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
BANCOLOMBIA S A SPON ADR PREF 05968L102 484 12,050 SH   SOLE   12,050 0 0
CONTROLADORA VUELA COMP DE A SPON ADR RP 10 21240E105 8,673 698,274 SH   SOLE   698,274 0 0
GRUPO FINANCIERO GALICIA S.A SPONSORED ADR 399909100 331 37,881 SH   SOLE   37,881 0 0
GRUPO SUPERVIELLE S.A. SPONSORED ADR 40054A108 301 141,647 SH   SOLE   141,647 0 0
ISHARES INC MSCI AUST ETF 464286103 778 32,486 SH   SOLE   32,486 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 2,432 65,615 SH   SOLE   65,615 0 0
ISHARES INC MSCI CDA ETF 464286509 808 26,194 SH   SOLE   26,194 0 0
ISHARES INC MSCI CHILE ETF 464286640 568 18,813 SH   SOLE   18,813 0 0
ISHARES INC MSCI GERMANY ETF 464286806 711 22,374 SH   SOLE   22,374 0 0
ISHARES INC MSCI MEXICO ETF 464286822 520 12,097 SH   SOLE   12,097 0 0
ISHARES INC MSCI RUSSIA ETF 46434G798 595 15,965 SH   SOLE   15,965 0 0
ISHARES INC MSCI STH AFR ETF 464286780 1,716 39,135 SH   SOLE   39,135 0 0
ISHARES INC MSCI STH KOR ETF 464286772 3,888 45,187 SH   SOLE   45,187 0 0
ISHARES TR CORE S&P500 ETF 464287200 3,264 8,696 SH   SOLE   8,696 0 0
ISHARES TR CORE US AGGBD ET 464287226 6,253 52,905 SH   SOLE   52,905 0 0
ISHARES TR MSCI USA MIN VOL 46429B697 196 2,894 SH   SOLE   2,894 0 0
ISHARES TR MSCI USA MMENTM 46432F396 528 3,274 SH   SOLE   3,274 0 0
ISHARES TR MSCI USA QLT FCT 46432F339 727 6,253 SH   SOLE   6,253 0 0
ISHARES TR MSCI USA VALUE 46432F388 429 4,940 SH   SOLE   4,940 0 0
ISHARES TR EUROPE ETF 464287861 734 15,326 SH   SOLE   15,326 0 0
ISHARES TR IBOXX HI YD ETF 464288513 3,199 36,641 SH   SOLE   36,641 0 0
ISHARES TR LATN AMER 40 ETF 464287390 2,453 83,565 SH   SOLE   83,565 0 0
ISHARES TR MSCI ACWI EX US 464288240 1,743 32,856 SH   SOLE   32,856 0 0
ISHARES TR MSCI AC ASIA ETF 464288182 1,476 16,469 SH   SOLE   16,469 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 826 15,993 SH   SOLE   15,993 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 638 3,252 SH   SOLE   3,252 0 0
ITAU UNIBANCO HLDG S A SPON ADR REP PFD 465562106 10,071 1,653,753 SH   SOLE   1,653,753 0 0
MERCADOLIBRE INC COM 58733R102 34,181 20,404 SH   SOLE   20,404 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 29,271 2,606,497 SH   SOLE   2,606,497 0 0
SELECT SECTOR SPDR TR COMMUNICATION 81369Y852 1,603 23,755 SH   SOLE   23,755 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 1,539 9,569 SH   SOLE   9,569 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 446 6,614 SH   SOLE   6,614 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506 279 7,357 SH   SOLE   7,357 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 2,007 68,089 SH   SOLE   68,089 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 2,230 19,662 SH   SOLE   19,662 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 1,692 19,106 SH   SOLE   19,106 0 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 668 9,230 SH   SOLE   9,230 0 0
SOCIEDAD QUIMICA Y MINERA DE SPON ADR SER B 833635105 4,326 88,128 SH   SOLE   88,128 0 0
SPDR INDEX SHS FDS S&P CHINA ETF 78463X400 2,035 15,626 SH   SOLE   15,626 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 767 2,052 SH   SOLE   2,052 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 967 147,317 SH   SOLE   147,317 0 0
TRANSPORTADORA DE GAS SUR SPONSORED ADS B 893870204 66 12,701 SH   SOLE   12,701 0 0
VALE S A SPONSORED ADS 91912E105 30,375 1,812,357 SH   SOLE   1,812,357 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 1,347 26,882 SH   SOLE   26,882 0 0
VANGUARD WORLD FDS INF TECH ETF 92204A702 4,674 13,212 SH   SOLE   13,212 0 0