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

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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
ADECOAGRO SAAEE5846714642,352411,946SH DFND10411,9460
ALBEMARLE CORPAEE1265310133074,503SH DFND104,5030
AMBEV SAADR02319V1037,4851,595,845SH DFND101,595,8450
AZUL SAADR05501U1068,313232,924SH DFND10232,9240
BANCO BRADESCO SAADR5946030396,217753,619SH DFND10753,6190
BANCO SANTANDER BRASIL SAADR05967A10735331,916SH DFND1031,9160
BANCO SANTANDER MEXICO SAADR05969B10316325,500SH DFND1025,5000
BLACKROCK ASSET MANAGEMENT DEUTSCHLAND AG ISHARES MSCI BRAZIL UCITS ETF DEETF00A0Q4R8571,3371,857,500SH DFND101,857,5000
BRF BRASIL FOODS SAADR10552T1073,137338,426SH DFND10338,4260
CEMEX SAB DE CVADR1512908891,089274,935SH DFND10274,9350
CENTRAL PUERTO SAADR15503820124285,070SH DFND1085,0700
COCA COLA FEMSA SAB DE CVADR1912411085398,902SH DFND108,9020
COPA HOLDINGS SAAEE3107610546,64168,381SH DFND1068,3810
CORPORACION AMERICA AIRPORTS SAAEEL1995B10720745,479SH DFND1045,4790
CREDICORP LTDAEE2519Y10845,76327,100SH DFND1027,1000
DB HARVEST CSI 300 CHINA AETF2330518794141SH DFND101410
FINANCIAL SELECT SECTOR SPDRETF81369Y60513,625485,391SH DFND10485,3910
FOMENTO ECONOMICO MEXICANO SAB DE CVADR3444191061,36414,929SH DFND1014,9290
GERDAU SAADR3737371052,861925,972SH DFND10925,9720
GRUPO FINANCIERO GALICIA SAADR39990910001SH DFND1010
GRUPO SUPERVIELLE SAADR40054A108113,293SH DFND103,2930
INTERCORP FINANCIAL SERVICES INCAEEP5626F12816,517396,651SH DFND10396,6510
INVESCO MARKETS PLC INVESCO S&P 500 UCITS ETFETF0B3YCGJ38196,218361,312SH DFND10361,3120
ISHARES CORE DAX UCITS ETF DEETFD3803R10921,481202,500SH DFND10202,5000
ISHARES CORE S&P 500 ETFETF464287200162,229546,226SH DFND10546,2260
ISHARES FTSEXINHUA CHINA 25ETF4642871846,819172,855SH DFND10172,8550
ISHARES INC ISHARES CORE MSCI EMERGING MARKETS ETFETF46434G10367,4521,381,365SH DFND101,381,3650
ISHARES INC ISHARES MSCI CHILE CAPPED ETFETF4642866401,87049,678SH DFND1049,6780
ISHARES INC ISHARES MSCI EUROZONE ETFETF46428660825,550660,721SH DFND10660,7210
ISHARES INC ISHARES MSCI MEXICO CAPPED ETFETF4642868222024,744SH DFND104,7440
ISHARES INC ISHARES MSCI SOUTH KOREA CAPPED ETFETF46428677270,2391,267,163SH DFND101,267,1630
ISHARES INC ISHARES MSCI SPAIN CAPPED ETFETF46428676463623,000SH DFND1023,0000
ISHARES INC. - ISHARES MSCI JAPAN ETFETF46434G82227,596488,605SH DFND10488,6050
ISHARES INC. - ISHARES MSCI TAIWAN CAPPED ETFETF46434G7722,31264,082SH DFND1064,0820
ISHARES MSCI HONG KONG INDEXETF46428687183,8613,704,097SH DFND103,704,0970
ISHARES TRUST - ISHARES CORE S&P SMALL-CAP ETFETF464287804169,4162,177,860SH DFND102,177,8600
