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 11,865 68,701 SH   DFND 3,4 68,701 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 36,030 208,616 SH   DFND 4,5 208,616 0 0
AVIANCA HLDGS SA SPON ADR REP PFD 05367G100 758 97,623 SH   DFND 1,2,4 0 0 97,623
BANCO MACRO SA SPON ADR B 05961W105 3,575 30,466 SH   DFND 3,4 30,466 0 0
BANCO MACRO SA SPON ADR B 05961W105 5,047 43,005 SH   DFND 4,5 43,005 0 0
BBVA BANCO FRANCES S A SPONSORED ADR 07329M100 3,303 162,000 SH   DFND 3,4 162,000 0 0
BBVA BANCO FRANCES S A SPONSORED ADR 07329M100 4,934 242,000 SH   DFND 4,5 242,000 0 0
BITAUTO HLDGS LTD SPONSORED ADS 091727107 4,250 95,129 SH   DFND 1,2,4 0 0 95,129
BITAUTO HLDGS LTD SPONSORED ADS 091727107 1,420 31,777 SH   DFND 3,4 31,777 0 0
BITAUTO HLDGS LTD SPONSORED ADS 091727107 625 13,990 SH   DFND 4,5 13,990 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 274 30,145 SH   DFND 3,4 30,145 0 0
CHINA RAPID FIN LTD SPONSORED ADR 16953Q105 2,288 347,181 SH   DFND 1,2,4 0 0 347,181
CHINA RAPID FIN LTD SPONSORED ADR 16953Q105 947 143,707 SH   DFND 3,4 143,707 0 0
CHINA RAPID FIN LTD SPONSORED ADR 16953Q105 640 97,138 SH   DFND 4,5 97,138 0 0
CNOOC LTD SPONSORED ADR 126132109 1,771 13,651 SH   DFND 3,4 13,651 0 0
CNOOC LTD SPONSORED ADR 126132109 4,335 33,427 SH   DFND 4,5 33,427 0 0
EMBRAER S A SP ADR REP 4 COM 29082A107 2,829 125,122 SH   DFND 1,2,4 0 0 125,122
EMBRAER S A SP ADR REP 4 COM 29082A107 236 10,418 SH   DFND 3,4 10,418 0 0
EMBRAER S A SP ADR REP 4 COM 29082A107 1,070 47,317 SH   DFND 4,5 47,317 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 3,173 33,210 SH   DFND 3,4 33,210 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 9,215 96,458 SH   DFND 4,5 96,458 0 0
GERDAU S A SPON ADR REP PFD 373737105 2,070 603,517 SH   DFND 1,2,4 0 0 603,517
GRAN TIERRA ENERGY INC COM 38500T101 5,095 2,234,541 SH   DFND 1,2,4 0 0 2,234,541
GRAN TIERRA ENERGY INC COM 38500T101 1,139 499,400 SH   DFND 3,4 499,400 0 0
GRAN TIERRA ENERGY INC COM 38500T101 2,126 932,277 SH   DFND 4,5 932,277 0 0
GRUPO SUPERVIELLE S A SPONSORED ADR 40054A108 3,968 160,700 SH   DFND 1,2,4 0 0 160,700
GRUPO SUPERVIELLE S A SPONSORED ADR 40054A108 5,484 222,100 SH   DFND 3,4 222,100 0 0
GRUPO SUPERVIELLE S A SPONSORED ADR 40054A108 7,178 290,745 SH   DFND 4,5 290,745 0 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 2,005 20,809 SH   DFND 3,4 20,809 0 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 6,162 63,937 SH   DFND 4,5 63,937 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 2,615 106,532 SH   DFND 1,2,4 0 0 106,532
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 972 39,579 SH   DFND 3,4 39,579 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 1,376 56,045 SH   DFND 4,5 56,045 0 0
NOAH HLDGS LTD SPON ADS CL A 65487X102 1,622 50,511 SH   DFND 1,2,4 0 0 50,511
NOAH HLDGS LTD SPON ADS CL A 65487X102 883 27,500 SH   DFND 3,4 27,500 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 2,420 37,167 SH   DFND 1,2,4 0 0 37,167
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 3,905 59,992 SH   DFND 3,4 59,992 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 5,337 81,979 SH   DFND 4,5 81,979 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 7,962 824,185 SH   DFND 3,4 824,185 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 25,208 2,609,565 SH   DFND 4,5 2,609,565 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 1,381 36,772 SH   DFND 3,4 36,772 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 5,542 147,581 SH   DFND 4,5 147,581 0 0
TARENA INTL INC ADR 876108101 2,381 163,659 SH   DFND 1,2,4 0 0 163,659
TARENA INTL INC ADR 876108101 409 28,122 SH   DFND 3,4 28,122 0 0
VALE S A ADR 91912E105 2,639 262,052 SH   DFND 3,4 262,052 0 0
VALE S A ADR 91912E105 8,400 834,138 SH   DFND 4,5 834,138 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 2,030 91,113 SH   DFND 3,4 91,113 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 2,593 116,381 SH   DFND 4,5 116,381 0 0
YUM CHINA HLDGS INC COM 98850P109 2,974 74,400 SH   DFND 3,4 74,400 0 0
YUM CHINA HLDGS INC COM 98850P109 2,190 54,800 SH   DFND 4,5 54,800 0 0