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
AFYA LTD CL A COM G01125106 6,198 244,960 SH   SOLE   29,273 0 215,687
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 11,245 6,693,471 SH   DFND   0 0 6,693,471
ALPHABET INC CAP STK CL C 02079K107 3 5,432,339 SH   DFND   0 0 5,432,339
ALPHABET INC CAP STK CL A 02079K305 25,169 7,551,846 SH   SOLE   227 0 7,551,619
AMAZON COM INC COM 023135106 13,483 7,555,096 SH   SOLE   501 0 7,554,595
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 94,432 6,494,658 SH   SOLE   991,119 0 5,503,539
APPLE INC COM 037833100 123 7,778,120 SH   SOLE   483 0 7,777,637
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 2,650 526,764 SH   DFND   0 0 526,764
ASSURANT INC COM 04621X108 15 2,029,678 SH   DFND   0 0 2,029,678
ASTRAZENECA PLC SPONSORED ADR 046353108 654 13,082 SH   DFND   0 0 13,082
B2GOLD CORP COM 11777Q209 397 69,367 SH   DFND   0 0 69,367
BAIDU INC SPON ADR REP A 056752108 39 8,331,235 SH   DFND   0 0 8,331,235
BANCO BRADESCO S A SP ADR PFD NEW 059460303 131,312 25,019,650 SH   SOLE   4,179,488 0 20,840,162
BANCO DE CHILE SPONSORED ADS 059520106 925 45,377 SH   DFND   0 0 45,377
BANCO SANTANDER BRASIL S A ADS REP 1 UNIT 05967A107 1,448 167,600 SH   SOLE   39,800 0 127,800
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 26,999 1,421,771 SH   SOLE   120,112 0 1,301,659
BANCO SANTANDER MEXICO AS SPONSORED ADS B 05969B103 6,252 1,214,065 SH   SOLE   193,426 0 1,020,639
BANCOLOMBIA S A SPON ADR PREF 05968L102 1,728 43,000 SH   DFND   0 0 43,000
BEST BUY INC COM 086516101 74 738 SH   SOLE   0 0 738
BLOOMIN BRANDS INC COM 094235108 5,868 302,143 SH   DFND   0 0 302,143
BOEING CO COM 097023105 1,605 7,500 SH   DFND   0 0 7,500
BOOKING HOLDINGS INC COM 09857L108 9,566 4,295 SH   DFND   0 0 4,295
BOYD GAMING CORP COM 103304101 837 19,490 SH   DFND   0 0 19,490
BRF SA SPONSORED ADR 10552T107 3,137 735,137 SH   SOLE   735,137 0 0
BROADCOM INC COM 11135F101 3,503 8,000 SH   DFND   0 0 8,000
CAESARS ENTERTAINMENT INC NE COM 12769G100 7 99 SH   DFND   0 0 99
CARNIVAL CORP UNIT 99/99/9999 143658300 1,516 70,000 SH   DFND   0 0 70,000
CEMEX SAB DE CV SPON ADR NEW 151290889 43,254 21,338,046 SH   SOLE   1,247,747 0 20,090,299
CHUBB LIMITED COM H1467J104 9 1,308,320 SH   DFND   0 0 1,308,320
CITIGROUP INC COM NEW 172967424 35 2,176,598 SH   DFND   0 0 2,176,598
CNH INDL N V SHS N20944109 116 1,483,020 SH   DFND   0 0 1,483,020
COMCAST CORP NEW CL A 20030N101 1,568 29,919 SH   DFND   0 0 29,919
COMPANHIA BRASILEIRA DE DIST SPONSORED ADR 20440T300 13,542 945,662 SH   SOLE   172,594 0 773,068
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 16,829 1,380,598 SH   SOLE   194,919 0 1,185,679
CONOCOPHILLIPS COM 20825C104 38 1,523,619 SH   DFND   0 0 1,523,619
COPA HOLDINGS SA CL A P31076105 33 2,549,328 SH   DFND   0 0 2,549,328
