The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
UMH Properties Inc COM 903002103 23 1,500 SH   SOLE   1,500 0 0
Crown Castle International Cor NEW COM 22822V101 25 250 SH   SOLE   250 0 0
Forest City Realty Trust Inc COM CL A 345605109 51 2,000 SH   SOLE   2,000 0 0
Kite Realty Group Trust COM NEW 49803T300 69 3,400 SH   SOLE   3,400 0 0
Regency Centers Corp COM 758849103 12 200 SH   SOLE   200 0 0
Physicians Realty Trust COM 71943U104 89 5,000 SH   SOLE   5,000 0 0
Priceline Group Inc/The COM NEW 741503403 57 31 SH   SOLE   31 0 0
Tesla Inc COM 88160R101 27,373 80,249 SH   SOLE   80,249 0 0
Facebook Inc CL A 30303M102 9,123 53,390 SH   SOLE   53,390 0 0
iShares MSCI All Country Asia MSCI AC ASIA ETF 464288182 2,223 30,781 SH   DFND 1 30,781 0 0
Amazon.com Inc COM 023135106 8,455 8,795 SH   SOLE   8,795 0 0
CyrusOne Inc COM 23283R100 35 600 SH   SOLE   600 0 0
Vertex Pharmaceuticals Inc COM 92532F100 103 678 SH   SOLE   678 0 0
Boston Properties Inc COM 101121101 74 600 SH   SOLE   600 0 0
YY Inc ADS REPCOM CLA 98426T106 81 928 SH   SOLE   928 0 0
Huntsman Corp COM 447011107 116 4,220 SH   SOLE   4,220 0 0
VanEck Vectors Emerging Market EMERGING MKTS HI 92189F353 317 12,754 SH   DFND 1 12,754 0 0
Hersha Hospitality Trust PR SHS BEN INT 427825500 50 2,700 SH   SOLE   2,700 0 0
Ventas Inc COM 92276F100 48 733 SH   SOLE   733 0 0
Stryker Corp COM 863667101 85 600 SH   SOLE   600 0 0
Mid-America Apartment Communit COM 59522J103 90 839 SH   SOLE   839 0 0
Xilinx Inc COM 983919101 64 899 SH   SOLE   899 0 0
Becton Dickinson and Co COM 075887109 146 746 SH   SOLE   746 0 0
VanEck Vectors Junior Gold Min JR GOLD MINERS E 92189F791 53 1,568 SH   SOLE   1,568 0 0
Centene Corp COM 15135B101 110 1,138 SH   SOLE   1,138 0 0
Kilroy Realty Corp COM 49427F108 83 1,173 SH   SOLE   1,173 0 0
Alexander & Baldwin Inc COM 014491104 42 900 SH   SOLE   900 0 0
iShares Gold Trust ISHARES 464285105 4,885 396,849 SH   SOLE   396,849 0 0
Terreno Realty Corp COM 88146M101 54 1,500 SH   SOLE   1,500 0 0
SPDR S&P 500 ETF Trust TR UNIT 78462F103 1,469 5,847 SH   DFND 1 5,847 0 0
Invitation Homes Inc COM 46187W107 82 3,600 SH   SOLE   3,600 0 0
GGP Inc COM 36174X101 154 7,400 SH   SOLE   7,400 0 0
PowerShares DB Oil Fund DB OIL FUND 73936B507 1,305 148,464 SH   SOLE   148,464 0 0
AvalonBay Communities Inc COM 053484101 36 200 SH   SOLE   200 0 0
iShares MSCI South Korea Cappe MSCI STH KOR ETF 464286772 926 13,406 SH   DFND 1 13,406 0 0
Bank of America Corp COM 060505104 113 4,473 SH   SOLE   4,473 0 0
Hilton Grand Vacations Inc COM 43283X105 80 2,072 SH   SOLE   2,072 0 0
Edwards Lifesciences Corp COM 28176E108 32 291 SH   SOLE   291 0 0
Empire State Realty Trust Inc CL A 292104106 66 3,200 SH   SOLE   3,200 0 0
McDonald's Corp COM 580135101 166 1,057 SH   SOLE   1,057 0 0
S&P Global Inc COM 78409V104 34 219 SH   SOLE   219 0 0
Boeing Co/The COM 097023105 267 1,052 SH   SOLE   1,052 0 0
