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
ABERDEEN EMERGING MARKETS EQUITY INCOME FUND INC CIEV 00301W105 227 26,031 SH   DFND 1 0 26,031 0
ALBEMARLE CORP AEE 012653101 324 4,503 SH   DFND 1 0 4,503 0
AMBEV SA ADR 02319V103 6,491 1,395,845 SH   DFND 1 0 1,395,845 0
AZUL SA ADR 05501U106 2,044 47,178 SH   DFND 1 0 47,178 0
BANCO BRADESCO SA ADR 059460303 6,745 753,619 SH   DFND 1 0 753,619 0
BANCO SANTANDER BRASIL SA ADR 05967A107 390 31,916 SH   DFND 1 0 31,916 0
BANCO SANTANDER MEXICO SA ADR 05969B103 173 25,500 SH   DFND 1 0 25,500 0
BRF BRASIL FOODS SA ADR 10552T107 2,944 338,426 SH   DFND 1 0 338,426 0
CEMEX SAB DE CV ADR 151290889 1,042 274,935 SH   DFND 1 0 274,935 0
CENTRAL PUERTO SA ADR 155038201 415 85,070 SH   DFND 1 0 85,070 0
COCA COLA FEMSA SAB DE CV ADR 191241108 538 8,902 SH   DFND 1 0 8,902 0
COPA HOLDINGS SA AEE P31076105 6,630 61,476 SH   DFND 1 0 61,476 0
CREDICORP LTD AEE G2519Y108 1,082 5,055 SH   DFND 1 0 5,055 0
DB HARVEST CSI 300 CHINA A ETF 233051879 4 141 SH   DFND 1 0 141 0
FINANCIAL SELECT SECTOR SPDR ETF 81369Y605 7,682 250,391 SH   DFND 1 0 250,391 0
FOMENTO ECONOMICO MEXICANO SAB DE CV ADR 344419106 1,412 14,929 SH   DFND 1 0 14,929 0
GERDAU SA ADR 373737105 3,319 675,972 SH   DFND 1 0 675,972 0
GRUPO FINANCIERO GALICIA SA ADR 399909100 0 1 SH   DFND 1 0 1 0
GRUPO SUPERVIELLE SA ADR 40054A108 12 3,293 SH   DFND 1 0 3,293 0
ISHARES CORE S&P 500 ETF ETF 464287200 168,262 521,726 SH   DFND 1 0 521,726 0
ISHARES FTSEXINHUA CHINA 25 ETF 464287184 29,323 674,255 SH   DFND 1 0 674,255 0
ISHARES INC ISHARES CORE MSCI EMERGING MARKETS ETF ETF 46434G103 108,896 2,031,265 SH   DFND 1 0 2,031,265 0
ISHARES INC ISHARES MSCI CHILE CAPPED ETF ETF 464286640 956 28,878 SH   DFND 1 0 28,878 0
ISHARES INC ISHARES MSCI EUROZONE ETF ETF 464286608 2,294 55,000 SH   DFND 1 0 55,000 0
ISHARES INC ISHARES MSCI MEXICO CAPPED ETF ETF 464286822 213 4,744 SH   DFND 1 0 4,744 0
ISHARES INC ISHARES MSCI SOUTH KOREA CAPPED ETF ETF 464286772 225,326 3,640,163 SH   DFND 1 0 3,640,163 0
ISHARES INC ISHARES MSCI SPAIN CAPPED ETF ETF 464286764 666 23,000 SH   DFND 1 0 23,000 0
ISHARES INC. - ISHARES MSCI JAPAN ETF ETF 46434G822 29,561 500,605 SH   DFND 1 0 500,605 0
ISHARES INC. - ISHARES MSCI TAIWAN CAPPED ETF ETF 46434G772 33,182 808,932 SH   DFND 1 0 808,932 0
ISHARES MSCI HONG KONG INDEX ETF 464286871 78,921 3,249,097 SH   DFND 1 0 3,249,097 0
ISHARES TRUST - ISHARES CORE S&P SMALL-CAP ETF ETF 464287804 136,699 1,635,160 SH   DFND 1 0 1,635,160 0
ISHARES TRUST - ISHARES MSCI USA QUALITY FACTOR ETF ETF 46432F339 57 568 SH   DFND 1 0 568 0
ISHARES TRUST ISHARES CORE HIGH DIVIDEND ETF ETF 46429B663 1,320 13,500 SH   DFND 1 0 13,500 0
