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 9,291 600,550 SH   DFND 1,2,4 85,702 0 514,848
21VIANET GROUP INC SPONSORED ADR 90138A103 1,183 76,450 SH   DFND 3,4 76,450 0 0
21VIANET GROUP INC SPONSORED ADR 90138A103 9,510 614,763 SH   DFND 4,5 614,763 0 0
500 COM LTD SPON ADR REP A 33829R100 894 51,546 SH   DFND 1,2,4 13,287 0 38,259
500 COM LTD SPON ADR REP A 33829R100 261 15,055 SH   DFND 3,4 15,055 0 0
500 COM LTD SPON ADR REP A 33829R100 2,598 149,756 SH   DFND 4,5 149,756 0 0
AVIANCA HLDGS SA SPON ADR REP PFD 05367G100 10,942 932,837 SH   DFND 1,2,4 408,764 0 524,073
AVIANCA HLDGS SA SPON ADR REP PFD 05367G100 1,454 123,941 SH   DFND 3,4 123,941 0 0
AVIANCA HLDGS SA SPON ADR REP PFD 05367G100 12,908 1,100,463 SH   DFND 4,5 908,103 0 192,360
BANCO MACRO SA SPON ADR B 05961W105 337 7,706 SH   DFND 3,4 7,706 0 0
BANCO MACRO SA SPON ADR B 05961W105 625 14,283 SH   DFND 4,5 14,283 0 0
BBVA BANCO FRANCES S A SPONSORED ADR 07329M100 163 11,788 SH   DFND 3,4 11,788 0 0
BBVA BANCO FRANCES S A SPONSORED ADR 07329M100 300 21,780 SH   DFND 4,5 21,780 0 0
BRASKEM S A SP ADR PFD A 105532105 17,534 1,358,150 SH   DFND 1,2,4 846,723 0 511,427
BRASKEM S A SP ADR PFD A 105532105 142 10,964 SH   DFND 3,4 10,964 0 0
BRASKEM S A SP ADR PFD A 105532105 788 61,034 SH   DFND 4,5 61,034 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 7,496 735,665 SH   DFND 1,2,4 513,726 0 221,939
CEMEX SAB DE CV SPON ADR NEW 151290889 13,284 1,303,628 SH   DFND 3,4 1,303,628 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 3,050 299,318 SH   DFND 4,5 56,994 0 242,324
CHEETAH MOBILE INC ADR 163075104 11 733 SH   DFND 4,5 733 0 0
CHINA LIFE INS CO LTD SPON ADR REP H 16939P106 472 8,034 SH   DFND 1,2,4 8,034 0 0
CHINA LODGING GROUP LTD SPONSORED ADR 16949N109 263 10,000 SH   DFND 1,2,4 10,000 0 0
COCA COLA FEMSA S A B DE C V SPON ADR REP L 191241108 675 7,800 SH   DFND 1,2,4 4,300 0 3,500
CPFL ENERGIA S A SPONSORED ADR 126153105 231 17,041 SH   DFND 1,2,4 17,041 0 0
CTRIP COM INTL LTD AMERICAN DEP SHS 22943F100 3,424 75,261 SH   DFND 1,2,4 26,213 0 49,048
CTRIP COM INTL LTD AMERICAN DEP SHS 22943F100 878 19,286 SH   DFND 3,4 19,286 0 0
EMBRAER S A SP ADR REP 4 COM 29082A107 608 16,487 SH   DFND 1,2,4 13,361 0 3,126
EMPRESAS ICA S A DE CV SPONS ADR NEW 292448206 438 88,991 SH   DFND 4,5 0 0 88,991
GILEAD SCIENCES INC COM 375558103 189 2,000 SH   DFND 4 0 0 2,000
GOL LINHAS AEREAS INTLG S A SP ADR REP PFD 38045R107 680 118,213 SH   DFND 4,5 118,213 0 0
GRUPO FINANCIERO SANTANDER M SPON ADR SHS B 40053C105 310 29,900 SH   DFND 1,2,4 0 0 29,900
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 271 17,051 SH   DFND 3,4 17,051 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 503 31,669 SH   DFND 4,5 31,669 0 0
