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 21,791 205,974 SH   DFND 2 92,464 0 113,510
AVIANCA HLDGS SA SPON ADR REP PFD 05367G100 2,803 432,599 SH   DFND 2 0 0 432,599
BANCO MACRO SA SPON ADR B 05961W105 5,244 67,021 SH   DFND 2 61,421 0 5,600
BANCOLOMBIA S A SPON ADR PREF 05968L102 4,043 103,573 SH   DFND 2 0 0 103,573
BARCLAYS BK PLC IPATH S&P500 VIX 06740Q252 415 12,182 SH   DFND 2 0 0 12,182
CEMEX SAB DE CV SPON ADR NEW 151290889 10,994 1,384,666 SH   DFND 2 725,564 0 659,102
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 21,358 1,543,177 SH   DFND 2 848,557 0 694,620
COPA HOLDINGS SA CL A P31076105 2,044 23,251 SH   DFND 2 0 0 23,251
CTRIP COM INTL LTD AMERICAN DEP SHS 22943F100 23,887 512,900 SH   DFND 2 249,700 0 263,200
GRUPO AVAL ACCIONES Y VALORE SPONSORED ADS 40053W101 1,537 174,094 SH   DFND 2 0 0 174,094
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 11,804 379,439 SH   DFND 2 202,351 0 177,088
MERCADOLIBRE INC COM 58733R102 10,683 57,754 SH   DFND 2 30,004 0 27,750
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 2,855 88,118 SH   DFND 2 57,170 0 30,948
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 21,647 2,320,064 SH   DFND 2 1,205,316 0 1,114,748
PRICESMART INC COM 741511109 8,573 102,350 SH   DFND 2 28,100 0 74,250
TELECOM ARGENTINA S A SPON ADR REP B 879273209 1,799 98,311 SH   DFND 2 98,311 0 0