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
APPLE INC COM 037833100 168 1,600 SH   DFND 4 0 0 1,600
AU OPTRONICS CORP SPONSORED ADR 002255107 1,628 559,468 SH   DFND 1,2,4 0 0 559,468
AU OPTRONICS CORP SPONSORED ADR 002255107 74 25,573 SH   DFND 3,4 25,573 0 0
AU OPTRONICS CORP SPONSORED ADR 002255107 1,919 659,344 SH   DFND 4,5 16,965 0 642,379
AVIANCA HLDGS SA SPON ADR REP PFD 05367G100 3,936 921,792 SH   DFND 1,2,4 0 0 921,792
AVIANCA HLDGS SA SPON ADR REP PFD 05367G100 601 140,660 SH   DFND 3,4 140,660 0 0
AVIANCA HLDGS SA SPON ADR REP PFD 05367G100 5,627 1,317,844 SH   DFND 4,5 1,074,866 0 242,978
BAIDU INC SPON ADR REP A 056752108 4,608 24,378 SH   DFND 1,2,4 0 0 24,378
BAIDU INC SPON ADR REP A 056752108 87 462 SH   DFND 3,4 462 0 0
BAIDU INC SPON ADR REP A 056752108 5,352 28,309 SH   DFND 4,5 1,702 0 26,607
BANCO DE CHILE SPONSORED ADR 059520106 2,125 35,770 SH   DFND 4,5 1,584 0 34,186
BANCO MACRO SA SPON ADR B 05961W105 1,948 33,525 SH   DFND 3,4 33,525 0 0
BANCO MACRO SA SPON ADR B 05961W105 2,728 46,930 SH   DFND 4,5 46,930 0 0
BBVA BANCO FRANCES S A SPONSORED ADR 07329M100 1,760 92,233 SH   DFND 3,4 92,233 0 0
BBVA BANCO FRANCES S A SPONSORED ADR 07329M100 1,209 63,342 SH   DFND 4,5 63,342 0 0
BGC PARTNERS INC CL A 05541T101 88 9,000 SH   DFND 4 0 0 9,000
BRASKEM S A SP ADR PFD A 105532105 3,710 274,015 SH   DFND 1,2,4 0 0 274,015
BRASKEM S A SP ADR PFD A 105532105 183 13,487 SH   DFND 3,4 13,487 0 0
BRASKEM S A SP ADR PFD A 105532105 4,995 368,873 SH   DFND 4,5 100,361 0 268,512
CEMEX SAB DE CV SPON ADR NEW 151290889 7,166 1,286,465 SH   DFND 1,2,4 0 0 1,286,465
CEMEX SAB DE CV SPON ADR NEW 151290889 3,315 595,143 SH   DFND 3,4 595,143 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 6,933 1,244,667 SH   DFND 4,5 38,806 0 1,205,861
CHINA LODGING GROUP LTD SPONSORED ADR 16949N109 173 5,541 SH   DFND 4,5 5,541 0 0
CHINA MING YANG WIND PWR GRO SPONSORED ADR 16951C108 386 166,183 SH   DFND 4,5 166,183 0 0
CHINA UNICOM (HONG KONG) LTD SPONSORED ADR 16945R104 280 23,184 SH   DFND 1,2,4 23,184 0 0
DR REDDYS LAB LTD ADR 256135203 233 5,040 SH   DFND 1,2,4 5,040 0 0
FIBRIA CELULOSE S A SP ADR REP COM 31573A109 172 13,574 SH   DFND 1,2,4 13,574 0 0
GAMESTOP CORP NEW CL A 36467W109 66 2,350 SH   DFND 4 0 0 2,350
GILEAD SCIENCES INC COM 375558103 202 2,000 SH   DFND 4 0 0 2,000
GRAN TIERRA ENERGY INC COM 38500T101 709 326,900 SH   DFND 3,4 326,900 0 0
GRUPO FINANCIERO SANTANDER M SPON ADR SHS B 40053C105 1,609 185,536 SH   DFND 3,4 185,536 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 3,138 115,887 SH   DFND 1,2,4 0 0 115,887
