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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
BANCOLOMBIA S A SPON ADR PREF 05968L102   10,709,912 401,421 SH   SOLE   401,421 0 0
CONTROLADORA VUELA COMP DE A SPON ADR RP 10 21240E105   8,266,421 592,575 SH   SOLE   592,575 0 0
GERDAU SA SPON ADR REP PFD 373737105   18,157,097 3,478,371 SH   SOLE   3,478,371 0 0
ISHARES INC MSCI AUST ETF 464286103   860,891 38,177 SH   SOLE   38,177 0 0
ISHARES INC MSCI CDA ETF 464286509   1,463,772 41,834 SH   SOLE   41,834 0 0
ISHARES INC MSCI STH AFR ETF 464286780   807,972 20,311 SH   SOLE   20,311 0 0
ISHARES INC MSCI STH KOR ETF 464286772   1,050,777 16,579 SH   SOLE   16,579 0 0
ISHARES INC MSCI WORLD ETF 464286392   249,040 2,000 SH   SOLE   2,000 0 0
ISHARES TR BROAD USD HIGH 46435U853   854,966 24,220 SH   SOLE   24,220 0 0
ISHARES TR CORE S&P500 ETF 464287200   6,290,751 14,114 SH   SOLE   14,114 0 0
ISHARES TR CORE US AGGBD ET 464287226   1,611,473 16,452 SH   SOLE   16,452 0 0
ISHARES TR IBOXX HI YD ETF 464288513   1,099,250 14,643 SH   SOLE   14,643 0 0
ISHARES TR IBOXX INV CP ETF 464287242   402,173 3,719 SH   SOLE   3,719 0 0
ISHARES TR LATN AMER 40 ETF 464287390   1,789,036 65,846 SH   SOLE   65,846 0 0
ISHARES TR MBS ETF 464288588   622,078 6,670 SH   SOLE   6,670 0 0
ISHARES TR MSCI ACWI ETF 464288257   6,272,269 65,377 SH   SOLE   65,377 0 0
ISHARES TR MSCI ACWI EX US 464288240   747,209 15,181 SH   SOLE   15,181 0 0
ISHARES TR MSCI AC ASIA ETF 464288182   2,381,077 35,838 SH   SOLE   35,838 0 0
ISHARES TR MSCI CHINA ETF 46429B671   1,445,013 32,298 SH   SOLE   32,298 0 0
ISHARES TR MSCI EMG MKT ETF 464287234   1,558,506 39,396 SH   SOLE   39,396 0 0
ISHARES TR MSCI INDIA ETF 46429B598   854,859 19,562 SH   SOLE   19,562 0 0
ISHARES TR MSCI SAUDI ARBIA 46434V423   1,092,807 26,441 SH   SOLE   26,441 0 0
MERCADOLIBRE INC COM 58733R102   8,511,351 7,185 SH   SOLE   7,185 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408   14,763,193 1,067,476 SH   SOLE   1,067,476 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   4,677,934 10,553 SH   SOLE   10,553 0 0
SPDR SER TR BLOOMBERG HIGH Y 78468R622   342,904 3,726 SH   SOLE   3,726 0 0
TERNIUM SA SPONSORED ADS 880890108   2,612,023 65,877 SH   SOLE   65,877 0 0
VALE S A SPONSORED ADS 91912E105   39,136,370 2,916,272 SH   SOLE   2,916,272 0 0
VANGUARD BD INDEX FDS TOTAL BND MRKT 921937835   771,459 10,613 SH   SOLE   10,613 0 0