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
ADOBE SYS INC COM 00724F101 2,968 6,819 SH   DFND   0 0 2,968
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 8,759 40,601 SH   DFND   0 0 11,390
ALPHABET INC CAP STK CL A 02079K305 9,419 6,641 SH   DFND   0 0 9,200
ALPHABET INC CAP STK CL C 02079K107 1,696 1,200 SH   DFND   0 0 1,200
AMAZON COM INC COM 023135106 7,359 2,667 SH   DFND   0 0 6,120
AMBEV SA SPONSORED ADR 02319V103 12,006 4,134,733 SH   SOLE   1,877,900 0 2,256,833
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 91,923 7,243,743 SH   SOLE   1,241,753 0 6,001,990
AMERIPRISE FINL INC COM 03076C106 1,545 10,300 SH   DFND   0 0 10,300
APPLE INC COM 037833100 5,881 16,117 SH   DFND   0 0 7,224
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 4,256 1,015,820 SH   DFND   0 0 240,861
ASSURANT INC COM 04621X108 2,055 19,900 SH   DFND   0 0 19,900
BAIDU INC SPON ADR REP A 056752108 723 6,016 SH   DFND   0 0 6,016
BANCO BRADESCO S A SP ADR PFD NEW 059460303 88,483 23,192,470 SH   SOLE   4,572,688 0 18,619,782
BANCO DE CHILE SPONSORED ADR 059520106 1,701 96,338 SH   SOLE   12,843 0 83,495
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 12,256 747,278 SH   DFND   0 0 747,278
BANCO SANTANDER S A SPONSORED ADR B 05969B103 2,388 661,580 SH   SOLE   207,926 0 453,654
BANCOLOMBIA S A SPON ADR PREF 05968L102 3,118 118,500 SH   SOLE   1,483 0 117,017
BLOOMIN BRANDS INC COM 094235108 3,518 330,000 SH   DFND   0 0 3,518
BOOKING HLDGS INC COM 09857L108 3,185 2,000 SH   DFND   0 0 3,185
BURLINGTON STORES INC COM 122017106 1,957 9,938 SH   DFND   0 0 1,957
CEMEX SAB DE CV SPON ADR NEW 151290889 8,252 2,865,219 SH   SOLE   680,745 0 2,184,474
CENTRAIS ELETRICAS BRASILEIR SPON ADR PFD B 15234Q108 3,720 634,788 SH   DFND   0 0 634,788
COCA COLA CO COM 191216100 10,276 230,000 SH   DFND   0 0 10,276
COMCAST CORP NEW CL A 20030N101 1,855 47,580 SH   DFND   0 0 1,855
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T300 14,326 1,096,093 SH   SOLE   245,030 0 851,063
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 0 100 SH   DFND   0 0 100
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 17,474 1,662,622 SH   SOLE   75,817 0 1,586,805
COPA HOLDINGS SA CL A P31076105 961 19,000 SH   DFND   0 0 19,000
COSAN LTD SHS A G25343107 59,816 3,968,928 SH   SOLE   158,058 0 3,810,870
CREDICORP LTD COM G2519Y108 11,001 82,298 SH   DFND   0 0 82,298
CVS HEALTH CORP COM 126650100 260 4,002 SH   DFND   0 0 4,002
DARDEN RESTAURANTS INC COM 237194105 3,031 40,000 SH   DFND   0 0 3,031
DBX ETF TR CALL 233051909 57 700 SH Call DFND   0 0 700
DBX ETF TR PUT 233051959 41 700 SH Put DFND   0 0 700
DBX ETF TR XTRACK RUSS 2000 233051440 2,317 78,000 SH   DFND   0 0 78,000
DISNEY WALT CO COM DISNEY 254687106 5,978 53,608 SH   DFND   0 0 26,857
ECOPETROL S A SPONSORED ADS 279158109 5,342 480,000 SH   DFND   0 0 480,000
FACEBOOK INC CL A 30303M102 15,949 70,233 SH   DFND   0 0 41,533
FIDELITY NATL INFORMATION SV COM 31620M106 1,164 8,679 SH   DFND   0 0 1,164
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 20,780 335,110 SH   SOLE   93,784 0 241,326
GENERAL MTRS CO COM 37045V100 1,953 77,203 SH   DFND   0 0 1,953
