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 5,837 98,981 SH   DFND 3,4 98,981 0 0
APPLE INC COM 037833100 176 1,600 SH   DFND 4 0 0 1,600
AU OPTRONICS CORP SPONSORED ADR 002255107 593 200,346 SH   DFND 4,5 0 0 200,346
AVIANCA HLDGS SA SPON ADR REP PFD 05367G100 4,160 877,543 SH   DFND 1,2,4 281,389 0 596,154
AVIANCA HLDGS SA SPON ADR REP PFD 05367G100 615 129,751 SH   DFND 3,4 129,751 0 0
AVIANCA HLDGS SA SPON ADR REP PFD 05367G100 6,398 1,349,844 SH   DFND 4,5 1,106,866 0 242,978
AVIS BUDGET GROUP COM 053774105 72 1,650 SH   DFND 4 0 0 1,650
BAIDU INC SPON ADR REP A 056752108 7,308 53,182 SH   DFND 1,2,4 53,182 0 0
BAIDU INC SPON ADR REP A 056752108 1,697 12,348 SH   DFND 3,4 12,348 0 0
BAIDU INC SPON ADR REP A 056752108 7,490 54,510 SH   DFND 4,5 2,819 0 51,691
BANCO BRADESCO S A SP ADR PFD NEW 059460303 54 9,999 SH   DFND 4,5 9,999 0 0
BANCO DE CHILE SPONSORED ADR 059520106 107 1,710 SH   DFND 3,4 1,710 0 0
BANCO DE CHILE SPONSORED ADR 059520106 4,702 74,865 SH   DFND 4,5 2,938 0 71,927
BANCO MACRO SA SPON ADR B 05961W105 1,515 39,442 SH   DFND 3,4 39,442 0 0
BANCO MACRO SA SPON ADR B 05961W105 1,053 27,427 SH   DFND 4,5 27,427 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 112 3,464 SH   DFND 4,5 3,464 0 0
BBVA BANCO FRANCES S A SPONSORED ADR 07329M100 1,683 108,510 SH   DFND 3,4 108,510 0 0
BBVA BANCO FRANCES S A SPONSORED ADR 07329M100 1,156 74,520 SH   DFND 4,5 74,520 0 0
BRASKEM S A SP ADR PFD A 105532105 183 21,763 SH   DFND 4,5 21,763 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 11,257 1,610,410 SH   DFND 1,2,4 1,610,410 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 3,476 497,277 SH   DFND 3,4 497,277 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 7,683 1,099,118 SH   DFND 4,5 33,157 0 1,065,961
CHINA LODGING GROUP LTD SPONSORED ADR 16949N109 135 5,541 SH   DFND 4,5 5,541 0 0
CHINA MING YANG WIND PWR GRO SPONSORED ADR 16951C108 564 287,793 SH   DFND 4,5 287,793 0 0
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 109 8,699 SH   DFND 1,2,4 8,699 0 0
CTRIP COM INTL LTD AMERICAN DEP SHS 22943F100 154 2,438 SH   DFND 4,5 2,438 0 0
EMBRAER S A SP ADR REP 4 COM 29082A107 256 10,000 SH   DFND 1,2,4 10,000 0 0
GAMESTOP CORP NEW CL A 36467W109 97 2,350 SH   DFND 4 0 0 2,350
GILEAD SCIENCES INC COM 375558103 196 2,000 SH   DFND 4 0 0 2,000
GRUPO FINANCIERO SANTANDER M SPON ADR SHS B 40053C105 1,046 142,496 SH   DFND 3,4 142,496 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 1,938 108,745 SH   DFND 1,2,4 108,745 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 1,616 90,689 SH   DFND 3,4 90,689 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 2,748 154,182 SH   DFND 4,5 63,605 0 90,577
ICICI BK LTD ADR 45104G104 2,214 264,199 SH   DFND 1,2,4 264,199 0 0
ICICI BK LTD ADR 45104G104 81 9,693 SH   DFND 3,4 9,693 0 0
ICICI BK LTD ADR 45104G104 2,015 240,409 SH   DFND 4,5 0 0 240,409
IKANG HEALTHCARE GROUP INC SPONSORED ADR 45174L108 2,907 196,428 SH   DFND 1,2,4 0 0 196,428
IKANG HEALTHCARE GROUP INC SPONSORED ADR 45174L108 795 53,739 SH   DFND 3,4 53,739 0 0
IKANG HEALTHCARE GROUP INC SPONSORED ADR 45174L108 249 16,829 SH   DFND 4,5 16,829 0 0
IRSA INVERSIONES Y REP S A GLOBAL DEP RCPT 450047204 859 59,075 SH   DFND 1,2,4 0 0 59,075
IRSA INVERSIONES Y REP S A GLOBAL DEP RCPT 450047204 460 31,663 SH   DFND 3,4 31,663 0 0
IRSA INVERSIONES Y REP S A GLOBAL DEP RCPT 450047204 4,346 298,921 SH   DFND 4,5 298,921 0 0
ISHARES BRAZIL SM-CP ETF 464289131 400 55,879 SH   DFND 1,2,4 55,879 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 1,576 44,437 SH   DFND 4,5 44,437 0 0
ISHARES MSCI BRZ CAP ETF 464286400 484 22,044 SH   DFND 4,5 22,044 0 0
ISHARES MSCI CH CAP ETF 464286640 166 5,046 SH   DFND 4,5 5,046 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 0 1 SH   DFND 1,2,4 1 0 0
