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
ADECOAGRO SA COM 058467146 5,052 623,731 SH   DFND 1 0 623,731 0
ALBEMARLE CORP COM 012653101 7,632 81,503 SH   DFND 1 0 81,503 0
AMBEV SA COM 02319V103 41,477 8,843,715 SH   DFND 1 0 8,843,715 0
AZUL SA COM 05501U106 9,931 594,656 SH   DFND 1 0 594,656 0
BANCO MACRO SA COM 05961W105 10 159 SH   DFND 1 0 159 0
BANCO SANTANDER BRASIL SA COM 05967A107 12,178 1,632,424 SH   DFND 1 0 1,632,424 0
BANCO SANTANDER MEXICO SA COM 05969B103 167 25,500 SH   DFND 1 0 25,500 0
BRF BRASIL FOODS SA COM 10552T107 1,891 404,056 SH   DFND 1 0 404,056 0
CEMEX SAB DE CV COM 151290889 40,746 6,201,841 SH   DFND 1 0 6,201,841 0
CENTRAL PUERTO SA COM 155038201 5,814 578,540 SH   DFND 1 0 578,540 0
COCA COLA FEMSA SAB DE CV COM 191241108 1,458 25,752 SH   DFND 1 0 25,752 0
COPA HOLDINGS SA COM 310761054 30,986 328,769 SH   DFND 1 0 328,769 0
CORPORACION AMERICA AIRPORTS SA COM L1995B107 511 59,394 SH   DFND 1 0 59,394 0
CREDICORP LTD COM 2519Y1084 553 2,500 SH   DFND 1 0 2,500 0
DB HARVEST CSI 300 CHINA A ETF 233051879 4 141 SH   DFND 1 0 141 0
FIBRIA CELULOSE SA COM 31573A109 153 8,185 SH   DFND 1 0 8,185 0
FINANCIAL SELECT SECTOR SPDR ETF 81369Y605 25,465 957,691 SH   DFND 1 0 957,691 0
FOMENTO ECONOMICO MEXICANO SAB DE CV COM 344419106 23,176 266,335 SH   DFND 1 0 266,335 0
GERDAU SA COM 373737105 573 159,672 SH   DFND 1 0 159,672 0
GRUPO FINANCIERO GALICIA SA COM 399909100 27,303 775,654 SH   DFND 1 0 775,654 0
GRUPO SUPERVIELLE SA COM 40054A108 6,122 563,741 SH   DFND 1 0 563,741 0
ISHARES CORE DAX UCITS ETF DE ETF D3803R109 2,185 18,000 SH   DFND 1 0 18,000 0
ISHARES CORE S&P 500 ETF ETF 464287200 95,016 348,272 SH   DFND 1 0 348,272 0
ISHARES FTSEXINHUA CHINA 25 ETF 464287184 18,404 434,455 SH   DFND 1 0 434,455 0
ISHARES INC ISHARES CORE MSCI EMERGING MARKETS ETF ETF 46434G103 132,825 2,572,635 SH   DFND 1 0 2,572,635 0
ISHARES INC ISHARES MSCI CHILE CAPPED ETF ETF 464286640 8,231 179,878 SH   DFND 1 0 179,878 0
ISHARES INC ISHARES MSCI EUROZONE ETF ETF 464286608 110,422 2,723,103 SH   DFND 1 0 2,723,103 0
ISHARES INC ISHARES MSCI MEXICO CAPPED ETF ETF 464286822 223 4,744 SH   DFND 1 0 4,744 0
ISHARES INC ISHARES MSCI SOUTH KOREA CAPPED ETF ETF 464286772 94,506 1,413,063 SH   DFND 1 0 1,413,063 0
ISHARES INC ISHARES MSCI SPAIN CAPPED ETF ETF 464286764 693 23,000 SH   DFND 1 0 23,000 0
ISHARES INC. - ISHARES MSCI JAPAN ETF ETF 46434G822 2,970 51,123 SH   DFND 1 0 51,123 0
ISHARES INC. - ISHARES MSCI TAIWAN CAPPED ETF ETF 46434G772 61,670 1,746,036 SH   DFND 1 0 1,746,036 0
ISHARES MSCI GERMANY ETF 464286806 30,687 1,039,180 SH   DFND 1 0 1,039,180 0
ISHARES MSCI HONG KONG INDEX ETF 464286871 168,895 6,979,116 SH   DFND 1 0 6,979,116 0
ISHARES TRUST - ISHARES CORE S&P SMALL-CAP ETF ETF 464287804 163,042 1,947,240 SH   DFND 1 0 1,947,240 0
