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 7,357 52,215 SH   DFND 3,4 52,215 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 19,718 139,945 SH   DFND 4,5 139,945 0 0
AVIANCA HLDGS SA SPON ADR REP PFD 05367G100 635 97,623 SH   DFND 1,2,4 0 0 97,623
BANCO MACRO SA SPON ADR B 05961W105 3,332 36,141 SH   DFND 3,4 36,141 0 0
BANCO MACRO SA SPON ADR B 05961W105 4,914 53,305 SH   DFND 4,5 53,305 0 0
BITAUTO HLDGS LTD SPONSORED ADS 091727107 2,466 85,759 SH   DFND 1,2,4 0 0 85,759
BITAUTO HLDGS LTD SPONSORED ADS 091727107 818 28,435 SH   DFND 3,4 28,435 0 0
BITAUTO HLDGS LTD SPONSORED ADS 091727107 1,597 55,558 SH   DFND 4,5 55,558 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 301 31,924 SH   DFND 3,4 31,924 0 0
CHINA RAPID FIN LTD SPONSORED ADR 16953Q105 1,986 347,181 SH   DFND 1,2,4 0 0 347,181
CHINA RAPID FIN LTD SPONSORED ADR 16953Q105 822 143,707 SH   DFND 3,4 143,707 0 0
CHINA RAPID FIN LTD SPONSORED ADR 16953Q105 1,223 213,845 SH   DFND 4,5 213,845 0 0
CONTROLADORA VUELA CIA DE AV SPON ADR RP 10 21240E105 761 52,300 SH   DFND 4,5 52,300 0 0
EMBRAER S A SP ADR REP 4 COM 29082A107 1,333 73,129 SH   DFND 1,2,4 0 0 73,129
EMBRAER S A SP ADR REP 4 COM 29082A107 279 15,312 SH   DFND 3,4 15,312 0 0
EMBRAER S A SP ADR REP 4 COM 29082A107 702 38,499 SH   DFND 4,5 38,499 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 3,025 30,757 SH   DFND 3,4 30,757 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 8,757 89,053 SH   DFND 4,5 89,053 0 0
GRAN TIERRA ENERGY INC COM 38500T101 2,514 1,122,100 SH   DFND 1,2,4 0 0 1,122,100
GRAN TIERRA ENERGY INC COM 38500T101 830 370,600 SH   DFND 3,4 370,600 0 0
GRAN TIERRA ENERGY INC COM 38500T101 2,251 1,005,077 SH   DFND 4,5 1,005,077 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 113 2,653 SH   DFND 3,4 2,653 0 0
GRUPO SUPERVIELLE S A SPONSORED ADR 40054A108 2,905 160,700 SH   DFND 1,2,4 0 0 160,700
GRUPO SUPERVIELLE S A SPONSORED ADR 40054A108 3,028 167,500 SH   DFND 3,4 167,500 0 0
GRUPO SUPERVIELLE S A SPONSORED ADR 40054A108 6,905 381,899 SH   DFND 4,5 381,899 0 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 1,193 13,714 SH   DFND 3,4 13,714 0 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 3,435 39,501 SH   DFND 4,5 39,501 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 2,570 106,532 SH   DFND 1,2,4 0 0 106,532
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 1,095 45,394 SH   DFND 3,4 45,394 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 3,220 133,510 SH   DFND 4,5 133,510 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 5,220 472,401 SH   DFND 3,4 472,401 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 14,523 1,314,292 SH   DFND 4,5 1,314,292 0 0
NETEASE INC SPONSORED ADR 64110W102 112 371 SH   DFND 3,4 371 0 0
NOAH HLDGS LTD SPON ADS CL A 65487X102 502 17,511 SH   DFND 1,2,4 0 0 17,511
NOAH HLDGS LTD SPON ADS CL A 65487X102 788 27,500 SH   DFND 3,4 27,500 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 3,539 60,137 SH   DFND 1,2,4 0 0 60,137
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 3,657 62,135 SH   DFND 3,4 62,135 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 7,396 125,683 SH   DFND 4,5 125,683 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 2,014 270,026 SH   DFND 3,4 270,026 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 5,371 719,938 SH   DFND 4,5 719,938 0 0
TARENA INTL INC ADR 876108101 2,931 163,659 SH   DFND 1,2,4 0 0 163,659
TARENA INTL INC ADR 876108101 504 28,122 SH   DFND 3,4 28,122 0 0
TARENA INTL INC ADR 876108101 347 19,382 SH   DFND 4,5 19,382 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 169 6,677 SH   DFND 3,4 6,677 0 0
VALE S A ADR 91912E105 2,629 300,498 SH   DFND 3,4 300,498 0 0
VALE S A ADR 91912E105 7,229 826,225 SH   DFND 4,5 826,225 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 1,352 61,714 SH   DFND 3,4 61,714 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 1,762 80,459 SH   DFND 4,5 80,459 0 0