<SEC-DOCUMENT>0001104659-20-062338.txt : 20200515
<SEC-HEADER>0001104659-20-062338.hdr.sgml : 20200515
<ACCEPTANCE-DATETIME>20200515124052
ACCESSION NUMBER:		0001104659-20-062338
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200331
FILED AS OF DATE:		20200515
DATE AS OF CHANGE:		20200515
EFFECTIVENESS DATE:		20200515

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:		20882840

	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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      <liveTestFlag>LIVE</liveTestFlag>
      <flags>
        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>false</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
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      <filer>
        <credentials>
          <cik>0001132597</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>03-31-2020</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>03-31-2020</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>05-15-2020</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>1</otherIncludedManagersCount>
      <tableEntryTotal>444</tableEntryTotal>
      <tableValueTotal>1274598</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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    <cusip>09062X103</cusip>
    <value>89</value>
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      <None>280</None>
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    <cusip>09227Q100</cusip>
    <value>29</value>
    <shrsOrPrnAmt>
      <sshPrnamt>521</sshPrnamt>
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      <None>521</None>
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    <cusip>09247X101</cusip>
    <value>55</value>
    <shrsOrPrnAmt>
      <sshPrnamt>126</sshPrnamt>
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      <None>126</None>
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    <nameOfIssuer>BOISE CASCADE CO DEL</nameOfIssuer>
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    <cusip>09739D100</cusip>
    <value>31</value>
    <shrsOrPrnAmt>
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    <votingAuthority>
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      <None>1291</None>
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    <cusip>109696104</cusip>
    <value>33</value>
    <shrsOrPrnAmt>
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      <None>636</None>
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    <cusip>11135F101</cusip>
    <value>112</value>
    <shrsOrPrnAmt>
      <sshPrnamt>471</sshPrnamt>
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      <None>471</None>
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    <nameOfIssuer>BROOKLINE BANCORP INC DEL</nameOfIssuer>
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    <value>52</value>
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      <None>4641</None>
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      <None>1776</None>
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    <cusip>122017106</cusip>
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      <sshPrnamt>10878</sshPrnamt>
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      <None>10878</None>
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    <cusip>127055101</cusip>
    <value>26</value>
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      <sshPrnamt>985</sshPrnamt>
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      <None>985</None>
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    <nameOfIssuer>CABOT OIL &amp; GAS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>72</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4203</sshPrnamt>
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      <Sole>0</Sole>
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      <None>4203</None>
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    <nameOfIssuer>CACI INTL INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>127190304</cusip>
    <value>93</value>
    <shrsOrPrnAmt>
      <sshPrnamt>439</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
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      <None>439</None>
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    <nameOfIssuer>CALAVO GROWERS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>128246105</cusip>
    <value>66</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1141</sshPrnamt>
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      <Sole>0</Sole>
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      <None>1141</None>
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    <cusip>129500104</cusip>
    <value>13</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2514</sshPrnamt>
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      <None>2514</None>
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    <nameOfIssuer>CAMDEN PPTY TR</nameOfIssuer>
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    <cusip>133131102</cusip>
    <value>78</value>
    <shrsOrPrnAmt>
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      <None>982</None>
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    <nameOfIssuer>CAPITAL ONE FINL CORP</nameOfIssuer>
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    <cusip>14040H105</cusip>
    <value>49</value>
    <shrsOrPrnAmt>
      <sshPrnamt>970</sshPrnamt>
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      <None>970</None>
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    <nameOfIssuer>CARETRUST REIT INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>61</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4155</sshPrnamt>
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      <None>4155</None>
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    <nameOfIssuer>CARLISLE COS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>142339100</cusip>
    <value>44</value>
    <shrsOrPrnAmt>
      <sshPrnamt>348</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>348</None>
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    <nameOfIssuer>CARTERS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>146229109</cusip>
    <value>28</value>
    <shrsOrPrnAmt>
      <sshPrnamt>430</sshPrnamt>
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    <votingAuthority>
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      <None>430</None>
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    <nameOfIssuer>CASEYS GEN STORES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>69</value>
    <shrsOrPrnAmt>
      <sshPrnamt>519</sshPrnamt>
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      <None>519</None>
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    <nameOfIssuer>CATHAY GEN BANCORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>149150104</cusip>
    <value>50</value>
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      <sshPrnamt>2184</sshPrnamt>
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      <None>2184</None>
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    <nameOfIssuer>CBOE GLOBAL MARKETS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>12503M108</cusip>
    <value>68</value>
    <shrsOrPrnAmt>
      <sshPrnamt>757</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>757</None>
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    <nameOfIssuer>CDK GLOBAL INC</nameOfIssuer>
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    <cusip>12508E101</cusip>
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      <None>2302</None>
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    <value>19</value>
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      <None>19893</None>