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 1,206 35,410 SH   DFND 1,2,4 21,811 0 13,599
ICICI BK LTD ADR 45104G104 16,537 1,431,799 SH   DFND 3,4 1,431,799 0 0
ICICI BK LTD ADR 45104G104 4,017 347,823 SH   DFND 4,5 47,018 0 300,805
IKANG HEALTHCARE GROUP INC SPONSORED ADR 45174L108 2,389 158,865 SH   DFND 1,2,4 24,960 0 133,905
IKANG HEALTHCARE GROUP INC SPONSORED ADR 45174L108 456 30,307 SH   DFND 3,4 30,307 0 0
IKANG HEALTHCARE GROUP INC SPONSORED ADR 45174L108 4,739 315,067 SH   DFND 4,5 315,067 0 0
INFOSYS LTD SPONSORED ADR 456788108 4,995 158,774 SH   DFND 3,4 158,774 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 1,281 83,323 SH   DFND 1,2,4 0 0 83,323
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 501 32,571 SH   DFND 3,4 32,571 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 5,401 351,385 SH   DFND 4,5 351,385 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 111,977 2,850,001 SH   DFND 1,2,4 1 0 2,850,000
ISHARES TR MSCI EMG MKT ETF 464287234 9,043 230,150 SH   DFND 4,5 230,150 0 0
ISHARES TR MSCI INDIA ETF 46429B598 524 17,500 SH   DFND 4 0 0 17,500
ISHARES TR MSCI INDONIA ETF 46429B309 1,914 69,749 SH   DFND 1,2,4 69,749 0 0
ISHARES MSCI STH KOR ETF 464286772 1,516 27,420 SH   DFND 1,2,4 27,420 0 0
ISHARES MSCI THI CAP ETF 464286624 1,084 14,000 SH   DFND 1,2,4 14,000 0 0
ISHARES MSCI TURKEY ETF 464286715 804 14,800 SH   DFND 1,2,4 14,800 0 0
ISHARES MSCI WORLD ETF 464286392 778 10,850 SH   DFND 4 0 0 10,850
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 23,899 1,836,961 SH   DFND 1,2,4 1,077,275 0 759,686
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 12,043 925,652 SH   DFND 3,4 925,652 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 6,312 485,146 SH   DFND 4,5 76,929 0 408,217
KOREA ELECTRIC PWR SPONSORED ADR 500631106 941 48,596 SH   DFND 1,2,4 48,596 0 0
KOREA ELECTRIC PWR SPONSORED ADR 500631106 27 1,418 SH   DFND 3,4 1,418 0 0
KOREA ELECTRIC PWR SPONSORED ADR 500631106 415 21,432 SH   DFND 4,5 2,914 0 18,518
MARKET VECTORS ETF TR INDIA SMALL CP 57061R551 1,274 28,500 SH   DFND 1,2,4 28,500 0 0
MARKET VECTORS ETF TR RUSSIA ETF 57060U506 750 51,264 SH   DFND 1,2,4 51,264 0 0
MARKET VECTORS ETF TR VIETNAM ETF 57060U761 415 21,581 SH   DFND 3,4 21,581 0 0
MARKET VECTORS ETF TR VIETNAM ETF 57060U761 769 39,997 SH   DFND 4,5 39,997 0 0
NATIONAL BK GREECE S A SPN ADR REP 1 SH 633643705 255 142,676 SH   DFND 1,2,4 142,676 0 0
NEW ORIENTAL ED & TECH GRP I SPON ADR 647581107 555 27,207 SH   DFND 1,2,4 27,207 0 0
NOAH HLDGS LTD SPONSORED ADS 65487X102 6,197 296,515 SH   DFND 1,2,4 51,100 0 245,415
NOAH HLDGS LTD SPONSORED ADS 65487X102 1,210 57,900 SH   DFND 3,4 57,900 0 0
