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 11,195 1,894,288 SH   DFND 1 1,744,735 0 149,553
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 6,027 491,580 SH   DFND 1 367,987 0 123,593
BANCO BRADESCO S A SP ADR PFD NEW 059460303 27,718 3,549,024 SH   DFND 1 2,260,478 0 1,288,546
BANCO DE CHILE SPONSORED ADR 059520106 0 0 SH   DFND 1 0 0 0
BANCO MACRO SA SPON ADR B 05961W105 0 0 SH   DFND 1 0 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 3,924 112,381 SH   DFND 1 76,373 0 36,008
BRF SA SPONSORED ADR 10552T107 11,118 798,119 SH   DFND 1 550,900 0 247,219
CEMENTOS PACASMAYO S A A SPON ADR REP 5 15126Q109 48 5,428 SH   DFND 1 5,428 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 12,958 2,100,133 SH   DFND 1 1,547,394 0 552,739
CENCOSUD S A SPONSORED ADS 15132H101 1,140 127,362 SH   DFND 1 92,209 0 35,153
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 0 0 SH   DFND 1 0 0 0
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 2,165 979,704 SH   DFND 1 657,200 0 322,504
COMPANHIA PARANAENSE ENERG C SPON ADR PFD 20441B407 5,382 599,287 SH   DFND 1 393,900 0 205,387
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 39 3,261 SH   DFND 1 3,261 0 0
ECOPETROL S A SPONSORED ADS 279158109 0 0 SH   DFND 1 0 0 0
EMPRESA NACIONAL DE ELCTRCID SPONSORED ADR 29244T101 8,678 312,948 SH   DFND 1 211,363 0 101,585
ENERSIS AMERICAS SA SPONSORED ADR 29274F104 5,621 655,080 SH   DFND 1 442,217 0 212,863
ENERSIS CHILE SA SPON ADR 29278D105 1,974 338,597 SH   DFND 1 228,995 0 109,602
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 22,075 238,671 SH   DFND 1 161,684 0 76,987
GERDAU S A SPON ADR REP PFD 373737105 1,210 665,078 SH   DFND 1 446,400 0 218,678
GRUPO AEROPORTUARIO CTR NORT SPON ADR 400501102 0 0 SH   DFND 1 0 0 0
GRUPO AEROPORTUARIO DEL SURE SPON ADR SER B 40051E202 0 0 SH   DFND 1 0 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 0 0 SH   DFND 1 0 0 0
GRUPO FINANCIERO SANTANDER M SPON ADR SHS B 40053C105 6,708 737,996 SH   DFND 1 500,709 0 237,287
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 11,341 435,516 SH   DFND 1 294,753 0 140,763
ISHARES MSCI JAPAN ETF 464286848 17,649 1,534,695 SH   DFND 1 1,534,695 0 0
ISHARES TR 20 YR TR BD ETF 464287432 20,951 150,838 SH   DFND 1 150,838 0 0
ISHARES TR 7-10 Y TR BD ETF 464287440 71,801 635,673 SH   DFND 1 635,673 0 0
ISHARES TR IBOXX INV CP ETF 464287242 1,042 8,486 SH   DFND 1 8,486 0 0
ISHARES TR INTL TREA BD ETF 464288117 18,791 188,726 SH   DFND 1 188,726 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 34,716 3,677,491 SH   DFND 1 2,509,106 0 1,168,385
LATAM AIRLS GROUP S A SPONSORED ADR 51817R106 34 5,190 SH   DFND 1 5,190 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 1,005 173,000 SH   DFND 1 116,200 0 56,800
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 8,708 1,216,178 SH   DFND 1 747,700 0 468,478
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 2,357 95,365 SH   DFND 1 66,574 0 28,791
SPDR S&P 500 ETF TR TR UNIT 78462F103 82,130 392,077 SH   DFND 1 392,077 0 0
TELEFONICA BRASIL SA SPONSORED ADR 87936R106 5,803 426,686 SH   DFND 1 252,900 0 173,786
VALE S A ADR 91912E105 3,607 712,847 SH   DFND 1 627,300 0 85,547
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 40,080 858,983 SH   DFND 1 858,983 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 0 0 SH   DFND 1 0 0 0
AMBEV S A SPONSERED ADR 02319V103 908 153,658 SH   SOLE   0 0 153,658
BANCO BRADESCO S A SP ADR PFD NEW 059460303 11,798 1,510,629 SH   SOLE   0 0 1,510,629
BRF SA SPONSORED ADR 10552T107 4,462 320,334 SH   SOLE   0 0 320,334
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 1,757 120,771 SH   SOLE   0 0 1,757
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 620 280,541 SH   SOLE   0 0 280,541
EMBRAER S A SP ADR REP 4 COM 29082A107 3,151 145,071 SH   SOLE   0 0 145,071
ENERSIS AMERICAS S A SPONSORED ADR 29274F104 2,575 441,712 SH   SOLE   0 0 441,712
ISHARES TR MSCI EAFE ETF 464287905 1 2,500 SH Call SOLE   0 0 2,500
ISHARES TR RUSSELL 2000 ETF 464287655 9,893 86,041 SH   SOLE   0 0 86,041
ISHARES TR MSCI EAFE ETF 464287465 17,583 315,000 SH   SOLE   0 0 315,000
PETROLEO BRASILEIRO S A PETRO SP ADR NON VTG 71654V101 30,077 5,176,808 SH   SOLE   0 0 5,176,808
SPDR S&P 500 ETF TR TR UNIT 78462F953 3,022 1,000 SH Put SOLE   0 0 1,000
SPDR S&P 500 ETF TR TR UNIT 78462F903 726 5,000 SH Call SOLE   0 0 5,000
SYNGENTA AG SPONSORED ADR 87160A100 5,310 13,874 SH   SOLE   0 0 13,874
TELEFONICA BRASIL AS SPONSORED ADR 87936R106 2,545 187,110 SH   SOLE   0 0 187,110
ULTRAPAR PARTICIPACOES S A SP ADR REP COM 90400P101 48 2,160 SH   SOLE   0 0 2,160
VALE S A ADR RESPTG PFD 91912E204 5,317 1,325,934 SH   SOLE   0 0 1,325,934
WISDOMTREE TR EUROPE HEDGED EQ 97717X701 2,329 46,095 SH   SOLE   0 0 46,095
WISDOMTREE TR INDIA ERNGS FD 97717W422 1,625 80,500 SH   SOLE   0 0 80,500
SPDR INDEX SHS FDS EURO STOXX 50 S&P INTL ETF 78463X202 122 3,900 SH   SOLE   0 0 3,900
SPDR S&P 500 ETF TR TR UNIT EM MKT DIV 78462F103 27,611 131,810 SH   SOLE   0 0 131,810
ISHARES MIN VOL EMRG MKT CALL 464286533 335 6,500 SH Call DFND   0 0 6,500
ISHARES TR MSCI EAFE ETF ENERGY ETF 464287465 9,880 177,000 SH   DFND   0 0 177,000
ISHARES TR MSCI ACWI ETF PFD STK ETF 464288257 13,367 237,725 SH   DFND   0 0 237,725
ISHARES TR CUR HD EURZN ETF IBONDS DEC25 ETF 46434V639 626 26,000 SH   DFND   0 0 26,000