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
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 6,938 79,016 SH   DFND 3,4 79,016 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 15,873 180,770 SH   DFND 4,5 28,507 0 152,263
APPLE INC COM 037833100 23 200 SH   DFND 4 0 0 200
AVIANCA HLDGS SA SPON ADR REP PFD 05367G100 3,188 330,695 SH   DFND 1,2,4 0 0 330,695
AVIANCA HLDGS SA SPON ADR REP PFD 05367G100 887 91,980 SH   DFND 3,4 91,980 0 0
AVIANCA HLDGS SA SPON ADR REP PFD 05367G100 4,424 458,908 SH   DFND 4,5 458,908 0 0
BANCO MACRO SA SPON ADR B 05961W105 1,096 17,029 SH   DFND 3,4 17,029 0 0
BANCO MACRO SA SPON ADR B 05961W105 1,243 19,309 SH   DFND 4,5 19,309 0 0
BGC PARTNERS INC CL A 05541T101 92 9,000 SH   DFND 4 0 0 9,000
BITAUTO HLDGS LTD SPONSORED ADS 091727107 1,302 68,749 SH   DFND 1,2,4 0 0 68,749
BITAUTO HLDGS LTD SPONSORED ADS 091727107 439 23,186 SH   DFND 3,4 23,186 0 0
BITAUTO HLDGS LTD SPONSORED ADS 091727107 2,071 109,323 SH   DFND 4,5 109,323 0 0
BRASKEM S A SP ADR PFD A 105532105 316 14,916 SH   DFND 3,4 14,916 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 321 39,922 SH   DFND 3,4 39,922 0 0
COMPANHIA PARANAENSE ENERG C SPON ADR PFD 20441B407 1,206 142,275 SH   DFND 1,2,4 0 0 142,275
CONTROLADORA VUELA CIA DE AV SPON ADR RP 10 21240E105 758 50,400 SH   DFND 1,2,4 0 0 50,400
CONTROLADORA VUELA CIA DE AV SPON ADR RP 10 21240E105 263 17,500 SH   DFND 3,4 17,500 0 0
CONTROLADORA VUELA CIA DE AV SPON ADR RP 10 21240E105 1,432 95,200 SH   DFND 4,5 95,200 0 0
GERDAU S A SPON ADR REP PFD 373737105 1,504 478,934 SH   DFND 1,2,4 0 0 478,934
GERDAU S A SPON ADR REP PFD 373737105 113 35,974 SH   DFND 3,4 35,974 0 0
GILEAD SCIENCES INC COM 375558103 72 1,000 SH   DFND 4 0 0 1,000
GOL LINHAS AEREAS INTLG S A SPON ADR PFD NEW 38045R206 47 3,432 SH   DFND 1,2,4 0 0 3,432
GOL LINHAS AEREAS INTLG S A SPON ADR PFD NEW 38045R206 122 8,944 SH   DFND 3,4 8,944 0 0
GOL LINHAS AEREAS INTLG S A SPON ADR PFD NEW 38045R206 1,630 119,642 SH   DFND 4,5 119,642 0 0
GRAN TIERRA ENERGY INC COM 38500T101 2,620 867,600 SH   DFND 1,2,4 0 0 867,600
GRAN TIERRA ENERGY INC COM 38500T101 645 213,500 SH   DFND 3,4 213,500 0 0
GRAN TIERRA ENERGY INC COM 38500T101 5,552 1,838,477 SH   DFND 4,5 1,838,477 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 1,713 63,631 SH   DFND 3,4 63,631 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 1,542 57,266 SH   DFND 4,5 57,266 0 0
GRUPO SUPERVIELLE S A SPONSORED ADR 40054A108 2,112 160,700 SH   DFND 1,2,4 0 0 160,700
GRUPO SUPERVIELLE S A SPONSORED ADR 40054A108 1,740 132,400 SH   DFND 3,4 132,400 0 0
GRUPO SUPERVIELLE S A SPONSORED ADR 40054A108 5,996 456,299 SH   DFND 4,5 456,299 0 0
HENNESSY ADVISORS INC COM 425885100 63 1,990 SH   DFND 4 0 0 1,990
ICICI BK LTD ADR 45104G104 636 84,928 SH   DFND 3,4 84,928 0 0
ICICI BK LTD ADR 45104G104 1,563 208,728 SH   DFND 4,5 29,630 0 179,098
INFOSYS LTD SPONSORED ADR 456788108 4,544 306,428 SH   DFND 3,4 306,428 0 0
INFOSYS LTD SPONSORED ADR 456788108 10,476 706,409 SH   DFND 4,5 113,714 0 592,695
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 1,964 106,532 SH   DFND 1,2,4 0 0 106,532
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 519 28,130 SH   DFND 3,4 28,130 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 4,143 224,677 SH   DFND 4,5 224,677 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 403 11,500 SH   DFND 4 0 0 11,500
ISHARES TR MSCI INDIA ETF 46429B598 469 17,500 SH   DFND 4 0 0 17,500
ISHARES MSCI WORLD ETF 464286392 676 9,250 SH   DFND 4 0 0 9,250
KOREA ELECTRIC PWR SPONSORED ADR 500631106 1,306 70,682 SH   DFND 3,4 70,682 0 0
KOREA ELECTRIC PWR SPONSORED ADR 500631106 2,894 156,618 SH   DFND 4,5 29,265 0 127,353
NATURAL HEALTH TRENDS CORP COM PAR $.001 63888P406 93 3,750 SH   DFND 4 0 0 3,750
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 2,093 60,137 SH   DFND 1,2,4 0 0 60,137
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 1,819 52,259 SH   DFND 3,4 52,259 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 7,244 208,109 SH   DFND 4,5 208,109 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 2,452 278,375 SH   DFND 3,4 278,375 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 5,520 626,565 SH   DFND 4,5 100,534 0 526,031
SASOL LTD SPONSORED ADR 803866300 168 5,882 SH   DFND 3,4 5,882 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 2,492 86,668 SH   DFND 3,4 86,668 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 5,697 198,149 SH   DFND 4,5 33,506 0 164,643
TARENA INTL INC ADR 876108101 2,453 163,659 SH   DFND 1,2,4 0 0 163,659
TARENA INTL INC ADR 876108101 536 35,725 SH   DFND 3,4 35,725 0 0
TERNIUM SA SPON ADR 880890108 166 6,863 SH   DFND 3,4 6,863 0 0
VALE S A ADR 91912E105 1,162 152,455 SH   DFND 3,4 152,455 0 0
VALE S A ADR 91912E105 2,894 379,843 SH   DFND 4,5 60,933 0 318,910
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 1,422 86,177 SH   DFND 3,4 86,177 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 1,066 64,604 SH   DFND 4,5 64,604 0 0