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 8,291 1,600,635 SH   SOLE 1,518,635 0 82,000
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 11,199 721,176 SH   SOLE 518,238 0 202,938
BANCO BRADESCO S A SP ADR PFD NEW 059460303 28,709 3,853,632 SH   SOLE 2,542,553 0 1,311,079
BANCO DE CHILE SPONSORED ADR 059520106 0 0 SH   SOLE 0 0 0
BANCO MACRO SA SPON ADR B 05961W105 65 1,009 SH   SOLE 1,009 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 1,316 38,506 SH   SOLE 27,906 0 10,600
BRF SA SPONSORED ADR 10552T107 3,516 247,300 SH   SOLE 225,700 0 21,600
CEMENTOS PACASMAYO S A A SPON ADR REP 5 15126Q109 28 3,596 SH   SOLE 3,596 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 13,725 1,885,335 SH   SOLE 1,378,762 0 506,573
CENCOSUD S A SPONSORED ADS 15132H101 1,338 174,301 SH   SOLE 128,394 0 45,907
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 3,682 465,000 SH   SOLE 319,200 0 145,800
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 1,673 227,330 SH   SOLE 156,067 0 71,263
CPFL ENERGIA S A SPONSORED ADR 126153105 1,862 171,000 SH   SOLE 118,300 0 52,700
EMBRAER S A SP ADR REP 4 COM 29082A107 1,436 54,500 SH   SOLE 38,600 0 15,900
EMPRESA NACIONAL DE ELCTRCID SPONSORED ADR 29244T101 11,685 280,824 SH   SOLE 195,705 0 85,119
ENERSIS AMERICAS S A SPONSORED ADR 29274F104 4,174 300,331 SH   SOLE 211,195 0 89,136
FIBRIA CELULOSE S A SP ADR REP COM 31573A109 2,046 241,300 SH   SOLE 167,000 0 74,300
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 20,624 214,148 SH   SOLE 150,668 0 63,480
GRUPO AEROPORTUARIO CTR NORT SPON ADR 400501102 0 0 SH   SOLE 0 0 0
GRUPO AEROPORTUARIO DEL SURE SPON ADR SER B 40051E202 2,166 14,427 SH   SOLE 10,127 0 4,300
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 2,527 89,314 SH   SOLE 62,914 0 26,400
GRUPO FINANCIERO SANTANDER M SPON ADR SHS B 40053C105 6,339 702,091 SH   SOLE 491,144 0 210,947
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 8,084 294,408 SH   SOLE 210,008 0 84,400
INTL TREA BD ETF ISHARES TR 464288117 16,296 167,677 SH   SOLE 167,677 0 0
ISHARES MSCI JAPAN ETF 464286848 15,097 1,323,173 SH   SOLE 1,323,173 0 0
ISHARES TR 20 YR TR BD ETF 464287432 25,273 193,505 SH   SOLE 193,505 0 0
ISHARES TR 7-10 Y TR BD ETF 464287440 64,855 587,783 SH   SOLE 587,783 0 0
ISHARES TR IBOXX INV CP ETF 464287242 1,075 9,050 SH   SOLE 9,050 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 28,975 3,373,195 SH   SOLE 2,404,006 0 969,189
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 1,960 95,399 SH   SOLE 67,142 0 28,257
SPDR S&P 500 ETF TR TR UNIT 78462F103 75,693 368,301 SH   SOLE 368,301 0 0
TELEFONICA BRASIL SA SPONSORED ADR 87936R106 5,335 427,200 SH   SOLE 258,000 0 169,200
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 38,221 787,744 SH   SOLE 787,744 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 2,658 148,658 SH   SOLE 105,358 0 43,300