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-ADR ADR 31680Q104 499 7,595 SH   DFND 1 7,595 0 0
58.COM INC-ADR ADR 31680Q104 151 2,300 SH   DFND 2 2,300 0 0
ALIBABA GROUP HOLDING-SP ADR ADR 01609W102 7,037 38,571 SH   DFND 1 38,571 0 0
ALIBABA GROUP HOLDING-SP ADR ADR 01609W102 31,179 170,893 SH   DFND 2 170,893 0 0
AVIANCA HOLDINGS SA-SPON ADR ADR 05367G100 6,798 1,659,106 SH   DFND 2 0 0 1,659,106
AZUL SA-ADR ADR 05501U106 762 26,100 SH   DFND 1 26,100 0 0
AZUL SA-ADR ADR 05501U106 631 21,600 SH   DFND 2 21,600 0 0
BAIDU INC - SPON ADR ADR 056752108 1,437 8,720 SH   DFND 1 8,720 0 0
BAIDU INC - SPON ADR ADR 056752108 8,213 49,824 SH   DFND 2 49,824 0 0
BANCO BRADESCO-ADR ADR 059460303 821 75,260 SH   DFND 1 75,260 0 0
BANCO BRADESCO-ADR ADR 059460303 243 22,281 SH   DFND 2 22,281 0 0
BANCOLOMBIA S.A.-SPONS ADR ADR 05968L102 24,254 475,000 SH   DFND 2 0 0 475,000
FOMENTO ECONOMICO MEX-SP ADR ADR 344419106 984 10,659 SH   DFND 1 10,659 0 0
FOMENTO ECONOMICO MEX-SP ADR ADR 344419106 292 3,167 SH   DFND 2 3,167 0 0
GRAN TIERRA ENERGY INC EQUITY 38500T101 306 135,000 SH   DFND 2 135,000 0 0
GRUPO AEROPORTUARIO CEN-ADR ADR 400501102 762 16,900 SH   DFND 1 16,900 0 0
GRUPO AEROPORTUARIO CEN-ADR ADR 400501102 906 20,100 SH   DFND 2 20,100 0 0
GRUPO AEROPORTUARIO SUR-ADR ADR 40051E202 331 2,044 SH   DFND 1 2,044 0 0
GRUPO AEROPORTUARIO SUR-ADR ADR 40051E202 99 612 SH   DFND 2 612 0 0
GRUPO FINANCIERO GALICIA-ADR ADR 399909100 2,749 107,733 SH   DFND 1 107,733 0 0
GRUPO FINANCIERO GALICIA-ADR ADR 399909100 4,474 175,323 SH   DFND 2 175,323 0 0
HDFC BANK LTD-ADR ADR 40415F101 5,286 45,606 SH   DFND 1 45,606 0 0
HDFC BANK LTD-ADR ADR 40415F101 22,256 192,009 SH   DFND 2 192,009 0 0
ICICI BANK LTD-SPON ADR ADR 45104G104 5,568 485,857 SH   DFND 1 485,857 0 0
ICICI BANK LTD-SPON ADR ADR 45104G104 20,375 1,777,892 SH   DFND 2 1,777,892 0 0
NEW ORIENTAL EDUCATIO-SP ADR ADR 647581107 829 9,198 SH   DFND 1 9,198 0 0
NEW ORIENTAL EDUCATIO-SP ADR ADR 647581107 251 2,785 SH   DFND 2 2,785 0 0
NOAH HOLDINGS LTD-SPON ADS ADR 65487X102 509 10,500 SH   DFND 1 10,500 0 0
NOAH HOLDINGS LTD-SPON ADS ADR 65487X102 320 6,600 SH   DFND 2 6,600 0 0
PAMPA ENERGIA SA-SPON ADR ADR 697660207 484 17,543 SH   DFND 1 17,543 0 0
PAMPA ENERGIA SA-SPON ADR ADR 697660207 761 27,588 SH   DFND 2 27,588 0 0
PETROLEO BRASIL-SP PREF ADR ADR 71654V101 4,108 287,242 SH   DFND 1 287,242 0 0
PETROLEO BRASIL-SP PREF ADR ADR 71654V101 10,074 704,456 SH   DFND 2 704,456 0 0
PETROLEO BRASILEIRO-SPON ADR ADR 71654V408 5,040 316,582 SH   DFND 2 116,582 0 200,000
TAIWAN SEMICONDUCTOR-SP ADR ADR 874039100 4,164 101,667 SH   DFND 1 101,667 0 0
TAIWAN SEMICONDUCTOR-SP ADR ADR 874039100 16,407 400,567 SH   DFND 2 400,567 0 0
TRANSPORTADOR GAS SUR-SP B ADR 893870204 1,208 91,772 SH   DFND 1 91,772 0 0
TRANSPORTADOR GAS SUR-SP B ADR 893870204 1,891 143,681 SH   DFND 2 143,681 0 0
VALE SA-SP ADR ADR 91912E105 9,238 707,378 SH   DFND 1 707,378 0 0
VALE SA-SP ADR ADR 91912E105 16,076 1,230,942 SH   DFND 2 1,230,942 0 0
WEIBO CORP-SPON ADR ADR 948596101 458 7,391 SH   DFND 1 7,391 0 0
WEIBO CORP-SPON ADR ADR 948596101 139 2,237 SH   DFND 2 2,237 0 0
YPF S.A.-SPONSORED ADR ADR 984245100 1,708 121,881 SH   DFND 1 121,881 0 0
YPF S.A.-SPONSORED ADR ADR 984245100 2,629 187,653 SH   DFND 2 187,653 0 0