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 5,148 757,006 SH   DFND 1 0 757,006 0
ALBEMARLE CORP COM 012653101 346 4,503 SH   DFND 1 0 4,503 0
AMBEV SA COM 02319V103 37,114 9,516,445 SH   DFND 1 0 9,516,445 0
AZUL SA COM 05501U106 11,092 406,451 SH   DFND 1 0 406,451 0
BANCO BRADESCO SA COM 059460303 1,769 180,000 SH   DFND 1 0 180,000 0
BANCO SANTANDER BRASIL SA COM 05967A107 9,739 884,524 SH   DFND 1 0 884,524 0
BANCO SANTANDER MEXICO SA COM 05969B103 155 25,500 SH   DFND 1 0 25,500 0
BLACKROCK ASSET MANAGEMENT DEUTSCHLAND AG ISHARES MSCI BRAZIL UCITS ETF DE ETF ZZCGYN232 25,072 738,500 SH   DFND 1 0 738,500 0
BRF BRASIL FOODS SA COM 10552T107 2,966 525,889 SH   DFND 1 0 525,889 0
CEMEX SAB DE CV COM 151290889 20,480 4,275,641 SH   DFND 1 0 4,275,641 0
CENTRAL PUERTO SA COM 155038201 3,450 383,356 SH   DFND 1 0 383,356 0
COCA COLA FEMSA SAB DE CV COM 191241108 847 13,952 SH   DFND 1 0 13,952 0
COPA HOLDINGS SA COM 310761054 33,276 435,499 SH   DFND 1 0 435,499 0
CORPORACION AMERICA AIRPORTS SA COM L1995B107 393 59,394 SH   DFND 1 0 59,394 0
CREDICORP LTD COM 2519Y1084 554 2,500 SH   DFND 1 0 2,500 0
DB HARVEST CSI 300 CHINA A ETF 233051879 3 141 SH   DFND 1 0 141 0
FIBRIA CELULOSE SA COM 31573A109 2,305 133,848 SH   DFND 1 0 133,848 0
FINANCIAL SELECT SECTOR SPDR ETF 81369Y605 14,897 631,491 SH   DFND 1 0 631,491 0
FOMENTO ECONOMICO MEXICANO SAB DE CV COM 344419106 2,804 32,929 SH   DFND 1 0 32,929 0
GERDAU SA COM 373737105 597 159,672 SH   DFND 1 0 159,672 0
GRUPO FINANCIERO GALICIA SA COM 399909100 1,522 56,536 SH   DFND 1 0 56,536 0
GRUPO SUPERVIELLE SA COM 40054A108 946 113,293 SH   DFND 1 0 113,293 0
ISHARES CORE DAX UCITS ETF DE ETF D3803R109 1,875 18,000 SH   DFND 1 0 18,000 0
ISHARES CORE S&P 500 ETF ETF 464287200 41,768 167,522 SH   DFND 1 0 167,522 0
ISHARES FTSEXINHUA CHINA 25 ETF 464287184 18,943 484,855 SH   DFND 1 0 484,855 0
ISHARES INC ISHARES CORE MSCI EMERGING MARKETS ETF ETF 46434G103 138,427 2,929,665 SH   DFND 1 0 2,929,665 0
ISHARES INC ISHARES MSCI CHILE CAPPED ETF ETF 464286640 4,698 113,678 SH   DFND 1 0 113,678 0
ISHARES INC ISHARES MSCI EUROZONE ETF ETF 464286608 4,623 132,453 SH   DFND 1 0 132,453 0
ISHARES INC ISHARES MSCI MEXICO CAPPED ETF ETF 464286822 195 4,744 SH   DFND 1 0 4,744 0
ISHARES INC ISHARES MSCI SOUTH KOREA CAPPED ETF ETF 464286772 103,510 1,749,363 SH   DFND 1 0 1,749,363 0
ISHARES INC ISHARES MSCI SPAIN CAPPED ETF ETF 464286764 615 23,000 SH   DFND 1 0 23,000 0
ISHARES INC. - ISHARES MSCI JAPAN ETF ETF 46434G822 61,222 1,205,623 SH   DFND 1 0 1,205,623 0
ISHARES INC. - ISHARES MSCI TAIWAN CAPPED ETF ETF 46434G772 24,060 758,736 SH   DFND 1 0 758,736 0
ISHARES MSCI GERMANY ETF 464286806 23,679 938,530 SH   DFND 1 0 938,530 0
ISHARES MSCI HONG KONG INDEX ETF 464286871 138,284 6,113,366 SH   DFND 1 0 6,113,366 0
