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 COM 00301W105 237 26,031 SH   DFND 1 0 26,031 0
ALBEMARLE CORP COM 012653101 4,752 21,703 SH   DFND 1 0 21,703 0
AMBEV US ADR 02319V103 14 5,104 SH   DFND 1 0 5,104 0
AZUL SA ADR 05501U106 1,330 65,020 SH   DFND 1 0 65,020 0
BANCO SANTANDER BRASIL SA ADR 05967A107 214 31,916 SH   DFND 1 0 31,916 0
BANCO SANTANDER MEXICO SA ADR 05969B103 140 25,000 SH   DFND 1 0 25,000 0
BBD US BANCO BRADESCO S A ADR 059460303 247 64,326 SH   DFND 1 0 64,326 0
BRF SA ADR 10552T107 248 49,357 SH   DFND 1 0 49,357 0
CEMEX SAB DE CV ADR 151290889 715 100,605 SH   DFND 1 0 100,605 0
CENTRAL PUERTO SA ADR 155038201 259 85,070 SH   DFND 1 0 85,070 0
COCA COLA FEMSA SAB DE CV FEMSA ADR 191241108 186 3,266 SH   DFND 1 0 3,266 0
COPA HOLDINGS SA COM P31076105 1,292 15,807 SH   DFND 1 0 15,807 0
CREDICORP LTD COM G2519Y108 572 5,055 SH   DFND 1 0 5,055 0
FOMENTO ECONOMICO MEXICANO ADR 344419106 331 3,790 SH   DFND 1 0 3,790 0
GERDAU SA ADR 373737105 422 88,661 SH   DFND 1 0 88,661 0
GRUPO FINANCIERO GALICIA SA ADR 399909100 0 1 SH   DFND 1 0 1 0
GRUPO SUPERVIELLE SA ADR 40054A108 7 3,293 SH   DFND 1 0 3,293 0
ISHARES INC ISHARES CORE MSCI EMERGING MARKETS ETF ETF 46434G103 8,538 139,356 SH   DFND 1 0 139,356 0
ISHARES INC ISHARES MSCI BRAZIL ETF ETF 464286400 119,560 3,698,126 SH   DFND 1 0 3,698,126 0
ISHARES INC ISHARES MSCI CHILE ETF ETF 464286640 1,510 57,953 SH   DFND 1 0 57,953 0
ISHARES INC ISHARES MSCI EMERGING MARKETS ETF ETF 464287234 1,507 30,150 SH   DFND 1 0 30,150 0
ISHARES INC ISHARES MSCI EUROZONE ETF ETF 464286608 100,038 2,063,913 SH   DFND 1 0 2,063,913 0
ISHARES INC ISHARES MSCI GERMANY ETF ETF 464286806 56,817 1,713,948 SH   DFND 1 0 1,713,948 0
ISHARES INC ISHARES MSCI HONG KONG ETF ETF 464286871 34,237 1,433,127 SH   DFND 1 0 1,433,127 0
ISHARES INC ISHARES MSCI JAPAN ETF ETF 46434G822 83,119 1,170,862 SH   DFND 1 0 1,170,862 0
ISHARES INC ISHARES MSCI MEXICO ETF ETF 464286822 5,026 104,345 SH   DFND 1 0 104,345 0
ISHARES INC ISHARES MSCI SOUTH KOREA ETF ETF 464286772 128,841 1,609,302 SH   DFND 1 0 1,609,302 0
ISHARES INC ISHARES MSCI SPAIN ETF ETF 464286764 628 23,000 SH   DFND 1 0 23,000 0
ISHARES INC ISHARES MSCI TAIWAN ETF ETF 46434G772 146,905 2,375,573 SH   DFND 1 0 2,375,573 0
ISHARES TRUST ISHARES CORE SP 500 ETF ETF 464287200 149,076 341,746 SH   DFND 1 0 341,746 0
ISHARES TRUST ISHARES CORE SP SMALL CAP ETF ETF 464287804 418,981 3,772,223 SH   DFND 1 0 3,772,223 0
ISHARES TRUST ISHARES IBOXX $ INVESTMENT GRADE CORPORATE BOND ETF ETF 464287242 3,201 24,000 SH   DFND 1 0 24,000 0
ISHARES TRUST ISHARES JP MORGAN USD EMERGING MARKETS BOND ETF ETF 464288281 9,577 87,000 SH   DFND 1 0 87,000 0
ISHARES TRUST ISHARES LATIN AMERICA 40 ETF ETF 464287390 37,070 1,394,135 SH   DFND 1 0 1,394,135 0
ISHARES TRUST ISHARES MSCI ALL COUNTRY ASIA EX JAPAN ETF ETF 464288182 85,730 1,015,994 SH   DFND 1 0 1,015,994 0
ISHARES TRUST ISHARES MSCI CHINA ETF ETF 46429B671 18,822 282,563 SH   DFND 1 0 282,563 0
