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
CREDICORP LTD COM 2519Y1084 574 2,800 SH   DFND 1 0 2,800 0
COPA HOLDINGS SA COM 310761054 16,166 129,815 SH   DFND 1 0 129,815 0
CEMEX SAB DE CV COM 151290889 27,096 2,984,148 SH   DFND 1 0 2,984,148 0
COCA COLA FEMSA SAB DE CV COM 191241108 1,373 17,800 SH   DFND 1 0 17,800 0
DB HARVEST CSI 300 CHINA A ETF 233051879 4 141 SH   DFND 1 0 141 0
FIBRIA CELULOSE SA COM 31573A109 9,326 688,806 SH   DFND 1 0 688,806 0
FOMENTO ECONOMICO MEXICANO SAB DE CV COM 344419106 1,786 18,700 SH   DFND 1 0 18,700 0
ISHARES, INC ISHARES MSCI BRAZIL INDEX FUND ETF 464286400 453,482 10,877,485 SH   DFND 1 0 10,877,485 0
ISHARES INC ISHARES MSCI EUROZONE ETF ETF 464286608 165,630 3,823,403 SH   DFND 1 0 3,823,403 0
ISHARES INC ISHARES MSCI CHILE CAPPED ETF ETF 464286640 2,893 59,500 SH   DFND 1 0 59,500 0
ISHARES INC ISHARES MSCI SPAIN CAPPED ETF ETF 464286764 37,114 1,100,000 SH   DFND 1 0 1,100,000 0
ISHARES INC ISHARES MSCI SOUTH KOREA CAPPED ETF ETF 464286772 13,506 195,563 SH   DFND 1 0 195,563 0
ISHARES MSCI GERMANY ETF 464286806 76,443 2,357,180 SH   DFND 1 0 2,357,180 0
ISHARES INC ISHARES MSCI MEXICO CAPPED ETF ETF 464286822 2,279 41,726 SH   DFND 1 0 41,726 0
ISHARES MSCI HONG KONG INDEX ETF 464286871 93,450 3,784,916 SH   DFND 1 0 3,784,916 0
ISHARES TRUST ISHARES S&P 100 ETF ETF 464287101 22,928 206,000 SH   DFND 1 0 206,000 0
ISHARES FTSEXINHUA CHINA 25 ETF 464287184 22,485 510,555 SH   DFND 1 0 510,555 0
ISHARES CORE S&P 500 ETF ETF 464287200 124,927 493,921 SH   DFND 1 0 493,921 0
ISHARES, INC ISHARES MSCI EMERGING MARKETS INDEX ETF 464287234 9,141 204,000 SH   DFND 1 0 204,000 0
ISHARES TRUST ISHARES RUSSELL 2000 ETF ETF 464287655 10,740 72,482 SH   DFND 1 0 72,482 0
ISHARES TRUST - ISHARES CORE S&P SMALL-CAP ETF ETF 464287804 165,300 2,227,162 SH   DFND 1 0 2,227,162 0
ISHARES TRUST ISHARES CORE HIGH DIVIDEND ETF ETF 46429B663 1,160 13,500 SH   DFND 1 0 13,500 0
ISHARES TRUST ISHARES MSCI EAFE SMALL CAP ETF ETF 46429B671 461 7,309 SH   DFND 1 0 7,309 0
ISHARES TRUST - ISHARES MSCI USA QUALITY FACTOR ETF ETF 46432F339 7,604 98,568 SH   DFND 1 0 98,568 0
ITAU UNIBANCO HOLDING SA COM 465562106 34,893 2,546,922 SH   DFND 1 0 2,546,922 0
LATAM AIRLINES GROUP SA COM 51817R106 40,106 3,026,877 SH   DFND 1 0 3,026,877 0
SPDR S&P 500 ETF TRUST ETF 78462F103 77,683 309,212 SH   DFND 1 0 309,212 0
SPDR S&P CHINA ETF ETF 78463X400 14 141 SH   DFND 1 0 141 0
