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
CEMEX SAB DE CV SPON ADR NEW 151290889   8,231,531 1,062,133 SH   SOLE   1,062,133 0 0
CONTROLADORA VUELA COMP DE A SPON ADR RP 10 21240E105   10,814,727 1,152,956 SH   SOLE   1,152,956 0 0
GERDAU SA SPON ADR REP PFD 373737105   20,994,360 4,328,734 SH   SOLE   4,328,734 0 0
ISHARES INC MSCI AUST ETF 464286103   1,034,280 42,493 SH   SOLE   42,493 0 0
ISHARES INC MSCI CDA ETF 464286509   1,561,211 42,563 SH   SOLE   42,563 0 0
ISHARES INC MSCI STH AFR ETF 464286780   689,953 16,510 SH   SOLE   16,510 0 0
ISHARES INC MSCI STH KOR ETF 464286772   1,023,579 15,620 SH   SOLE   15,620 0 0
ISHARES TR CORE S&P500 ETF 464287200   4,155,381 8,700 SH   SOLE   8,700 0 0
ISHARES TR CORE US AGGBD ET 464287226   4,075,106 41,059 SH   SOLE   41,059 0 0
ISHARES TR IBOXX HI YD ETF 464288513   351,892 4,547 SH   SOLE   4,547 0 0
ISHARES TR IBOXX INV CP ETF 464287242   512,024 4,627 SH   SOLE   4,627 0 0
ISHARES TR LATN AMER 40 ETF 464287390   1,984,042 68,274 SH   SOLE   68,274 0 0
ISHARES TR MBS ETF 464288588   821,318 8,730 SH   SOLE   8,730 0 0
ISHARES TR MSCI ACWI ETF 464288257   4,931,774 48,460 SH   SOLE   48,460 0 0
ISHARES TR MSCI AC ASIA ETF 464288182   2,246,937 33,753 SH   SOLE   33,753 0 0
ISHARES TR MSCI CHINA ETF 46429B671   1,246,685 30,601 SH   SOLE   30,601 0 0
ISHARES TR MSCI EMG MKT ETF 464287234   1,470,560 36,572 SH   SOLE   36,572 0 0
ISHARES TR MSCI INDIA ETF 46429B598   745,182 15,267 SH   SOLE   15,267 0 0
ISHARES TR MSCI SAUDI ARBIA 46434V423   1,072,812 25,344 SH   SOLE   25,344 0 0
MERCADOLIBRE INC COM 58733R102   29,675,390 18,883 SH   SOLE   18,883 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408   50,890,146 3,186,609 SH   SOLE   3,186,609 0 0
SOCIEDAD QUIMICA Y MINERA DE SPON ADR SER B 833635105   14,773,231 245,321 SH   SOLE   245,321 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   4,526,852 9,524 SH   SOLE   9,524 0 0
SPDR SER TR BLOOMBERG HIGH Y 78468R622   431,874 4,559 SH   SOLE   4,559 0 0
VALE S A SPONSORED ADS 91912E105   52,181,034 3,290,103 SH   SOLE   3,290,103 0 0
VANGUARD BD INDEX FDS TOTAL BND MRKT 921937835   2,077,788 28,250 SH   SOLE   28,250 0 0