ISHARES TRUST ISHARES MSCI EUROPE FINANCIALS ETF ETF 464289180 3,801 193,134 SH   DFND 1 0 193,134 0
ISHARES TRUST ISHARES MSCI UNITED KINGDOM ETF ETF 46435G334 866 26,883 SH   DFND 1 0 26,883 0
ISHARES TRUST ISHARES MSCI USA MIN VOL FACTOR ETF ETF 46429B697 5,791 78,000 SH   DFND 1 0 78,000 0
ISHARES TRUST ISHARES MSCI USA MOMENTUM FACTOR ETF ETF 46432F396 16,806 94,666 SH   DFND 1 0 94,666 0
ISHARES TRUST ISHARES MSCI USA QUALITY FACTOR ETF ETF 46432F339 43,399 325,817 SH   DFND 1 0 325,817 0
ISHARES TRUST ISHARES MSCI USA VALUE FACTOR ETF ETF 46432F388 46,286 452,324 SH   DFND 1 0 452,324 0
ISHARES TRUST ISHARES RUSSELL 2000 ETF ETF 464287655 43,724 198,007 SH   DFND 1 0 198,007 0
LOMA NEGRA CIA IND ADR 54150E104 343 48,877 SH   DFND 1 0 48,877 0
MERCADOLIBRE INC COM 58733R102 93 56 SH   DFND 1 0 56 0
PAGSEGURO DIGITAL LTD COM G68707101 52 1,000 SH   DFND 1 0 1,000 0
PAMPA ENERGIA SA ADR 697660207 219 12,541 SH   DFND 1 0 12,541 0
PETROLEO BRASILEIRO SA ADR 71654V408 93 9,000 SH   DFND 1 0 9,000 0
SPDR INDEX SHARES FUNDS SPDR SP CHINA ETF ETF 78463X400 2,361 21,701 SH   DFND 1 0 21,701 0
SPDR SERIES TRUST SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF ETF 78468R622 810 7,400 SH   DFND 1 0 7,400 0
SPDR SERIES TRUST SPDR PORTFOLIO SP 500 GROWTH ETF ETF 78464A409 19,598 303,660 SH   DFND 1 0 303,660 0
SPDR SP 500 ETF TRUST ETF 78462F103 115,514 265,885 SH   DFND 1 0 265,885 0
SUZANO PAPELE CELULOSE SA ADR 86959K105 27 2,668 SH   DFND 1 0 2,668 0
THE SELECT SECTOR SPDR TRUST THE ENERGY SELECT SECTOR SPDR FUND ETF 81369Y506 10,816 204,502 SH   DFND 1 0 204,502 0
THE SELECT SECTOR SPDR TRUST THE FINANCIAL SELECT SECTOR SPDR FUND ETF 81369Y605 91,229 2,392,584 SH   DFND 1 0 2,392,584 0
THE SELECT SECTOR SPDR TRUST THE HEALTH CARE SELECT SECTOR SPDR FUND ETF 81369Y209 8,887 68,959 SH   DFND 1 0 68,959 0
THE SELECT SECTOR SPDR TRUST THE INDUSTRIAL SELECT SECTOR SPDR FUND ETF 81369Y704 8,135 81,442 SH   DFND 1 0 81,442 0
THE SELECT SECTOR SPDR TRUST THE TECHNOLOGY SELECT SECTOR SPDR FUND ETF 81369Y803 10,746 71,452 SH   DFND 1 0 71,452 0
VANECK VECTORS ETF TRUST VANECK VECTORS GOLD MINERS ETF ETF 92189F106 113 3,906 SH   DFND 1 0 3,906 0
VANECK VECTORS ETF TRUST VANECK VECTORS RUSSIA ETF ETF 92189F403 41,452 1,379,438 SH   DFND 1 0 1,379,438 0
VANGUARD FTSE EMERGING MARKETS ETF ETF 922042858 2,979 59,979 SH   DFND 1 0 59,979 0
VANGUARD INDEX FUNDS VANGUARD GROWTH ETF ETF 922908736 22,958 78,617 SH   DFND 1 0 78,617 0
VANGUARD INDEX FUNDS VANGUARD SMALL CAP ETF ETF 922908751 7,400 33,359 SH   DFND 1 0 33,359 0
VANGUARD INDEX FUNDS VANGUARD SP 500 ETF ETF 922908363 121,088 303,130 SH   DFND 1 0 303,130 0
VANGUARD INDEX FUNDS VANGUARD TOTAL STOCK MARKET ETF ETF 922908769 195,737 871,919 SH   DFND 1 0 871,919 0
VANGUARD INDEX FUNDS VANGUARD VALUE ETF ETF 922908744 304,119 2,209,849 SH   DFND 1 0 2,209,849 0
XTRACKERS HARVEST CSI 300 CHINA A SHARES ETF ETF 233051879 117,872 3,137,392 SH   DFND 1 0 3,137,392 0
YPF SA ADR 984245100 8 1,772 SH   DFND 1 0 1,772 0