANCORP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>783859101</cusip>
    <value>76</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2018</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2018</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SABRA HEALTH CARE REIT INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78573L106</cusip>
    <value>104</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6348</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>6348</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SAIA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78709Y105</cusip>
    <value>48</value>
    <shrsOrPrnAmt>
      <sshPrnamt>871</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>871</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SALESFORCE COM INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>79466L302</cusip>
    <value>313</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2371</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2371</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SANFILIPPO JOHN B &amp; SON INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>800422107</cusip>
    <value>100</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1775</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1775</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCANSOURCE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>806037107</cusip>
    <value>84</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2443</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2443</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCHWEITZER-MAUDUIT INTL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>808541106</cusip>
    <value>126</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4863</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>4863</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCIENCE APPLICATNS INTL CP N</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>808625107</cusip>
    <value>73</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1166</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1166</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEAGATE TECHNOLOGY PLC</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>G7945M107</cusip>
    <value>61</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1578</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1578</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEATTLE GENETICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>812578102</cusip>
    <value>90</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1638</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1638</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEI INVESTMENTS CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>784117103</cusip>
    <value>76</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1667</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1667</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT MED HLDGS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81619Q105</cusip>
    <value>59</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3780</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>3780</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>ENERGY</titleOfClass>
    <cusip>81369Y506</cusip>
    <value>74</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1300</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI INT-FINL</titleOfClass>
    <cusip>81369Y605</cusip>
    <value>1630</value>
    <shrsOrPrnAmt>
      <sshPrnamt>69100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>69100</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI HEALTHCARE</titleOfClass>
    <cusip>81369Y209</cusip>
    <value>1705</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>20000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>TECHNOLOGY</titleOfClass>
    <cusip>81369Y803</cusip>
    <value>10437</value>
    <shrsOrPrnAmt>
      <sshPrnamt>168400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>168400</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEMPRA ENERGY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>816851109</cusip>
    <value>307</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2953</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2953</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SERVICENOW INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81762P102</cusip>
    <value>90</value>
    <shrsOrPrnAmt>
      <sshPrnamt>516</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>516</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SHOE CARNIVAL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>824889109</cusip>
    <value>94</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2643</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2643</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SIMON PPTY GROUP INC NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>828806109</cusip>
    <value>244</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1449</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1449</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SIMPSON MANUFACTURING CO INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>829073105</cusip>
    <value>149</value>
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    <value>43085</value>
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      <None>5007</None>
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    <value>97</value>
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      <None>1191</None>
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      <None>3031</None>
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      <None>692</None>
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      <None>1932</None>
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      <None>1273</None>
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      <None>2931</None>
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      <None>1976</None>
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      <None>586</None>
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      <None>4345</None>
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      <None>13301</None>
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    <votingAuthority>
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      <Shared>0</Shared>
      <None>18046</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>882508104</cusip>
    <value>414</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>4482</None>
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    <nameOfIssuer>THERMO FISHER SCIENTIFIC INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>883556102</cusip>
    <value>651</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2986</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2986</None>
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    <nameOfIssuer>TIFFANY &amp; CO NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>886547108</cusip>
    <value>72</value>
    <shrsOrPrnAmt>
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    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>914</None>
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    <nameOfIssuer>TIM PARTICIPACOES S A</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>88706P205</cusip>
    <value>6334</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>183134</Sole>
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      <None>229767</None>
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    <nameOfIssuer>TIMKEN CO</nameOfIssuer>
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    <cusip>887389104</cusip>
    <value>51</value>
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    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1379</None>
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    <nameOfIssuer>TJX COS INC NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>627</value>
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      <None>14435</None>
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    <cusip>891027104</cusip>
    <value>72</value>
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      <None>976</None>
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    <cusip>891092108</cusip>
    <value>91</value>
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    <votingAuthority>
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      <None>1639</None>
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    <nameOfIssuer>TOTAL SYS SVCS INC</nameOfIssuer>