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 2,149 79,373 SH   DFND 3,4 79,373 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 1,619 59,800 SH   DFND 4,5 59,800 0 0
ICICI BK LTD ADR 45104G104 2,069 264,199 SH   DFND 1,2,4 0 0 264,199
ICICI BK LTD ADR 45104G104 117 14,912 SH   DFND 3,4 14,912 0 0
ICICI BK LTD ADR 45104G104 2,385 304,609 SH   DFND 4,5 0 0 304,609
IKANG HEALTHCARE GROUP INC SPONSORED ADR 45174L108 4,015 196,428 SH   DFND 1,2,4 0 0 196,428
IKANG HEALTHCARE GROUP INC SPONSORED ADR 45174L108 1,098 53,739 SH   DFND 3,4 53,739 0 0
IKANG HEALTHCARE GROUP INC SPONSORED ADR 45174L108 344 16,829 SH   DFND 4,5 16,829 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 1,279 103,962 SH   DFND 1,2,4 0 0 103,962
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 573 46,617 SH   DFND 3,4 46,617 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 3,988 324,237 SH   DFND 4,5 324,237 0 0
ISHARES BRAZIL SM-CP-ETF 464289131 151 21,900 SH   DFND 1,2,4 21,900 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 969 27,456 SH   DFND 4,5 27,456 0 0
ISHARES MSCI BRZ CAP ETF 464286400 240 11,619 SH   DFND 4,5 11,619 0 0
ISHARES MSCI CH CAP ETF 464286640 255 7,986 SH   DFND 4,5 7,986 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 0 1 SH   DFND 1,2,4 1 0 0
ISHARES MSCI FRNTR100ETF 464286145 159 6,394 SH   DFND 1,2,4 6,394 0 0
ISHARES TR MSCI INDIA ETF 46429B598 481 17,500 SH   DFND 4 0 0 17,500
ISHARES TR MSCI INDONIA ETF 46429B309 315 15,116 SH   DFND 1,2,4 15,116 0 0
ISHARES TR MSCI INDONIA ETF 46429B309 547 26,232 SH   DFND 4,5 26,232 0 0
ISHARES MSCI MALAYSI ETF 464286830 247 31,900 SH   DFND 1,2,4 31,900 0 0
ISHARES MSCI MEX CAP ETF 464286822 672 13,485 SH   DFND 4,5 13,485 0 0
ISHARES MSCI STH KOR ETF 464286772 704 14,181 SH   DFND 1,2,4 14,181 0 0
ISHARES MSCI STH KOR ETF 464286772 2,097 42,210 SH   DFND 4,5 42,210 0 0
ISHARES MSCI TAIWAN ETF 464286731 2,642 206,855 SH   DFND 4,5 206,855 0 0
ISHARES MSCI TURKEY ETF 464286715 579 15,922 SH   DFND 1,2,4 15,922 0 0
ISHARES MSCI WORLD ETF 464286392 696 10,000 SH   DFND 4 0 0 10,000
ISHARES INDIA 50 ETF 464289529 734 26,990 SH   DFND 4,5 26,990 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 2,381 365,789 SH   DFND 1,2,4 34,693 0 331,096
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 2,022 310,540 SH   DFND 3,4 310,540 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 4,074 625,820 SH   DFND 4,5 41,987 0 583,833
JD COM INC SPON ADR CL A 47215P106 213 6,600 SH   DFND 4,5 6,600 0 0
