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 5,086 676,331 SH   DFND 1 0 676,331 0
ALBEMARLE CORP COM 012653101 9,413 101,503 SH   DFND 1 0 101,503 0
AMBEV SA COM 02319V103 72,660 9,994,481 SH   DFND 1 0 9,994,481 0
AZUL SA COM 05501U106 27,314 786,006 SH   DFND 1 0 786,006 0
BANCO MACRO SA COM 05961W105 17 159 SH   DFND 1 0 159 0
BANCO SANTANDER BRASIL SA COM 05967A107 24,028 1,998,970 SH   DFND 1 0 1,998,970 0
BANCO SANTANDER MEXICO SA COM 05969B103 183 25,500 SH   DFND 1 0 25,500 0
BRF BRASIL FOODS SA COM 10552T107 5,098 736,744 SH   DFND 1 0 736,744 0
CEMEX SAB DE CV COM 151290889 42,174 6,370,758 SH   DFND 1 0 6,370,758 0
CENTRAL PUERTO SA COM 155038201 10,603 623,700 SH   DFND 1 0 623,700 0
COCA COLA FEMSA SAB DE CV COM 191241108 1,692 25,465 SH   DFND 1 0 25,465 0
COPA HOLDINGS SA COM 310761054 17,135 133,209 SH   DFND 1 0 133,209 0
CORPORACION AMERICA AIRPORTS SA COM L1995B107 2,143 173,644 SH   DFND 1 0 173,644 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 26,585 1,363,340 SH   DFND 1 0 1,363,340 0
FINANCIAL SELECT SECTOR SPDR ETF 81369Y605 38,672 1,402,691 SH   DFND 1 0 1,402,691 0
FOMENTO ECONOMICO MEXICANO SAB DE CV COM 344419106 15,692 171,626 SH   DFND 1 0 171,626 0
GERDAU SA COM 373737105 13,124 2,816,412 SH   DFND 1 0 2,816,412 0
GRUPO FINANCIERO GALICIA SA COM 399909100 68,614 1,043,400 SH   DFND 1 0 1,043,400 0
GRUPO SUPERVIELLE SA COM 40054A108 19,300 636,132 SH   DFND 1 0 636,132 0
ISHARES CORE S&P 500 ETF ETF 464287200 32,155 121,172 SH   DFND 1 0 121,172 0
ISHARES FTSEXINHUA CHINA 25 ETF 464287184 4,868 103,055 SH   DFND 1 0 103,055 0
ISHARES INC ISHARES CORE MSCI EMERGING MARKETS ETF ETF 46434G103 67,577 1,157,135 SH   DFND 1 0 1,157,135 0
ISHARES INC ISHARES MSCI CHILE CAPPED ETF ETF 464286640 47 878 SH   DFND 1 0 878 0
ISHARES INC ISHARES MSCI EUROZONE ETF ETF 464286608 161,700 3,730,103 SH   DFND 1 0 3,730,103 0
ISHARES INC ISHARES MSCI MEXICO CAPPED ETF ETF 464286822 17,451 338,726 SH   DFND 1 0 338,726 0
ISHARES INC ISHARES MSCI SOUTH KOREA CAPPED ETF ETF 464286772 111,369 1,476,063 SH   DFND 1 0 1,476,063 0
ISHARES INC ISHARES MSCI SPAIN CAPPED ETF ETF 464286764 3,511 108,000 SH   DFND 1 0 108,000 0
ISHARES INC. - ISHARES MSCI JAPAN ETF ETF 46434G822 73,715 1,214,823 SH   DFND 1 0 1,214,823 0
ISHARES INC. - ISHARES MSCI TAIWAN CAPPED ETF ETF 46434G772 39,952 1,042,036 SH   DFND 1 0 1,042,036 0
ISHARES MSCI GERMANY ETF 464286806 38,326 1,196,180 SH   DFND 1 0 1,196,180 0
ISHARES MSCI HONG KONG INDEX ETF 464286871 162,443 6,418,116 SH   DFND 1 0 6,418,116 0
ISHARES TRUST - ISHARES CORE S&P SMALL-CAP ETF ETF 464287804 103,520 1,344,240 SH   DFND 1 0 1,344,240 0