NOAH HLDGS LTD SPONSORED ADS 65487X102 10,375 496,400 SH   DFND 4,5 496,400 0 0
OUTERWALL INC COM 690070107 354 4,700 SH   DFND 4 0 0 4,700
PERFECT WORLD CO LTD SPON ADR REP B 71372U104 307 19,479 SH   DFND 1,2,4 19,479 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 11,165 1,472,935 SH   DFND 1,2,4 927,143 0 545,792
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 3,043 401,446 SH   DFND 3,4 401,446 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 2,581 340,477 SH   DFND 4,5 48,449 0 292,028
PHOENIX NEW MEDIA LTD SPONSORED ADS 71910C103 6,317 760,175 SH   DFND 1,2,4 185,343 0 574,832
PHOENIX NEW MEDIA LTD SPONSORED ADS 71910C103 574 69,122 SH   DFND 3,4 69,122 0 0
PHOENIX NEW MEDIA LTD SPONSORED ADS 71910C103 7,045 847,738 SH   DFND 4,5 847,738 0 0
SILICONWARE PRECISION INDS L SPONSD ADR SPL 827084864 1,485 196,630 SH   DFND 1,2,4 196,630 0 0
SOHU COM INC COM 83408W103 266 5,000 SH   DFND 1,2,4 200 0 4,800
SOUFUN HLDGS LTD ADR 836034108 6,998 946,909 SH   DFND 1,2,4 402,113 0 544,796
SOUFUN HLDGS LTD ADR 836034108 823 111,398 SH   DFND 3,4 111,398 0 0
SOUFUN HLDGS LTD ADR 836034108 10,048 1,359,615 SH   DFND 4,5 1,104,034 0 255,581
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 9,019 402,981 SH   DFND 1,2,4 402,981 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 22,271 995,115 SH   DFND 3,4 995,115 0 0
TARENA INTL INC ADR 876108101 1,671 150,538 SH   DFND 1,2,4 23,459 0 127,079
TARENA INTL INC ADR 876108101 248 22,300 SH   DFND 3,4 22,300 0 0
TARENA INTL INC ADR 876108101 3,760 338,700 SH   DFND 4,5 338,700 0 0
TERNIUM SA SPON ADR 880890108 9,959 564,546 SH   DFND 1,2,4 380,614 0 183,932
TERNIUM SA SPON ADR 880890108 108 6,099 SH   DFND 3,4 6,099 0 0
TERNIUM SA SPON ADR 880890108 3,727 211,293 SH   DFND 4,5 31,053 0 180,240
UNITED MICROELECTRONICS CORP SPON ADR NEW 910873405 6,500 2,863,224 SH   DFND 1,2,4 1,582,666 0 1,280,558
UNITED MICROELECTRONICS CORP SPON ADR NEW 910873405 5,755 2,535,106 SH   DFND 4,5 385,241 0 2,149,865
VANGUARD TAX MANAGED INTL FD FTSE DEV MKT ETF 921943858 417 11,000 SH   DFND 4 0 0 11,000
VIPSHOP HLDGS LTD SPONSORED ADR 92763W103 2,468 126,300 SH   DFND 1,2,4 0 0 126,300
VIPSHOP HLDGS LTD SPONSORED ADR 92763W103 969 49,600 SH   DFND 3,4 49,600 0 0
VIPSHOP HLDGS LTD SPONSORED ADR 92763W103 9,524 487,400 SH   DFND 4,5 487,400 0 0
YOUKU TUDOU INC SPONSORED ADR 98742U100 798 44,800 SH   DFND 1,2,4 44,800 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 8,325 314,513 SH   DFND 1,2,4 133,137 0 181,376
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 427 16,130 SH   DFND 3,4 16,130 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 3,363 127,037 SH   DFND 4,5 46,262 0 80,775