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 17,601 111,500 SH   SOLE   111,500 0 0
COPA HOLDINGS SA ETF 310761054 65,930 725,860 SH   SOLE   725,860 0 0
DB HARVEST CSI 300 CHINA A ETF 330518794 1,994 85,041 SH   SOLE   85,041 0 0
FIBRIA CELULOSE SA ETF 1573A1097 3,541 368,474 SH   SOLE   368,474 0 0
ISHARES, INC. - ISHARES MSCI BRAZIL INDEX FUND ETF 642864007 278,583 8,355,833 SH   SOLE   8,355,833 0 0
ISHARES INC ISHARES MSCI EUROZONE ETF ETF 642866085 160,203 4,630,134 SH   SOLE   4,630,134 0 0
ISHARES MSCI GERMANY ETF 642868065 52,528 1,983,685 SH   SOLE   1,983,685 0 0
ISHARES INC ISHARES MSCI MEXICO CAPPED ETF ETF 642868222 16,573 376,927 SH   SOLE   376,927 0 0
ISHARES MSCI HONG KONG INDEX ETF 642868719 32,588 1,672,916 SH   SOLE   1,672,916 0 0
ISHARES FTSEXINHUA CHINA 25 ETF 642871846 55 1,584 SH   SOLE   1,584 0 0
ISHARES CORE S&P 500 ETF ETF 642872000 131,444 584,221 SH   SOLE   584,221 0 0
ISHARES TRUST ISHARES RUSSELL 2000 ETF ETF 642876555 137,882 1,022,482 SH   SOLE   1,022,482 0 0
ISHARES TRUST ISHARES MSCI EAFE SMALL CAP ETF ETF 6429B6719 320 7,309 SH   SOLE   7,309 0 0
ISHARES TRUST - ISHARES MSCI USA QUALITY FACTOR ETF ETF 6432F3394 468 6,768 SH   SOLE   6,768 0 0
ISHARES INC. - ISHARES MSCI TAIWAN ETF ETF 6434G7723 3,429 116,736 SH   SOLE   116,736 0 0
ISHARES INC. - ISHARES MSCI JAPAN ETF ETF 6434G8226 77,287 1,581,809 SH   SOLE   1,581,809 0 0
ITAU UNIBANCO HOLDING SA ETF 655621062 6,691 650,912 SH   SOLE   650,912 0 0
SPDR S&P 500 ETF TRUST SPONSORED ADR 8462F1030 642,502 2,874,343 SH   SOLE   2,874,343 0 0
SPDR S&P CHINA ETF ETF 8463X4007 10,313 143,141 SH   SOLE   143,141 0 0
Health Care Select Sector SPDR ETF 1369Y2090 26,420 383,233 SH   SOLE   383,233 0 0
FINANCIAL SELECT SECTOR SPDR ETF 1369Y6059 36,851 1,585,000 SH   SOLE   1,585,000 0 0
Industrial Select Sector SPDR Fund (USD) ETF 1369Y7040 1 10 SH   SOLE   10 0 0
SELECT SECTOR SPDR FUND- TECHNOLOGY ETF 1369Y8030 20,630 426,601 SH   SOLE   426,601 0 0
Utilities Select Sector SPDR ETF 1369Y8865 10,996 226,396 SH   SOLE   226,396 0 0
VANECK VECTORS ETF TRUST - VANECK VECTORS GOLD ETF 2189F1066 73,220 3,500,000 SH   SOLE   3,500,000 0 0
VANGUARD EMERGING MARKET ETF 220428588 118,513 3,312,258 SH   SOLE   3,312,258 0 0
VANGUARD S&P 500 ETF ETF 229083632 86,128 419,500 SH   SOLE   419,500 0 0
Vanguard Value ETF ETF 229087443 541,373 5,820,593 SH   SOLE   5,820,593 0 0
Vanguard small cap ETF 229087518 33,758 261,769 SH   SOLE   261,769 0 0
VANGUARD INDEX FUNDS VANGUARD TOTAL STOCK MARKET ETF 229087690 81,661 708,124 SH   SOLE   708,124 0 0