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
BANCO SANTANDER BRASIL S A ADS REP 1 UNIT 05967A107 2,552 452,421 SH   SOLE   452,421 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 14,148 580,531 SH   SOLE   580,531 0 0
CONTROLADORA VUELA COMP DE A SPON ADR RP 10 21240E105 1,137 162,693 SH   SOLE   162,693 0 0
GERDAU SA SPON ADR REP PFD 373737105 3,027 669,762 SH   SOLE   669,762 0 0
ISHARES INC MSCI STH KOR ETF 464286772 1,098 23,174 SH   SOLE   23,174 0 0
ISHARES INC MSCI STH AFR ETF 464286780 870 24,151 SH   SOLE   24,151 0 0
ISHARES INC MSCI CDA ETF 464286509 1,287 41,834 SH   SOLE   41,834 0 0
ISHARES INC MSCI AUST ETF 464286103 887 45,193 SH   SOLE   45,193 0 0
ISHARES TR MSCI SAUDI ARBIA 46434V423 1,241 30,257 SH   SOLE   30,257 0 0
ISHARES TR MBS ETF 464288588 552 6,025 SH   SOLE   6,025 0 0
ISHARES TR MSCI INDIA ETF 46429B598 798 19,562 SH   SOLE   19,562 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 1,006 28,832 SH   SOLE   28,832 0 0
ISHARES TR MSCI AC ASIA ETF 464288182 1,128 19,275 SH   SOLE   19,275 0 0
ISHARES TR MSCI ACWI EX US 464288240 670 16,756 SH   SOLE   16,756 0 0
ISHARES TR MSCI UAE ETF 46434V761 164 10,795 SH   SOLE   10,795 0 0
ISHARES TR MSCI ACWI ETF 464288257 5,877 75,508 SH   SOLE   75,508 0 0
ISHARES TR LATN AMER 40 ETF 464287390 1,763 74,333 SH   SOLE   74,333 0 0
ISHARES TR IBOXX INV CP ETF 464287242 502 4,899 SH   SOLE   4,899 0 0
ISHARES TR IBOXX HI YD ETF 464288513 993 13,914 SH   SOLE   13,914 0 0
ISHARES TR EUROPE ETF 464287861 593 15,704 SH   SOLE   15,704 0 0
ISHARES TR CORE US AGGBD ET 464287226 2,172 22,547 SH   SOLE   22,547 0 0
ISHARES TR CORE S&P500 ETF 464287200 4,780 13,327 SH   SOLE   13,327 0 0
ISHARES TR MSCI UK ETF NEW 46435G334 665 25,365 SH   SOLE   25,365 0 0
MERCADOLIBRE INC COM 58733R102 14,855 17,946 SH   SOLE   17,946 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 33,569 2,720,357 SH   SOLE   2,720,357 0 0
SELECT SECTOR SPDR TR RL EST SEL SEC 81369Y860 220 6,110 SH   SOLE   6,110 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 213 3,256 SH   SOLE   3,256 0 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 203 2,988 SH   SOLE   2,988 0 0
SELECT SECTOR SPDR TR FINANCIAL 81369Y605 825 27,186 SH   SOLE   27,186 0 0
SELECT SECTOR SPDR TR COMMUNICATION 81369Y852 641 13,385 SH   SOLE   13,385 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 842 5,909 SH   SOLE   5,909 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 1,077 8,890 SH   SOLE   8,890 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 490 7,345 SH   SOLE   7,345 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506 414 5,750 SH   SOLE   5,750 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 602 7,270 SH   SOLE   7,270 0 0
SOCIEDAD QUIMICA Y MINERA DE SPON ADR SER B 833635105 223 5,239 SH   SOLE   5,239 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 2,773 7,764 SH   SOLE   7,764 0 0
TERNIUM SA SPONSORED ADS 880890108 3,626 132,367 SH   SOLE   132,367 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 12,770 958,679 SH   SOLE   958,679 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 451 12,352 SH   SOLE   12,352 0 0
VANGUARD WORLD FDS INF TECH ETF 92204A702 2,046 6,658 SH   SOLE   6,658 0 0