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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 1,141 100,800 SH   DFND 2 0 0 100,800
BANCOLOMBIA S A SPON ADR PREF 05968L102 1,380 35,100 SH   DFND 2 0 0 35,100
COPA HOLDINGS SA CL A P31076105 747 7,400 SH   DFND 2 0 0 7,400
GRUPO AVAL ACCIONES Y VALORE SPONSORED ADS 40053W101 489 54,500 SH   DFND 2 0 0 54,500
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 1,338 57,783 SH   DFND 2 0 0 57,783
PRICESMART INC COM 741511109 569 6,700 SH   DFND 2 0 0 6,700
SOUTHERN COPPER CORP COM 84265V105 350 12,000 SH   DFND 2 0 0 12,000
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 711 25,900 SH   DFND 2 0 0 25,900