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 5,627 68,395 SH   DFND 3,4 68,395 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 2,810 34,161 SH   DFND 4,5 34,161 0 0
APPLE INC COM 037833100 538 1,600 SH   DFND 4 0 0 1,600
AU OPTRONICS CORP SPONSORED ADR 002255107 1,147 257,166 SH   DFND 1,2,4 257,166 0 0
AU OPTRONICS CORP SPONSORED ADR 002255107 34 7,672 SH   DFND 3,4 7,672 0 0
AU OPTRONICS CORP SPONSORED ADR 002255107 967 216,715 SH   DFND 4,5 16,369 0 200,346
AVIANCA HLDGS SA SPON ADR REP PFD 05367G100 10,156 991,786 SH   DFND 1,2,4 395,632 0 596,154
AVIANCA HLDGS SA SPON ADR REP PFD 05367G100 1,510 147,494 SH   DFND 3,4 147,494 0 0
AVIANCA HLDGS SA SPON ADR REP PFD 05367G100 11,734 1,145,895 SH   DFND 4,5 1,075,272 0 70,623
AVIS BUDGET GROUP COM 053774105 195 1,650 SH   DFND 4 0 0 1,650
BAIDU INC SPON ADR REP A 056752108 15,456 59,129 SH   DFND 1,2,4 59,129 0 0
BAIDU INC SPON ADR REP A 056752108 20,933 105,148 SH   DFND 3,4 105,148 0 0
BAIDU INC SPON ADR REP A 056752108 15,639 78,556 SH   DFND 4,5 36,637 0 41,919
BANCO BRADESCO S A SP ADR PFD NEW 059460303 92 9,999 SH   DFND 4,5 9,999 0 0
BANCO DE CHILE SPONSORED ADR 059520106 5,785 88,437 SH   DFND 3,4 88,437 0 0
BANCO DE CHILE SPONSORED ADR 059520106 4,584 70,081 SH   DFND 4,5 3,999 0 66,082
BANCO MACRO SA SPON ADR B 05961W105 981 21,514 SH   DFND 3,4 21,514 0 0
BANCO MACRO SA SPON ADR B 05961W105 889 19,490 SH   DFND 4,5 19,490 0 0
BBVA BANCO FRANCES S A SPONSORED ADR 07329M100 942 59,344 SH   DFND 3,4 59,344 0 0
BBVA BANCO FRANCES S A SPONSORED ADR 07329M100 859 54,094 SH   DFND 4,5 54,094 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 5,929 647,265 SH   DFND 1,2,4 647,265 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 173 18,840 SH   DFND 3,4 18,840 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 2,644 288,630 SH   DFND 4,5 52,178 0 236,452
CHINA LODGING GROUP LTD SPONSORED ADR 16949N109 4,736 193,953 SH   DFND 4,5 193,953 0 0
CHINA MING YANG WIND PWR GRO SPONSORED ADR 16951C108 4,998 1,785,126 SH   DFND 4,5 1,785,126 0 0
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 3,231 8,699 SH   DFND 1,2,4 8,699 0 0
COMPANHIA PARANAENSE ENERG C SPON ADR PFD 20441B407 9,910 57,417 SH   DFND 1,2,4 57,417 0 0
CTRIP COM INTL LTD AMERICAN DEP SHS 22943F100 208 2,860 SH   DFND 4,5 2,860 0 0
GAMESTOP CORP NEW CL A 36467W109 270 2,350 SH   DFND 4 0 0 2,350
GILEAD SCIENCES INC NOTE 1.625% 5/0 375558103 627 2,000 SH   DFND 4 0 0 2,000
GLOBAL X FDS GLBX MSCI COLUM 37950E200 11,708 69,865 SH   DFND 1,2,4 69,865 0 0
GOL LINHAS AEREAS INTLG S A SP ADR REP PFD 38045R107 5,133 138,022 SH   DFND 1,2,4 138,022 0 0
GRUPO FINANCIERO SANTANDER M SPON ADR SHS B 40053C105 4,814 526,138 SH   DFND 3,4 526,138 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 2,324 123,696 SH   DFND 1,2,4 123,696 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 542 28,830 SH   DFND 3,4 28,830 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 2,289 121,822 SH   DFND 4,5 31,245 0 90,577