Hanesbrands Inc COM 410345102 46 1,865 SH   SOLE   1,865 0 0
Ctrip.com International Ltd AMERICAN DEP SHS 22943F100 7,911 150,000 SH   SOLE   150,000 0 0
Ctrip.com International Ltd AMERICAN DEP SHS 22943F100 207 3,923 SH   DFND 1 3,923 0 0
Adobe Systems Inc COM 00724F101 181 1,210 SH   SOLE   1,210 0 0
Brixmor Property Group Inc COM 11120U105 45 2,402 SH   SOLE   2,402 0 0
Extra Space Storage Inc COM 30225T102 77 969 SH   SOLE   969 0 0
Digital Realty Trust Inc COM 253868103 59 500 SH   SOLE   500 0 0
Essex Property Trust Inc COM 297178105 70 274 SH   SOLE   274 0 0
WellCare Health Plans Inc COM 94946T106 57 330 SH   SOLE   330 0 0
CoreSite Realty Corp COM 21870Q105 45 400 SH   SOLE   400 0 0
Best Buy Co Inc COM 086516101 53 923 SH   SOLE   923 0 0
INC Research Holdings Inc CL A 45329R109 38 726 SH   SOLE   726 0 0
3M Co COM 88579Y101 42 202 SH   SOLE   202 0 0
Mettler-Toledo International I COM 592688105 41 66 SH   SOLE   66 0 0
iShares MSCI Poland Capped ETF MSCI POL CAP ETF 46429B606 1,003 37,813 SH   DFND 1 37,813 0 0
McKesson Corp COM 58155Q103 47 304 SH   SOLE   304 0 0
Taubman Centers Inc COM 876664103 25 500 SH   SOLE   500 0 0
Apple Inc COM 037833100 1,378 8,943 SH   SOLE   8,943 0 0
Limoneira Co COM 532746104 33 1,411 SH   SOLE   1,411 0 0
PayPal Holdings Inc COM 70450Y103 183 2,863 SH   SOLE   2,863 0 0
ETFS Physical Swiss Gold Share SHS 26922Y105 3,030 24,432 SH   SOLE   24,432 0 0
RLJ Lodging Trust COM 74965L101 96 4,364 SH   SOLE   4,364 0 0
Morgan Stanley COM NEW 617446448 117 2,427 SH   SOLE   2,427 0 0
Lear Corp COM NEW 521865204 73 420 SH   SOLE   420 0 0
Royal Caribbean Cruises Ltd COM V7780T103 103 865 SH   SOLE   865 0 0
SPDR EURO STOXX 50 ETF EURO STOXX 50 78463X202 141 3,420 SH   SOLE   3,420 0 0
iShares Europe ETF COM 464287861 350 7,470 SH   SOLE   7,470 0 0
TransCanada Corp COM 89353D107 100 2,028 SH   SOLE   2,028 0 0
Macerich Co/The COM 554382101 38 700 SH   SOLE   700 0 0
Prologis Inc COM 74340W103 114 1,800 SH   SOLE   1,800 0 0
Healthcare Trust of America In CL A NEW 42225P501 36 1,200 SH   SOLE   1,200 0 0
Lam Research Corp COM 512807108 1,901 10,274 SH   SOLE   10,274 0 0
SL Green Realty Corp COM 78440X101 101 1,000 SH   SOLE   1,000 0 0
Alexion Pharmaceuticals Inc COM 015351109 75 536 SH   SOLE   536 0 0
Duke Realty Corp COM NEW 264411505 58 1,996 SH   SOLE   1,996 0 0
Bitauto Holdings Ltd SPONSORED ADS 091727107 6,702 150,000 SH   SOLE   150,000 0 0
Aon PLC SHS CL A G0408V102 35 238 SH   SOLE   238 0 0
Vanguard S&P 500 ETF S&P 500 ETF SHS 922908363 2,197 9,522 SH   DFND 1 9,522 0 0
Sun Communities Inc COM 866674104 43 500 SH   SOLE   500 0 0
Barclays Bank PLC IPATH S&P500 VIX 06746L422 78 1,981 SH   SOLE   1,981 0 0
Brookdale Senior Living Inc COM 112463104 73 6,900 SH   SOLE   6,900 0 0
Lockheed Martin Corp COM 539830109 348 1,123 SH   SOLE   1,123 0 0
Acadia Realty Trust COM SH BEN INT 004239109 60 2,100 SH   SOLE   2,100 0 0
