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

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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
58.COM INC-ADRADR31680Q104921,707SH DFND11,70700
58.COM INC-ADRADR31680Q1042875,316SH DFND25,31600
ALIBABA GROUP HOLDING-SP ADRADR01609W1027,25433,631SH DFND133,63100
ALIBABA GROUP HOLDING-SP ADRADR01609W10223,022106,733SH DFND277,919028,814
ANGLOGOLD ASHANTI-SPON ADRADR0351282064,424150,000SH DFND200150,000
B2GOLD CORPEQUITY11777Q2097,3971,300,000SH DFND2001,300,000
BANCO BRADESCO-ADRADR059460303651170,764SH DFND1170,76400
BANCO BRADESCO-ADRADR05946030318548,660SH DFND248,66000
BANCOLOMBIA S.A.-SPONS ADRADR05968L10280930,765SH DFND130,76500
BANCOLOMBIA S.A.-SPONS ADRADR05968L10220,948796,199SH DFND283,269011,588
ENEL AMERICAS SA-ADRADR29274F1047,5101,000,000SH DFND2001,000,000
FOMENTO ECONOMICO MEX-SP ADRADR3444191063,12150,337SH DFND150,33700
FOMENTO ECONOMICO MEX-SP ADRADR34441910610,047162,030SH DFND2114,095047,935
GRUPO AEROPORTUARIO CEN-ADRADR4005011021604,300SH DFND14,30000
GRUPO AEROPORTUARIO CEN-ADRADR40050110251313,800SH DFND213,80000
HDFC BANK LTD-ADRADR40415F1014,859106,884SH DFND1106,88400
HDFC BANK LTD-ADRADR40415F10122,979505,476SH DFND2360,5980144,878
HEADHUNTER GROUP PLC-ADRADR42207L1061,19951,289SH DFND151,28900
HEADHUNTER GROUP PLC-ADRADR42207L1061,31356,153SH DFND256,15300
ICICI BANK LTD-SPON ADRADR45104G1042,469265,800SH DFND1265,80000
ICICI BANK LTD-SPON ADRADR45104G1046,217669,256SH DFND2492,6580176,598
JD.COM INC-ADRADR47215P10616,273270,400SH DFND2188,400082,000
JD.COM INC-ADRADR47215P1061,73928,900SH DFND128,90000
NETEASE INC-ADRADR64110W10217,69041,198SH DFND229,066012,132
NETEASE INC-ADRADR64110W1022,8266,581SH DFND16,58100
NEW ORIENTAL EDUCATIO-SP ADRADR6475811079887,588SH DFND27,58800
NEW ORIENTAL EDUCATIO-SP ADRADR6475811072,24017,202SH DFND117,20200
PETROLEO BRASIL-SP PREF ADRADR71654V10133,2074,166,525SH DFND22,884,90301,281,622
PETROLEO BRASIL-SP PREF ADRADR71654V1014,646582,954SH DFND1582,95400
SOUTHERN COPPER CORPEQUITY84265V10558,0271,459,065SH DFND2230,0290412,700
SOUTHERN COPPER CORPEQUITY84265V1056,912173,800SH DFND1173,80000
TAIWAN SEMICONDUCTOR-SP ADRADR87403910016,940298,390SH DFND2194,7660103,624
TAIWAN SEMICONDUCTOR-SP ADRADR8740391003,25857,397SH DFND157,39700
VALE SA-SP ADRADR91912E10517,6341,710,339SH DFND21,710,33900
VALE SA-SP ADRADR91912E1055,193503,650SH DFND1503,65000
WHEATON PRECIOUS METALS CORPEQUITY96287910247,0231,072,597SH DFND2001,072,597
ALIBABA GROUP HOLDING-SP ADRADR01609W1022,67512,402SH DFND30012,402
BANCOLOMBIA S.A.-SPONS ADRADR05968L102793,021SH DFND3003,021
FOMENTO ECONOMICO MEX-SP ADRADR34441910673211,805SH DFND30011,805
HDFC BANK LTD-ADRADR40415F1011,65536,402SH DFND30036,402
ICICI BANK LTD-SPON ADRADR45104G10441945,065SH DFND30045,065
JD.COM INC-ADRADR47215P1061,24020,600SH DFND30020,600
NETEASE INC-ADRADR64110W1021,2973,020SH DFND3003,020
PETROLEO BRASIL-SP PREF ADRADR71654V1012,499313,515SH DFND300313,515
SOUTHERN COPPER CORPEQUITY84265V1052,27757,260SH DFND30057,260
TAIWAN SEMICONDUCTOR-SP ADRADR8740391002,17338,281SH DFND30038,281
VALE SA-SP ADRADR91912E1051,882182,582SH DFND300182,582