ISHARES TR MSCI INDIA ETF 46429B598 500 17,500 SH   DFND 4 0 0 17,500
ISHARES U S ETF TR ENH INTL SMCAP 46429B309 177 10,000 SH   DFND 1,2,4 10,000 0 0
ISHARES MSCI MEX CAP ETF 464286822 1,147 22,250 SH   DFND 4,5 22,250 0 0
ISHARES MSCI STH KOR ETF 464286772 1,090 22,336 SH   DFND 4,5 22,336 0 0
ISHARES MSCI TAIWAN ETF 464286731 2,385 181,255 SH   DFND 4,5 181,255 0 0
ISHARES MSCI TURKEY ETF 464286715 303 8,300 SH   DFND 1,2,4 8,300 0 0
ISHARES MSCI WORLD ETF 464286392 668 10,000 SH   DFND 4 0 0 10,000
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 2,557 386,222 SH   DFND 1,2,4 386,222 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 3,081 465,358 SH   DFND 3,4 465,358 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 3,511 530,339 SH   DFND 4,5 43,223 0 487,116
JD COM INC SPON ADR CL A 47215P106 214 8,200 SH   DFND 4,5 8,200 0 0
MARKET VECTORS ETF TR INDIA SMALL CP 57061R551 778 18,387 SH   DFND 1,2,4 18,387 0 0
MARKET VECTORS ETF TR RUSSIA ETF 57060U506 391 24,903 SH   DFND 1,2,4 24,903 0 0
MARKET VECTORS ETF TR RUSSIA ETF 57060U506 974 62,008 SH   DFND 4,5 62,008 0 0
MINDRAY MEDICAL INTL LTD SPON ADR 602675100 298 13,622 SH   DFND 1,2,4 13,622 0 0
MOBILE TELESYSTEMS PJSC SPONSORED ADR 607409109 177 24,458 SH   DFND 1,2,4 24,458 0 0
NOAH HLDGS LTD SPONSORED ADS 65487X102 6,561 279,315 SH   DFND 1,2,4 0 0 279,315
NOAH HLDGS LTD SPONSORED ADS 65487X102 1,950 83,000 SH   DFND 3,4 83,000 0 0
NOAH HLDGS LTD SPONSORED ADS 65487X102 11,828 503,515 SH   DFND 4,5 503,515 0 0
OUTERWALL INC COM 690070107 268 4,700 SH   DFND 4 0 0 4,700
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 1,036 281,435 SH   DFND 3,4 281,435 0 0
QIHOO 360 TECHNOLOGY CO LTD ADS 74734M109 454 9,500 SH   DFND 1,2,4 9,500 0 0
QIHOO 360 TECHNOLOGY CO LTD ADS 74734M109 134 2,800 SH   DFND 4,5 2,800 0 0
SASOL LTD SPONSORED ADR 803866300 1,081 38,857 SH   DFND 1,2,4 38,857 0 0
SASOL LTD SPONSORED ADR 803866300 66 2,388 SH   DFND 3,4 2,388 0 0
SASOL LTD SPONSORED ADR 803866300 1,678 60,316 SH   DFND 4,5 1,943 0 58,373
SILICON MOTION TECHNOLOGY CO SPONSORED ADR 82706C108 3,503 128,276 SH   DFND 1,2,4 84,076 0 44,200
SILICON MOTION TECHNOLOGY CO SPONSORED ADR 82706C108 464 17,001 SH   DFND 3,4 17,001 0 0
SILICON MOTION TECHNOLOGY CO SPONSORED ADR 82706C108 7,331 268,444 SH   DFND 4,5 164,096 0 104,348
SOHU COM INC COM 83408W103 8 200 SH   DFND 1,2,4 200 0 0
SOUFUN HLDGS LTD ADR 836034108 6,221 942,602 SH   DFND 1,2,4 0 0 942,602
SOUFUN HLDGS LTD ADR 836034108 891 134,925 SH   DFND 3,4 134,925 0 0
SOUFUN HLDGS LTD ADR 836034108 56 8,532 SH   DFND 4,5 8,532 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 634 30,577 SH   DFND 1,2,4 30,577 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 6,524 314,422 SH   DFND 3,4 314,422 0 0
TARENA INTL INC ADR 876108101 1,662 175,338 SH   DFND 1,2,4 0 0 175,338
TARENA INTL INC ADR 876108101 509 53,651 SH   DFND 3,4 53,651 0 0
TERNIUM SA SPON ADR 880890108 2,613 212,579 SH   DFND 1,2,4 212,579 0 0
TERNIUM SA SPON ADR 880890108 89 7,260 SH   DFND 3,4 7,260 0 0
TERNIUM SA SPON ADR 880890108 2,416 196,612 SH   DFND 4,5 5,946 0 190,666
TRINA SOLAR LIMITED SPON ADR 89628E104 359 40,000 SH   DFND 1,2,4 40,000 0 0
UNITED MICROELECTRONICS CORP SPON ADR NEW 910873405 747 461,068 SH   DFND 4,5 0 0 461,068
VALE S A ADR 91912E105 423 100,691 SH   DFND 3,4 100,691 0 0
VANGUARD TAX MANAGED INTL FD FTSE DEV MKT ETF 921943858 392 11,000 SH   DFND 4 0 0 11,000
VIPSHOP HLDGS LTD SPONSORED ADR 92763W103 1,806 107,500 SH   DFND 1,2,4 0 0 107,500
VIPSHOP HLDGS LTD SPONSORED ADR 92763W103 820 48,800 SH   DFND 3,4 48,800 0 0
VIPSHOP HLDGS LTD SPONSORED ADR 92763W103 192 11,400 SH   DFND 4,5 11,400 0 0
YY INC ADR REPCOM CLA 98426T106 654 11,998 SH   DFND 1,2,4 0 0 11,998