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
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 12,501 157,191 SH   DFND 2 67,947 0 89,244
AVIANCA HLDGS SA SPON ADR REP PFD 05367G100 2,907 471,899 SH   DFND 2 0 0 471,899
BANCO MACRO SA SPON ADR B 05961W105 4,975 67,021 SH   DFND 2 61,421 0 5,600
BANCOLOMBIA S A SPON ADR PREF 05968L102 4,031 115,421 SH   DFND 2 0 0 115,421
CEMEX SAB DE CV SPON ADR NEW 151290889 10,901 1,766,974 SH   DFND 2 852,724 0 914,250
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 17,989 1,505,430 SH   DFND 2 766,881 0 738,549
COPA HOLDINGS SA CL A P31076105 1,215 23,251 SH   DFND 2 0 0 23,251
CTRIP COM INTL LTD AMERICAN DEP SHS 22943F100 12,929 313,800 SH   DFND 2 151,700 0 162,100
GRUPO AVAL ACCIONES Y VALORE SPONSORED ADS 40053W101 1,401 174,094 SH   DFND 2 0 0 174,094
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 11,588 379,439 SH   DFND 2 202,351 0 177,088
MERCADOLIBRE INC COM 58733R102 10,567 75,122 SH   DFND 2 34,315 0 40,807
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 2,649 96,884 SH   DFND 2 57,170 0 39,714
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 23,204 3,240,802 SH   DFND 2 1,557,712 0 1,683,090
PRICESMART INC COM 741511109 9,182 98,138 SH   DFND 2 23,888 0 74,250
TELECOM ARGENTINA S A SPON ADR REP B 879273209 1,802 98,311 SH   DFND 2 98,311 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 6,381 332,364 SH   DFND 2 114,769 0 217,595