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 2,088 371,603 SH   DFND 2 0 0 371,603
BAIDU INC SPON ADR REP A 056752108 62,376 272,763 SH   DFND 2 161,359 0 111,404
BANCO MACRO SA SPON ADR B 05961W105 752 18,172 SH   DFND 2 0 0 18,172
BANCOLOMBIA S A SPON ADR PREF 05968L102 1,852 44,382 SH   DFND 2 0 0 44,382
COPA HOLDINGS SA CL A P31076105 59,136 740,675 SH   DFND 2 519,393 0 221,282
CORPORACION AMER ARPTS S A COM L1995B107 28,026 3,281,572 SH   DFND 2 2,087,873 0 1,193,699
CTRIP COM INTL LTD AMERICAN DEP SHS 22943F100 26,757 719,815 SH   DFND 2 511,864 0 207,951
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 35,399 357,678 SH   DFND 2 262,825 0 94,853
GRAN TIERRA ENERGY INC COM 38500T101 1,966 399,627 SH   DFND 2 0 0 399,627
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 2,950 116,005 SH   DFND 2 0 0 116,005
GRUPO SUPERVIELLE S A SPONSORED ADR 40054A108 2,039 265,843 SH   DFND 2 0 0 265,843
ISHARES TR MSCI EMG MKT ETF 464287234 28,470 663,335 SH   DFND 2 113,910 0 549,425
LIBERTY LATIN AMERICA LTD COM CL C G9001E128 45,628 2,211,751 SH   DFND 2 1,562,583 0 649,168
MERCADOLIBRE INC COM 58733R102 9,146 26,863 SH   DFND 2 19,443 0 7,420
NEW ORIENTAL ED & TECH GRP I SPON ADR 647581107 30,909 417,608 SH   DFND 2 285,696 0 131,912
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 1,429 46,011 SH   DFND 2 0 0 46,011
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 46,750 3,873,309 SH   DFND 2 2,802,337 0 1,070,972