ICICI BK LTD ADR 45104G104 2,753 264,199 SH   DFND 1,2,4 264,199 0 0
ICICI BK LTD ADR 45104G104 2,104 201,960 SH   DFND 3,4 201,960 0 0
ICICI BK LTD ADR 45104G104 2,505 240,409 SH   DFND 4,5 0 0 240,409
IKANG HEALTHCARE GROUP INC SPONSORED ADR 45174L108 2,590 133,905 SH   DFND 1,2,4 0 0 133,905
IKANG HEALTHCARE GROUP INC SPONSORED ADR 45174L108 586 30,307 SH   DFND 3,4 30,307 0 0
IKANG HEALTHCARE GROUP INC SPONSORED ADR 45174L108 681 35,229 SH   DFND 4,5 35,229 0 0
INFOSYS LTD SPONSORED ADR 456788108 9,557 602,957 SH   DFND 3,4 602,957 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 1,060 59,075 SH   DFND 1,2,4 0 0 59,075
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 863 48,077 SH   DFND 3,4 48,077 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 5,366 298,921 SH   DFND 4,5 298,921 0 0
ISHARES BRAZIL SM-CP ETF 464289131 9,645 55,879 SH   DFND 1,2,4 55,879 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 3,392 73,577 SH   DFND 4,5 73,577 0 0
ISHARES MSCI BRZ CAP ETF 464286400 613 18,700 SH   DFND 4,5 18,700 0 0
ISHARES MSCI CH CAP ETF 464286640 1,258 33,000 SH   DFND 4,5 33,000 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 1 1 SH   DFND 1,2,4 1 0 0
ISHARES TR MSCI INDIA ETF 46429B598 1,419 17,500 SH   DFND 4 0 0 17,500
ISHARES MSCI MALAYSI ETF 464286830 8,884 46,752 SH   DFND 1,2,4 46,752 0 0
ISHARES MSCI MEX CAP ETF 464286822 768 13,450 SH   DFND 4,5 13,450 0 0
ISHARES TR MSCI POL CAP ETF 46429B606 3,734 10,419 SH   DFND 1,2,4 10,419 0 0
ISHARES MSCI STH AFR ETF 464286780 9,806 9,550 SH   DFND 1,2,4 9,550 0 0
ISHARES MSCI STH KOR ETF 464286772 15,333 17,732 SH   DFND 1,2,4 17,732 0 0
ISHARES MSCI STH KOR ETF 464286772 1,549 28,100 SH   DFND 4,5 28,100 0 0
ISHARES MSCI TAIWAN ETF 464286731 20,404 82,406 SH   DFND 1,2,4 82,406 0 0
ISHARES MSCI TAIWAN ETF 464286731 3,140 199,008 SH   DFND 4,5 199,008 0 0
ISHARES MSCI WORLD ETF 464286392 2,099 10,850 SH   DFND 4 0 0 10,850
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 14,834 618,504 SH   DFND 1,2,4 618,504 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 4,179 381,636 SH   DFND 3,4 381,636 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 4,335 395,858 SH   DFND 4,5 43,845 0 352,013
JD COM INC SPON ADR CL A 47215P106 307 9,000 SH   DFND 4,5 9,000 0 0
MARKET VECTORS ETF TR INDIA SMALL CP 57061R551 12,215 18,387 SH   DFND 1,2,4 18,387 0 0
MARKET VECTORS ETF TR RUSSIA ETF 57060U506 11,987 41,791 SH   DFND 1,2,4 41,791 0 0
MINDRAY MEDICAL INTL LTD SPON ADR 602675100 6,092 13,622 SH   DFND 1,2,4 13,622 0 0
MOBILE TELESYSTEMS OJSC SPONSORED ADR 607409109 3,753 24,458 SH   DFND 1,2,4 24,458 0 0
NOAH HLDGS LTD SPONSORED ADS 65487X102 8,930 295,415 SH   DFND 1,2,4 0 0 295,415
NOAH HLDGS LTD SPONSORED ADS 65487X102 2,687 88,900 SH   DFND 3,4 88,900 0 0
