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 3,818 18,405 SH   DFND 1 0 18,405 0
COPA HOLDINGS SA COM 310761054 12,792 95,418 SH   DFND 1 0 95,418 0
CEMEX SAB DE CV COM 151290889 11,962 1,594,898 SH   DFND 1 0 1,594,898 0
COCA COLA FEMSA SAB DE CV COM 191241108 1,239 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 7,682 522,561 SH   DFND 1 0 522,561 0
FOMENTO ECONOMICO MEXICANO SAB DE CV COM 344419106 7,202 76,700 SH   DFND 1 0 76,700 0
ISHARES, INC ISHARES MSCI BRAZIL INDEX FUND ETF 464286400 662,613 16,381,048 SH   DFND 1 0 16,381,048 0
ISHARES INC ISHARES MSCI EUROZONE ETF ETF 464286608 211,799 4,882,403 SH   DFND 1 0 4,882,403 0
ISHARES INC ISHARES MSCI CHILE CAPPED ETF ETF 464286640 10,083 193,302 SH   DFND 1 0 193,302 0
ISHARES INC ISHARES MSCI SPAIN CAPPED ETF ETF 464286764 12,748 389,000 SH   DFND 1 0 389,000 0
ISHARES INC ISHARES MSCI SOUTH KOREA CAPPED ETF ETF 464286772 25,144 335,563 SH   DFND 1 0 335,563 0
ISHARES MSCI GERMANY ETF 464286806 49,193 1,489,780 SH   DFND 1 0 1,489,780 0
ISHARES INC ISHARES MSCI MEXICO CAPPED ETF ETF 464286822 2,057 41,726 SH   DFND 1 0 41,726 0
ISHARES MSCI HONG KONG INDEX ETF 464286871 114,309 4,496,816 SH   DFND 1 0 4,496,816 0
ISHARES TRUST ISHARES S&P 100 ETF ETF 464287101 18,745 158,000 SH   DFND 1 0 158,000 0
ISHARES FTSEXINHUA CHINA 25 ETF 464287184 13,761 298,055 SH   DFND 1 0 298,055 0
ISHARES CORE S&P 500 ETF ETF 464287200 125,959 468,509 SH   DFND 1 0 468,509 0
ISHARES, INC ISHARES MSCI EMERGING MARKETS INDEX ETF 464287234 9,612 204,000 SH   DFND 1 0 204,000 0
ISHARES TRUST ISHARES RUSSELL 2000 ETF ETF 464287655 55,066 361,182 SH   DFND 1 0 361,182 0
ISHARES TRUST - ISHARES CORE S&P SMALL-CAP ETF ETF 464287804 173,886 2,263,849 SH   DFND 1 0 2,263,849 0
ISHARES TRUST ISHARES CORE HIGH DIVIDEND ETF ETF 46429B663 1,217 13,500 SH   DFND 1 0 13,500 0
ISHARES TRUST ISHARES MSCI EAFE SMALL CAP ETF ETF 46429B671 486 7,309 SH   DFND 1 0 7,309 0
ISHARES TRUST - ISHARES MSCI USA QUALITY FACTOR ETF ETF 46432F339 8,171 98,568 SH   DFND 1 0 98,568 0
ITAU UNIBANCO HOLDING SA COM 465562106 35,265 2,712,719 SH   DFND 1 0 2,712,719 0
LATAM AIRLINES GROUP SA COM 51817R106 36,783 2,646,277 SH   DFND 1 0 2,646,277 0
SPDR S&P 500 ETF TRUST ETF 78462F103 142,275 533,143 SH   DFND 1 0 533,143 0
SPDR S&P CHINA ETF ETF 78463X400 15 141 SH   DFND 1 0 141 0
THE SELECT SECTOR SPDR TRUST THE HEALTH CARE SELECT ETF 81369Y209 2,327 28,147 SH   DFND 1 0 28,147 0
