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
21VIANET GROUP INC SPONSORED ADR 90138A103 15,792 526,919 SH   DFND 1,2 199,021 0 327,898
21VIANET GROUP INC SPONSORED ADR 90138A103 19,974 666,472 SH   DFND 2,3 613,954 0 52,518
ABERDEEN INDONESIA FD INC COM 00305P106 108 11,375 SH   DFND 2,3 11,375 0 0
AMBEV SA SPONSORED ADR 02319V103 9,631 1,367,978 SH   DFND 2,3 1,367,978 0 0
AVIANCA HLDGS SA SPON ADR REP PFD 05367G100 16,046 999,737 SH   DFND 1,2 249,140 0 750,597
AVIANCA HLDGS SA SPON ADR REP PFD 05367G100 15,654 975,322 SH   DFND 2,3 782,962 0 192,360
BAIDU INC SPON ADR REP A 056752108 89,938 481,443 SH   DFND 1,2 174,928 0 306,515
BAIDU INC SPON ADR REP A 056752108 16,561 88,653 SH   DFND 2,3 10,238 0 78,415
BANCO BRADESCO SPON ADR PRD NEW 059460303 599 41,247 SH   DFND 1,2 41,247 0 0
BANCO MACRO SA SPON ADR B 05961W105 437 12,142 SH   DFND 2,3 12,142 0 0
BBVA BANCO FRANCES S A SPONSORED ADR 07329M100 228 19,620 SH   DFND 2,3 19,620 0 0
BRASKEM S A SP ADR PFD A 105532105 19,507 1,518,054 SH   DFND 1,2 601,268 0 916,786
BRASKEM S A SP ADR PFD A 105532105 647 50,381 SH   DFND 2,3 50,381 0 0
BRF SA SPONSORED ADR 10552T107 321 13,200 SH   DFND 1,2 13,200 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 18,799 1,420,927 SH   DFND 1,2 937,251 0 483,676
CEMEX SAB DE CV SPON ADR NEW 151290889 24,815 1,875,640 SH   DFND 2,3 1,519,078 0 356,562
CENTRAL EUROPE RUSS & TURK FUND I COM 153436100 151 5,150 SH   DFND 2,3 5,150 0 0
CHINA LODGING GROUP LTD SPONSORED ADR 16949N109 251 10,000 SH   DFND 1,2 10,000 0 0
CHINA MOBILE LTD SPONSORED ADR 16941M109 2,487 51,163 SH   DFND 2,3 51,163 0 0
CHINA PETE & CHEM CORP SPONSORED ADR H SHS 16941R108 12,635 132,953 SH   DFND 1,2 46,731 0 86,222
CHINA PETE & CHEM CORP SPONSORED ADR H SHS 16941R108 18,501 194,686 SH   DFND 2,3 93,048 0 101,638
COMPANIA CERVECERIAS UNIDAS SPONSORED ADR 204429104 146 6,229 SH   DFND 1,2 6,229 0 0
COMPANHIA PARANAENSE ENERG C SPONSORED ADR PFD 20441B407 308 20,110 SH   DFND 1,2 20,110 0 0
COCA COLA FEMSA S A B DE C V SPON ADR REP L 191241108 886 7,800 SH   DFND 1,2 4,300 0 3,500
CPFL ENERGIA SA SPONSORED ADR 126153105 310 17,041 SH   DFND 1,2 17,041 0 0
DR REDDYS LABS LTD ADR 256135203 11,691 270,944 SH   DFND 1,2 92,280 0 178,664
DR REDDYS LABS LTD ADR 256135203 1,144 26,516 SH   DFND 2,3 10,603 0 15,913
EMBRAER S A SP ADR REP 4 COM 29082A107 601 16,487 SH   DFND 1,2 13,361 0 3,126
EMPRESAS ICA S A DE CV SPONS ADR NEW 292448206 3,383 432,612 SH   DFND 1,2 68,557 0 364,055