Verizon Communications Inc COM 92343V104 85 1,725 SH   SOLE   1,725 0 0
Momo Inc ADR 60879B107 9,014 287,612 SH   SOLE   287,612 0 0
Momo Inc ADR 60879B107 4,268 136,197 SH   DFND 1 136,197 0 0
Turquoise Hill Resources Ltd COM 900435108 334 107,873 SH   DFND 1 107,873 0 0
Comcast Corp CL A 20030N101 42 1,096 SH   SOLE   1,096 0 0
Arista Networks Inc COM 040413106 1,896 10,000 SH   SOLE   10,000 0 0
QTS Realty Trust Inc COM CL A 74736A103 79 1,500 SH   SOLE   1,500 0 0
Broadcom Ltd SHS Y09827109 157 646 SH   SOLE   646 0 0
Expedia Inc COM NEW 30212P303 81 560 SH   SOLE   560 0 0
Universal Display Corp COM 91347P105 1,289 10,000 SH   SOLE   10,000 0 0
Advanced Micro Devices Inc COM 007903107 682 53,457 SH   SOLE   53,457 0 0
Apartment Investment & Managem CL A 03748R101 88 2,000 SH   SOLE   2,000 0 0
Owens-Illinois Inc COM NEW 690768403 44 1,749 SH   SOLE   1,749 0 0
Mastercard Inc CL A 57636Q104 290 2,054 SH   SOLE   2,054 0 0
Liberty Property Trust SH BEN INT 531172104 33 800 SH   SOLE   800 0 0
iShares MSCI Emerging Markets MSCI EMG MKT ETF 464287234 2,047 45,692 SH   DFND 1 45,692 0 0
iShares MSCI Emerging Markets MSCI EMG MKT ETF 464287234 62 1,387 SH   SOLE   1,387 0 0
NVIDIA Corp COM 67066G104 40,818 228,328 SH   SOLE   228,328 0 0
Quest Diagnostics Inc COM 74834L100 42 450 SH   SOLE   450 0 0
Visa Inc COM CL A 92826C839 268 2,550 SH   SOLE   2,550 0 0
Humana Inc COM 444859102 108 442 SH   SOLE   442 0 0
Bright Scholar Education Holdi SPONSORED ADS 109199109 1,394 60,000 SH   SOLE   60,000 0 0
Bright Scholar Education Holdi SPONSORED ADS 109199109 835 35,939 SH   DFND 1 35,939 0 0
DCT Industrial Trust Inc COM NEW 233153204 110 1,900 SH   SOLE   1,900 0 0
Life Storage Inc COM 53223X107 74 900 SH   SOLE   900 0 0
Intuit Inc COM 461202103 116 818 SH   SOLE   818 0 0
iShares Russell 3000 ETF RUSSELL 3000 ETF 464287689 0 1 SH   SOLE   1 0 0
iShares MSCI Eurozone ETF MSCI EURZONE ETF 464286608 2,495 57,605 SH   DFND 1 57,605 0 0
Simon Property Group Inc NEW COM 828806109 201 1,251 SH   SOLE   1,251 0 0
EastGroup Properties Inc COM 277276101 26 300 SH   SOLE   300 0 0
Baxter International Inc COM 071813109 184 2,928 SH   SOLE   2,928 0 0
Align Technology Inc COM 016255101 132 706 SH   SOLE   706 0 0
Uniti Group Inc COM 91325V108 286 19,500 SH   SOLE   19,500 0 0
Uniti Group Inc COM 91325V108 183 12,500 SH   DFND 1 12,500 0 0
Mohawk Industries Inc COM 608190104 102 412 SH   SOLE   412 0 0
JPMorgan Chase & Co COM 46625H100 125 1,310 SH   SOLE   1,310 0 0
TAL Education Group COM 874080104 77,146 2,288,512 SH   SOLE   2,288,512 0 0
TAL Education Group COM 874080104 13,066 387,612 SH   DFND 1 387,612 0 0
RMR Group Inc/The CL A 74967R106 0 5 SH   SOLE   5 0 0
Rexford Industrial Realty Inc COM 76169C100 49 1,700 SH   SOLE   1,700 0 0
Alibaba Group Holding Ltd SPONSORED ADS 01609W102 123,010 712,235 SH   SOLE   712,235 0 0
Alibaba Group Holding Ltd SPONSORED ADS 01609W102 63,158 365,689 SH   DFND 1 365,689 0 0