ISHARES TRUST - ISHARES MSCI USA QUALITY FACTOR ETF ETF 46432F339 47 568 SH   DFND 1 0 568 0
ISHARES TRUST ISHARES CORE HIGH DIVIDEND ETF ETF 46429B663 1,147 13,500 SH   DFND 1 0 13,500 0
ISHARES TRUST ISHARES LATIN AMERICA 40 ETF ETF 464287390 75,572 2,572,229 SH   DFND 1 0 2,572,229 0
ISHARES TRUST ISHARES MSCI EAFE SMALL CAP ETF ETF 46429B671 465 7,309 SH   DFND 1 0 7,309 0
ISHARES TRUST ISHARES MSCI EUROPE FINANCIALS ETF ETF 464289180 30,981 1,546,709 SH   DFND 1 0 1,546,709 0
ISHARES TRUST ISHARES MSCI UNITED KINGDOM ETF ETF 46435G334 1,120 32,458 SH   DFND 1 0 32,458 0
ISHARES TRUST ISHARES RUSSELL 2000 ETF ETF 464287655 11,190 68,282 SH   DFND 1 0 68,282 0
ISHARES TRUST ISHARES S&P 100 ETF ETF 464287101 9,374 78,400 SH   DFND 1 0 78,400 0
ISHARES, INC ISHARES MSCI BRAZIL INDEX FUND ETF 464286400 553,193 17,346,919 SH   DFND 1 0 17,346,919 0
ISHARES, INC ISHARES MSCI EMERGING MARKETS INDEX ETF 464287234 1,938 45,400 SH   DFND 1 0 45,400 0
ITAU UNIBANCO HOLDING SA COM 465562106 57,140 5,547,614 SH   DFND 1 0 5,547,614 0
LATAM AIRLINES GROUP SA COM 51817R106 20,946 2,071,776 SH   DFND 1 0 2,071,776 0
LOMA NEGRA CIA IND COM 54150E104 2,136 201,548 SH   DFND 1 0 201,548 0
PAGSEGURO DIGITAL LTD COM G68707101 128 4,616 SH   DFND 1 0 4,616 0
PAMPA ENERGIA SA COM 697660207 21,792 582,217 SH   DFND 1 0 582,217 0
SELECT SECTOR SPDR FUND- TECHNOLOGY ETF 81369Y803 18,286 263,101 SH   DFND 1 0 263,101 0
SPDR S&P 500 ETF TRUST ETF 78462F103 83,856 309,556 SH   DFND 1 0 309,556 0
SPDR S&P CHINA ETF ETF 78463X400 15 141 SH   DFND 1 0 141 0
THE SELECT SECTOR SPDR TRUST THE CONSUMER STAPLES ETF 81369Y308 1,263 24,487 SH   DFND 1 0 24,487 0
THE SELECT SECTOR SPDR TRUST THE ENERGY SELECT ETF 81369Y506 21,689 287,391 SH   DFND 1 0 287,391 0
THE SELECT SECTOR SPDR TRUST THE HEALTH CARE SELECT ETF 81369Y209 2,344 28,147 SH   DFND 1 0 28,147 0
THE SELECT SECTOR SPDR TRUST THE INDUSTRIAL SELECT ETF 81369Y704 1 10 SH   DFND 1 0 10 0
THE SELECT SECTOR SPDR TRUST THE UTILITIES SELECT ETF 81369Y886 72 1,396 SH   DFND 1 0 1,396 0
VANECK VECTORS ETF TRUST - VANECK VECTORS GOLD ETF 92189F106 86 3,906 SH   DFND 1 0 3,906 0
VANGUARD EMERGING MARKET ETF 922042858 451 10,870 SH   DFND 1 0 10,870 0
VANGUARD INDEX FUNDS VANGUARD LARGE CAP ETF ETF 922908637 12 100 SH   DFND 1 0 100 0
VANGUARD INDEX FUNDS VANGUARD SMALL CAP ETF ETF 922908751 22,617 145,269 SH   DFND 1 0 145,269 0
VANGUARD INDEX FUNDS VANGUARD TOTAL STOCK MARKET ETF 922908769 31,451 224,124 SH   DFND 1 0 224,124 0
VANGUARD INDEX FUNDS VANGUARD VALUE ETF ETF 922908744 225,680 2,174,604 SH   DFND 1 0 2,174,604 0
VANGUARD S&P 500 ETF ETF 922908363 87,864 353,036 SH   DFND 1 0 353,036 0
WISDOMTREE TRUST - LARGECAP DIVIDEND FUND ETF 97717W307 520 5,800 SH   DFND 1 0 5,800 0
YPF SA COM 984245100 2,040 144,772 SH   DFND 1 0 144,772 0