EMPRESAS ICA S A DE CV SPONS ADR NEW 292448206 11,827 1,512,358 SH   DFND 2,3 1,146,724 0 365,634
GAFISA SA SPONS ADR 362607301 314 102,703 SH   DFND 1,2 102,703 0 0
GERDAU S A SPON ADR REP PFD 373737105 1,491 253,200 SH   DFND 1,2 120,300 0 132,900
GRAN TIERRA ENERGY INC COM 38500T101 4,312 531,048 SH   DFND 1,2 0 0 531,048
GRAN TIERRA ENERGY INC COM 38500T101 171 21,000 SH   DFND 2,3 21,000 0 0
GRUPO FINANCIERO SANTANDER M SP ADR 10 SH B 40053C105 397 29,900 SH   DFND 1,2 0 0 29,900
GRUPO FINANCIERO GALICIA S A ADR 399909100 385 26,264 SH   DFND 2,3 26,264 0 0
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 1,215 35,410 SH   DFND 1,2 21,811 0 13,599
ICICI BANK LTD ADR 45104G104 2,985 59,812 SH   DFND 1,2 59,812 0 0
ICICI BANK LTD ADR 45104G104 45,068 903,158 SH   DFND 2,3 810,769 0 92,389
IKANG HEALTHCARE GROUP INC SPONSORED ADR 45174L108 2,844 164,016 SH   DFND 1,2 20,299 0 143,717
IKANG HEALTHCARE GROUP INC SPONSORED ADR 45174L108 6,951 400,854 SH   DFND 2,3 400,854 0 0
INDIA FUND INC COM 454089103 792 31,213 SH   DFND 2,3 31,213 0 0
INFOSYS LTD SPONSORED ADR 456788108 8,788 163,446 SH   DFND 1,2 45,762 0 117,684
INFOSYS LTD SPONSORED ADR 456788108 5,527 102,792 SH   DFND 2,3 60,261 0 42,531
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 2,328 142,036 SH   DFND 1,2 35,661 0 106,375
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 8,861 540,638 SH   DFND 2,3 540,638 0 0
ISHARES CHINA LG-CAP ETF 464287184 1,482 40,000 SH   DFND 1,2 40,000 0 0
ISHARES MSCI BRZ CAP ETF 464286400 425 8,893 SH   DFND 2,3 8,893 0 0
ISHARES TR CHINA SM-CAP ETF 46429B200 1,907 41,879 SH   DFND 1,2 41,879 0 0
ISHARES MSCI EMG MKT ETF 464287234 0 1 SH   DFND 1,2 1 0 0
ISHARES TR MSCI INDONIA ETF 46429B309 577 21,882 SH   DFND 1,2 21,882 0 0
ISHARES MSCI STH AFR ETF 464286780 2,095 30,497 SH   DFND 1,2 30,497 0 0
ISHARES MSCI STH KOR ET 464286772 5,081 78,149 SH   DFND 1,2 78,149 0 0
ISHARES MSCI TURKEY ETF 464286715 872 15,700 SH   DFND 1,2 15,700 0 0
ISHARES INDIA 50 ETF 464289529 123 4,230 SH   DFND 1,2 4,230 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 31,286 2,175,644 SH   DFND 1,2 652,426 0 1,523,218
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 946 65,757 SH   DFND 2,3 65,757 0 0
KOREA FUND INC COM NEW 500634209 10 226 SH   DFND 2,3 226 0 0
MARKET VECTORS ETF TR RUSSIA ETF 57060U506 4,021 152,721 SH   DFND 1,2 152,721 0 0
MARKET VECTORS ETF TR RUSSIA ETF 57060U506 1,365 51,842 SH   DFND 2,3 51,842 0 0
MARKET VECTORS ETF TR VIETNAM ETF 57060U761 1,083 52,077 SH   DFND 2,3 52,077 0 0