ISHARES TRUST - ISHARES CORE S&P SMALL-CAP ETF ETF 464287804 294,793 4,278,560 SH   DFND 1 0 4,278,560 0
ISHARES TRUST - ISHARES MSCI USA QUALITY FACTOR ETF ETF 46432F339 43 568 SH   DFND 1 0 568 0
ISHARES TRUST ISHARES CORE HIGH DIVIDEND ETF ETF 46429B663 1,130 13,500 SH   DFND 1 0 13,500 0
ISHARES TRUST ISHARES LATIN AMERICA 40 ETF ETF 464287390 108,390 3,530,609 SH   DFND 1 0 3,530,609 0
ISHARES TRUST ISHARES MSCI ALL COUNTRY ASIA EX JAPAN ETF ETF 464288182 3,122 49,000 SH   DFND 1 0 49,000 0
ISHARES TRUST ISHARES MSCI EAFE SMALL CAP ETF ETF 46429B671 386 7,309 SH   DFND 1 0 7,309 0
ISHARES TRUST ISHARES MSCI EUROPE FINANCIALS ETF ETF 464289180 6,444 381,739 SH   DFND 1 0 381,739 0
ISHARES TRUST ISHARES MSCI UNITED KINGDOM ETF ETF 46435G334 954 32,458 SH   DFND 1 0 32,458 0
ISHARES TRUST ISHARES RUSSELL 2000 ETF ETF 464287655 5,671 42,682 SH   DFND 1 0 42,682 0
ISHARES TRUST ISHARES S&P 100 ETF ETF 464287101 4,684 42,400 SH   DFND 1 0 42,400 0
ISHARES, INC ISHARES MSCI BRAZIL INDEX FUND ETF 464286400 588,730 15,460,349 SH   DFND 1 0 15,460,349 0
ISHARES, INC ISHARES MSCI EMERGING MARKETS INDEX ETF 464287234 1,781 45,400 SH   DFND 1 0 45,400 0
ITAU UNIBANCO HOLDING SA COM 465562106 75,890 8,394,920 SH   DFND 1 0 8,394,920 0
LATAM AIRLINES GROUP SA COM 51817R106 18,123 1,823,227 SH   DFND 1 0 1,823,227 0
LOMA NEGRA CIA IND COM 54150E104 1,952 181,548 SH   DFND 1 0 181,548 0
PAGSEGURO DIGITAL LTD COM G68707101 84 4,616 SH   DFND 1 0 4,616 0
PAMPA ENERGIA SA COM 697660207 2,106 69,238 SH   DFND 1 0 69,238 0
SELECT SECTOR SPDR FUND- TECHNOLOGY ETF 81369Y803 5,379 87,601 SH   DFND 1 0 87,601 0
SPDR S&P 500 ETF TRUST ETF 78462F103 321,001 1,295,666 SH   DFND 1 0 1,295,666 0
SPDR S&P CHINA ETF ETF 78463X400 12 141 SH   DFND 1 0 141 0
THE SELECT SECTOR SPDR TRUST THE CONSUMER STAPLES ETF 81369Y308 1,238 24,487 SH   DFND 1 0 24,487 0
THE SELECT SECTOR SPDR TRUST THE ENERGY SELECT ETF 81369Y506 13,264 232,491 SH   DFND 1 0 232,491 0
THE SELECT SECTOR SPDR TRUST THE HEALTH CARE SELECT ETF 81369Y209 2,400 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 74 1,396 SH   DFND 1 0 1,396 0
VANECK VECTORS ETF TRUST - VANECK VECTORS GOLD ETF 92189F106 80 3,906 SH   DFND 1 0 3,906 0
VANGUARD EMERGING MARKET ETF 922042858 11,828 309,870 SH   DFND 1 0 309,870 0
VANGUARD INDEX FUNDS VANGUARD LARGE CAP ETF ETF 922908637 11 100 SH   DFND 1 0 100 0
VANGUARD INDEX FUNDS VANGUARD SMALL CAP ETF ETF 922908751 13,816 105,669 SH   DFND 1 0 105,669 0
VANGUARD INDEX FUNDS VANGUARD TOTAL STOCK MARKET ETF 922908769 9,820 77,674 SH   DFND 1 0 77,674 0
VANGUARD INDEX FUNDS VANGUARD VALUE ETF ETF 922908744 180,228 1,858,214 SH   DFND 1 0 1,858,214 0
VANGUARD S&P 500 ETF ETF 922908363 56,224 246,856 SH   DFND 1 0 246,856 0
WISDOM TREE TRUST WISDOMTREE US LARGECAP DIVIDEND ETF 97717W307 486 5,800 SH   DFND 1 0 5,800 0
YPF SA COM 984245100 1,892 144,772 SH   DFND 1 0 144,772 0