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
COMPANHIA DE BEBIDAS DAS AME SPON ADR PFD 20441W203 6,359 165,365 SH   SOLE 0 0 0 0
COMPANHIA DE BEBIDAS DAS AME SPON ADR PFD 20441W203 4,074 105,947 SH   DFND 1 0 0 0
BAIDU INC SPON ADR REP A 056752108 23,029 148,757 SH   SOLE 0 0 0 0
BANCO BRADESCO SA SP ADR PFD NEW 059460303 3,388 244,009 SH   SOLE 0 0 0 0
BANCO BRADESCO SA SP ADR PFD NEW 059460303 2,066 148,780 SH   DFND 1 0 0 0
BRF SA SPONSORED ADR 10552T107 570 23,233 SH   SOLE 0 0 0 0
COMPANIA CERVECERIAS UNIDAS SPONSORED ADR 204429104 5,893 222,431 SH   SOLE 0 0 0 0
COMPANIA CERVECERIAS UNIDAS SPONSORED ADR 204429104 1,130 42,652 SH   DFND 1 0 0 0
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 1,392 30,336 SH   SOLE 0 0 0 0
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 1,188 25,904 SH   DFND 1 0 0 0
COPA HOLDINGS SA CL A P31076105 2,737 19,705 SH   SOLE 0 0 0 0
COPA HOLDINGS SA CL A P31076105 3,164 22,773 SH   DFND 1 0 0 0
CREDICORP LTD COM G2519Y108 1,995 15,556 SH   SOLE 0 0 0 0
CREDICORP LTD COM G2519Y108 2,233 17,417 SH   DFND 1 0 0 0
CTC MEDIA INC COM 12642X106 3,725 354,441 SH   SOLE 0 0 0 0
CTC MEDIA INC COM 12642X106 5,622 534,948 SH   DFND 1 0 0 0
FOMENTO ECONOMICO MEXICANO S SPONSORED ADR UNITS 344419106 3,758 38,772 SH   SOLE 0 0 0 0
FOMENTO ECONOMICO MEXICANO S SPONSORED ADR UNITS 344419106 4,324 44,610 SH   DFND 1 0 0 0
GERDAU S A SPONSORED ADR REP PFD 373737105 290 38,756 SH   SOLE 0 0 0 0
GRANA Y MONTERO SAA SPONSORED ADR 38500P208 1,363 68,544 SH   SOLE 0 0 0 0
GRANA Y MONTERO SAA SPONSORED ADR 38500P208 1,482 74,526 SH   DFND 1 0 0 0
GRUPO TELEVISA SA SPONSORED ADR REP ORD 40049J206 2,424 86,681 SH   SOLE 0 0 0 0
GRUPO TELEVISA SA SPONSORED ADR REP ORD 40049J206 2,858 102,191 SH   DFND 1 0 0 0
ITAU UNIBANCO HOLDINGS SA SPONSORED ADR REP PFD 465562106 15,649 1,107,133 SH   SOLE 0 0 0 0
ITAU UNIBANCO HOLDINGS SA SPONSORED ADR REP PFD 465562106 5,546 392,319 SH   DFND 1 0 0 0
LUXOFT HLDG INC ORD SHS CL A G57279104 2,122 81,200 SH   SOLE 0 0 0 0
NEW ORIENTAL ED & TECH GRP I SPONSORED ADR 647581107 9,005 362,293 SH   SOLE 0 0 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 959 62,235 SH   SOLE 0 0 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 6,411 384,222 SH   SOLE 0 0 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 5,344 320,264 SH   DFND 1 0 0 0
BANCO SANTANDER CHILE NEW SPN ADR REP COM 05965X109 10,093 384,789 SH   SOLE 0 0 0 0
BANCO SANTANDER CHILE NEW SPN ADR REP COM 05965X109 2,286 87,138 SH   DFND 1 0 0 0
VALE S A ADR 91912N105 18,630 1,195,409 SH   SOLE 0 0 0 0
VALE S A ADR 91912N105 6,163 395,443 SH   DFND 1 0 0 0
VIMPELCOM LTD SPONSORED ADR 92719A106 2,186 190,000 SH   SOLE 0 0 0 0