GERDAU S A SPON ADR REP PFD 373737105 290 76,547 SH   SOLE   5,685 0 70,862
GLOBAL PMTS INC COM 37940X102 915 5,393 SH   DFND   0 0 915
GLOBANT S A COM L44385109 54,056 360,737 SH   SOLE   9,800 0 350,937
GRUPO AEROPORTUARIO DEL SURE SPON ADR SER B 40051E202 4,639 41,310 SH   SOLE   8,470 0 32,840
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 4,026 415,000 SH   DFND   0 0 415,000
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 3,614 689,767 SH   SOLE   17,260 0 672,507
HILTON WORLDWIDE HLDGS INC COM 43300A203 585 7,968 SH   DFND   0 0 585
HUB GROUP INC CL A 443320106 1,053 22,000 SH   DFND   0 0 22,000
IHS MARKIT LTD SHS G47567105 2,114 28,000 SH   DFND   0 0 28,000
ISHARES INC MSCI BRAZIL ETF 464286400 6,159 214,154 SH   DFND   0 0 214,154
ISHARES INC MSCI JPN ETF NEW 46434G822 59,760 1,088,128 SH   SOLE   994,978 0 93,150
ISHARES INC MSCI TAIWAN ETF 46434G772 1,915 47,616 SH   DFND   0 0 47,616
ISHARES INC PUT 464286950 3,149 3,400 SH Put DFND   0 0 3,400
ISHARES INC MSCI PAC JP ETF 464286665 314 7,900 SH   DFND   0 0 7,900
ISHARES INC MSCI CDA ETF 464286509 2,707 104,600 SH   DFND   0 0 104,600
ISHARES INC MSCI STH KOR ETF 464286772 1,400 24,500 SH   DFND   0 0 24,500
ISHARES INC CORE MSCI EMKT 46434G103 2,275 47,800 SH   DFND   0 0 47,800
ISHARES INC MSCI EM ASIA ETF 464286426 2,070 31,000 SH   DFND   0 0 31,000
ISHARES INC MSCI GERMANY ETF 464286806 50 1,852 SH   DFND   0 0 1,852
ISHARES INC MSCI EURZONE ETF 464286608 684 18,755 SH   DFND   0 0 18,755
ISHARES INC MSCI AUST ETF 464286103 385 20,000 SH   DFND   0 0 385
ISHARES TR CALL 464287904 0 300 SH Call DFND   0 0 300
ISHARES TR CHINA LG-CAP ETF 464287184 8,452 212,906 SH   DFND   0 0 214,178
ISHARES TR MSCI EMG MKT ETF 464287234 35,004 875,317 SH   DFND   0 0 212,622
ISHARES TR PUT 464288951 35 3,000 SH Put DFND   0 0 3,000
ISHARES TR PUT 464287954 44 3,000 SH Put DFND   0 0 3,000
ISHARES TR MSCI ACWI ETF 464288257 2,779 37,700 SH   DFND   0 0 37,700
ISHARES TR MSCI EURO FL ETF 464289180 63 4,400 SH   DFND   0 0 4,400
ISHARES TR MSCI CHINA ETF 46429B671 3,142 48,000 SH   DFND   0 0 48,000
ISHARES TR JPMORGAN USD EMG 464288281 1,638 15,000 SH   DFND   0 0 15,000
ISHARES TR IBOXX INV CP ETF 464287242 221,813 1,649,165 SH   SOLE   112,640 0 1,536,525
ISHARES TR S&P 500 VAL ETF 464287408 3,192 29,500 SH   DFND   0 0 29,500
ISHARES TR SHORT TREAS BD 464288679 314 2,836 SH   SOLE   2,836 0 0
ISHARES TR 10-20 YR TRS ETF 464288653 6,725 40,183 SH   SOLE   40,183 0 0
ISHARES TR US TREAS BD ETF 46429B267 5,412 193,339 SH   SOLE   193,339 0 0
ISHARES TR FLTG RATE NT ETF 46429B655 9,016 178,212 SH   SOLE   178,212 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 42,266 9,011,909 SH   SOLE   1,769,595 0 7,242,314
LAS VEGAS SANDS CORP COM 517834107 3,416 75,000 SH   DFND   0 0 3,416
LOMA NEGRA CORP SPONSORED ADS 54150E104 426 99,917 SH   SOLE   38,228 0 61,689
LPL FINL HLDGS INC COM 50212V100 3,167 40,400 SH   DFND   0 0 40,400
MATCH GROUP INC COM 57665R106 906 8,462 SH   DFND   0 0 906
MERCADOLIBRE INC COM 58733R102 8,661 8,786 SH   SOLE   1,700 0 7,096
METLIFE INC COM 59156R108 1,753 48,000 SH   DFND   0 0 48,000
