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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
CREDICORP LTD COM G2519Y108   646,888 5,055 SH   DFND 1 0 5,055 0
ALBEMARLE CORP COM 012653101   32,839,825 193,130 SH   DFND 1 0 193,130 0
BANCO SANTANDER BRASIL S A ADS REP 1 UNIT 05967A107   82,675 16,116 SH   DFND 1 0 16,116 0
CEMEX SAB DE CV SPON ADR NEW 151290889   653,933 100,605 SH   DFND 1 0 100,605 0
COCA-COLA FEMSA SAB DE CV SPONSORD ADR REP 191241108   256,185 3,266 SH   DFND 1 0 3,266 0
DBX ETF TR XTRACK HRVST CSI 233051879   154,008,961 5,976,683 SH   DFND 1 0 5,976,683 0
GERDAU SA SPON ADR REP PFD 373737105   444,049 93,092 SH   DFND 1 0 93,092 0
ISHARES INC MSCI BRAZIL ETF 464286400   20,809,759 677,185 SH   DFND 1 0 677,185 0
ISHARES INC MSCI EURZONE ETF 464286608   9,952,840 235,753 SH   DFND 1 0 235,753 0
ISHARES INC MSCI CHILE ETF 464286640   9,797,770 371,011 SH   DFND 1 0 371,011 0
ISHARES INC MSCI STH KOR ETF 464286772   116,497,185 1,967,808 SH   DFND 1 0 1,967,808 0
ISHARES INC MSCI GERMANY ETF 464286806   15,117,994 577,468 SH   DFND 1 0 577,468 0
ISHARES INC MSCI HONG KG ETF 464286871   4,275,807 248,772 SH   DFND 1 0 248,772 0
ISHARES TR CORE S&P500 ETF 464287200   226,052,685 526,705 SH   DFND 1 0 526,705 0
ISHARES TR LATN AMER 40 ETF 464287390   31,752,200 1,242,642 SH   DFND 1 0 1,242,642 0
ISHARES TR RUSSELL 2000 ETF 464287655   3,266,343 18,482 SH   DFND 1 0 18,482 0
ISHARES TR CORE S&P SCP ETF 464287804   429,153,534 4,550,665 SH   DFND 1 0 4,550,665 0
ISHARES TR MSCI CHINA ETF 46429B671   35,930,957 825,627 SH   DFND 1 0 825,627 0
ISHARES TR MSCI USA VALUE 46432F388   36,398,245 401,171 SH   DFND 1 0 401,171 0
ISHARES INC CORE MSCI EMKT 46434G103   1,250,284 26,272 SH   DFND 1 0 26,272 0
ISHARES INC MSCI JPN ETF NEW 46434G822   21,882,508 363,352 SH   DFND 1 0 363,352 0
ISHARES TR MSCI UK ETF NEW 46435G334   758,527 23,994 SH   DFND 1 0 23,994 0
J P MORGAN EXCHANGE TRADED F BETABUILDERS EUR 46641Q191   10,704,900 210,602 SH   DFND 1 0 210,602 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   149,202,481 349,170 SH   DFND 1 0 349,170 0
SPDR SER TR PRTFLO S&P500 GW 78464A409   13,337 225 SH   DFND 1 0 225 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209   65,912,911 512,045 SH   DFND 1 0 512,045 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308   922,052 13,400 SH   DFND 1 0 13,400 0
SELECT SECTOR SPDR TR ENERGY 81369Y506   200,983,123 2,223,367 SH   DFND 1 0 2,223,367 0
SELECT SECTOR SPDR TR FINANCIAL 81369Y605   10,607,246 319,759 SH   DFND 1 0 319,759 0
SELECT SECTOR SPDR TR INDL 81369Y704   2,865,019 28,272 SH   DFND 1 0 28,272 0
SUZANO S A SPON ADS 86959K105   28,681 2,668 SH   DFND 1 0 2,668 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858   700,690 17,784 SH   DFND 1 0 17,784 0
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363   368,929,476 939,469 SH   DFND 1 0 939,469 0
VANGUARD INDEX FDS GROWTH ETF 922908736   25,821,849 94,867 SH   DFND 1 0 94,867 0
VANGUARD INDEX FDS VALUE ETF 922908744   381,524,246 2,765,871 SH   DFND 1 0 2,765,871 0
VANGUARD INDEX FDS SMALL CP ETF 922908751   36,078,058 190,869 SH   DFND 1 0 190,869 0
VANGUARD INDEX FDS TOTAL STK MKT 922908769   78,990,926 371,862 SH   DFND 1 0 371,862 0
ISHARES TR IBOXX INV CP ETF 464287242   81,624,895 799,400 SH   DFND 1 0 799,400 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803   6,916,957 42,204 SH   DFND 1 0 42,204 0
ISHARES TR MSCI INDIA ETF 46429B598   11,687,937 263,478 SH   DFND 1 0 263,478 0
ISHARES INC MSCI MEXICO ETF 464286822   8,598,282 147,716 SH   DFND 1 0 147,716 0
ISHARES INC MSCI TAIWAN ETF 46434G772   3,122,705 69,936 SH   DFND 1 0 69,936 0
J P MORGAN EXCHANGE TRADED F BETABULDRS JAPAN 46641Q217   47,053,528 936,575 SH   DFND 1 0 936,575 0
ISHARES TR MSCI INDONIA ETF 46429B309   4,013,026 179,281 SH   DFND 1 0 179,281 0
SPDR INDEX SHS FDS S&P CHINA ETF 78463X400   95,580,863 1,325,312 SH   DFND 1 0 1,325,312 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886   2,124,747 36,049 SH   DFND 1 0 36,049 0
ISHARES TR MSCI AC ASIA ETF 464288182   28,259,358 442,508 SH   DFND 1 0 442,508 0
ISHARES TR MSCI USA QLT FCT 46432F339   35,307 268 SH   DFND 1 0 268 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106   105,189 3,906 SH   DFND 1 0 3,906 0
COPA HOLDINGS SA CL A P31076105   1,408,720 15,807 SH   DFND 1 0 15,807 0
ABRDN EMRG MKTS EQTY INCM FD COM 00301W105   148,574 26,531 SH   DFND 1 0 26,531 0
ISHARES TR MSCI EMG MKT ETF 464287234   160,616 4,210 SH   DFND 1 0 4,210 0
ITAU UNIBANCO HLDG S A SPON ADR REP PFD 465562106   41,285 7,688 SH   DFND 1 0 7,688 0
XP INC CL A G98239109   42,827 1,858 SH   DFND 1 0 1,858 0
PAGSEGURO DIGITAL LTD COM CL A G68707101   1,598,007 185,599 SH   DFND 1 0 185,599 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303   9,576,881 3,360,309 SH   DFND 1 0 3,360,309 0
SOUTHERN COPPER CORP COM 84265V105   7,529 100 SH   DFND 1 0 100 0
AMBEV SA SPONSORED ADR 02319V103   13,168 5,104 SH   DFND 1 0 5,104 0
BRF SA SPONSORED ADR 10552T107   101,182 49,357 SH   DFND 1 0 49,357 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106   413,679 3,790 SH   DFND 1 0 3,790 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408   134,910 9,000 SH   DFND 1 0 9,000 0
ISHARES TR CONV BD ETF 46435G102   148,405 2,000 SH   DFND 1 0 2,000 0
INTERCORP FINL SVCS INC SHS P5626F128   1,371,355 60,895 SH   DFND 1 0 60,895 0