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
AMBEV SA SPONSORED ADR 02319V103 1,959 439,335 SH   SOLE 439,335 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 18,686 1,329,061 SH   SOLE 936,479 0 392,582
AVIANCA HLDGS SA SPON ADR REP PFD 05367G100 2,843 665,868 SH   SOLE 456,354 0 209,514
BANCO BRADESCO S A SP ADR PFD NEW 059460303 16,252 3,378,832 SH   SOLE 2,180,753 0 1,198,079
BANCO DE CHILE SPONSORED ADR 059520106 0 0 SH   SOLE 0 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 1,447 54,118 SH   SOLE 37,582 0 16,536
BRF SA SPONSORED ADR 10552T107 11,064 800,600 SH   SOLE 622,300 0 178,300
CEMEX SAB DE CV SPON ADR NEW 151290889 7,520 1,350,222 SH   SOLE 979,949 0 370,273
CENCOSUD S A SPONSORED ADS 15132H101 909 147,102 SH   SOLE 103,180 0 43,922
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 0 0 SH   SOLE 0 0 0
COMPANHIA PARANAENSE ENERG C SPON ADR PFD 20441B407 1,604 273,300 SH   SOLE 190,400 0 82,900
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 2,779 649,400 SH   SOLE 444,800 0 204,600
EMBRAER S A SP ADR REP 4 COM 29082A107 7,783 263,500 SH   SOLE 183,300 0 80,200
EMPRESA NACIONAL DE ELCTRCID SPONSORED ADR 29244T101 11,994 323,640 SH   SOLE 222,675 0 100,965
ENERSIS S A SPONSORED ADR 29274F104 3,638 299,455 SH   SOLE 209,810 0 89,645
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 22,090 239,206 SH   SOLE 165,926 0 73,280
GRUPO AEROPORTUARIO CTR NORT SPON ADR 400501102 0 0 SH   SOLE 0 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 3,942 145,600 SH   SOLE 101,100 0 44,500
GRUPO FINANCIERO SANTANDER M SPON ADR SHS B 40053C105 3,646 420,600 SH   SOLE 288,800 0 131,800
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 9,387 344,990 SH   SOLE 241,590 0 103,400
ISHARES EM MK MINVOL ETF 464286533 4,369 89,790 SH   SOLE 89,790 0 0
ISHARES MSCI JAPAN ETF 464286848 18,333 1,512,697 SH   SOLE 1,512,697 0 0
ISHARES TR 7-10 Y TR BD ETF 464287440 57,308 542,750 SH   SOLE 542,750 0 0
ISHARES TR IBOXX INV CP ETF 464287242 597 5,243 SH   SOLE 5,243 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 21,458 3,296,295 SH   SOLE 2,336,806 0 959,489
LATAM AIRLS GROUP S A SPONSORED ADR 51817R106 0 0 SH   SOLE 0 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 0 0 SH   SOLE 0 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 1,918 100,900 SH   SOLE 69,900 0 31,000
SPDR S&P 500 ETF TR TR UNIT 78462F103 64,723 317,474 SH   SOLE 317,474 0 0
TELEFONICA BRASIL SA SPONSORED ADR 87936R106 1,561 172,900 SH   SOLE 113,300 0 59,600
VALE S A ADR 91912E105 1,370 416,600 SH   SOLE 298,400 0 118,200
VALE S A ADR REPSTG PFD 91912E204 143 56,400 SH   SOLE 39,800 0 16,600
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 35,757 716,870 SH   SOLE 716,870 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 3,645 231,900 SH   SOLE 160,900 0 71,000