ISHARES TRUST - ISHARES MSCI USA QUALITY FACTOR ETF ETF 46432F339 47 568 SH   DFND 1 0 568 0
ISHARES TRUST ISHARES CORE HIGH DIVIDEND ETF ETF 46429B663 1,140 13,500 SH   DFND 1 0 13,500 0
ISHARES TRUST ISHARES LATIN AMERICA 40 ETF ETF 464287390 113,620 3,024,229 SH   DFND 1 0 3,024,229 0
ISHARES TRUST ISHARES MSCI EAFE SMALL CAP ETF ETF 46429B671 501 7,309 SH   DFND 1 0 7,309 0
ISHARES TRUST ISHARES MSCI EUROPE FINANCIALS ETF ETF 464289180 66,798 2,891,709 SH   DFND 1 0 2,891,709 0
ISHARES TRUST ISHARES MSCI UNITED KINGDOM ETF ETF 46435G334 1,128 32,458 SH   DFND 1 0 32,458 0
ISHARES TRUST ISHARES RUSSELL 2000 ETF ETF 464287655 17,048 112,282 SH   DFND 1 0 112,282 0
ISHARES TRUST ISHARES S&P 100 ETF ETF 464287101 12,573 108,400 SH   DFND 1 0 108,400 0
ISHARES, INC ISHARES MSCI BRAZIL INDEX FUND ETF 464286400 825,911 18,402,660 SH   DFND 1 0 18,402,660 0
ISHARES, INC ISHARES MSCI EMERGING MARKETS INDEX ETF 464287234 6,972 144,400 SH   DFND 1 0 144,400 0
ITAU UNIBANCO HOLDING SA COM 465562106 74,404 4,769,456 SH   DFND 1 0 4,769,456 0
LATAM AIRLINES GROUP SA COM 51817R106 40,726 2,646,277 SH   DFND 1 0 2,646,277 0
LOMA NEGRA CIA IND COM 54150E104 4,297 201,548 SH   DFND 1 0 201,548 0
PAGSEGURO DIGITAL LTD COM G68707101 9,652 251,880 SH   DFND 1 0 251,880 0
PAMPA ENERGIA SA COM 697660207 37,899 635,888 SH   DFND 1 0 635,888 0
SELECT SECTOR SPDR FUND- TECHNOLOGY ETF 81369Y803 16,296 249,101 SH   DFND 1 0 249,101 0
SPDR S&P 500 ETF TRUST ETF 78462F103 98,170 373,056 SH   DFND 1 0 373,056 0
SPDR S&P CHINA ETF ETF 78463X400 16 141 SH   DFND 1 0 141 0
THE SELECT SECTOR SPDR TRUST THE CONSUMER STAPLES ETF 81369Y308 1,289 24,487 SH   DFND 1 0 24,487 0
THE SELECT SECTOR SPDR TRUST THE ENERGY SELECT ETF 81369Y506 13,576 201,391 SH   DFND 1 0 201,391 0
THE SELECT SECTOR SPDR TRUST THE HEALTH CARE SELECT ETF 81369Y209 2,291 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 71 1,396 SH   DFND 1 0 1,396 0
VANECK VECTORS ETF TRUST - VANECK VECTORS GOLD ETF 92189F106 86 3,906 SH   DFND 1 0 3,906 0
VANGUARD EMERGING MARKET ETF 922042858 6,327 134,670 SH   DFND 1 0 134,670 0
VANGUARD INDEX FUNDS VANGUARD LARGE CAP ETF ETF 922908637 2,303 19,000 SH   DFND 1 0 19,000 0
VANGUARD INDEX FUNDS VANGUARD SMALL CAP ETF ETF 922908751 4,888 33,269 SH   DFND 1 0 33,269 0
VANGUARD INDEX FUNDS VANGUARD TOTAL STOCK MARKET ETF 922908769 44,126 325,124 SH   DFND 1 0 325,124 0
VANGUARD INDEX FUNDS VANGUARD VALUE ETF ETF 922908744 256,155 2,482,604 SH   DFND 1 0 2,482,604 0
VANGUARD S&P 500 ETF ETF 922908363 41,162 170,036 SH   DFND 1 0 170,036 0
WISDOMTREE TRUST - LARGECAP DIVIDEND FUND ETF 97717W307 513 5,800 SH   DFND 1 0 5,800 0
YPF SA COM 984245100 3,130 144,772 SH   DFND 1 0 144,772 0