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    <cusip>891906109</cusip>
    <value>161</value>
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      <sshPrnamt>2025</sshPrnamt>
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      <Sole>0</Sole>
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      <None>2025</None>
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    <nameOfIssuer>TRANSCANADA CORP</nameOfIssuer>
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    <cusip>89353D107</cusip>
    <value>335</value>
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      <sshPrnamt>9604</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>9604</None>
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    <nameOfIssuer>TRANSUNION</nameOfIssuer>
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    <cusip>89400J107</cusip>
    <value>94</value>
    <shrsOrPrnAmt>
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      <None>1711</None>
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    <nameOfIssuer>TREVENA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>89532E109</cusip>
    <value>3</value>
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      <Sole>0</Sole>
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      <None>6535</None>
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    <nameOfIssuer>TRICIDA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>89610F101</cusip>
    <value>38</value>
    <shrsOrPrnAmt>
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      <None>1639</None>
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    <nameOfIssuer>TRINET GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>896288107</cusip>
    <value>118</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>2907</None>
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    <nameOfIssuer>TRITON INTL LTD</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>G9078F107</cusip>
    <value>97</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
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      <None>3231</None>
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    <nameOfIssuer>TRUPANION INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>898202106</cusip>
    <value>103</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <None>4164</None>
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    <nameOfIssuer>TWENTY FIRST CENTY FOX INC</nameOfIssuer>
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    <cusip>90130A101</cusip>
    <value>116</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2465</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>2465</None>
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    <nameOfIssuer>TWITTER INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>90184L102</cusip>
    <value>378</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
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      <None>13747</None>
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    <nameOfIssuer>TYSON FOODS INC</nameOfIssuer>
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    <cusip>902494103</cusip>
    <value>94</value>
    <shrsOrPrnAmt>
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      <None>1790</None>
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    <nameOfIssuer>U S PHYSICAL THERAPY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>163</value>
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      <None>1592</None>
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    <value>326</value>
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      <None>6204</None>
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    <titleOfClass>COM</titleOfClass>
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    <value>104</value>
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      <None>434</None>
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    <nameOfIssuer>UMPQUA HLDGS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>904214103</cusip>
    <value>129</value>
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      <None>8091</None>
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      <None>3005</None>
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    <nameOfIssuer>UNILEVER N V</nameOfIssuer>
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    <cusip>904784709</cusip>
    <value>336</value>
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      <None>6407</None>
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    <cusip>907818108</cusip>
    <value>221</value>
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      <None>1644</None>
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    <nameOfIssuer>UNITED CMNTY BKS BLAIRSVLE G</nameOfIssuer>
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    <value>58</value>
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      <None>2728</None>
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    <nameOfIssuer>UNITED TECHNOLOGIES CORP</nameOfIssuer>
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      <None>842</None>
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    <nameOfIssuer>UNITEDHEALTH GROUP INC</nameOfIssuer>
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    <value>1631</value>
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      <sshPrnamt>6727</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>6727</None>
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    <nameOfIssuer>UNIVERSAL CORP VA</nameOfIssuer>
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    <cusip>913456109</cusip>
    <value>114</value>
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      <None>2082</None>
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    <nameOfIssuer>UNIVERSAL FST PRODS INC</nameOfIssuer>
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    <cusip>913543104</cusip>
    <value>50</value>
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      <None>1951</None>
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    <nameOfIssuer>UNIVERSAL HLTH SVCS INC</nameOfIssuer>
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    <cusip>913903100</cusip>
    <value>111</value>
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      <None>955</None>
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    <nameOfIssuer>US BANCORP DEL</nameOfIssuer>
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    <cusip>902973304</cusip>
    <value>148</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3265</sshPrnamt>
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      <None>3265</None>
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    <nameOfIssuer>US FOODS HLDG CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>912008109</cusip>
    <value>192</value>
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      <None>6247</None>
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    <nameOfIssuer>VAIL RESORTS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>91879Q109</cusip>
    <value>305</value>
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      <sshPrnamt>1480</sshPrnamt>
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      <None>1480</None>
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    <nameOfIssuer>VALE S A</nameOfIssuer>
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    <cusip>91912E105</cusip>
    <value>46255</value>
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      <Sole>1797891</Sole>
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      <None>1708944</None>
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    <nameOfIssuer>VALERO ENERGY CORP NEW</nameOfIssuer>
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      <None>2912</None>
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    <nameOfIssuer>VANECK VECTORS ETF TR</nameOfIssuer>
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    <cusip>92189F403</cusip>
    <value>4429</value>
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      <None>236200</None>
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    <nameOfIssuer>VANGUARD INDEX FDS</nameOfIssuer>
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      <None>12000</None>
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    <nameOfIssuer>VANGUARD INTL EQUITY INDEX F</nameOfIssuer>
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    <cusip>922042874</cusip>
    <value>111038</value>
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