MORGAN STANLEY EASTN EUR FD COM 616988101 54 2,910 SH   DFND 2,3 2,910 0 0
MORGAN STANLEY INDIA INVS FD COM 61745C105 350 15,110 SH   DFND 2,3 15,110 0 0
NATIONAL BK GREECE S A ADR PRF SER A 633643705 1,191 323,720 SH   DFND 1,2 323,720 0 0
NEW ORIENTAL ED & TECH GRP I SPON ADR 647581107 1,216 45,762 SH   DFND 1,2 45,762 0 0
NOAH HOLDINGS LTD SPONSORED ADS 65487X102 3,422 242,000 SH   DFND 1,2 28,100 0 213,900
NOAH HOLDINGS LTD SPONSORED ADS 65487X102 8,328 589,000 SH   DFND 2,3 589,000 0 0
PERFECT WORLD CO LTD SPON ADR REP B 71372U104 939 47,850 SH   DFND 1,2 47,850 0 0
PHOENIX NEW MEDIA LTD SPONSORED ADS 71910C103 18,472 1,724,706 SH   DFND 1,2 493,702 0 1,231,004
PHOENIX NEW MEDIA LTD SPONSORED ADS 71910C103 11,654 1,088,118 SH   DFND 2,3 933,451 0 154,667
SOHU COM INC COM 83408W103 19,797 343,158 SH   DFND 1,2 112,438 0 230,720
SOHU COM INC COM 83408W103 3,473 60,200 SH   DFND 2,3 7,300 0 52,900
SOUFUN HLDGS LTD ADR 836034108 8,861 905,146 SH   DFND 1,2 198,400 0 706,746
SOUFUN HLDGS LTD ADR 836034108 18,657 1,905,752 SH   DFND 2,3 1,650,171 0 255,581
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 2,054 96,027 SH   DFND 1,2 0 0 96,027
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 33,843 1,582,168 SH   DFND 2,3 1,433,408 0 148,760
TARENA INTERNATIONAL INC ADR 876108101 1,893 144,179 SH   DFND 1,2 17,100 0 127,079
TARENA INTERNATIONAL INC ADR 876108101 4,740 361,000 SH   DFND 2,3 361,000 0 0
TEMPLETON RUS AND EAST EUR F COM 88022F105 145 9,531 SH   DFND 2,3 9,531 0 0
TERNIUM SA SPON ADR 880890108 33,401 1,195,886 SH   DFND 1,2 296,370 0 899,516
TERNIUM SA SPON ADR 880890108 3,712 132,898 SH   DFND 2,3 25,290 0 107,608
TRINA SOLAR LTD ADR 89628E104 1,386 108,000 SH   DFND 1,2 108,000 0 0
TURKISH INVT FD INC COM 900145103 130 10,836 SH   DFND 2,3 10,836 0 0
UNITED MICROELECTRONICS CORP SPON ADR NEW 910873405 27,602 11,452,909 SH   DFND 1,2 3,454,047 0 7,998,862
UNITED MICROELECTRONICS CORP SPON ADR NEW 910873405 10,929 4,534,894 SH   DFND 2,3 544,940 0 3,989,954
VALE S A ADR 91912E105 40,270 3,043,810 SH   DFND 1,2 1,022,431 0 2,021,379
VALE S A ADR 91912E105 8,279 625,750 SH   DFND 2,3 145,912 0 479,838
VALE S A ADR REPSTG PFD 91912E204 21,440 1,801,650 SH   DFND 2,3 1,801,650 0 0
WISDOMTREE TR MID EAST DIVD 97717X305 40 1,889 SH   DFND 2,3 1,889 0 0
YPF SOCIEDAD ANONIMA ADR 984245100 8,435 258,120 SH   DFND 1,2 101,496 0 156,624
YPF SOCIEDAD ANONIMA ADR 984245100 4,402 134,703 SH   DFND 2,3 49,170 0 85,533