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
AMBEV SA SPONSORED ADR 02319V103 3,808 777,040 SH   SOLE   777,040 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 13,531 817,561 SH   SOLE   578,979 0 238,582
AVIANCA HLDGS SA SPON ADR REP PFD 05367G100 2,216 467,468 SH   SOLE   318,854 0 148,614
BANCO BRADESCO S A SP ADR PFD NEW 059460303 17,189 3,206,857 SH   SOLE   2,124,478 0 1,082,379
BANCO DE CHILE SPONSORED ADR 059520106 1,868 29,745 SH   SOLE   20,220 0 9,525
BRF SA SPONSORED ADR 10552T107 16,240 912,869 SH   SOLE   656,869 0 256,000
CEMEX SAB DE CV SPON ADR NEW 151290889 6,588 942,522 SH   SOLE   695,249 0 247,273
CENCOSUD S A SPONSORED ADS 15132H101 828 141,705 SH   SOLE   103,180 0 38,525
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 0 0 SH   SOLE   0 0 0
COMPANHIA PARANAENSE ENERG C SPON ADR PFD 20441B407 804 97,900 SH   SOLE   72,000 0 25,900
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 2,407 403,800 SH   SOLE   280,000 0 123,800
EMBRAER S A SP ADR REP 4 COM 29082A107 5,105 199,570 SH   SOLE   32,670 0 166,900
EMPRESA NACIONAL DE ELCTRCID SPONSORED ADR 29244T101 8,031 226,173 SH   SOLE   162,975 0 63,198
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 20,107 225,288 SH   SOLE   20,035 0 205,253
GRUPO AEROPORTUARIO CTR NORT SPON ADR 400501102 0 0 SH   SOLE   0 0 0
GRUPO FINANCIERO SANTANDER M SPON ADR SHS B 40053C105 1,980 269,791 SH   SOLE   187,193 0 82,598
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 6,411 246,390 SH   SOLE   22,690 0 223,700
ISHARES EM MK MINVOL ETF 464286533 2,117 42,494 SH   SOLE   42,494 0 0
ISHARES MSCI JAPAN ETF 464286848 15,021 1,314,189 SH   SOLE   1,314,189 0 0
ISHARES TR 7-10 Y TR BD ETF 464287440 68,470 634,741 SH   SOLE   634,741 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 21,973 3,319,224 SH   SOLE   58,175 0 3,261,049
LATAM AIRLS GROUP S A SPONSORED ADR 51817R106 0 0 SH   SOLE   0 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 90 24,423 SH   SOLE   24,423 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 50 11,480 SH   SOLE   11,480 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 54,582 284,831 SH   SOLE   284,831 0 0
TELEFONICA BRASIL SA SPONSORED ADR 87936R106 2,777 304,170 SH   SOLE   39,370 0 264,800
ULTRAPAR PARTICIPACOES S A SP ADR REP COM 90400P101 4,181 250,048 SH   SOLE   39,648 0 210,400
VALE S A ADR REPSTG PFD 91912E204 2,087 623,056 SH   SOLE   100,956 0 522,100
VALE S A ADR 91912E105 1,841 438,264 SH   SOLE   48,464 0 389,800
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 31,479 640,068 SH   SOLE   640,068 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 1,505 98,800 SH   SOLE   8,700 0 90,100
SPDR INDEX SHS FDS DJ GLB RL ES ETF 78463X749 3,604 79,796 SH   SOLE   79,796 0 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 5,021 275,565 SH   SOLE   190,812 0 84,753
BANCOLOMBIA S A SPON ADR PREF 05968L102 1,938 60,200 SH   SOLE   44,700 0 15,500
ENERSIS S A SPONSORED ADR 29274F104 2,701 213,652 SH   SOLE   155,310 0 58,342
TIM PARTICIPACOES S A SPONSORED ADR 88706P205 1,519 160,779 SH   SOLE   24,479 0 136,300