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    <nameOfIssuer>CELANESE CORP DEL</nameOfIssuer>
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    <value>36</value>
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      <sshPrnamt>494</sshPrnamt>
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      <None>494</None>
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    <nameOfIssuer>CEMEX SAB DE CV</nameOfIssuer>
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    <value>6204</value>
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    <nameOfIssuer>CENTRAL PAC FINL CORP</nameOfIssuer>
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    <value>42</value>
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      <None>2622</None>
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    <value>130</value>
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      <None>2068</None>
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    <nameOfIssuer>CF INDS HLDGS INC</nameOfIssuer>
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    <value>45</value>
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      <sshPrnamt>1639</sshPrnamt>
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      <None>1639</None>
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    <nameOfIssuer>CHATHAM LODGING TR</nameOfIssuer>
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    <value>31</value>
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      <None>5221</None>
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    <nameOfIssuer>CHEMED CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>16359R103</cusip>
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      <sshPrnamt>313</sshPrnamt>
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      <None>313</None>
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    <nameOfIssuer>CHEVRON CORP NEW</nameOfIssuer>
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    <value>80</value>
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      <None>1100</None>
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    <nameOfIssuer>CIMAREX ENERGY CO</nameOfIssuer>
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    <cusip>171798101</cusip>
    <value>15</value>
    <shrsOrPrnAmt>
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      <None>906</None>
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    <nameOfIssuer>CINTAS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>172908105</cusip>
    <value>48</value>
    <shrsOrPrnAmt>
      <sshPrnamt>277</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
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      <None>277</None>
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    <nameOfIssuer>CISCO SYS INC</nameOfIssuer>
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    <cusip>17275R102</cusip>
    <value>102</value>
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      <None>2600</None>
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    <nameOfIssuer>CITIZENS FINL GROUP INC</nameOfIssuer>
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    <cusip>174610105</cusip>
    <value>32</value>
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      <sshPrnamt>1678</sshPrnamt>
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      <None>1678</None>
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    <nameOfIssuer>CLEAN HARBORS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>184496107</cusip>
    <value>50</value>
    <shrsOrPrnAmt>
      <sshPrnamt>971</sshPrnamt>
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      <None>971</None>
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    <nameOfIssuer>CMS ENERGY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>125896100</cusip>
    <value>241</value>
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      <None>4105</None>
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    <nameOfIssuer>COGENT COMMUNICATIONS HLDGS</nameOfIssuer>
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    <cusip>19239V302</cusip>
    <value>54</value>
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      <None>654</None>
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  <infoTable>
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    <value>47</value>
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      <None>1001</None>
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    <nameOfIssuer>COMCAST CORP NEW</nameOfIssuer>
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      <None>3202</None>
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      <None>589</None>
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      <None>1171</None>
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      <None>1503</None>
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      <None>1852</None>
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      <None>18755</None>
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      <None>407506</None>
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      <None>34200</None>
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    <cusip>464289180</cusip>
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      <None>48000</None>
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      <None>15000</None>
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    <value>2839</value>
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      <None>29500</None>
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    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>SHORT TREAS BD</titleOfClass>
    <cusip>464288679</cusip>
    <value>315</value>
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      <sshPrnamt>2836</sshPrnamt>
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      <None>0</None>
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    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>10-20 YR TRS ETF</titleOfClass>
    <cusip>464288653</cusip>
    <value>39064</value>
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      <sshPrnamt>233060</sshPrnamt>
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      <None>48500</None>
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    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>US TREAS BD ETF</titleOfClass>
    <cusip>46429B267</cusip>
    <value>48595</value>
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      <sshPrnamt>1734947</sshPrnamt>
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      <Sole>1206547</Sole>
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      <None>528400</None>
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    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>TIPS BD ETF</titleOfClass>
    <cusip>464287176</cusip>
    <value>370</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3134</sshPrnamt>
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      <None>3134</None>
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    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>FLTG RATE NT ETF</titleOfClass>
    <cusip>46429B655</cusip>
    <value>18434</value>
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      <sshPrnamt>378212</sshPrnamt>
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    <votingAuthority>
      <Sole>378212</Sole>
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      <None>0</None>
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    <nameOfIssuer>ITAU UNIBANCO HLDG SA</nameOfIssuer>
    <titleOfClass>SPON ADR REP PFD</titleOfClass>
    <cusip>465562106</cusip>
    <value>42435</value>
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      <sshPrnamt>9451109</sshPrnamt>
