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 HOLDING-SP ADR ADR 01609W102 1,886 12,740 SH   DFND 1 12,740 0 0
BANCO BRADESCO-ADR ADR 059460303 4,754 1,241,183 SH   DFND 1 1,241,183 0 0
BANCOLOMBIA S.A.-SPONS ADR ADR 05968L102 3,089 89,236 SH   DFND 1 89,236 0 0
BAOZUN INC-SPN ADR ADR 06684L103 1,492 85,130 SH   DFND 1 85,130 0 0
CEMEX SAB-SPONS ADR PART CER ADR 151290889 1,707 238,062 SH   DFND 1 238,062 0 0
FOMENTO ECONOMICO MEX-SP ADR ADR 344419106 2,081 23,999 SH   DFND 1 23,999 0 0
GERDAU SA -SPON ADR ADR 373737105 1,021 207,539 SH   DFND 1 207,539 0 0
GRUPO AEROPORTUARIO CEN-ADR ADR 400501102 276 5,900 SH   DFND 1 5,900 0 0
HDFC BANK LTD-ADR ADR 40415F101 5,044 69,013 SH   DFND 1 69,013 0 0
HEADHUNTER GROUP PLC-ADR ADR 42207L106 1,752 35,893 SH   DFND 1 35,893 0 0
ICICI BANK LTD-SPON ADR ADR 45104G104 10,929 579,148 SH   DFND 1 579,148 0 0
INFOSYS LTD-SP ADR ADR 456788108 1,253 56,334 SH   DFND 1 56,334 0 0
JD.COM INC-ADR ADR 47215P106 6,186 85,637 SH   DFND 1 85,637 0 0
MERCADOLIBRE INC EQUITY 58733R102 1,708 1,017 SH   DFND 1 1,017 0 0
NETEASE INC-ADR ADR 64110W102 6,523 76,377 SH   DFND 1 76,377 0 0
NOAH HOLDINGS LTD-SPON ADS ADR 65487X102 197 5,300 SH   DFND 1 5,300 0 0
PETROLEO BRASILEIRO-SPON ADR ADR 71654V408 4,261 412,113 SH   DFND 1 412,113 0 0
TAIWAN SEMICONDUCTOR-SP ADR ADR 874039100 4,636 41,527 SH   DFND 1 41,527 0 0
VALE SA-SP ADR ADR 91912E105 4,526 324,418 SH   DFND 1 324,418 0 0
ALIBABA GROUP HOLDING-SP ADR ADR 01609W102 18,189 122,854 SH   DFND 2 74,375 0 48,479
ANGLOGOLD ASHANTI-SPON ADR ADR 035128206 5,956 372,500 SH   DFND 2 0 0 372,500
BANCO BRADESCO-ADR ADR 059460303 51,906 13,723,277 SH   DFND 2 7,571,296 0 6,151,981
BANCOLOMBIA S.A.-SPONS ADR ADR 05968L102 35,536 1,033,441 SH   DFND 2 373,539 0 659,902
BAOZUN INC-SPN ADR ADR 06684L103 976 55,685 SH   DFND 2 55,685 0 0
CEMEX SAB-SPONS ADR PART CER ADR 151290889 26,134 3,684,579 SH   DFND 2 1,454,457 0 2,230,122
ECOPETROL SA-SPONSORED ADR ADR 279158109 7,319 510,000 SH   DFND 2 0 0 510,000
FOMENTO ECONOMICO MEX-SP ADR ADR 344419106 1,174 13,537 SH   DFND 2 13,537 0 0
GERDAU SA -SPON ADR ADR 373737105 438 88,975 SH   DFND 2 88,975 0 0
GOLD FIELDS LTD-SPONS ADR ADR 38059T106 6,336 780,250 SH   DFND 2 0 0 780,250
GRUPO AEROPORTUARIO CEN-ADR ADR 400501102 881 18,800 SH   DFND 2 18,800 0 0
GRUPO AVAL ACCIONES Y VALORE ADR 40053W101 1,734 300,000 SH   DFND 2 0 0 300,000
