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
AMBEV SA SPONSORED ADR 02319V103 8,511 1,477,567 SH   DFND   1,463,167 0 14,400
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 16,038 783,861 SH   DFND   563,479 0 220,382
AVIANCA HLDGS SA SPON ADR REP PFD 05367G100 7,632 674,179 SH   DFND   455,673 0 218,506
BANCO BRADESCO S A SP ADR PFD NEW 059460303 25,593 2,757,845 SH   DFND   1,679,765 0 1,078,080
BANCO DE CHILE SPONSORED ADR 059520106 1,019 15,200 SH   DFND   11,000 0 4,200
BANCOLOMBIA S A SPON ADR PREF 05968L102 3,870 98,400 SH   DFND   68,200 0 30,200
BRF SA SPONSORED ADR 10552T107 12,650 639,523 SH   DFND   424,323 0 215,200
CEMEX SAB DE CV SPON ADR NEW 151290889 15,510 1,637,850 SH   DFND   1,190,629 0 447,221
CENCOSUD S A SPONSORED ADS 15132H101 716 101,802 SH   DFND   70,480 0 31,322
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 10,916 366,075 SH   DFND   246,945 0 119,130
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 2,929 289,100 SH   DFND   199,600 0 89,500
CPFL ENERGIA S A SPONSORED ADR 126153105 2,933 230,580 SH   DFND   161,066 0 69,514
EMBRAER S A SP ADR REP 4 COM 29082A107 1,417 46,071 SH   DFND   34,671 0 11,400
EMPRESA NACIONAL DE ELCTRCID SPONSORED ADR 29244T101 6,903 153,240 SH   DFND   106,175 0 47,065
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 16,741 179,050 SH   DFND   124,626 0 54,424
GRUPO AEROPORTUARIO DEL SURE SPON ADR SER B 40051E202 4,227 31,445 SH   DFND   20,514 0 10,931
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 1,387 59,905 SH   DFND   42,731 0 17,174
GRUPO FINANCIERO SANTANDER M SPON ADR SHS B 40053C105 3,703 339,100 SH   DFND   234,500 0 104,600
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 15,666 474,590 SH   DFND   326,990 0 147,600
ISHARES EM MK MINVOL ETF 464286533 2,434 41,248 SH   DFND   41,248 0 0
ISHARES MSCI JAPAN ETF 464286848 12,103 965,908 SH   DFND   965,908 0 0
ISHARES TR 20+ YR TR BD ETF 464287432 28,502 218,088 SH   DFND   218,088 0 0
ISHARES TR 7-10 Y TR BD ETF 464287440 15,726 145,088 SH   DFND   145,088 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 42,385 3,832,251 SH   DFND   2,710,315 0 1,121,936
LATAM AIRLS GROUP S A SPONSORED ADR 51817R106 4,641 575,820 SH   DFND   394,527 0 181,293
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 4,250 697,931 SH   DFND   469,480 0 228,451
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 2,867 476,962 SH   DFND   346,662 0 130,300
SPDR S&P 500 ETF TR TR UNIT 78462F103 41,000 198,613 SH   DFND   198,613 0 0
TELEFONICA BRASIL SA SPONSORED ADR 87936R106 7,726 505,305 SH   DFND   343,315 0 161,990
ULTRAPAR PARTICIPACOES S A SP ADR REP COM 90400P101 1,195 59,150 SH   DFND   43,250 0 15,900
VALE S A ADR REPSTG PFD 91912E204 869 179,166 SH   DFND   67,766 0 111,400
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 22,729 419,203 SH   DFND   419,203 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 5,202 189,500 SH   DFND   131,500 0 58,000