American Homes 4 Rent CL A 02665T306 26 1,200 SH   SOLE   1,200 0 0
salesforce.com Inc COM 79466L302 60 638 SH   SOLE   638 0 0
City Office REIT Inc COM 178587101 65 4,700 SH   SOLE   4,700 0 0
Gilead Sciences Inc COM 375558103 91 1,124 SH   SOLE   1,124 0 0
Texas Instruments Inc COM 882508104 130 1,451 SH   SOLE   1,451 0 0
Honeywell International Inc COM 438516106 288 2,029 SH   SOLE   2,029 0 0
DDR Corp COM 23317H102 20 2,200 SH   SOLE   2,200 0 0
Chemed Corp COM 16359R103 31 153 SH   SOLE   153 0 0
Celgene Corp COM 151020104 71 488 SH   SOLE   488 0 0
CBL & Associates Properties In COM 124830100 19 2,300 SH   SOLE   2,300 0 0
Corcept Therapeutics Inc COM 218352102 53 2,759 SH   SOLE   2,759 0 0
Johnson & Johnson COM 478160104 45 347 SH   SOLE   347 0 0
Costco Wholesale Corp COM 22160K105 98 598 SH   SOLE   598 0 0
United States Oil Fund LP UNITS 91232N108 4,609 441,900 SH   SOLE   441,900 0 0
Hershey Co/The COM 427866108 50 456 SH   SOLE   456 0 0
Intuitive Surgical Inc COM NEW 46120E602 134 128 SH   SOLE   128 0 0
VanEck Vectors Gold Miners ETF GOLD MINERS ETF 92189F106 414 18,031 SH   SOLE   18,031 0 0
Veeva Systems Inc CL A COM 922475108 42 740 SH   SOLE   740 0 0
Autodesk Inc COM 052769106 11 96 SH   SOLE   96 0 0
Spirit Realty Capital Inc NEW COM 84860W102 175 20,362 SH   SOLE   20,362 0 0
Citigroup Inc COM NEW 172967424 200 2,743 SH   SOLE   2,743 0 0
NetEase Inc SPONSORED ADR 64110W102 10,304 39,059 SH   SOLE   39,059 0 0
NetEase Inc SPONSORED ADR 64110W102 1,073 4,067 SH   DFND 1 4,067 0 0
United States Brent Oil Fund L UNIT 91167Q100 1,377 90,855 SH   SOLE   90,855 0 0
Applied Materials Inc COM 038222105 226 4,348 SH   SOLE   4,348 0 0
Home Depot Inc/The COM 437076102 201 1,231 SH   SOLE   1,231 0 0
AbbVie Inc COM 00287Y109 198 2,227 SH   SOLE   2,227 0 0
PepsiCo Inc COM 713448108 170 1,528 SH   SOLE   1,528 0 0
H&R Block Inc COM 093671105 26 995 SH   SOLE   995 0 0
Global X Robotics & Artificial RBTCS ARTFL INTE 37954Y715 171 7,867 SH   SOLE   7,867 0 0
Microsoft Corp COM 594918104 631 8,467 SH   SOLE   8,467 0 0
New Oriental Education & Techn SPON ADR 647581107 58,383 661,490 SH   SOLE   661,490 0 0
New Oriental Education & Techn SPON ADR 647581107 14,093 159,678 SH   DFND 1 159,678 0 0
Biogen Inc COM 09062X103 108 345 SH   SOLE   345 0 0
Alexandria Real Estate Equitie COM 015271109 94 794 SH   SOLE   794 0 0
iShares MSCI Taiwan Capped ETF MSCI TAIWAN ETF 46434G772 234 6,486 SH   DFND 1 6,486 0 0
Alphabet Inc CAP STK CL A 02079K305 5,613 5,765 SH   SOLE   5,765 0 0
Chatham Lodging Trust COM 16208T102 51 2,400 SH   SOLE   2,400 0 0
Equity Residential SH BEN INT 29476L107 105 1,600 SH   SOLE   1,600 0 0
UnitedHealth Group Inc COM 91324P102 377 1,924 SH   SOLE   1,924 0 0
SPDR Gold Shares GOLD SHS 78463V107 6,061 49,848 SH   SOLE   49,848 0 0
American Assets Trust Inc COM 024013104 64 1,600 SH   SOLE   1,600 0 0
