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
AVIANCA HLDGS SA SPON ADR REP PFD 05367G100 2,401 371,603 SH   DFND 2 0 0 371,603
BAIDU INC SPON ADR REP A 056752108 58,296 239,893 SH   DFND 2 131,326 0 108,567
BANCO MACRO SA SPON ADR B 05961W105 1,068 18,172 SH   DFND 2 0 0 18,172
BANCOLOMBIA S A SPON ADR PREF 05968L102 2,771 57,999 SH   DFND 2 0 0 57,999
COPA HOLDINGS SA CL A P31076105 60,893 643,552 SH   DFND 2 424,627 0 218,925
CORPORACION AMER ARPTS S A COM L1995B107 26,161 3,099,541 SH   DFND 2 1,919,645 0 1,179,896
CTRIP COM INTL LTD AMERICAN DEP SHS 22943F100 19,691 413,418 SH   DFND 2 272,677 0 140,741
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 17,566 200,087 SH   DFND 2 142,409 0 57,678
GLOBANT S A COM L44385109 39,373 693,274 SH   DFND 2 479,479 0 213,795
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 4,293 130,176 SH   DFND 2 0 0 130,176
GRUPO SUPERVIELLE S A SPONSORED ADR 40054A108 3,286 310,604 SH   DFND 2 0 0 310,604
ISHARES TR MSCI EMG MKT ETF 464287234 30,935 713,946 SH   DFND 2 119,664 0 594,282
LIBERTY LATIN AMERICA LTD COM CL C G9001E128 29,758 1,535,537 SH   DFND 2 1,063,953 0 471,584
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 1,646 46,011 SH   DFND 2 0 0 46,011
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 91,974 9,169,758 SH   DFND 2 6,335,187 0 2,834,571