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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
BANCO SANTANDER BRASIL S A ADS REP 1 UNIT 05967A107   2,365,391 438,848 SH   SOLE   438,848 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102   13,282,174 465,388 SH   SOLE   465,388 0 0
CONTROLADORA VUELA COMP DE A SPON ADR RP 10 21240E105   912,068 109,099 SH   SOLE   109,099 0 0
GERDAU SA SPON ADR REP PFD 373737105   8,029,050 1,449,287 SH   SOLE   1,449,287 0 0
ISHARES INC MSCI WORLD ETF 464286392   218,500 2,000 SH   SOLE   2,000 0 0
ISHARES INC MSCI STH KOR ETF 464286772   1,274,584 22,567 SH   SOLE   22,567 0 0
ISHARES INC MSCI STH AFR ETF 464286780   879,668 20,742 SH   SOLE   20,742 0 0
ISHARES INC MSCI CDA ETF 464286509   1,369,227 41,834 SH   SOLE   41,834 0 0
ISHARES INC MSCI AUST ETF 464286103   900,404 40,504 SH   SOLE   40,504 0 0
ISHARES TR MSCI ACWI ETF 464288257   6,972,892 82,150 SH   SOLE   82,150 0 0
ISHARES TR MSCI UK ETF NEW 46435G334   777,691 25,365 SH   SOLE   25,365 0 0
ISHARES TR MSCI UAE ETF 46434V761   161,169 10,795 SH   SOLE   10,795 0 0
ISHARES TR MSCI SAUDI ARBIA 46434V423   1,043,712 27,670 SH   SOLE   27,670 0 0
ISHARES TR MSCI INDIA ETF 46429B598   816,518 19,562 SH   SOLE   19,562 0 0
ISHARES TR MSCI EMG MKT ETF 464287234   1,259,341 33,228 SH   SOLE   33,228 0 0
ISHARES TR MSCI ACWI EX US 464288240   762,398 16,756 SH   SOLE   16,756 0 0
ISHARES TR MSCI AC ASIA ETF 464288182   1,496,390 23,096 SH   SOLE   23,096 0 0
ISHARES TR MBS ETF 464288588   593,507 6,399 SH   SOLE   6,399 0 0
ISHARES TR LATN AMER 40 ETF 464287390   1,594,060 69,640 SH   SOLE   69,640 0 0
ISHARES TR IBOXX INV CP ETF 464287242   516,502 4,899 SH   SOLE   4,899 0 0
ISHARES TR IBOXX HI YD ETF 464288513   910,729 12,369 SH   SOLE   12,369 0 0
ISHARES TR EUROPE ETF 464287861   561,732 12,403 SH   SOLE   12,403 0 0
ISHARES TR CORE US AGGBD ET 464287226   2,020,981 20,837 SH   SOLE   20,837 0 0
ISHARES TR CORE S&P500 ETF 464287200   4,939,404 12,856 SH   SOLE   12,856 0 0
MERCADOLIBRE INC COM 58733R102   4,368,291 5,162 SH   SOLE   5,162 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408   20,708,180 1,944,430 SH   SOLE   1,944,430 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886   229,548 3,256 SH   SOLE   3,256 0 0
SELECT SECTOR SPDR TR RL EST SEL SEC 81369Y860   225,642 6,110 SH   SOLE   6,110 0 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100   232,108 2,988 SH   SOLE   2,988 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407   871,701 6,749 SH   SOLE   6,749 0 0
SELECT SECTOR SPDR TR COMMUNICATION 81369Y852   642,346 13,385 SH   SOLE   13,385 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308   547,570 7,345 SH   SOLE   7,345 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506   448,284 5,125 SH   SOLE   5,125 0 0
SELECT SECTOR SPDR TR FINANCIAL 81369Y605   939,816 27,480 SH   SOLE   27,480 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209   1,246,831 9,178 SH   SOLE   9,178 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704   713,987 7,270 SH   SOLE   7,270 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   2,959,243 7,738 SH   SOLE   7,738 0 0
TERNIUM SA SPONSORED ADS 880890108   5,196,484 170,042 SH   SOLE   170,042 0 0
VALE S A SPONSORED ADS 91912E105   25,229,842 1,486,732 SH   SOLE   1,486,732 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858   481,481 12,352 SH   SOLE   12,352 0 0
VANGUARD WORLD FDS INF TECH ETF 92204A702   2,236,828 7,003 SH   SOLE   7,003 0 0