ISHARES TRUST - ISHARES MSCI USA QUALITY FACTOR ETFETF46432F33952568SH DFND105680
ISHARES TRUST ISHARES CORE HIGH DIVIDEND ETFETF46429B6631,27013,500SH DFND1013,5000
ISHARES TRUST ISHARES EDGE MSCI MIN VOL USA ETFETF46429B6979,251145,000SH DFND10145,0000
ISHARES TRUST ISHARES EDGE MSCI USA MOMENTUM FACTOR ETFETF46432F3966,87558,000SH DFND1058,0000
ISHARES TRUST ISHARES LATIN AMERICA 40 ETFETF46428739096,1013,023,009SH DFND103,023,0090
ISHARES TRUST ISHARES MSCI ALL COUNTRY ASIA EX JAPAN ETFETF46432F39640600SH DFND106000
ISHARES TRUST ISHARES MSCI EAFE SMALL CAP ETFETF46429B6714067,309SH DFND107,3090
ISHARES TRUST ISHARES MSCI EUROPE FINANCIALS ETFETF4642891806,078346,739SH DFND10346,7390
ISHARES TRUST ISHARES MSCI UNITED KINGDOM ETFETF46435G3341,01932,458SH DFND1032,4580
ISHARES TRUST ISHARES RUSSELL 2000 ETFETF4642876553,24121,444SH DFND1021,4440
ISHARES TRUST ISHARES S&P 100 ETFETF4642871015,54642,400SH DFND1042,4000
ISHARES, INC ISHARES MSCI BRAZIL INDEX FUNDETF464286400594,82414,085,349SH DFND1014,085,3490
ISHARES, INC ISHARES MSCI EMERGING MARKETS INDEXETF4642872341,03225,400SH DFND1025,4000
ITAU UNIBANCO HOLDING SAADR46556210652,5936,172,831SH DFND106,172,8310
LATAM AIRLINES GROUP SAADR51817R10621,3891,811,127SH DFND101,811,1270
LOMA NEGRA CIA INDADR54150E10431655,567SH DFND1055,5670
PAGSEGURO DIGITAL LTDAEE69766020729637SH DFND106370
PAMPA ENERGIA SAADR69766020722713,597SH DFND1013,5970
PETROLEO BRASILEIRO SAADR71654V4083,358230,000SH DFND10230,0000
SELECT SECTOR SPDR FUND- TECHNOLOGYETF81369Y8034,35154,601SH DFND1054,6010
SPDR S&P 500 ETF TRUSTETF78462F103166,625564,066SH DFND10564,0660
SPDR S&P CHINA ETFETF78463X40013141SH DFND101410
SUZANO PAPELE CELULOSEADR86959K10549861,738SH DFND1061,7380
THE SELECT SECTOR SPDR TRUST THE CONSUMER STAPLESETF1369Y30801,49724,487SH DFND1024,4870
THE SELECT SECTOR SPDR TRUST THE ENERGY SELECTETF81369Y50611,001184,491SH DFND10184,4910
THE SELECT SECTOR SPDR TRUST THE HEALTH CARE SELECTETF81369Y2092,51428,147SH DFND1028,1470
THE SELECT SECTOR SPDR TRUST THE INDUSTRIAL SELECTETF81369Y704110SH DFND10100
VANECK VECTORS ETF TRUST - VANECK VECTORS GOLDETF92189F1061073,906SH DFND103,9060
VANGUARD EMERGING MARKETETF92204285842,4071,056,480SH DFND101,056,4800
VANGUARD INDEX FUNDS VANGUARD SMALL CAP ETFETF9229087514,85531,669SH DFND1031,6690
VANGUARD INDEX FUNDS VANGUARD TOTAL STOCK MARKETETF92290876985,622569,674SH DFND10569,6740
VANGUARD INDEX FUNDS VANGUARD VALUE ETFETF922908744319,6492,872,214SH DFND102,872,2140
VANGUARD S&P 500 ETFETF92290836371,845264,856SH DFND10264,8560
WISDOM TREE TRUST WISDOMTREE US LARGECAP DIVIDENDETF97717W3075725,800SH DFND105,8000
YPF SAADR984245100171,772SH DFND101,7720