CREDICORP LTD COM G2519Y108 13,499 82,298 SH   DFND   0 0 82,298
DBX ETF TR XTRACK RUSS 2000 233051440 2 51 SH   DFND   0 0 51
DESPEGAR COM CORP ORD SHS G27358103 2,241 176,351 SH   DFND   0 0 176,351
DISNEY WALT CO COM DISNEY 254687106 96 528 SH   SOLE   420 0 108
ECOPETROL S A SPONSORED ADS 279158109 6,197 480,000 SH   DFND   0 0 480,000
FACEBOOK INC CL A 30303M102 18,849 7,405,858 SH   DFND   0 0 7,405,858
FIDELITY NATL INFORMATION SV COM 31620M106 1,618 11,438 SH   DFND   0 0 11,438
FIRST AMERN FINL CORP COM 31847R102 47 2,446,849 SH   DFND   0 0 2,446,849
FIRST HORIZON NATL CORP COM 320517105 161 2,054,360 SH   DFND   0 0 2,054,360
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 5,425 71,594 SH   SOLE   13,119 0 58,475
FREEPORT-MCMORAN INC CL B 35671D857 2,731 53,760,919 SH   DFND   0 0 53,760,919
GENERAL MTRS CO COM 37045V100 2,038 48,933 SH   DFND   0 0 48,933
GERDAU SA SPON ADR REP PFD 373737105 21,597 4,624,547 SH   SOLE   780,385 0 3,844,162
GILEAD SCIENCES INC COM 375558103 390 6,700 SH   SOLE   6,700 0 0
GLOBAL PMTS INC COM 37940X102 1,637 7,597 SH   DFND   0 0 7,597
GLOBANT S A COM L44385109 55,309 1,610,111 SH   DFND   0 0 1,610,111
GRUPO AEROPORTUARIO DEL CENT SPON ADR 400501102 2,630 50,899 SH   SOLE   7,816 0 43,083
GRUPO AEROPORTUARIO DEL SURE SPON ADR SER B 40051E202 1,637 9,927 SH   SOLE   1,267 0 8,660
HDFC BANK LTD ADR REPS 3 SHS 40415F101 23 1,661,980 SH   DFND   0 0 1,661,980
HOME DEPOT INC COM 437076102 2,795 10,523 SH   SOLE   0 0 10,523
ICICI BK LTD ADR 45104G104 117 1,738,620 SH   DFND   0 0 1,738,620
INTERCONTINENTAL EXCHANGE IN COM 45866F104 19 2,132,865 SH   DFND   0 0 2,132,865
ISHARES INC CALL 464286900 162 4,250 SH Call DFND   0 0 4,250
ISHARES INC MSCI BRAZIL ETF 464286400 29,226 1,918,803 SH   DFND   0 0 1,918,803
ISHARES INC MSCI PAC JP ETF 464286665 380 7,900 SH   DFND   0 0 7,900
ISHARES INC MSCI CDA ETF 464286509 3,248 104,600 SH   DFND   0 0 104,600
ISHARES INC MSCI MEXICO ETF 464286822 920 6,898,517 SH   DFND   0 0 6,898,517
ISHARES INC MSCI STH KOR ETF 464286772 2,111 24,500 SH   DFND   0 0 24,500
ISHARES INC CORE MSCI EMKT 46434G103 2,968 47,800 SH   DFND   0 0 47,800
ISHARES INC MSCI EM ASIA ETF 464286426 2,708 31,000 SH   DFND   0 0 31,000
ISHARES INC MSCI GERMANY ETF 464286806 275 6,835,338 SH   DFND   0 0 6,835,338
ISHARES INC MSCI EURZONE ETF 464286608 533 11,933 SH   DFND   0 0 11,933
ISHARES INC MSCI CHILE ETF 464286640 36 1,093,602 SH   DFND   0 0 1,093,602
ISHARES INC MSCI THAILND ETF 464286624 20 1,525,986 SH   DFND   0 0 1,525,986
ISHARES INC MSCI SINGPOR ETF 46434G780 102 2,190,960 SH   DFND   0 0 2,190,960
ISHARES INC MSCI JPN ETF NEW 46434G822 35,402 1,608,235 SH   SOLE   439,450 0 1,168,785
ISHARES TR CALL 464287904 62 1,500 SH Call DFND   0 0 1,500
ISHARES TR CHINA LG-CAP ETF 464287184 5,335 114,906 SH   DFND   0 0 114,906