Netflix Inc COM 64110L106 159 875 SH   SOLE   875 0 0
Aetna Inc COM 00817Y108 159 1,000 SH   SOLE   1,000 0 0
American Tower Corp COM 03027X100 137 1,000 SH   SOLE   1,000 0 0
ISHARES TR 20 YR TR BD ETF 464287432 32 260 SH   SOLE   260 0 0
ISHARES TR 20 YR TR BD ETF 464287432 1,499 12,018 SH   DFND 1 12,018 0 0
Blackstone Group LP/The COM UNIT LTD 09253U108 59 1,757 SH   SOLE   1,757 0 0
Cooper Cos Inc/The COM NEW 216648402 28 117 SH   SOLE   117 0 0
UDR Inc COM 902653104 34 900 SH   SOLE   900 0 0
Big Lots Inc COM 089302103 60 1,122 SH   SOLE   1,122 0 0
iShares Core MSCI Emerging Mar CORE MSCI EMKT 46434G103 789 14,600 SH   DFND 1 14,600 0 0
Micron Technology Inc COM 595112103 56 1,430 SH   SOLE   1,430 0 0
Washington Prime Group Inc COM 93964W108 17 2,000 SH   SOLE   2,000 0 0
HCP Inc COM 40414L109 70 2,500 SH   SOLE   2,500 0 0
American Express Co COM 025816109 48 530 SH   SOLE   530 0 0
JD.com Inc SPON ADR CL A 47215P106 22,900 599,478 SH   SOLE   599,478 0 0
JD.com Inc SPON ADR CL A 47215P106 7,217 188,921 SH   DFND 1 188,921 0 0
Baidu Inc SPON ADR REP A 056752108 70,887 286,192 SH   SOLE   286,192 0 0
Baidu Inc SPON ADR REP A 056752108 21,486 86,747 SH   DFND 1 86,747 0 0
Carnival Corp UNIT 99/99/9999 143658300 60 925 SH   SOLE   925 0 0
58.com Inc SPON ADR REP A 31680Q104 116 1,838 SH   DFND 1 1,838 0 0
Electronic Arts Inc COM 285512109 176 1,495 SH   SOLE   1,495 0 0
United States 12 Month Oil Fun UNIT BEN INT 91288V103 2,104 115,356 SH   SOLE   115,356 0 0
Vornado Realty Trust SH BEN INT 929042109 100 1,300 SH   SOLE   1,300 0 0
Hudson Pacific Properties Inc COM 444097109 87 2,600 SH   SOLE   2,600 0 0
Pennsylvania Real Estate Inves SH BEN INT 709102107 12 1,100 SH   SOLE   1,100 0 0
PowerShares QQQ Trust Series 1 UNIT SER 1 73935A104 175 1,205 SH   SOLE   1,205 0 0
Delphi Automotive PLC SHS G27823106 52 531 SH   SOLE   531 0 0
iShares TIPS Bond ETF TIPS BD ETF 464287176 230 2,022 SH   DFND 1 2,022 0 0
Altisource Residential Corp CL B 02153W100 605 54,434 SH   SOLE   54,434 0 0
Altisource Residential Corp CL B 02153W100 284 25,588 SH   DFND 1 25,588 0 0
Regeneron Pharmaceuticals Inc COM 75886F107 26 58 SH   SOLE   58 0 0
Take-Two Interactive Software COM 874054109 73 713 SH   SOLE   713 0 0
CubeSmart COM 229663109 91 3,500 SH   SOLE   3,500 0 0
Weibo Corp SPONSORED ADR 948596101 29,682 300,000 SH   SOLE   300,000 0 0
Hilton Worldwide Holdings Inc WHEN ISSUED 43300A203 59 850 SH   SOLE   850 0 0
iShares MSCI China ETF MSCI CHINA ETF 46429B671 1,191 18,878 SH   DFND 1 18,878 0 0
iShares S&P GSCI Commodity Ind UNIT BEN INT 46428R107 1,253 84,061 SH   SOLE   84,061 0 0
Northrop Grumman Corp COM 666807102 138 480 SH   SOLE   480 0 0
Baozun Inc SPONSORED ADR 06684L103 26,801 818,102 SH   SOLE   818,102 0 0
Baozun Inc SPONSORED ADR 06684L103 1,006 30,714 SH   DFND 1 30,714 0 0
Extended Stay America Inc UNIT 99/99/9999B 30224P200 34 1,700 SH   SOLE   1,700 0 0