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
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
BANCOLOMBIA S A SPON ADR PREF 05968L102   10,334,210 411,230 SH   SOLE   411,230 0 0
GERDAU SA SPON ADR REP PFD 373737105   4,786,172 970,826 SH   SOLE   970,826 0 0
ISHARES INC MSCI WORLD ETF 464286392   235,340 2,000 SH   SOLE   2,000 0 0
ISHARES INC MSCI STH KOR ETF 464286772   1,276,253 20,847 SH   SOLE   20,847 0 0
ISHARES INC MSCI STH AFR ETF 464286780   857,530 20,311 SH   SOLE   20,311 0 0
ISHARES INC MSCI CDA ETF 464286509   1,429,886 41,834 SH   SOLE   41,834 0 0
ISHARES INC MSCI AUST ETF 464286103   899,477 39,210 SH   SOLE   39,210 0 0
ISHARES TR MBS ETF 464288588   631,849 6,670 SH   SOLE   6,670 0 0
ISHARES TR MSCI UK ETF NEW 46435G334   818,275 25,365 SH   SOLE   25,365 0 0
ISHARES TR MSCI SAUDI ARBIA 46434V423   1,071,659 27,670 SH   SOLE   27,670 0 0
ISHARES TR MSCI INDIA ETF 46429B598   769,960 19,562 SH   SOLE   19,562 0 0
ISHARES TR MSCI EMG MKT ETF 464287234   1,473,239 37,335 SH   SOLE   37,335 0 0
ISHARES TR MSCI CHINA ETF 46429B671   729,641 14,625 SH   SOLE   14,625 0 0
ISHARES TR MSCI ACWI EX US 464288240   817,190 16,756 SH   SOLE   16,756 0 0
ISHARES TR MSCI ACWI ETF 464288257   6,214,195 68,168 SH   SOLE   68,168 0 0
ISHARES TR MSCI AC ASIA ETF 464288182   2,037,186 30,016 SH   SOLE   30,016 0 0
ISHARES TR LATN AMER 40 ETF 464287390   1,609,721 67,437 SH   SOLE   67,437 0 0
ISHARES TR IBOXX INV CP ETF 464287242   407,640 3,719 SH   SOLE   3,719 0 0
ISHARES TR IBOXX HI YD ETF 464288513   1,127,508 14,924 SH   SOLE   14,924 0 0
ISHARES TR EUROPE ETF 464287861   518,607 10,368 SH   SOLE   10,368 0 0
ISHARES TR CORE US AGGBD ET 464287226   1,300,003 13,047 SH   SOLE   13,047 0 0
ISHARES TR CORE S&P500 ETF 464287200   3,754,394 9,133 SH   SOLE   9,133 0 0
ISHARES TR BROAD USD HIGH 46435U853   861,021 24,220 SH   SOLE   24,220 0 0
MERCADOLIBRE INC COM 58733R102   3,867,188 2,934 SH   SOLE   2,934 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408   11,405,831 1,093,560 SH   SOLE   1,093,560 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407   761,009 5,089 SH   SOLE   5,089 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308   465,144 6,226 SH   SOLE   6,226 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506   359,068 4,335 SH   SOLE   4,335 0 0
SELECT SECTOR SPDR TR FINANCIAL 81369Y605   711,672 22,136 SH   SOLE   22,136 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209   1,044,872 8,071 SH   SOLE   8,071 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704   640,874 6,334 SH   SOLE   6,334 0 0
SELECT SECTOR SPDR TR COMMUNICATION 81369Y852   604,859 10,434 SH   SOLE   10,434 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   3,140,021 7,670 SH   SOLE   7,670 0 0
SPDR SER TR BLOOMBERG HIGH Y 78468R622   345,847 3,726 SH   SOLE   3,726 0 0
TERNIUM SA SPONSORED ADS 880890108   2,784,514 67,487 SH   SOLE   67,487 0 0
VALE S A SPONSORED ADS 91912E105   15,661,760 992,507 SH   SOLE   992,507 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858   429,129 10,622 SH   SOLE   10,622 0 0
VANGUARD WORLD FDS INF TECH ETF 92204A702   2,209,900 5,733 SH   SOLE   5,733 0 0