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
AGILETHOUGHT INC CLASS A COM 00857F100 344 75,621 SH   SOLE   75,621 0 0
BANCO SANTANDER BRASIL S A ADS REP 1 UNIT 05967A107 3,484 452,421 SH   SOLE   452,421 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 573 12,050 SH   SOLE   12,050 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 6,011 1,136,259 SH   SOLE   1,136,259 0 0
CONTROLADORA VUELA COMP DE A SPON ADR RP 10 21240E105 7,123 391,585 SH   SOLE   391,585 0 0
GERDAU SA SPON ADR REP PFD 373737105 7,081 1,101,225 SH   SOLE   1,101,225 0 0
GRUPO TELEVISA S A B SPON ADR REP ORD 40049J206 11,565 988,462 SH   SOLE   988,462 0 0
ISHARES INC MSCI AUST ETF 464286103 1,275 48,225 SH   SOLE   48,225 0 0
ISHARES INC MSCI STH KOR ETF 464286772 1,651 23,174 SH   SOLE   23,174 0 0
ISHARES INC MSCI STH AFR ETF 464286780 1,656 29,816 SH   SOLE   29,816 0 0
ISHARES INC MSCI MEXICO ETF 464286822 665 12,097 SH   SOLE   12,097 0 0
ISHARES INC MSCI GERMANY ETF 464286806 1,170 41,205 SH   SOLE   41,205 0 0
ISHARES INC MSCI CHILE ETF 464286640 481 16,533 SH   SOLE   16,533 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 525 13,890 SH   SOLE   13,890 0 0
ISHARES INC MSCI CDA ETF 464286509 1,762 43,827 SH   SOLE   43,827 0 0
ISHARES TR CORE US AGGBD ET 464287226 2,415 22,547 SH   SOLE   22,547 0 0
ISHARES TR MSCI UK ETF NEW 46435G334 1,442 42,879 SH   SOLE   42,879 0 0
ISHARES TR EUROPE ETF 464287861 961 19,129 SH   SOLE   19,129 0 0
ISHARES TR MSCI SAUDI ARBIA 46434V423 1,338 28,188 SH   SOLE   28,188 0 0
ISHARES TR MSCI INDIA ETF 46429B598 802 17,986 SH   SOLE   17,986 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 785 17,389 SH   SOLE   17,389 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 329 1,601 SH   SOLE   1,601 0 0
ISHARES TR CORE S&P500 ETF 464287200 4,987 10,992 SH   SOLE   10,992 0 0
ISHARES TR MSCI AC ASIA ETF 464288182 427 5,686 SH   SOLE   5,686 0 0
ISHARES TR MSCI ACWI EX US 464288240 1,001 19,143 SH   SOLE   19,143 0 0
ISHARES TR MSCI ACWI ETF 464288257 6,094 61,079 SH   SOLE   61,079 0 0
ISHARES TR LATN AMER 40 ETF 464287390 1,584 52,120 SH   SOLE   52,120 0 0
ITAU UNIBANCO HLDG S A SPON ADR REP PFD 465562106 8,315 1,456,237 SH   SOLE   1,456,237 0 0
MERCADOLIBRE INC COM 58733R102 19,837 16,677 SH   SOLE   16,677 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 38,766 2,619,358 SH   SOLE   2,619,358 0 0
SELECT SECTOR SPDR TR RL EST SEL SEC 81369Y860 389 8,049 SH   SOLE   8,049 0 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 913 10,353 SH   SOLE   10,353 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 2,630 14,218 SH   SOLE   14,218 0 0
SELECT SECTOR SPDR TR COMMUNICATION 81369Y852 1,888 27,453 SH   SOLE   27,453 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 586 7,725 SH   SOLE   7,725 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506 777 10,169 SH   SOLE   10,169 0 0
SELECT SECTOR SPDR TR FINANCIAL 81369Y605 2,670 69,667 SH   SOLE   69,667 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 3,154 23,026 SH   SOLE   23,026 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 1,748 16,970 SH   SOLE   16,970 0 0
SOCIEDAD QUIMICA Y MINERA DE SPON ADR SER B 833635105 9,630 112,505 SH   SOLE   112,505 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 2,474 5,478 SH   SOLE   5,478 0 0
TERNIUM SA SPONSORED ADS 880890108 6,043 132,367 SH   SOLE   132,367 0 0
TRANSPORTADORA DE GAS SUR SPONSORED ADS B 893870204 199 12,701 SH   SOLE   12,701 0 0
VALE S A SPONSORED ADS 91912E105 36,562 1,828,990 SH   SOLE   1,828,990 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 570 12,352 SH   SOLE   12,352 0 0
VANGUARD WORLD FDS INF TECH ETF 92204A702 6,183 14,845 SH   SOLE   14,845 0 0