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 HOLDING-SP ADR ADR 01609W102 318 1,403 SH   DFND 1 1,403 0 0
BAIDU INC - SPON ADR ADR 056752108 3,362 16,490 SH   DFND 1 16,490 0 0
BANCO BRADESCO-ADR ADR 059460303 1,943 378,706 SH   DFND 1 378,706 0 0
BANCOLOMBIA S.A.-SPONS ADR ADR 05968L102 397 13,791 SH   DFND 1 13,791 0 0
BAOZUN INC-SPN ADR ADR 06684L103 2,391 67,474 SH   DFND 1 67,474 0 0
FOMENTO ECONOMICO MEX-SP ADR ADR 344419106 2,041 24,156 SH   DFND 1 24,156 0 0
GERDAU SA -SPON ADR ADR 373737105 1,168 197,977 SH   DFND 1 197,977 0 0
GRUPO AEROPORTUARIO CEN-ADR ADR 400501102 308 5,900 SH   DFND 1 5,900 0 0
HDFC BANK LTD-ADR ADR 40415F101 3,263 44,628 SH   DFND 1 44,628 0 0
HEADHUNTER GROUP PLC-ADR ADR 42207L106 1,916 45,231 SH   DFND 1 45,231 0 0
ICICI BANK LTD-SPON ADR ADR 45104G104 8,790 514,011 SH   DFND 1 514,011 0 0
INFOSYS LTD-SP ADR ADR 456788108 657 31,012 SH   DFND 1 31,012 0 0
ITAU UNIBANCO H-SPON PRF ADR ADR 465562106 1,156 192,319 SH   DFND 1 192,319 0 0
JD.COM INC-ADR ADR 47215P106 3,111 38,985 SH   DFND 1 38,985 0 0
MERCADOLIBRE INC EQUITY 58733R102 1,402 900 SH   DFND 1 900 0 0
NETEASE INC-ADR ADR 64110W102 1,735 15,058 SH   DFND 1 15,058 0 0
NEW ORIENTAL EDUCATIO-SP ADR ADR 647581107 839 102,421 SH   DFND 1 102,421 0 0
NOAH HOLDINGS LTD-SPON ADS ADR 65487X102 160 3,400 SH   DFND 1 3,400 0 0
PETROLEO BRASILEIRO-SPON ADR ADR 71654V408 4,309 352,315 SH   DFND 1 352,315 0 0
SEA LTD-ADR ADR 81141R100 2,334 8,500 SH   DFND 1 8,500 0 0
TAIWAN SEMICONDUCTOR-SP ADR ADR 874039100 5,022 41,797 SH   DFND 1 41,797 0 0
VALE SA-SP ADR ADR 91912E105 5,015 219,838 SH   DFND 1 219,838 0 0
ALIBABA GROUP HOLDING-SP ADR ADR 01609W102 403 1,776 SH   DFND 2 1,776 0 0
ANGLOGOLD ASHANTI-SPON ADR ADR 035128206 6,921 372,500 SH   DFND 2 0 0 372,500
BAIDU INC - SPON ADR ADR 056752108 43,476 213,224 SH   DFND 2 129,047 0 84,177
BANCO BRADESCO-ADR ADR 059460303 28,719 5,704,517 SH   DFND 2 3,090,615 0 2,613,902
BANCOLOMBIA S.A.-SPONS ADR ADR 05968L102 595 20,659 SH   DFND 2 20,659 0 0
BAOZUN INC-SPN ADR ADR 06684L103 1,469 41,454 SH   DFND 2 41,454 0 0
CEMEX SAB-SPONS ADR PART CER ADR 151290889 8,064 960,000 SH   DFND 2 0 0 960,000
ECOPETROL SA-SPONSORED ADR ADR 279158109 10,965 750,000 SH   DFND 2 0 0 750,000
FOMENTO ECONOMICO MEX-SP ADR ADR 344419106 1,144 13,537 SH   DFND 2 13,537 0 0
GERDAU SA -SPON ADR ADR 373737105 492 83,421 SH   DFND 2 83,421 0 0
