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
ABERDEEN CHILE FD INC COM 00301W105 4,422 436,940 SH   SOLE   436,940 0 0
ABERDEEN LATIN AMER EQTY FD COM 00306K106 2,777 92,919 SH   SOLE   92,919 0 0
GRANA Y MONTERO SA -SPON ADR SPONSORED ADR 38500P208 24,302 1,347,141 SH   SOLE   1,347,141 0 0
ISHARES MSCI BRAZIL CAPPED E ETF 464286400 13,186 269,924 SH   SOLE   269,924 0 0
ISHARES MSCI EMU ETF ETF 464286608 428,588 10,115,370 SH   SOLE   10,115,370 0 0
ISHARES MSCI TAIWAN ETF ETF 464286731 33,851 2,212,500 SH   SOLE   2,212,500 0 0
ISHARES MSCI SOUTH KOREA CAP ETF 464286772 73,237 1,136,864 SH   SOLE   1,136,864 0 0
ISHARES MSCI GERMANY ETF ETF 464286806 52,481 1,676,709 SH   SOLE   1,676,709 0 0
ISHARES MSCI JAPAN ETF ETF 464286848 644,140 53,500,010 SH   SOLE   53,500,010 0 0
ISHARES MSCI HONG KONG ETF ETF 464286871 158,141 7,473,573 SH   SOLE   7,473,573 0 0
ISHARES S&P 100 ETF ETF 464287101 20,940 242,000 SH   SOLE   242,000 0 0
ISHARES CHINA LARGE-CAP ETF ETF 464287184 179,812 4,858,478 SH   SOLE   4,858,478 0 0
ISHARES CORE S&P 500 ETF ETF 464287200 588,567 2,982,200 SH   SOLE   2,982,200 0 0
ISHARES RUSSELL 2000 ETF ETF 464287655 328,416 2,807,697 SH   SOLE   2,807,697 0 0
ISHARES CORE HIGH DIVIDEND E ETF 46429B663 95,561 1,267,575 SH   SOLE   1,267,575 0 0
LATAM AIRLS GROUP S A SPONSORED ADR 51817R106 50,990 3,799,536 SH   SOLE   3,799,536 0 0
SPDR S&P 500 ETF TRUST ETF 78462F103 9,837 50,261 SH   SOLE   50,261 0 0
SPDR S&P CHINA ETF ETF 78463X400 50,257 667,951 SH   SOLE   667,951 0 0
SELECT SECTOR SPDR - MATERIALS ETF 81369Y100 193,411 3,896,278 SH   SOLE   3,896,278 0 0
SELECT SECTOR SPDR - ENERGY ETF 81369Y506 27,137 271,098 SH   SOLE   271,098 0 0
SELECT SECTOR SPDR -FINANCIAL ETF 81369Y605 39,525 1,738,129 SH   SOLE   1,738,129 0 0
SELECT SECT SPDR - INDUSTRIAL ETF 81369Y704 199,665 3,693,387 SH   SOLE   3,693,387 0 0
SELECT SECT SPDR -TECHNOLOGY ETF 81369Y803 499,656 13,028,831 SH   SOLE   13,028,831 0 0
VALE SA-SP ADR ADR 91912E105 27,441 2,074,152 SH   SOLE   2,074,152 0 0
VANGUARD FTSE EMERGING MARKE ETF 922042858 25,378 588,417 SH   SOLE   588,417 0 0
VANGUARD S&P 500 ETF ETF 922908363 625,052 3,483,544 SH   SOLE   3,483,544 0 0
VANGUARD VALUE ETF ETF 922908744 421,183 5,203,000 SH   SOLE   5,203,000 0 0
VANGUARD US TOTAL STOCK MKT ETF 922908769 135,518 1,331,614 SH   SOLE   1,331,614 0 0
WISDOMTREE JAPAN HEDGED EQ ETF 97717W851 109,175 2,211,804 SH   SOLE   2,211,804 0 0
COPA HOLDINGS SA-CLASS A COM P31076105 8,630 60,534 SH   SOLE   60,534 0 0