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    <votingAuthority>
      <Sole>3384495</Sole>
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      <None>6066614</None>
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    <nameOfIssuer>J &amp; J SNACK FOODS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>466032109</cusip>
    <value>58</value>
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      <sshPrnamt>477</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>477</None>
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    <nameOfIssuer>JABIL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>466313103</cusip>
    <value>47</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1898</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>1898</None>
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    <nameOfIssuer>JETBLUE AIRWAYS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>477143101</cusip>
    <value>24</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2717</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
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      <None>2717</None>
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    <nameOfIssuer>JOHNSON &amp; JOHNSON</nameOfIssuer>
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    <cusip>478160104</cusip>
    <value>196</value>
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      <sshPrnamt>1492</sshPrnamt>
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      <None>1492</None>
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    <nameOfIssuer>KAISER ALUMINUM CORP</nameOfIssuer>
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    <cusip>483007704</cusip>
    <value>39</value>
    <shrsOrPrnAmt>
      <sshPrnamt>564</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>564</None>
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    <nameOfIssuer>KANSAS CITY SOUTHERN</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>485170302</cusip>
    <value>62</value>
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      <sshPrnamt>491</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>491</None>
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    <nameOfIssuer>KAR AUCTION SVCS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>46</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>3809</None>
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    <nameOfIssuer>KEYCORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>493267108</cusip>
    <value>39</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3787</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>3787</None>
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    <nameOfIssuer>KNIGHT SWIFT TRANSN HLDGS IN</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>499049104</cusip>
    <value>56</value>
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      <sshPrnamt>1719</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
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      <None>1719</None>
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    <nameOfIssuer>KOHLS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>500255104</cusip>
    <value>17</value>
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      <sshPrnamt>1197</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1197</None>
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    <nameOfIssuer>LA Z BOY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>505336107</cusip>
    <value>70</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3422</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
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      <None>3422</None>
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    <nameOfIssuer>LAMAR ADVERTISING CO NEW</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>512816109</cusip>
    <value>34</value>
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      <sshPrnamt>668</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>668</None>
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    <nameOfIssuer>LANDSTAR SYS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>515098101</cusip>
    <value>61</value>
    <shrsOrPrnAmt>
      <sshPrnamt>634</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>634</None>
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    <nameOfIssuer>LANTHEUS HLDGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>516544103</cusip>
    <value>27</value>
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      <sshPrnamt>2101</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>2101</None>
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    <nameOfIssuer>LCI INDS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>50189K103</cusip>
    <value>33</value>
    <shrsOrPrnAmt>
      <sshPrnamt>489</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>489</None>
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    <nameOfIssuer>LINCOLN ELEC HLDGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>533900106</cusip>
    <value>31</value>
    <shrsOrPrnAmt>
      <sshPrnamt>443</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>443</None>
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    <nameOfIssuer>LITHIA MTRS INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>536797103</cusip>
    <value>46</value>
    <shrsOrPrnAmt>
      <sshPrnamt>560</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>560</None>
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    <nameOfIssuer>LKQ CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>501889208</cusip>
    <value>40</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1946</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1946</None>
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    <nameOfIssuer>LOGMEIN INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>54142L109</cusip>
    <value>55</value>
    <shrsOrPrnAmt>
      <sshPrnamt>660</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>660</None>
    </votingAuthority>
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    <nameOfIssuer>LOMA NEGRA CORP</nameOfIssuer>
    <titleOfClass>SPONSORED ADS</titleOfClass>
    <cusip>54150E104</cusip>
    <value>2510</value>
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      <sshPrnamt>706927</sshPrnamt>
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    <votingAuthority>
      <Sole>154413</Sole>
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      <None>552514</None>
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    <nameOfIssuer>M &amp; T BK CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>55261F104</cusip>
    <value>47</value>
    <shrsOrPrnAmt>
      <sshPrnamt>456</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>456</None>
    </votingAuthority>
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    <nameOfIssuer>MADDEN STEVEN LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>556269108</cusip>
    <value>42</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1817</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1817</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MANHATTAN ASSOCS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>562750109</cusip>
    <value>45</value>
    <shrsOrPrnAmt>
      <sshPrnamt>900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>900</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MANPOWERGROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>56418H100</cusip>
    <value>35</value>
    <shrsOrPrnAmt>
      <sshPrnamt>660</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>1193</None>
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    <value>21</value>