GOLD FIELDS LTD-SPONS ADR ADR 38059T106 6,944 780,250 SH   DFND 2 0 0 780,250
GRUPO AEROPORTUARIO CEN-ADR ADR 400501102 982 18,800 SH   DFND 2 18,800 0 0
HDFC BANK LTD-ADR ADR 40415F101 1,816 24,841 SH   DFND 2 24,841 0 0
HEADHUNTER GROUP PLC-ADR ADR 42207L106 1,643 38,775 SH   DFND 2 38,775 0 0
HUDBAY MINERALS INC EQUITY 443628102 16,656 2,500,000 SH   DFND 2 0 0 2,500,000
ICICI BANK LTD-SPON ADR ADR 45104G104 68,746 4,058,410 SH   DFND 2 2,520,878 0 1,537,532
INFOSYS LTD-SP ADR ADR 456788108 13,596 662,930 SH   DFND 2 415,875 0 247,055
JD.COM INC-ADR ADR 47215P106 1,683 21,082 SH   DFND 2 21,082 0 0
MERCADOLIBRE INC EQUITY 58733R102 13,825 9,000 SH   DFND 2 2,900 0 6,100
NETEASE INC-ADR ADR 64110W102 966 8,380 SH   DFND 2 8,380 0 0
NEW ORIENTAL EDUCATIO-SP ADR ADR 647581107 440 53,728 SH   DFND 2 53,728 0 0
NOAH HOLDINGS LTD-SPON ADS ADR 65487X102 472 10,000 SH   DFND 2 10,000 0 0
PETROLEO BRASILEIRO-SPON ADR ADR 71654V408 76,663 6,268,464 SH   DFND 2 2,715,064 0 3,553,400
SEA LTD-ADR ADR 81141R100 39,551 145,600 SH   DFND 2 92,100 0 53,500
SHINHAN FINANCIAL GROUP-ADR ADR 824596100 2,787 92,180 SH   DFND 2 0 0 92,180
SOUTHERN COPPER CORP EQUITY 84265V105 17,045 265,000 SH   DFND 2 0 0 265,000
TAIWAN SEMICONDUCTOR-SP ADR ADR 874039100 16,676 153,008 SH   DFND 2 23,785 0 129,223
VALE SA-SP ADR ADR 91912E105 54,597 2,393,551 SH   DFND 2 1,987,790 0 405,761
WHEATON PRECIOUS METALS CORP EQUITY 962879102 31,002 702,597 SH   DFND 2 0 0 702,597
CEMEX SAB-SPONS ADR PART CER ADR 151290889 1,575,494 50,230 SH   DFND 2 50,230 0 0
ECOPETROL SA-SPONSORED ADR ADR 279158109 1,490,064 27,295 SH   DFND 2 27,295 0 0
ENEL AMERICAS SA-ADR ADR 29274F104 1,988,450 73,757 SH   DFND 2 73,757 0 0
MERCADOLIBRE INC EQUITY 58733R102 1,111,006 191 SH   DFND 2 191 0 0
PETROLEO BRASILEIRO-SPON ADR ADR 71654V408 2,637,944 57,765 SH   DFND 2 57,765 0 0
BAIDU INC - SPON ADR ADR 056752108 2,383 11,687 SH   DFND 3 0 0 11,687
BANCO BRADESCO-ADR ADR 059460303 1,394 271,733 SH   DFND 3 0 0 271,733
ICICI BANK LTD-SPON ADR ADR 45104G104 2,691 157,358 SH   DFND 3 0 0 157,358
MERCADOLIBRE INC EQUITY 58733R102 1,090 700 SH   DFND 3 0 0 700
PETROLEO BRASILEIRO-SPON ADR ADR 71654V408 2,998 245,171 SH   DFND 3 0 0 245,171
SEA LTD-ADR ADR 81141R100 1,675 6,100 SH   DFND 3 0 0 6,100
VALE SA-SP ADR ADR 91912E105 3,566 156,356 SH   DFND 3 0 0 156,356