ISHARES TR PUT 464287954 62 13,000 SH Put DFND   0 0 13,000
ISHARES TR RUSSELL 2000 ETF 464287655 5,157 26,301 SH   DFND   0 0 26,301
ISHARES TR MSCI ACWI ETF 464288257 5,483 60,478 SH   DFND   0 0 60,478
ISHARES TR MSCI EURO FL ETF 464289180 77 4,400 SH   DFND   0 0 4,400
ISHARES TR MSCI CHINA ETF 46429B671 3,884 48,000 SH   DFND   0 0 48,000
ISHARES TR JPMORGAN USD EMG 464288281 1,738 15,000 SH   DFND   0 0 15,000
ISHARES TR S&P 500 VAL ETF 464287408 3,746 29,500 SH   DFND   0 0 29,500
ISHARES TR RUS 1000 VAL ETF 464287598 1,559 8,080,989 SH   DFND   0 0 8,080,989
ISHARES TR MSCI INDONIA ETF 46429B309 72 1,686,240 SH   DFND   0 0 1,686,240
ISHARES TR IBOXX INV CP ETF 464287242 11,836 85,690 SH   SOLE   85,690 0 0
ISHARES TR SHORT TREAS BD 464288679 431 12,990,111 SH   SOLE   2,836 0 12,987,275
ISHARES TR 10-20 YR TRS ETF 464288653 2,246 815,128 SH   SOLE   14,077 0 801,051
ISHARES TR US TREAS BD ETF 46429B267 1,798 830,084 SH   SOLE   64,986 0 765,098
ITAU UNIBANCO HLDG S A SPON ADR REP PFD 465562106 51,894 8,521,160 SH   SOLE   1,590,195 0 6,930,965
JOHNSON & JOHNSON COM 478160104 435 2,762 SH   SOLE   2,762 0 0
JPMORGAN CHASE & CO COM 46625H100 1,228 9,665 SH   DFND   0 0 9,665
KRANESHARES TR CSI CHI INTERNET 500767306 4,139 53,900 SH   DFND   0 0 53,900
LAS VEGAS SANDS CORP COM 517834107 8,937 149,950 SH   DFND   0 0 149,950
LPL FINL HLDGS INC COM 50212V100 20 2,044,275 SH   DFND   0 0 2,044,275
MASTEC INC COM 576323109 33 2,229,486 SH   DFND   0 0 2,229,486
MATCH GROUP INC NEW COM 57667L107 1,052 6,956 SH   DFND   0 0 6,956
MERCADOLIBRE INC COM 58733R102 24,180 3,415,233 SH   SOLE   1,645 0 3,413,588
METLIFE INC COM 59156R108 54 2,525,910 SH   DFND   0 0 2,525,910
MICROSOFT CORP COM 594918104 18,791 5,357,196 SH   SOLE   6,241 0 5,350,955
NATURA &CO HLDG S A ADS 63884N108 26,793 1,339,630 SH   SOLE   137,677 0 1,201,953
NETFLIX INC COM 64110L106 333 7,511,629 SH   SOLE   2,182 0 7,509,447
NEXTERA ENERGY INC COM 65339F101 167 2,160 SH   SOLE   2,160 0 0
NIKE INC CL B 654106103 1,243 8,784 SH   SOLE   228 0 8,556
NVIDIA CORP COM 67066G104 307 7,303,326 SH   SOLE   562 0 7,302,764
OGE ENERGY CORP COM 670837103 3 100 SH   DFND   0 0 100
PAGSEGURO DIGITAL LTD COM CL A G68707101 1,415 24,869 SH   DFND   0 0 24,869
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 8,720 632,772 SH   DFND   0 0 632,772
PAYPAL HLDGS INC COM 70450Y103 168 716 SH   SOLE   716 0 0
PETROLEO BRASILEIRO SA PETRO CALL 71654V908 87 2,600 SH Call DFND   0 0 2,600
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 63,033 5,760,629 SH   SOLE   5,722,373 0 38,256
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 156,735 14,002,513 SH   SOLE   6,442,289 0 7,560,224
PROLOGIS INC COM 74340W103 21 2,092,860 SH   DFND   0 0 2,092,860
QUANTUM CORP COM NEW 747906501 391 4,635 SH   DFND   0 0 4,635