ISHARES TRUST ISHARES EDGE MSCI MIN VOL USA ETF ETF 46429B697 9,492 145,000 SH   DFND 1 0 145,000 0
ISHARES TRUST ISHARES EDGE MSCI USA MOMENTUM FACTOR ETF ETF 46432F396 10,023 80,000 SH   DFND 1 0 80,000 0
ISHARES TRUST ISHARES LATIN AMERICA 40 ETF ETF 464287390 67,327 1,986,059 SH   DFND 1 0 1,986,059 0
ISHARES TRUST ISHARES MSCI ALL COUNTRY ASIA EX JAPAN ETF ETF 464288182 44 600 SH   DFND 1 0 600 0
ISHARES TRUST ISHARES MSCI EAFE SMALL CAP ETF ETF 46429B671 468 7,309 SH   DFND 1 0 7,309 0
ISHARES TRUST ISHARES MSCI EUROPE FINANCIALS ETF ETF 464289180 6,709 346,739 SH   DFND 1 0 346,739 0
ISHARES TRUST ISHARES MSCI UNITED KINGDOM ETF ETF 46435G334 1,097 32,458 SH   DFND 1 0 32,458 0
ISHARES TRUST ISHARES RUSSELL 2000 ETF ETF 464287655 1,827 11,044 SH   DFND 1 0 11,044 0
ISHARES TRUST ISHARES S&P 100 ETF ETF 464287101 3,077 21,400 SH   DFND 1 0 21,400 0
ISHARES, INC ISHARES MSCI BRAZIL INDEX FUND ETF 464286400 681,832 14,445,599 SH   DFND 1 0 14,445,599 0
ISHARES, INC ISHARES MSCI EMERGING MARKETS INDEX ETF 464287234 1,137 25,400 SH   DFND 1 0 25,400 0
ITAU UNIBANCO HOLDING SA ADR 465562106 21,398 2,338,611 SH   DFND 1 0 2,338,611 0
LATAM AIRLINES GROUP SA ADR 51817R106 18,491 1,795,289 SH   DFND 1 0 1,795,289 0
LOMA NEGRA CIA IND ADR 54150E104 442 55,567 SH   DFND 1 0 55,567 0
PAGSEGURO DIGITAL LTD AEE G68707101 6,522 196,137 SH   DFND 1 0 196,137 0
PAMPA ENERGIA SA ADR 697660207 228 13,597 SH   DFND 1 0 13,597 0
PETROLEO BRASILEIRO SA ADR 71654V408 2,067 130,000 SH   DFND 1 0 130,000 0
SELECT SECTOR SPDR FUND- TECHNOLOGY ETF 81369Y803 649 7,101 SH   DFND 1 0 7,101 0
SPDR S&P 500 ETF TRUST ETF 78462F103 55,009 171,324 SH   DFND 1 0 171,324 0
SPDR S&P CHINA ETF ETF 78463X400 14 141 SH   DFND 1 0 141 0
SUZANO PAPELE CELULOSE ADR 86959K105 611 61,738 SH   DFND 1 0 61,738 0
THE SELECT SECTOR SPDR TRUST THE ENERGY SELECT ETF 81369Y506 11,014 184,491 SH   DFND 1 0 184,491 0
THE SELECT SECTOR SPDR TRUST THE HEALTH CARE SELECT ETF 81369Y209 2,861 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
VANECK VECTORS ETF TRUST - VANECK VECTORS GOLD ETF 92189F106 115 3,906 SH   DFND 1 0 3,906 0
VANGUARD EMERGING MARKET ETF 922042858 81,999 1,848,480 SH   DFND 1 0 1,848,480 0
VANGUARD INDEX FUNDS VANGUARD SMALL CAP ETF ETF 922908751 5,234 31,669 SH   DFND 1 0 31,669 0
VANGUARD INDEX FUNDS VANGUARD TOTAL STOCK MARKET ETF 922908769 81,785 501,164 SH   DFND 1 0 501,164 0
VANGUARD INDEX FUNDS VANGUARD VALUE ETF ETF 922908744 304,041 2,543,214 SH   DFND 1 0 2,543,214 0
VANGUARD S&P 500 ETF ETF 922908363 75,010 254,236 SH   DFND 1 0 254,236 0
WISDOM TREE TRUST WISDOMTREE US LARGECAP DIVIDEND ETF 97717W307 613 5,800 SH   DFND 1 0 5,800 0
YPF SA ADR 984245100 20 1,772 SH   DFND 1 0 1,772 0