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 G2519Y108 653 4,000 SH   SOLE   4,000 0 0
COPA HOLDINGS SA COM P31076105 8,212 73,159 SH   SOLE   73,159 0 0
COCA COLA FEMSA SAB DE CV COM 191241108 1,434 20,000 SH   SOLE   20,000 0 0
DB HARVEST CSI 300 CHINA A ETF 233051879 2,137 85,041 SH   SOLE   85,041 0 0
FIBRIA CELULOSE SA COM 31573A109 4,398 481,185 SH   SOLE   481,185 0 0
ISHARES, INC. - ISHARES MSCI BRAZIL INDEX FUND ETF 464286400 471,521 12,587,322 SH   SOLE   12,587,322 0 0
ISHARES INC ISHARES MSCI EUROZONE ETF ETF 464286608 168,603 4,484,134 SH   SOLE   4,484,134 0 0
ISHARES MSCI GERMANY ETF 464286806 76,840 2,672,685 SH   SOLE   2,672,685 0 0
ISHARES INC ISHARES MSCI MEXICO CAPPED ETF ETF 464286822 21,229 414,865 SH   SOLE   414,865 0 0
ISHARES MSCI HONG KONG INDEX ETF 464286871 37,222 1,672,916 SH   SOLE   1,672,916 0 0
ISHARES FTSEXINHUA CHINA 25 ETF 464287184 61 1,584 SH   SOLE   1,584 0 0
ISHARES CORE S&P 500 ETF ETF 464287200 214,782 905,221 SH   SOLE   905,221 0 0
ISHARES, INC. - ISHARES MSCI EMERGING MARKETS INDEX ETF 464287234 14,259 362,000 SH   SOLE   362,000 0 0
ISHARES TRUST ISHARES RUSSELL 2000 ETF ETF 464287655 140,571 1,022,482 SH   SOLE   1,022,482 0 0
ISHARES TRUST - ISHARES CORE S&P SMALL-CAP ETF ETF 464287804 66,394 960,000 SH   SOLE   960,000 0 0
ISHARES TRUST ISHARES MSCI EAFE SMALL CAP ETF ETF 46429B671 365 7,309 SH   SOLE   7,309 0 0
ISHARES TRUST - ISHARES MSCI USA QUALITY FACTOR ETF ETF 46432F339 493 6,768 SH   SOLE   6,768 0 0
ITAU UNIBANCO HOLDING SA COM 465562106 17,030 1,410,912 SH   SOLE   1,410,912 0 0
LATAM AIRLINES GROUP SA COM 51817R106 44,869 3,541,320 SH   SOLE   3,541,320 0 0
SPDR S&P 500 ETF TRUST ETF 78462F103 127,746 541,893 SH   SOLE   541,893 0 0
SPDR S&P CHINA ETF ETF 78463X400 11,745 143,141 SH   SOLE   143,141 0 0
Health Care Select Sector SPDR ETF 81369Y209 47,459 638,233 SH   SOLE   638,233 0 0
THE SELECT SECTOR SPDR TRUST THE CONSUMER STAPLES ETF 81369Y308 244,955 4,488,000 SH   SOLE   4,488,000 0 0
Industrial Select Sector SPDR Fund (USD) ETF 81369Y704 1 10 SH   SOLE   10 0 0
SELECT SECTOR SPDR FUND- TECHNOLOGY ETF 81369Y803 45,505 853,601 SH   SOLE   853,601 0 0
Utilities Select Sector SPDR ETF 81369Y886 2,381 46,396 SH   SOLE   46,396 0 0
VANECK VECTORS ETF TRUST - VANECK VECTORS GOLD ETF 92189F106 17,082 748,890 SH   SOLE   748,890 0 0
VANGUARD EMERGING MARKET ETF 922042858 151,185 3,806,258 SH   SOLE   3,806,258 0 0
VANGUARD S&P 500 ETF ETF 922908363 100,105 462,700 SH   SOLE   462,700 0 0
Vanguard Value ETF ETF 922908744 494,359 5,183,593 SH   SOLE   5,183,593 0 0
Vanguard small cap ETF 922908751 34,889 261,769 SH   SOLE   261,769 0 0
VANGUARD INDEX FUNDS VANGUARD TOTAL STOCK MARKET ETF 922908769 85,910 708,124 SH   SOLE   708,124 0 0
AMBEV SA COM 02319V103 17,787 3,088,005 SH   SOLE   3,088,005 0 0
ISHARES INC. - ISHARES MSCI JAPAN ETF ETF 46434G822 144,293 2,801,809 SH   SOLE   2,801,809 0 0
THE SELECT SECTOR SPDR TRUST THE ENERGY SELECT ETF 81369Y506 92,268 1,320,000 SH   SOLE   1,320,000 0 0
FINANCIAL SELECT SECTOR SPDR ETF 81369Y605 89,130 3,756,000 SH   SOLE   3,756,000 0 0
ISHARES INC. - ISHARES MSCI TAIWAN CAPPED ETF ETF 46434G772 3,879 116,736 SH   SOLE   116,736 0 0