HDFC BANK LTD-ADR ADR 40415F101 20,222 279,177 SH   DFND 2 168,145 0 111,032
HEADHUNTER GROUP PLC-ADR ADR 42207L106 1,448 29,672 SH   DFND 2 29,672 0 0
HUDBAY MINERALS INC EQUITY 443628102 15,590 2,500,000 SH   DFND 2 0 0 2,500,000
ICICI BANK LTD-SPON ADR ADR 45104G104 75,807 4,050,714 SH   DFND 2 2,519,321 0 1,531,393
INFOSYS LTD-SP ADR ADR 456788108 32,196 1,472,868 SH   DFND 2 1,076,733 0 396,135
JD.COM INC-ADR ADR 47215P106 41,334 572,170 SH   DFND 2 377,501 0 194,669
MERCADOLIBRE INC EQUITY 58733R102 12,347 7,552 SH   DFND 2 2,211 0 5,341
NETEASE INC-ADR ADR 64110W102 28,803 337,272 SH   DFND 2 212,548 0 124,724
NOAH HOLDINGS LTD-SPON ADS ADR 65487X102 620 16,700 SH   DFND 2 16,700 0 0
PETROLEO BRASILEIRO-SPON ADR ADR 71654V408 43,667 4,223,106 SH   DFND 2 2,493,500 0 1,729,606
SHINHAN FINANCIAL GROUP-ADR ADR 824596100 1,917 65,985 SH   DFND 2 0 0 65,985
SOUTHERN COPPER CORP EQUITY 84265V105 19,327 344,259 SH   DFND 2 79,259 0 265,000
TAIWAN SEMICONDUCTOR-SP ADR ADR 874039100 15,100 147,418 SH   DFND 2 23,785 0 123,633
VALE SA-SP ADR ADR 91912E105 38,256 2,742,339 SH   DFND 2 2,276,538 0 465,801
WHEATON PRECIOUS METALS CORP EQUITY 962879102 31,901 847,597 SH   DFND 2 0 0 847,597
BANCOLOMBIA S.A.-SPONS ADR ADR 05968L102 3,180,849 24,103 SH   DFND 2 24,103 0 0
CEMEX SAB-SPONS ADR PART CER ADR 151290889 3,518,744 128,743 SH   DFND 2 128,743 0 0
ECOPETROL SA-SPONSORED ADR ADR 279158109 3,369,320 61,595 SH   DFND 2 61,595 0 0
GRUPO AVAL ACCIONES Y VALORE ADR 40053W101 550,824 25,000 SH   DFND 2 25,000 0 0
PETROLEO BRASILEIRO-SPON ADR ADR 71654V408 5,062,705 128,445 SH   DFND 2 128,445 0 0
ALIBABA GROUP HOLDING-SP ADR ADR 01609W102 975 6,588 SH   DFND 3 0 0 6,588
BANCO BRADESCO-ADR ADR 059460303 2,547 665,050 SH   DFND 3 0 0 665,050
BANCOLOMBIA S.A.-SPONS ADR ADR 05968L102 971 28,033 SH   DFND 3 0 0 28,033
CEMEX SAB-SPONS ADR PART CER ADR 151290889 911 127,113 SH   DFND 3 0 0 127,113
HDFC BANK LTD-ADR ADR 40415F101 916 12,535 SH   DFND 3 0 0 12,535
ICICI BANK LTD-SPON ADR ADR 45104G104 2,969 157,358 SH   DFND 3 0 0 157,358
JD.COM INC-ADR ADR 47215P106 1,902 26,328 SH   DFND 3 0 0 26,328
MERCADOLIBRE INC EQUITY 58733R102 885 527 SH   DFND 3 0 0 527
NETEASE INC-ADR ADR 64110W102 1,440 16,864 SH   DFND 3 0 0 16,864
PETROLEO BRASILEIRO-SPON ADR ADR 71654V408 2,280 220,551 SH   DFND 3 0 0 220,551
VALE SA-SP ADR ADR 91912E105 2,427 173,991 SH   DFND 3 0 0 173,991