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
58 COM INC SPON ADR REP A 31680Q104 315 3,939 SH   DFND 3,4 3,939 0 0
58 COM INC SPON ADR REP A 31680Q104 111 1,392 SH   DFND 4,5 1,392 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 8,473 46,166 SH   DFND 3,4 46,166 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 30,671 167,110 SH   DFND 4,5 167,110 0 0
BANCO MACRO SA SPON ADR B 05961W105 1,976 18,300 SH   DFND 3,4 18,300 0 0
BANCO MACRO SA SPON ADR B 05961W105 2,365 21,900 SH   DFND 4,5 21,900 0 0
BBVA BANCO FRANCES S A SPONSORED ADR 07329M100 2,969 130,176 SH   DFND 3,4 130,176 0 0
BBVA BANCO FRANCES S A SPONSORED ADR 07329M100 3,461 151,734 SH   DFND 4,5 151,734 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 1,101 166,378 SH   DFND 3,4 166,378 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 2,286 345,322 SH   DFND 4,5 345,322 0 0
CNOOC LTD SPONSORED ADR 126132109 537 3,634 SH   DFND 3,4 3,634 0 0
CNOOC LTD SPONSORED ADR 126132109 2,516 17,016 SH   DFND 4,5 17,016 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 1,259 13,770 SH   DFND 3,4 13,770 0 0
FORMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 2,416 26,423 SH   DFND 4,5 26,423 0 0
GRAN TIERRA ENERGY INC COM 38500T101 798 286,100 SH   DFND 4,5 286,100 0 0
GRUPO AEROPORTUARIO CTR NORT SPON ADR 400501102 828 21,000 SH   DFND 3,4 21,000 0 0
GRUPO AEROPORTUARIO CTR NORT SPON ADR 400501102 1,170 29,700 SH   DFND 4,5 29,700 0 0
GRUPO AEROPORTUARIO DEL SURE SPON ADR SER B 40051E202 322 1,888 SH   DFND 3,4 1,888 0 0
GRUPO AEROPORTUARIO DEL SURE SPON ADR SER B 40051E202 112 657 SH   DFND 4,5 657 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 2,479 37,694 SH   DFND 3,4 37,694 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 2,716 41,300 SH   DFND 4,5 41,300 0 0
GRUPO SUPERVIELLE S A SPONSORED ADR 40054A108 5,845 192,656 SH   DFND 3,4 192,656 0 0
GRUPO SUPERVIELLE S A SPONSORED ADR 40054A108 6,185 203,846 SH   DFND 4,5 203,846 0 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 1,997 20,214 SH   DFND 3,4 20,214 0 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 7,717 78,134 SH   DFND 4,5 78,134 0 0
ICICI BK LTD ADR 45104G104 4,155 469,506 SH   DFND 3,4 469,506 0 0
ICICI BK LTD ADR 45104G104 13,205 1,492,044 SH   DFND 4,5 1,492,044 0 0
IRSA INVERSIOINES Y REP S A GLOBL DEP RCPT 450047204 406 17,175 SH   DFND 4,5 17,175 0 0
LOMA NEGRA CORP SPONSORED ADS 54150E104 2,396 112,406 SH   DFND 3,4 112,406 0 0
LOMA NEGRA CORP SPONSORED ADS 54150E104 2,807 131,637 SH   DFND 4,5 131,637 0 0
NEW ORIENTAL ED & TECH GRP I SPON ADR 647581107 341 3,891 SH   DFND 3,4 3,891 0 0
NEW ORIENTAL ED & TECH GRP I SPON ADR 647581107 112 1,275 SH   DFND 4,5 1,275 0 0
NOAH HLDGS LTD SPON ADS CL A 65487X102 845 17,900 SH   DFND 3,4 17,900 0 0
NOAH HLDGS LTD SPON ADS CL A 65487X102 19 400 SH   DFND 4,5 400 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 2,476 41,543 SH   DFND 3,4 41,543 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 2,787 46,756 SH   DFND 4,5 46,756 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 11,007 847,335 SH   DFND 3,4 847,335 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 22,288 1,715,777 SH   DFND 4,5 1,715,777 0 0
SILICON MOTION TECHNOLOGY CO SPONSORED ADR 82706C108 1,256 26,106 SH   DFND 3,4 26,106 0 0
SILICON MOTION TECHNOLOGY CO SPONSORED ADR 82706C108 203 4,229 SH   DFND 4,5 4,229 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 4,072 93,061 SH   DFND 3,4 93,061 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 12,732 290,940 SH   DFND 4,5 290,940 0 0
TARENA INTL INC ADR 876108101 645 57,513 SH   DFND 3,4 57,513 0 0
TARENA INTL INC ADR 876108101 358 31,873 SH   DFND 4,5 31,873 0 0
TERNIUM SA SPON ADR 880890108 390 11,991 SH   DFND 3,4 11,991 0 0
TERNIUM SA SPON ADR 880890108 138 4,251 SH   DFND 4,5 4,251 0 0
VALE S A ADR 91912E105 6,622 520,620 SH   DFND 3,4 520,620 0 0
VALE S A ADR 91912E105 12,807 1,006,833 SH   DFND 4,5 1,006,833 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 1,177 54,457 SH   DFND 3,4 54,457 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 1,361 62,955 SH   DFND 4,5 62,955 0 0
YUM CHINA HLDGS IN COM 98850P109 1,336 32,200 SH   DFND 3,4 32,200 0 0
YUM CHINA HLDGS IN COM 98850P109 5,119 123,345 SH   DFND 4,5 123,345 0 0
YY INC ADS REPCOM CLA 98426T106 277 2,629 SH   DFND 3,4 2,629 0 0
YY INC ADS REPCOM CLA 98426T106 96 911 SH   DFND 4,5 911 0 0