NOAH HLDGS LTD SPONSORED ADS 65487X102 14,374 475,500 SH   DFND 4,5 475,500 0 0
OUTERWALL INC COM 690070107 958 4,700 SH   DFND 4 0 0 4,700
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 5,683 696,484 SH   DFND 1,2,4 696,484 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 2,100 257,391 SH   DFND 3,4 257,391 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 4,058 497,276 SH   DFND 4,5 36,529 0 460,747
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 124 13,694 SH   DFND 4,5 13,694 0 0
QIHOO 360 TECHNOLOGY CO LTD ADS 74734M109 18,481 17,400 SH   DFND 1,2,4 17,400 0 0
QIWI PLC SPON ADR REP B 74735M108 103 3,669 SH   DFND 1,2,4 0 0 3,669
QIWI PLC SPON ADR REP B 74735M108 462 16,457 SH   DFND 3,4 16,457 0 0
QIWI PLC SPON ADR REP B 74735M108 376 13,418 SH   DFND 4,5 13,418 0 0
SASOL LTD SPONSORED ADR 803866300 2,963 79,954 SH   DFND 1,2,4 79,954 0 0
SASOL LTD SPONSORED ADR 803866300 88 2,388 SH   DFND 3,4 2,388 0 0
SASOL LTD SPONSORED ADR 803866300 2,318 62,558 SH   DFND 4,5 4,185 0 58,373
SILICON MOTION TECHNOLOGY CO SPONSORED ADR 82706C108 5,219 150,802 SH   DFND 1,2,4 106,602 0 44,200
SILICON MOTION TECHNOLOGY CO SPONSORED ADR 82706C108 987 28,506 SH   DFND 3,4 28,506 0 0
SILICON MOTION TECHNOLOGY CO SPONSORED ADR 82706C108 8,567 247,537 SH   DFND 4,5 168,404 0 79,133
SILICONWARE PRECISION INDS L SPONDS ADR SPL 827084864 7,885 67,450 SH   DFND 1,2,4 67,450 0 0
SOHU COM INC COM 83408W103 12 200 SH   DFND 1,2,4 200 0 0
SOUFUN HLDGS LTD ADR 836034108 12,356 1,469,184 SH   DFND 1,2,4 540,164 0 929,020
SOUFUN HLDGS LTD ADR 836034108 1,921 228,425 SH   DFND 3,4 228,425 0 0
SOUFUN HLDGS LTD ADR 836034108 17,887 2,126,864 SH   DFND 4,5 1,869,167 0 257,697
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 9,977 28,000 SH   DFND 1,2,4 28,000 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 6,551 288,445 SH   DFND 3,4 288,445 0 0
TARENA INTL INC ADR 876108101 1,609 127,079 SH   DFND 1,2,4 0 0 127,079
TARENA INTL INC ADR 876108101 282 22,300 SH   DFND 3,4 22,300 0 0
TERNIUM SA SPON ADR 880890108 3,187 184,123 SH   DFND 1,2,4 184,123 0 0
TERNIUM SA SPON ADR 880890108 126 7,260 SH   DFND 3,4 7,260 0 0
TERNIUM SA SPON ADR 880890108 3,612 208,663 SH   DFND 4,5 17,997 0 190,666
UNITED MICROELECTRONICS CORP SPON ADR NEW 910873405 945 461,068 SH   DFND 4,5 0 0 461,068
VALE S A ADR 91912E105 840 142,657 SH   DFND 3,4 142,657 0 0
VANGUARD TAX MANAGED INTL FD FTSE DEV MKT ETF 921943858 1,168 11,000 SH   DFND 4 0 0 11,000
VIPSHOP HLDGS LTD SPONSORED ADR 92763W103 2,392 107,500 SH   DFND 1,2,4 0 0 107,500
VIPSHOP HLDGS LTD SPONSORED ADR 92763W103 870 39,100 SH   DFND 3,4 39,100 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 2,898 105,644 SH   DFND 1,2,4 105,644 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 77 2,794 SH   DFND 3,4 2,794 0 0
YY INC ADS REPCOM CLA 98426T106 3,355 48,264 SH   DFND 4,5 48,264 0 0