THE SELECT SECTOR SPDR TRUST THE HEALTH CARE SELECT ETF 81369Y209 26,908 329,233 SH   DFND 1 0 329,233 0
THE SELECT SECTOR SPDR TRUST THE CONSUMER STAPLES ETF 81369Y308 13,603 252,000 SH   DFND 1 0 252,000 0
THE SELECT SECTOR SPDR TRUST THE INDUSTRIAL SELECT ETF 81369Y704 1 10 SH   DFND 1 0 10 0
SELECT SECTOR SPDR FUND- TECHNOLOGY ETF 81369Y803 22,109 374,101 SH   DFND 1 0 374,101 0
THE SELECT SECTOR SPDR TRUST THE UTILITIES SELECT ETF 81369Y886 74 1,396 SH   DFND 1 0 1,396 0
VANECK VECTORS ETF TRUST - VANECK VECTORS GOLD ETF 92189F106 31,522 1,372,906 SH   DFND 1 0 1,372,906 0
VANGUARD EMERGING MARKET ETF 922042858 16,804 385,670 SH   DFND 1 0 385,670 0
VANGUARD S&P 500 ETF ETF 922908363 33,145 143,636 SH   DFND 1 0 143,636 0
VANGUARD INDEX FUNDS VANGUARD VALUE ETF ETF 922908744 271,521 2,720,104 SH   DFND 1 0 2,720,104 0
VANGUARD INDEX FUNDS VANGUARD SMALL CAP ETF ETF 922908751 73,736 521,769 SH   DFND 1 0 521,769 0
VANGUARD INDEX FUNDS VANGUARD TOTAL STOCK MARKET ETF 922908769 664 5,124 SH   DFND 1 0 5,124 0
WISDOMTREE TRUST - LARGECAP DIVIDEND FUND ETF 97717W307 504 5,800 SH   DFND 1 0 5,800 0
AMBEV SA COM 02319V103 15,950 2,420,405 SH   DFND 1 0 2,420,405 0
ISHARES INC. - ISHARES MSCI JAPAN ETF ETF 46434G822 40,730 731,109 SH   DFND 1 0 731,109 0
THE SELECT SECTOR SPDR TRUST THE ENERGY SELECT ETF 81369Y506 10,495 153,258 SH   DFND 1 0 153,258 0
FINANCIAL SELECT SECTOR SPDR ETF 81369Y605 41,329 1,598,200 SH   DFND 1 0 1,598,200 0
ISHARES INC. - ISHARES MSCI TAIWAN CAPPED ETF ETF 46434G772 200 5,536 SH   DFND 1 0 5,536 0
ISHARES TRUST ISHARES LATIN AMERICA 40 ETF ETF 464287390 28,704 818,000 SH   DFND 1 0 818,000 0
ISHARES TRUST ISHARES MSCI EUROPE FINANCIALS ETF ETF 464289180 74,420 3,169,509 SH   DFND 1 0 3,169,509 0
ISHARES INC ISHARES CORE MSCI EMERGING MARKETS ETF ETF 46434G103 29,549 547,000 SH   DFND 1 0 547,000 0
ISHARES TRUST ISHARES MSCI UNITED KINGDOM ETF ETF 46435G334 1,131 32,458 SH   DFND 1 0 32,458 0
PAMPA ENERGIA SA COM 697660207 13,773 211,561 SH   DFND 1 0 211,561 0
AZUL SA COM 05501U106 9,110 331,890 SH   DFND 1 0 331,890 0
BANCO MACRO SA COM 05961W105 4,422 37,684 SH   DFND 1 0 37,684 0
BRF BRASIL FOODS SA COM 10552T107 11,875 824,094 SH   DFND 1 0 824,094 0
GRUPO FINANCIERO GALICIA SA COM 399909100 24,263 470,766 SH   DFND 1 0 470,766 0
ABERDEEN LATIN AMER EQTY FD COM 00306K106 2,500 92,919 SH   DFND 1 0 92,919 0
ALBEMARLE CORP COM 012653101 18,811 138,000 SH   DFND 1 0 138,000 0
GRUPO SUPERVIELLE SA COM 40054A108 6,415 259,821 SH   DFND 1 0 259,821 0