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   9,732,250 364,777 SH   SOLE   364,777 0 0
CONTROLADORA VUELA COMP DE A SPON ADR RP 10 21240E105   7,038,901 1,036,657 SH   SOLE   1,036,657 0 0
GERDAU SA SPON ADR REP PFD 373737105   22,702,147 4,759,360 SH   SOLE   4,759,360 0 0
ISHARES INC MSCI AUST ETF 464286103   940,374 43,718 SH   SOLE   43,718 0 0
ISHARES INC MSCI CDA ETF 464286509   1,573,490 47,026 SH   SOLE   47,026 0 0
ISHARES INC MSCI STH AFR ETF 464286780   755,598 20,085 SH   SOLE   20,085 0 0
ISHARES INC MSCI STH KOR ETF 464286772   977,166 16,579 SH   SOLE   16,579 0 0
ISHARES TR CORE S&P500 ETF 464287200   4,171,912 9,715 SH   SOLE   9,715 0 0
ISHARES TR CORE US AGGBD ET 464287226   2,525,350 26,854 SH   SOLE   26,854 0 0
ISHARES TR IBOXX HI YD ETF 464288513   240,032 3,256 SH   SOLE   3,256 0 0
ISHARES TR IBOXX INV CP ETF 464287242   379,412 3,719 SH   SOLE   3,719 0 0
ISHARES TR LATN AMER 40 ETF 464287390   1,815,527 71,030 SH   SOLE   71,030 0 0
ISHARES TR MBS ETF 464288588   592,296 6,670 SH   SOLE   6,670 0 0
ISHARES TR MSCI ACWI ETF 464288257   5,272,202 57,077 SH   SOLE   57,077 0 0
ISHARES TR MSCI AC ASIA ETF 464288182   2,171,129 34,191 SH   SOLE   34,191 0 0
ISHARES TR MSCI CHINA ETF 46429B671   1,398,180 32,298 SH   SOLE   32,298 0 0
ISHARES TR MSCI EMG MKT ETF 464287234   1,748,812 46,082 SH   SOLE   46,082 0 0
ISHARES TR MSCI INDIA ETF 46429B598   865,032 19,562 SH   SOLE   19,562 0 0
ISHARES TR MSCI SAUDI ARBIA 46434V423   1,059,926 27,360 SH   SOLE   27,360 0 0
MERCADOLIBRE INC COM 58733R102   3,681,924 2,904 SH   SOLE   2,904 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408   27,767,236 1,852,384 SH   SOLE   1,852,384 0 0
SOCIEDAD QUIMICA Y MINERA DE SPON ADR SER B 833635105   8,201,403 137,446 SH   SOLE   137,446 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   4,302,586 10,065 SH   SOLE   10,065 0 0
VALE S A SPONSORED ADS 91912E105   46,886,118 3,498,964 SH   SOLE   3,498,964 0 0
VANGUARD BD INDEX FDS TOTAL BND MRKT 921937835   1,971,285 28,250 SH   SOLE   28,250 0 0