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 4,609 623,731 SH   DFND 1 0 623,731 0
ALBEMARLE CORP COM 012653101 455 4,503 SH   DFND 1 0 4,503 0
AMBEV SA COM 02319V103 40,946 8,843,715 SH   DFND 1 0 8,843,715 0
AZUL SA COM 05501U106 18,345 1,004,656 SH   DFND 1 0 1,004,656 0
BANCO SANTANDER BRASIL SA COM 05967A107 12,235 1,347,424 SH   DFND 1 0 1,347,424 0
BANCO SANTANDER MEXICO SA COM 05969B103 194 25,500 SH   DFND 1 0 25,500 0
BRF BRASIL FOODS SA COM 10552T107 2,259 404,056 SH   DFND 1 0 404,056 0
CEMEX SAB DE CV COM 151290889 49,010 6,951,841 SH   DFND 1 0 6,951,841 0
CENTRAL PUERTO SA COM 155038201 5,015 468,281 SH   DFND 1 0 468,281 0
COCA COLA FEMSA SAB DE CV COM 191241108 1,568 25,752 SH   DFND 1 0 25,752 0
COPA HOLDINGS SA COM 310761054 28,788 355,499 SH   DFND 1 0 355,499 0
CORPORACION AMERICA AIRPORTS SA COM L1995B107 535 59,394 SH   DFND 1 0 59,394 0
CREDICORP LTD COM 2519Y1084 568 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 2,502 133,848 SH   DFND 1 0 133,848 0
FINANCIAL SELECT SECTOR SPDR ETF 81369Y605 20,526 736,491 SH   DFND 1 0 736,491 0
FOMENTO ECONOMICO MEXICANO SAB DE CV COM 344419106 30,704 315,335 SH   DFND 1 0 315,335 0
GERDAU SA COM 373737105 687 159,672 SH   DFND 1 0 159,672 0
GRUPO FINANCIERO GALICIA SA COM 399909100 1,850 68,536 SH   DFND 1 0 68,536 0
GRUPO SUPERVIELLE SA COM 40054A108 2,216 267,293 SH   DFND 1 0 267,293 0
ISHARES CORE DAX UCITS ETF DE ETF D3803R109 2,251 18,000 SH   DFND 1 0 18,000 0
ISHARES CORE S&P 500 ETF ETF 464287200 167,207 571,022 SH   DFND 1 0 571,022 0
ISHARES FTSEXINHUA CHINA 25 ETF 464287184 15,656 363,755 SH   DFND 1 0 363,755 0
ISHARES INC ISHARES CORE MSCI EMERGING MARKETS ETF ETF 46434G103 70,001 1,343,335 SH   DFND 1 0 1,343,335 0
ISHARES INC ISHARES MSCI CHILE CAPPED ETF ETF 464286640 8,219 180,878 SH   DFND 1 0 180,878 0
ISHARES INC ISHARES MSCI EUROZONE ETF ETF 464286608 5,435 130,453 SH   DFND 1 0 130,453 0
ISHARES INC ISHARES MSCI MEXICO CAPPED ETF ETF 464286822 243 4,744 SH   DFND 1 0 4,744 0
ISHARES INC ISHARES MSCI SOUTH KOREA CAPPED ETF ETF 464286772 81,769 1,193,363 SH   DFND 1 0 1,193,363 0
ISHARES INC ISHARES MSCI SPAIN CAPPED ETF ETF 464286764 696 23,000 SH   DFND 1 0 23,000 0
ISHARES INC. - ISHARES MSCI JAPAN ETF ETF 46434G822 1,818 30,123 SH   DFND 1 0 30,123 0
ISHARES INC. - ISHARES MSCI TAIWAN CAPPED ETF ETF 46434G772 50,973 1,348,136 SH   DFND 1 0 1,348,136 0
ISHARES MSCI GERMANY ETF 464286806 30,841 1,018,530 SH   DFND 1 0 1,018,530 0
ISHARES MSCI HONG KONG INDEX ETF 464286871 145,351 6,021,166 SH   DFND 1 0 6,021,166 0
ISHARES TRUST - ISHARES CORE S&P SMALL-CAP ETF ETF 464287804 17,820 205,060 SH   DFND 1 0 205,060 0
