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
CREDICORP LTD COM 2519Y1084 11,188 73,500 SH   SOLE   73,500 0 0
COPA HOLDINGS SA ETF 310761054 10,627 120,860 SH   SOLE   120,860 0 0
DB HARVEST CSI 300 CHINA A ETF 233051879 2,090 85,041 SH   SOLE   85,041 0 0
ISHARES, INC. - ISHARES MSCI BRAZIL INDEX FUND ETF 464286400 85,958 2,548,400 SH   SOLE   2,548,400 0 0
ISHARES INC ISHARES MSCI EUROZONE ETF ETF 464286608 153,140 4,440,134 SH   SOLE   4,440,134 0 0
ISHARES INC ISHARES MSCI CHILE CAPPED ETF ETF 464286640 1,845 50,000 SH   SOLE   50,000 0 0
ISHARES MSCI TAIWAN INDEX FD ETF 464286731 3,666 233,472 SH   SOLE   233,472 0 0
ISHARES MSCI GERMANY ETF 464286806 35,561 1,353,685 SH   SOLE   1,353,685 0 0
ISHARES INC ISHARES MSCI MEXICO CAPPED ETF ETF 464286822 10,097 208,273 SH   SOLE   208,273 0 0
ISHARES, INC. - ISHARES MSCI JAPAN INDEX FUND ETF 464286848 255,029 20,337,241 SH   SOLE   20,337,241 0 0
ISHARES MSCI HONG KONG INDEX ETF 464286871 36,821 1,672,916 SH   SOLE   1,672,916 0 0
ISHARES FTSEXINHUA CHINA 25 ETF 464287184 60 1,584 SH   SOLE   1,584 0 0
ISHARES CORE S&P 500 ETF ETF 464287200 127,103 584,221 SH   SOLE   584,221 0 0
ISHARES TRUST ISHARES RUSSELL 2000 ETF ETF 464287655 231,339 1,862,482 SH   SOLE   1,862,482 0 0
ISHARES TRUST ISHARES MSCI EAFE SMALL CAP ETF ETF 46429B671 354 7,309 SH   SOLE   7,309 0 0
ISHARES TRUST - ISHARES MSCI USA QUALITY ETF 46432F339 457 6,768 SH   SOLE   6,768 0 0
ITAU UNIBANCO HOLDING SA ETF 465562106 25,730 2,587,100 SH   SOLE   2,587,100 0 0
LATAM AIRLINES GROUP SA ETF 51817R106 26,581 3,273,476 SH   SOLE   3,273,476 0 0
SPDR S&P 500 ETF TRUST SPONSORED ADR 78462F103 1,064,855 4,923,048 SH   SOLE   4,923,048 0 0
SPDR S&P CHINA ETF ETF 78463X400 11,438 143,141 SH   SOLE   143,141 0 0
Health Care Select Sector SPDR ETF 81369Y209 44,597 618,458 SH   SOLE   618,458 0 0
Industrial Select Sector SPDR Fund (USD) ETF 81369Y704 1 10 SH   SOLE   10 0 0
SELECT SECTOR SPDR FUND- TECHNOLOGY ETF 81369Y803 49,394 1,033,785 SH   SOLE   1,033,785 0 0
Utilities Select Sector SPDR ETF 81369Y886 12,090 246,781 SH   SOLE   246,781 0 0
VANECK VECTORS ETF TRUST - VANECK VECTORS ETF 92189F106 243,949 9,230,000 SH   SOLE   9,230,000 0 0
VANGUARD EMERGING MARKET ETF 922042858 29,436 782,258 SH   SOLE   782,258 0 0
VANGUARD S&P 500 ETF ETF 922908363 106,100 534,000 SH   SOLE   534,000 0 0
Vanguard Value ETF ETF 922908744 374,935 4,309,593 SH   SOLE   4,309,593 0 0
Vanguard small cap ETF 922908751 9,135 74,769 SH   SOLE   74,769 0 0
VANGUARD INDEX FUNDS VANGUARD TOTAL STOCK ETF 922908769 78,835 708,124 SH   SOLE   708,124 0 0