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
AGILETHOUGHT INC CLASS A COM 00857F100 413 87,440 SH   SOLE   87,440 0 0
BANCO SANTANDER BRASIL S A ADS REP 1 UNIT 05967A107 1,538 286,413 SH   SOLE   286,413 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 573 12,050 SH   SOLE   12,050 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 7,727 1,139,703 SH   SOLE   1,139,703 0 0
CONTROLADORA VUELA COMP DE A SPON ADR RP 10 21240E105 8,432 469,206 SH   SOLE   469,206 0 0
GERDAU SA SPON ADR REP PFD 373737105 4,812 978,002 SH   SOLE   978,002 0 0
GRUPO TELEVISA S A B SPON ADR REP ORD 40049J206 9,153 976,806 SH   SOLE   976,806 0 0
ISHARES INC MSCI AUST ETF 464286103 1,143 46,033 SH   SOLE   46,033 0 0
ISHARES INC MSCI STH KOR ETF 464286772 1,805 23,174 SH   SOLE   23,174 0 0
ISHARES INC MSCI STH AFR ETF 464286780 1,530 32,969 SH   SOLE   32,969 0 0
ISHARES INC MSCI MEXICO ETF 464286822 612 12,097 SH   SOLE   12,097 0 0
ISHARES INC MSCI GERMANY ETF 464286806 1,351 41,205 SH   SOLE   41,205 0 0
ISHARES INC MSCI CHILE ETF 464286640 434 18,813 SH   SOLE   18,813 0 0
ISHARES INC MSCI CDA ETF 464286509 1,684 43,827 SH   SOLE   43,827 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 461 16,420 SH   SOLE   16,420 0 0
ISHARES TR CORE US AGGBD ET 464287226 2,550 22,356 SH   SOLE   22,356 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 782 15,998 SH   SOLE   15,998 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 356 1,601 SH   SOLE   1,601 0 0
ISHARES TR EUROPE ETF 464287861 1,093 20,095 SH   SOLE   20,095 0 0
ISHARES TR MSCI UK ETF NEW 46435G334 1,468 44,308 SH   SOLE   44,308 0 0
ISHARES TR CORE S&P500 ETF 464287200 3,961 8,304 SH   SOLE   8,304 0 0
ISHARES TR MSCI AC ASIA ETF 464288182 470 5,686 SH   SOLE   5,686 0 0
ISHARES TR LATN AMER 40 ETF 464287390 1,921 81,894 SH   SOLE   81,894 0 0
ISHARES TR MSCI ACWI EX US 464288240 695 12,503 SH   SOLE   12,503 0 0
ITAU UNIBANCO HLDG S A SPON ADR REP PFD 465562106 4,527 1,207,313 SH   SOLE   1,207,313 0 0
MERCADOLIBRE INC COM 58733R102 20,947 15,535 SH   SOLE   15,535 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 27,846 2,536,038 SH   SOLE   2,536,038 0 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 938 10,353 SH   SOLE   10,353 0 0
SELECT SECTOR SPDR TR RL EST SEL SEC 81369Y860 417 8,049 SH   SOLE   8,049 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 596 7,725 SH   SOLE   7,725 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506 564 10,169 SH   SOLE   10,169 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 1,796 16,970 SH   SOLE   16,970 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 3,244 23,026 SH   SOLE   23,026 0 0
SELECT SECTOR SPDR TR FINANCIAL 81369Y605 2,720 69,667 SH   SOLE   69,667 0 0
SELECT SECTOR SPDR TR COMMUNICATION 81369Y852 2,133 27,453 SH   SOLE   27,453 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 2,907 14,218 SH   SOLE   14,218 0 0
SOCIEDAD QUIMICA Y MINERA DE SPON ADR SER B 833635105 4,710 93,398 SH   SOLE   93,398 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 1,474 3,104 SH   SOLE   3,104 0 0
TERNIUM SA SPONSORED ADS 880890108 5,778 132,762 SH   SOLE   132,762 0 0
TRANSPORTADORA DE GAS SUR SPONSORED ADS B 893870204 199 12,701 SH   SOLE   12,701 0 0
VALE S A SPONSORED ADS 91912E105 33,831 2,413,046 SH   SOLE   2,413,046 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 859 17,373 SH   SOLE   17,373 0 0
VANGUARD WORLD FDS INF TECH ETF 92204A702 6,802 14,845 SH   SOLE   14,845 0 0