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      <None>2344</None>
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    <value>61</value>
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      <None>1751</None>
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      <None>3301</None>
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      <None>438</None>
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      <None>373</None>
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      <None>1455</None>
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      <None>1361</None>
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    <value>81</value>
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      <None>9641</None>
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    <value>31</value>
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    <value>32</value>
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      <None>1490</None>
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    <value>28</value>
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      <None>663</None>
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      <None>21268</None>
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    <value>106</value>
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      <None>1027</None>
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    <value>33</value>
    <shrsOrPrnAmt>
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    <value>72</value>
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      <None>432</None>
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    <nameOfIssuer>MORGAN STANLEY</nameOfIssuer>
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    <value>58</value>
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    <value>37</value>
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      <None>1300</None>
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    <nameOfIssuer>NATIONAL STORAGE AFFILIATES</nameOfIssuer>
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    <value>121</value>
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      <None>686</None>
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      <None>174</None>
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      <None>8884</None>
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      <None>3432</None>
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    <value>3178</value>
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      <None>38409</None>
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    <value>90</value>
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      <None>3588</None>
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    <value>17</value>
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      <None>3388</None>
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    <value>67</value>
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      <None>2466</None>
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    <value>51</value>
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      <None>1004</None>
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    <cusip>67066G104</cusip>
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      <None>1658</None>
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    <cusip>670837103</cusip>
    <value>3</value>
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    <cusip>679580100</cusip>
    <value>50</value>
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      <None>382</None>
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    <value>30</value>
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      <None>2877</None>
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    <value>51</value>
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      <None>783</None>
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    <value>25</value>
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    <value>59</value>
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    <value>48</value>
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      <None>2530</None>
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    <value>45</value>
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      <None>2539</None>
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    <value>13</value>
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      <None>5442</None>
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    <value>8</value>
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      <None>1351</None>
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    <value>49</value>
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      <None>2662</None>
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    <cusip>717081103</cusip>
    <value>137</value>
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      <None>4193</None>
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    <value>48</value>
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      <None>686</None>
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    <value>52</value>
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      <None>541</None>
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    <value>27</value>
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      <None>1061</None>
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    <value>41</value>
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      <None>489</None>
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    <nameOfIssuer>PRESTIGE CONSMR HEALTHCARE I</nameOfIssuer>
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    <value>45</value>
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      <None>1229</None>
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    <value>187</value>
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      <None>1698</None>
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    <cusip>743312100</cusip>
    <value>55</value>
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      <sshPrnamt>1719</sshPrnamt>
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      <None>1719</None>
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    <nameOfIssuer>PROGRESSIVE CORP OHIO</nameOfIssuer>
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    <value>1477</value>
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      <None>20002</None>
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    <nameOfIssuer>PROPETRO HLDG CORP</nameOfIssuer>
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    <cusip>74347M108</cusip>
    <value>10</value>
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      <None>3973</None>
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    <nameOfIssuer>PROVIDENCE SVC CORP</nameOfIssuer>
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    <value>69</value>
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      <None>1264</None>
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    <value>45</value>
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      <sshPrnamt>3528</sshPrnamt>
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      <None>3528</None>
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    <nameOfIssuer>PS BUSINESS PKS INC CALIF</nameOfIssuer>
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    <value>108</value>
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      <None>800</None>
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    <value>28</value>
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      <sshPrnamt>460</sshPrnamt>