ISHARES TRUST - ISHARES MSCI USA QUALITY FACTOR ETF ETF 46432F339 51 568 SH   DFND 1 0 568 0
ISHARES TRUST ISHARES CORE HIGH DIVIDEND ETF ETF 46429B663 1,221 13,500 SH   DFND 1 0 13,500 0
ISHARES TRUST ISHARES LATIN AMERICA 40 ETF ETF 464287390 93,349 2,945,699 SH   DFND 1 0 2,945,699 0
ISHARES TRUST ISHARES MSCI EAFE SMALL CAP ETF ETF 46429B671 440 7,309 SH   DFND 1 0 7,309 0
ISHARES TRUST ISHARES MSCI EUROPE FINANCIALS ETF ETF 464289180 7,948 381,739 SH   DFND 1 0 381,739 0
ISHARES TRUST ISHARES MSCI UNITED KINGDOM ETF ETF 46435G334 1,118 32,458 SH   DFND 1 0 32,458 0
ISHARES TRUST ISHARES RUSSELL 2000 ETF ETF 464287655 7,172 42,682 SH   DFND 1 0 42,682 0
ISHARES TRUST ISHARES S&P 100 ETF ETF 464287101 10,171 78,400 SH   DFND 1 0 78,400 0
ISHARES, INC ISHARES MSCI BRAZIL INDEX FUND ETF 464286400 548,126 15,957,099 SH   DFND 1 0 15,957,099 0
ISHARES, INC ISHARES MSCI EMERGING MARKETS INDEX ETF 464287234 1,962 45,400 SH   DFND 1 0 45,400 0
ITAU UNIBANCO HOLDING SA COM 465562106 68,206 6,122,614 SH   DFND 1 0 6,122,614 0
LATAM AIRLINES GROUP SA COM 51817R106 17,831 1,823,227 SH   DFND 1 0 1,823,227 0
LOMA NEGRA CIA IND COM 00542E108 1,576 181,548 SH   DFND 1 0 181,548 0
PAGSEGURO DIGITAL LTD COM G68707101 127 4,616 SH   DFND 1 0 4,616 0
PAMPA ENERGIA SA COM 697660207 4,495 138,648 SH   DFND 1 0 138,648 0
SELECT SECTOR SPDR FUND- TECHNOLOGY ETF 81369Y803 14,417 192,101 SH   DFND 1 0 192,101 0
SPDR S&P 500 ETF TRUST ETF 78462F103 58,579 201,516 SH   DFND 1 0 201,516 0
SPDR S&P CHINA ETF ETF 78463X400 14 141 SH   DFND 1 0 141 0
THE SELECT SECTOR SPDR TRUST THE CONSUMER STAPLES ETF 81369Y308 1,319 24,487 SH   DFND 1 0 24,487 0
THE SELECT SECTOR SPDR TRUST THE ENERGY SELECT ETF 81369Y506 10,161 133,791 SH   DFND 1 0 133,791 0
THE SELECT SECTOR SPDR TRUST THE HEALTH CARE SELECT ETF 81369Y209 2,670 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 72 3,906 SH   DFND 1 0 3,906 0
VANGUARD EMERGING MARKET ETF 922042858 448 10,870 SH   DFND 1 0 10,870 0
VANGUARD INDEX FUNDS VANGUARD LARGE CAP ETF ETF 922908637 13 100 SH   DFND 1 0 100 0
VANGUARD INDEX FUNDS VANGUARD SMALL CAP ETF ETF 922908751 17,171 105,669 SH   DFND 1 0 105,669 0
VANGUARD INDEX FUNDS VANGUARD TOTAL STOCK MARKET ETF 922908769 20,843 138,674 SH   DFND 1 0 138,674 0
VANGUARD INDEX FUNDS VANGUARD VALUE ETF ETF 922908744 201,321 1,806,214 SH   DFND 1 0 1,806,214 0
VANGUARD S&P 500 ETF ETF 922908363 151,262 566,356 SH   DFND 1 0 566,356 0
WISDOM TREE TRUST WISDOMTREE US LARGECAP DIVIDEND ETF 97717W307 553 5,800 SH   DFND 1 0 5,800 0
YPF SA COM 984245100 2,324 144,772 SH   DFND 1 0 144,772 0