ROSS STORES INC COM 778296103 3,395 27,641 SH   DFND   0 0 27,641
SALESFORCE COM INC COM 79466L302 2,225 10,000 SH   DFND   0 0 10,000
SELECT SECTOR SPDR TR CALL 81369Y905 72 1,500 SH Call DFND   0 0 1,500
SELECT SECTOR SPDR TR ENERGY 81369Y506 355 11,564,420 SH   DFND   0 0 11,564,420
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 1,040 8,000 SH   DFND   0 0 8,000
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 2,801 38,688 SH   DFND   0 0 38,688
SERVICENOW INC COM 81762P102 1,227 2,230 SH   DFND   0 0 2,230
SHAKE SHACK INC CL A 819047101 2,685 31,669 SH   DFND   0 0 31,669
SOLAREDGE TECHNOLOGIES INC COM 83417M104 8 2,649,365 SH   DFND   0 0 2,649,365
SONY CORP SPONSORED ADR 835699307 3,033 30,000 SH   DFND   0 0 30,000
SOUTHERN COPPER CORP COM 84265V105 5,821 22,605,990 SH   DFND   0 0 22,605,990
SPDR GOLD TR GOLD SHS 78463V107 4,013 22,500 SH   DFND   0 0 22,500
SPDR INDEX SHS FDS ASIA PACIF ETF 78463X301 2,611 20,500 SH   DFND   0 0 20,500
SPDR S&P 500 ETF TR CALL 78462F903 1,182 750 SH Call DFND   0 0 750
SPDR S&P 500 ETF TR PUT 78462F953 1,534 8,305 SH Put DFND   0 0 8,305
SPDR S&P 500 ETF TR TR UNIT 78462F103 345,932 8,265,120 SH   SOLE   1,027,007 0 7,238,113
SPDR SER TR S&P OILGAS EXP 78468R556 1,275 21,500 SH   DFND   0 0 21,500
SPDR SER TR S&P HOMEBUILD 78464A888 8,152 141,424 SH   DFND   0 0 141,424
TELEFONICA S A SPONSORED ADR 879382208 24,399 2,756,937 SH   SOLE   350,300 0 2,406,637
TIM PARTICIPACOES S A SPONSORED ADR 88706P205 16,280 1,169,553 SH   SOLE   208,358 0 961,195
TIMKEN CO COM 887389104 14 1,067,259 SH   DFND   0 0 1,067,259
TJX COS INC NEW COM 872540109 1,195 17,492 SH   DFND   0 0 17,492
TWITTER INC COM 90184L102 3,215 7,252,307 SH   DFND   0 0 7,252,307
ULTRAPAR PARTICIPACOES S A SP ADR REP COM 90400P101 7,357 1,616,992 SH   SOLE   1,616,992 0 0
US FOODS HLDG CORP COM 912008109 4,271 128,224 SH   DFND   0 0 128,224
VALE S A CALL 91912E905 57 7,000 SH Call DFND   0 0 7,000
VALE S A PUT 91912E955 1 5,000 SH Put DFND   0 0 5,000
VANECK VECTORS ETF TR RUSSIA ETF 92189F403 2,015 83,418 SH   DFND   0 0 83,418
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363 3,204 266,292,173 SH   DFND   0 0 266,292,173
VANGUARD INTL EQUITY INDEX F TT WRLD ST ETF 922042742 17,950 194,038 SH   DFND   0 0 194,038
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 65,881 3,949,868 SH   SOLE   1,082,403 0 2,867,465
VERTIV HOLDINGS CO COM CL A 92537N108 109 2,035,030 SH   DFND   0 0 2,035,030
WABTEC CORP COM 929740108 8 549,000 SH   DFND   0 0 549,000
WISDOMTREE TR INDIA ERNGS FD 97717W422 1,017 35,000 SH   DFND   0 0 35,000
WORKDAY INC CL A 98138H101 1,797 7,500 SH   DFND   0 0 7,500
WYNN RESORTS LTD COM 983134107 1,968 17,442 SH   DFND   0 0 17,442
ZOOM VIDEO COMMUNICATIONS IN CL A 98980L101 1,300 3,854 SH   SOLE   3,854 0 0