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      <None>460</None>
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    <nameOfIssuer>PUBLIC STORAGE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74460D109</cusip>
    <value>116</value>
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      <sshPrnamt>584</sshPrnamt>
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      <None>584</None>
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    <nameOfIssuer>PUBLIC SVC ENTERPRISE GROUP</nameOfIssuer>
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    <cusip>744573106</cusip>
    <value>154</value>
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      <sshPrnamt>3420</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>3420</None>
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    <nameOfIssuer>QORVO INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74736K101</cusip>
    <value>34</value>
    <shrsOrPrnAmt>
      <sshPrnamt>420</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>420</None>
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    <nameOfIssuer>QUALCOMM INC</nameOfIssuer>
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    <cusip>747525103</cusip>
    <value>63</value>
    <shrsOrPrnAmt>
      <sshPrnamt>931</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>931</None>
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    <nameOfIssuer>QUALYS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>39</value>
    <shrsOrPrnAmt>
      <sshPrnamt>445</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>445</None>
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    <nameOfIssuer>RAVEN INDS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>754212108</cusip>
    <value>35</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1652</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>1652</None>
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    <nameOfIssuer>RE MAX HLDGS INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>75524W108</cusip>
    <value>35</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1591</sshPrnamt>
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      <None>1591</None>
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    <nameOfIssuer>REGAL BELOIT CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>758750103</cusip>
    <value>41</value>
    <shrsOrPrnAmt>
      <sshPrnamt>653</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>653</None>
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    <nameOfIssuer>REGIONS FINL CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>7591EP100</cusip>
    <value>55</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>6105</None>
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    <nameOfIssuer>RELIANCE STEEL &amp; ALUMINUM CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>759509102</cusip>
    <value>86</value>
    <shrsOrPrnAmt>
      <sshPrnamt>985</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>985</None>
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    <nameOfIssuer>RENAISSANCERE HOLDINGS LTD</nameOfIssuer>
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    <cusip>G7496G103</cusip>
    <value>57</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>380</None>
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    <nameOfIssuer>RENT A CTR INC NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>76009N100</cusip>
    <value>49</value>
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      <sshPrnamt>3466</sshPrnamt>
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      <None>3466</None>
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    <nameOfIssuer>REPUBLIC SVCS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>760759100</cusip>
    <value>98</value>
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      <sshPrnamt>1310</sshPrnamt>
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      <None>1310</None>
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    <nameOfIssuer>RESOURCES CONNECTION INC</nameOfIssuer>
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    <cusip>76122Q105</cusip>
    <value>34</value>
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      <sshPrnamt>3068</sshPrnamt>
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      <None>3068</None>
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    <nameOfIssuer>ROBERT HALF INTL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>770323103</cusip>
    <value>29</value>
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      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>766</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROGERS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>775133101</cusip>
    <value>22</value>
    <shrsOrPrnAmt>
      <sshPrnamt>230</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>230</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROLLINS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>775711104</cusip>
    <value>109</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3010</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>3010</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>S&amp;P GLOBAL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78409V104</cusip>
    <value>58</value>
    <shrsOrPrnAmt>
      <sshPrnamt>238</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>238</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SABRE CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78573M104</cusip>
    <value>39</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6650</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>6650</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SALESFORCE COM INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>79466L302</cusip>
    <value>63</value>
    <shrsOrPrnAmt>
      <sshPrnamt>441</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>441</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SANFILIPPO JOHN B &amp; SON INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>800422107</cusip>
    <value>213</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2383</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2383</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SANMINA CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>801056102</cusip>
    <value>45</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1661</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1661</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SBA COMMUNICATIONS CORP NEW</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>78410G104</cusip>
    <value>138</value>
    <shrsOrPrnAmt>
      <sshPrnamt>512</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>512</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCANSOURCE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>806037107</cusip>
    <value>39</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1832</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1832</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCHLUMBERGER LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>806857108</cusip>
    <value>39</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2904</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2904</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCIENCE APPLICATNS INTL CP N</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>808625107</cusip>
    <value>46</value>
    <shrsOrPrnAmt>
      <sshPrnamt>618</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>618</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCORPIO TANKERS INC</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>Y7542C130</cusip>
    <value>860</value>
    <shrsOrPrnAmt>