MICROSOFT CORP COM 594918104 10,406 51,133 SH   DFND   0 0 13,751
NIKE INC CL B 654106103 5,556 56,664 SH   DFND   0 0 5,556
NORFOLK SOUTHERN CORP COM 655844108 2,072 11,800 SH   DFND   0 0 11,800
NVIDIA CORP COM 67066G104 761 1,999 SH   DFND   0 0 1,999
OGE ENERGY CORP COM 670837103 3 100 SH   DFND   0 0 3
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 7,247 690,810 SH   DFND   0 0 690,810
PETROLEO BRASILEIRO SA PETRO CALL 71654V908 104 4,600 SH Call DFND   0 0 4,600
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 51,916 6,364,165 SH   SOLE   955,857 0 5,408,308
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 20,627 2,487,163 SH   SOLE   970,900 0 1,516,263
PILGRIMS PRIDE CORP NEW COM 72147K108 1,013 60,000 SH   DFND   0 0 60,000
PRIMERICA INC COM 74164M108 2,099 18,000 SH   DFND   0 0 18,000
ROSS STORES INC COM 778296103 4,006 47,000 SH   DFND   0 0 4,006
SALESFORCE COM INC COM 79466L302 1,069 5,704 SH   DFND   0 0 1,069
SELECT SECTOR SPDR TR ENERGY 81369Y506 49 1,300 SH   DFND   0 0 1,300
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 40,081 1,732,106 SH   DFND   0 0 1,732,106
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 1,944 34,500 SH   DFND   0 0 34,500
SERVICENOW INC COM 81762P102 0 1 SH   DFND   0 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 5,678 217,800 SH   SOLE   6,500 0 211,300
SOUTHERN COPPER CORP COM 84265V105 12,989 326,612 SH   SOLE   42,014 0 284,598
SPDR GOLD TRUST GOLD SHS 78463V107 89,564 535,124 SH   DFND   0 0 102,553
SPDR INDEX SHS FDS EURO STOXX 50 78463X202 2,262 63,670 SH   DFND   0 0 63,670
SPDR INDEX SHS FDS ASIA PACIF ETF 78463X301 2,036 20,500 SH   DFND   0 0 20,500
SPDR S&P 500 ETF TR CALL 78462F903 4,962 1,500 SH Call DFND   0 0 1,500
SPDR S&P 500 ETF TR PUT 78462F953 1,806 2,430 SH Put DFND   0 0 2,430
SPDR S&P 500 ETF TR TR UNIT 78462F103 267,651 867,982 SH   SOLE   366,018 0 501,964
TELEFONICA BRASIL SA SPONSORED ADR 87936R106 16,741 1,889,409 SH   SOLE   304,100 0 1,585,309
THERMO FISHER SCIENTIFIC INC COM 883556102 10,870 30,000 SH   DFND   0 0 10,870
TIM PARTICIPACOES S A SPONSORED ADR 88706P205 21,967 1,697,639 SH   SOLE   234,858 0 1,462,781
TJX COS INC NEW COM 872540109 1,953 38,623 SH   DFND   0 0 1,953
TWITTER INC COM 90184L102 2,301 77,191 SH   DFND   0 0 23,801
UNITED RENTALS INC COM 911363109 1,938 13,000 SH   DFND   0 0 13,000
UNITEDHEALTH GROUP INC COM 91324P102 10,618 36,000 SH   DFND   0 0 10,618
VALE S A ADR 91912E105 84,393 7,672,884 SH   SOLE   1,676,705 0 5,996,179
VALE S A PUT 91912E955 1,467 5,000 SH Put DFND   0 0 5,000
VANECK VECTORS ETF TR RUSSIA ETF 92189F403 10,357 499,119 SH   DFND   0 0 499,119
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363 101,897 362,204 SH   DFND   0 0 362,204
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 1,027 20,404 SH   SOLE   4,756 0 15,648
VANGUARD INTL EQUITY INDEX F TT WRLD ST ETF 922042742 14,653 195,900 SH   DFND   0 0 195,900
VISA INC COM CL A 92826C839 2,342 12,126 SH   DFND   0 0 2,342
WISDOMTREE TR INDIA ERNGS FD 97717W422 701 35,000 SH   DFND   0 0 35,000
XP INC CL A G98239109 25,344 602,232 SH   DFND   0 0 610,529