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 26,532 302,154 SH   DFND 2 138,234 0 163,920
AVIANCA HLDGS SA SPON ADR REP PFD 05367G100 4,170 432,599 SH   DFND 2 0 0 432,599
BANCO MACRO SA SPON ADR B 05961W105 4,312 67,021 SH   DFND 2 61,421 0 5,600
BANCOLOMBIA S A SPON ADR PREF 05968L102 3,799 103,573 SH   DFND 2 0 0 103,573
BARCLAYS BK PLC IPATH S&P500 VIX 06740Q252 278 10,900 SH   DFND 2 0 0 10,900
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 18,686 1,656,600 SH   DFND 2 840,941 0 815,659
COPA HOLDINGS SA CL A P31076105 2,112 23,251 SH   DFND 2 0 0 23,251
CTRIP COM INTL LTD AMERICAN DEP SHS 22943F100 20,256 506,400 SH   DFND 2 249,700 0 256,700
GLOBANT S A COM L44385109 6,809 204,200 SH   DFND 2 113,110 0 91,090
GRUPO AVAL ACCIONES Y VALORE SPONSORED ADS 40053W101 1,382 174,094 SH   DFND 2 0 0 174,094
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 10,432 387,539 SH   DFND 2 218,651 0 168,888
MERCADOLIBRE INC COM 58733R102 13,157 84,266 SH   DFND 2 45,110 0 39,156
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 3,067 88,118 SH   DFND 2 57,170 0 30,948
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 17,941 1,774,461 SH   DFND 2 945,898 0 828,563
PRICESMART INC COM 741511109 3,556 42,585 SH   DFND 2 0 0 42,585
TELECOM ARGENTINA S A SPON ADR REP B 879273209 2,383 131,149 SH   DFND 2 131,149 0 0