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 3,135 382,278 SH   SOLE   382,278 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 11,726 1,395,975 SH   SOLE   1,395,975 0 0
CONTROLADORA VUELA COMP DE A SPON ADR RP 10 21240E105 25,304 1,317,233 SH   SOLE   1,317,233 0 0
GERDAU SA SPON ADR REP PFD 373737105 6,232 1,056,187 SH   SOLE   1,056,187 0 0
GRUPO TELEVISA S A B SPON ADR REP ORD 40049J206 17,276 1,209,832 SH   SOLE   1,209,832 0 0
ISHARES INC MSCI AUST ETF 464286103 1,296 49,901 SH   SOLE   49,901 0 0
ISHARES INC MSCI STH KOR ETF 464286772 4,362 46,817 SH   SOLE   46,817 0 0
ISHARES INC MSCI STH AFR ETF 464286780 1,912 39,135 SH   SOLE   39,135 0 0
ISHARES INC MSCI MEXICO ETF 464286822 581 12,097 SH   SOLE   12,097 0 0
ISHARES INC MSCI GERMANY ETF 464286806 1,525 44,089 SH   SOLE   44,089 0 0
ISHARES INC MSCI CHILE ETF 464286640 545 18,813 SH   SOLE   18,813 0 0
ISHARES INC MSCI CDA ETF 464286509 1,633 43,827 SH   SOLE   43,827 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 2,049 50,551 SH   SOLE   50,551 0 0
ISHARES TR CORE US AGGBD ET 464287226 3,187 27,638 SH   SOLE   27,638 0 0
ISHARES TR MSCI UK ETF NEW 46435G334 1,956 59,802 SH   SOLE   59,802 0 0
ISHARES TR IBOXX HI YD ETF 464288513 849 9,643 SH   SOLE   9,643 0 0
ISHARES TR LATN AMER 40 ETF 464287390 1,869 59,309 SH   SOLE   59,309 0 0
ISHARES TR MSCI ACWI EX US 464288240 1,997 34,730 SH   SOLE   34,730 0 0
ISHARES TR MSCI AC ASIA ETF 464288182 537 5,686 SH   SOLE   5,686 0 0
ISHARES TR CORE S&P500 ETF 464287200 5,603 13,033 SH   SOLE   13,033 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 1,739 31,526 SH   SOLE   31,526 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 367 1,601 SH   SOLE   1,601 0 0
ISHARES TR MSCI USA VALUE 46432F388 381 3,623 SH   SOLE   3,623 0 0
ITAU UNIBANCO HLDG S A SPON ADR REP PFD 465562106 9,808 1,631,868 SH   SOLE   1,631,868 0 0
MERCADOLIBRE INC COM 58733R102 36,730 23,578 SH   SOLE   23,578 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 17,980 1,470,150 SH   SOLE   1,470,150 0 0
SELECT SECTOR SPDR TR RL EST SEL SEC 81369Y860 259 5,842 SH   SOLE   5,842 0 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 876 10,644 SH   SOLE   10,644 0 0
SELECT SECTOR SPDR TR COMMUNICATION 81369Y852 2,223 27,453 SH   SOLE   27,453 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 2,539 14,218 SH   SOLE   14,218 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 463 6,614 SH   SOLE   6,614 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506 548 10,169 SH   SOLE   10,169 0 0
SELECT SECTOR SPDR TR FINANCIAL 81369Y605 2,556 69,667 SH   SOLE   69,667 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 2,900 23,026 SH   SOLE   23,026 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 1,738 16,970 SH   SOLE   16,970 0 0
SOCIEDAD QUIMICA Y MINERA DE SPON ADR SER B 833635105 4,838 102,212 SH   SOLE   102,212 0 0
SPDR INDEX SHS FDS S&P CHINA ETF 78463X400 2,074 15,626 SH   SOLE   15,626 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 878 2,052 SH   SOLE   2,052 0 0
VALE S A SPONSORED ADS 91912E105 43,951 1,926,822 SH   SOLE   1,926,822 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 1,460 26,882 SH   SOLE   26,882 0 0
VANGUARD WORLD FDS INF TECH ETF 92204A702 5,916 14,836 SH   SOLE   14,836 0 0