THE SELECT SECTOR SPDR TRUST THE CONSUMER STAPLES ETF 81369Y308 1,393 24,487 SH   DFND 1 0 24,487 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 13,692 214,101 SH   DFND 1 0 214,101 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 91 3,906 SH   DFND 1 0 3,906 0
VANGUARD EMERGING MARKET ETF 922042858 13,987 304,670 SH   DFND 1 0 304,670 0
VANGUARD S&P 500 ETF ETF 922908363 122,065 497,636 SH   DFND 1 0 497,636 0
VANGUARD INDEX FUNDS VANGUARD VALUE ETF ETF 922908744 299,036 2,812,604 SH   DFND 1 0 2,812,604 0
VANGUARD INDEX FUNDS VANGUARD SMALL CAP ETF ETF 922908751 15,795 106,869 SH   DFND 1 0 106,869 0
VANGUARD INDEX FUNDS VANGUARD TOTAL STOCK MARKET ETF 922908769 703 5,124 SH   DFND 1 0 5,124 0
WISDOMTREE TRUST - LARGECAP DIVIDEND FUND ETF 97717W307 534 5,800 SH   DFND 1 0 5,800 0
AMBEV SA COM 02319V103 41,532 6,429,028 SH   DFND 1 0 6,429,028 0
ISHARES INC. - ISHARES MSCI JAPAN ETF ETF 46434G822 888 14,823 SH   DFND 1 0 14,823 0
THE SELECT SECTOR SPDR TRUST THE ENERGY SELECT ETF 81369Y506 23,180 320,791 SH   DFND 1 0 320,791 0
FINANCIAL SELECT SECTOR SPDR ETF 81369Y605 54,996 1,970,491 SH   DFND 1 0 1,970,491 0
ISHARES INC. - ISHARES MSCI TAIWAN CAPPED ETF ETF 46434G772 8,909 246,036 SH   DFND 1 0 246,036 0
ISHARES TRUST ISHARES LATIN AMERICA 40 ETF ETF 464287390 55,171 1,614,608 SH   DFND 1 0 1,614,608 0
ISHARES TRUST ISHARES MSCI EUROPE FINANCIALS ETF ETF 464289180 45,881 1,968,309 SH   DFND 1 0 1,968,309 0
ISHARES INC ISHARES CORE MSCI EMERGING MARKETS ETF ETF 46434G103 76,237 1,339,835 SH   DFND 1 0 1,339,835 0
ISHARES TRUST ISHARES MSCI UNITED KINGDOM ETF ETF 46435G334 1,163 32,458 SH   DFND 1 0 32,458 0
PAMPA ENERGIA SA COM 697660207 29,502 438,501 SH   DFND 1 0 438,501 0
YPF SA COM 984245100 5,771 251,905 SH   DFND 1 0 251,905 0
AZUL SA COM 05501U106 14,205 596,105 SH   DFND 1 0 596,105 0
BANCO MACRO SA COM 05961W105 18 159 SH   DFND 1 0 159 0
BRF BRASIL FOODS SA COM 10552T107 10,553 937,167 SH   DFND 1 0 937,167 0
GRUPO FINANCIERO GALICIA SA COM 399909100 47,567 722,347 SH   DFND 1 0 722,347 0
ADECOAGRO SA COM 058467146 6,993 676,331 SH   DFND 1 0 676,331 0
ALBEMARLE CORP COM 012653101 23,704 185,350 SH   DFND 1 0 185,350 0
GRUPO SUPERVIELLE SA COM 40054A108 7,947 271,028 SH   DFND 1 0 271,028 0
VANGUARD INDEX FUNDS VANGUARD LARGE CAP ETF ETF 922908637 2,329 19,000 SH   DFND 1 0 19,000 0
BANCO SANTANDER BRASIL SA COM 05967A107 3,609 373,240 SH   DFND 1 0 373,240 0
GERDAU SA COM 373737105 8,522 2,290,780 SH   DFND 1 0 2,290,780 0
GRUPO FINANCIERO SANTANDER MEXICO SAB DE CV COM 40053C105 6,034 825,500 SH   DFND 1 0 825,500 0
LOMA NEGRA CIA IND COM 54150E104 2 90 SH   DFND 1 0 90 0