KB FINANCIAL GROUP INC SPONSORED ADR 48241A105 302 10,842 SH   DFND 1,2,4 10,842 0 0
MARKET VECTORS ETF TR RUSSIA ETF 57060U506 230 15,666 SH   DFND 1,2,4 15,666 0 0
MARKET VECTORS ETF TR RUSSIA ETF 57060U506 328 22,404 SH   DFND 4,5 22,404 0 0
MOBILE TELESYSTEMS PJSC SPONSORED ADR 607409109 272 44,019 SH   DFND 1,2,4 44,019 0 0
NETEASE INC SPONSORED ADR 64110W102 2,916 16,090 SH   DFND 1,2,4 0 0 16,090
NETEASE INC SPONSORED ADR 64110W102 138 761 SH   DFND 3,4 761 0 0
NETEASE INC SPONSORED ADR 64110W102 90 496 SH   DFND 4,5 496 0 0
NOAH HLDGS LTD SPONSORED ADS 65487X102 6,575 235,415 SH   DFND 1,2,4 0 0 235,415
NOAH HLDGS LTD SPONSORED ADS 65487X102 1,575 56,400 SH   DFND 3,4 56,400 0 0
NOAH HLDGS LTD SPONSORED ADS 65487X102 12,633 452,315 SH   DFND 4,5 452,315 0 0
OUTERWALL INC COM 690070107 172 4,700 SH   DFND 4 0 0 4,700
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 1,098 53,407 SH   DFND 4,5 53,407 0 0
QIHOO 360 TECHNOLOGY CO LTD ADS 74734M109 204 2,800 SH   DFND 4,5 2,800 0 0
SASOL LTD SPONSORED ADR 803866300 1,042 38,857 SH   DFND 1,2,4 0 0 38,857
SASOL LTD SPONSORED ADR 803866300 81 3,025 SH   DFND 3,4 3,025 0 0
SASOL LTD SPONSORED ADR 803866300 2,006 74,809 SH   DFND 4,5 1,943 0 72,866
SILICON MOTION TECHNOLOGY CO SPONSORED ADR 82706C108 1,229 39,177 SH   DFND 4,5 0 0 39,177
SILICONWARE PRECISION INDS L SPONSD ADR SPL 827084864 538 69,455 SH   DFND 1,2,4 69,455 0 0
SOHU COM INC COM 83408W103 11 200 SH   DFND 1,2,4 0 0 200
SOUFUN HLDGS LTD ADR 836034108 2,204 298,277 SH   DFND 1,2,4 0 0 298,277
SOUFUN HLDGS LTD ADR 836034108 526 71,170 SH   DFND 3,4 71,170 0 0
SOUFUN HLDGS LTD ADR 836034108 33 4,464 SH   DFND 4,5 4,464 0 0
TARENA INTL INC ADR 876108101 1,831 175,338 SH   DFND 1,2,4 0 0 175,338
TARENA INTL INC ADR 876108101 560 53,651 SH   DFND 3,4 53,651 0 0
TERNIUM S A SPON ADR 880890108 2,642 212,579 SH   DFND 1,2,4 0 0 212,579
TERNIUM S A SPON ADR 880890108 119 9,593 SH   DFND 3,4 9,593 0 0
TERNIUM S A SPON ADR 880890108 2,444 196,612 SH   DFND 4,5 5,946 0 190,666
UNITED MICROELECTRONICS CORP SPON ADR NEW 910873405 867 461,068 SH   DFND 4,5 0 0 461,068
VANGUARD TAX MANAGED INTL FD FTSE DEV MKT ETF 921943858 404 11,000 SH   DFND 4 0 0 11,000
VIPSHOP HLDGS LTD SPONSORED ADR 92763W103 145 9,500 SH   DFND 4,5 9,500 0 0
WIPRO LTD SPON ADR 1 SH 97651M109 302 26,167 SH   DFND 1,2,4 26,167 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 257 16,331 SH   DFND 1,2,4 16,331 0 0
YY INC ADS REPCOM CLA 98426T106 750 11,998 SH   DFND 1,2,4 0 0 11,998
YY INC ADS REPCOM CLA 98426T106 290 4,640 SH   DFND 3,4 4,640 0 0