      <sshPrnamt>45000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>45000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>ENERGY</titleOfClass>
    <cusip>81369Y506</cusip>
    <value>2944</value>
    <shrsOrPrnAmt>
      <sshPrnamt>101300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>101300</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI INT-FINL</titleOfClass>
    <cusip>81369Y605</cusip>
    <value>42358</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2034491</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2034491</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI HEALTHCARE</titleOfClass>
    <cusip>81369Y209</cusip>
    <value>10347</value>
    <shrsOrPrnAmt>
      <sshPrnamt>116815</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>116815</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI CONS STPLS</titleOfClass>
    <cusip>81369Y308</cusip>
    <value>8715</value>
    <shrsOrPrnAmt>
      <sshPrnamt>160000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>160000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEMTECH CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>816850101</cusip>
    <value>34</value>
    <shrsOrPrnAmt>
      <sshPrnamt>896</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>896</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SENSIENT TECHNOLOGIES CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81725T100</cusip>
    <value>60</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1378</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1378</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SHUTTERSTOCK INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>825690100</cusip>
    <value>31</value>
    <shrsOrPrnAmt>
      <sshPrnamt>965</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>965</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SILICON LABORATORIES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>826919102</cusip>
    <value>46</value>
    <shrsOrPrnAmt>
      <sshPrnamt>540</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>540</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SIMON PPTY GROUP INC NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>828806109</cusip>
    <value>38</value>
    <shrsOrPrnAmt>
      <sshPrnamt>688</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>688</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SIMPSON MANUFACTURING CO INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>829073105</cusip>
    <value>77</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1245</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1245</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SIX FLAGS ENTMT CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>83001A102</cusip>
    <value>46</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3695</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>3695</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SKYWEST INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>830879102</cusip>
    <value>23</value>
    <shrsOrPrnAmt>
      <sshPrnamt>879</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>879</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SMART GLOBAL HLDGS INC</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>G8232Y101</cusip>
    <value>24</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1004</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1004</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOUTHERN COPPER CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>84265V105</cusip>
    <value>9084</value>
    <shrsOrPrnAmt>
      <sshPrnamt>322596</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>90898</Sole>
      <Shared>0</Shared>
      <None>231698</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOUTHWEST AIRLS CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>844741108</cusip>
    <value>49</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1378</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1378</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR GOLD TRUST</nameOfIssuer>
    <titleOfClass>GOLD SHS</titleOfClass>
    <cusip>78463V107</cusip>
    <value>2783</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>18800</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR INDEX SHS FDS</nameOfIssuer>
    <titleOfClass>CALL</titleOfClass>
    <cusip>78463X902</cusip>
    <value>47</value>
    <shrsOrPrnAmt>
      <sshPrnamt>100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Call</putCall>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>100</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR INDEX SHS FDS</nameOfIssuer>
    <titleOfClass>EURO STOXX 50</titleOfClass>
    <cusip>78463X202</cusip>
    <value>5627</value>
    <shrsOrPrnAmt>
      <sshPrnamt>190670</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>190670</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR INDEX SHS FDS</nameOfIssuer>
    <titleOfClass>PUT</titleOfClass>
    <cusip>78463X952</cusip>
    <value>4061</value>
    <shrsOrPrnAmt>
      <sshPrnamt>150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>150</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR INDEX SHS FDS</nameOfIssuer>
    <titleOfClass>ASIA PACIF ETF</titleOfClass>
    <cusip>78463X301</cusip>
    <value>1741</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>20500</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR S&amp;P 500 ETF TR</nameOfIssuer>
    <titleOfClass>TR UNIT</titleOfClass>
    <cusip>78462F103</cusip>
    <value>237247</value>
    <shrsOrPrnAmt>
      <sshPrnamt>920456</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>392385</Sole>
      <Shared>0</Shared>
      <None>528071</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR SERIES TRUST</nameOfIssuer>
    <titleOfClass>PORTFOLIO LN TSR</titleOfClass>
    <cusip>78464A664</cusip>
    <value>131</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2775</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2775</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPROUTS FMRS MKT INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>85208M102</cusip>
    <value>96</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5162</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>5162</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPS COMM INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78463M107</cusip>
    <value>39</value>
    <shrsOrPrnAmt>
      <sshPrnamt>845</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>845</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STAR BULK CARRIERS CORP</nameOfIssuer>
    <titleOfClass>SHS PAR</titleOfClass>
    <cusip>Y8162K204</cusip>
    <value>2087</value>
    <shrsOrPrnAmt>
      <sshPrnamt>370000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>370000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STEEL DYNAMICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>858119100</cusip>
    <value>48</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2128</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2128</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STEPAN CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>858586100</cusip>
    <value>35</value>
    <shrsOrPrnAmt>
      <sshPrnamt>395</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>395</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SUMMIT HOTEL PPTYS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>866082100</cusip>
    <value>19</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4442</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
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      <None>693</None>
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