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
ABERDEEN INDONESIA FUND INC COM 00305P106 986 77,446 SH   DFND 2,3 0 0 77,446
ABERDEEN LATIN AMERICAN EQTY COM 00306K106 1,453 38,790 SH   DFND 2,3 0 0 38,790
BAIDU INC SPON ADR REP A 056752108 15,746 179,547 SH   DFND 1,2 151,419 0 28,128
BAIDU INC SPON ADR REP A 056752108 8,868 101,112 SH   DFND 2,3 3,882 0 97,230
BRASKEM SA SP ADR PFD A 105532105 20,165 1,489,291 SH   DFND 1,2 660,785 0 828,506
BRASKEM SA SP ADR PFD A 105532105 156 11,557 SH   DFND 2,3 11,557 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 49,642 4,065,700 SH   DFND 1,2 1,668,241 0 2,397,459
CEMEX SAB DE CV SPON ADR NEW 151290889 3,138 256,994 SH   DFND 2,3 37,049 0 219,945
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 14,673 1,238,218 SH   DFND 1,2 651,102 0 587,116
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 200 16,891 SH   DFND 2,3 16,891 0 0
CENTRAL EUR RUSS & TURK FD I COM 153436100 602 18,368 SH   DFND 2,3 0 0 18,368
CHINA FUND INC COM 169373107 847 40,332 SH   DFND 2,3 0 0 40,332
CHINA LODGING GROUP LTD SPONSORED ADR 16949N109 2,390 145,227 SH   DFND 1,2 145,227 0 0
CHINA LODGING GROUP LTD SPONSORED ADR 16949N109 188 11,444 SH   DFND 2,3 11,444 0 0
COMPANIA CERVECERIAS UNIDAS SPONSORED ADR 204429104 178 5,370 SH   DFND 1,2 5,370 0 0
COCA-COLA FEMSA SAB DE CV SPON ADR REP L 191241108 1,277 7,800 SH   DFND 1,2 4,300 0 3,500
CTRIP.COM INTERNATIONAL AMERICAN DEP SHS 22943F100 25,035 1,170,954 SH   DFND 1,2 510,754 0 660,200
CTRIP.COM INTERNATIONAL AMERICAN DEP SHS 22943F100 2,621 122,589 SH   DFND 2,3 122,589 0 0
DESARROLLADORA HOMEX SPONSORED ADR 25030W100 19,330 2,162,243 SH   DFND 1,2 1,068,625 0 1,093,618
DESARROLLADORA HOMEX SPONSORED ADR 25030W100 2,587 289,407 SH   DFND 2,3 132,019 0 157,388
DOCTOR REDDY'S LAB ADR 256135203 4,231 130,801 SH   DFND 1,2 130,801 0 0
EMBRAER SA SP ADR REP 4 COM 29082A107 20,059 562,348 SH   DFND 1,2 276,358 0 285,990
EMBRAER SA SP ADR REP 4 COM 29082A107 52 1,462 SH   DFND 2,3 1,462 0 0
EMPRESAS ICA S.A. DE CV SPONS ADR NEW 292448206 14,135 1,065,987 SH   DFND 1,2 555,987 0 510,000
EMPRESAS ICA S.A. DE CV SPONS ADR NEW 292448206 233 17,600 SH   DFND 2,3 17,600 0 0
FOMENTO ECONOMICO MEX SPON ADR UNITS 344419106 639 5,630 SH   DFND 1,2 5,630 0 0
GERDAU SA SPON ADR REP PFD 373737105 1,952 253,200 SH   DFND 1,2 120,300 0 132,900
GLOBAL X FDS FTSE COLOMBIA20 37950E200 82 3,933 SH   DFND 1,2 0 0 3,933
GRAN TIERRA ENERGY INC COM 38500T101 1,009 172,900 SH   DFND 1,2 172,900 0 0
GRUPO FIN SANTANDER SPON ADR SHS B 40053C105 461 29,900 SH   DFND 1,2 0 0 29,900
GRUPO FIN SANTANDER SPON ADR SHS B 40053C105 3,365 218,087 SH   DFND 2,3 0 0 218,087
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 1,129 42,410 SH   DFND 1,2 21,811 0 20,599
ICICI BANK LTD ADR 45104G104 33,119 772,013 SH   DFND 1,2 426,232 0 345,781
ICICI BANK LTD ADR 45104G104 476 11,092 SH   DFND 2,3 11,092 0 0
INDIA FUND INC COM 454089103 638 30,037 SH   DFND 2,3 0 0 30,037
INFOSYS LTD SPONSORED ADR 456788108 17,079 316,809 SH   DFND 1,2 137,567 0 179,242
INFOSYS LTD SPONSORED ADR 456788108 9,862 182,930 SH   DFND 2,3 5,734 0 177,196
ISHARES TR MSCI BRAZ SMCP 464289131 181 6,589 SH   DFND 1,2 0 0 6,589
ISHARES TR MSCI BRAZ SMCP 464289131 566 20,634 SH   DFND 2,3 0 0 20,634
ISHARES TR FTSE CHINA25 IDX 464287184 869 23,540 SH   DFND 1,2 0 0 23,540
ISHARES TR MSCI PERU CAP 464289842 77 1,740 SH   DFND 1,2 0 0 1,740
ISHARES INC MSCI BRAZIL CAPP 464286400 464 8,525 SH   DFND 1,2 0 0 8,525
ISHARES INC MSCI CHILE CAPP 464286640 45 694 SH   DFND 1,2 0 0 694
ISHARES TR MSCI CHINA IDX 46429B671 1,181 26,063 SH   DFND 1,2 0 0 26,063
ISHARES TR MSCI CHIN SMCP 46429B200 543 12,840 SH   DFND 1,2 0 0 12,840
ISHARES TR MSCI EMERG MKT 464287234 9,965 233,000 SH   DFND 1,2 233,000 0 0
ISHARES TR INDONE INVS MRKT 46429B309 368 10,566 SH   DFND 1,2 0 0 10,566
ISHARES INC MSCI MALAYSIA 464286830 502 33,561 SH   DFND 1,2 0 0 33,561
ISHARES TR PHILL INVSTMRK 46429B408 264 6,415 SH   DFND 1,2 0 0 6,415
ISHARES TR MSCI POLAND CAP 46429B606 167 6,516 SH   DFND 1,2 0 0 6,516
ISHARES TR MSCI RUSS INDX 46429B705 519 23,623 SH   DFND 1,2 0 0 23,623
ISHARES INC MSCI STH AFRICA 464286780 285 4,468 SH   DFND 1,2 0 0 4,468
ISHARES INC MSCI STH KOR CAP 464286772 2,316 38,972 SH   DFND 1,2 0 0 38,972
ISHARES INC MSCI TAIWAN 464286731 925 69,311 SH   DFND 1,2 0 0 69,311
ISHARES INC MSCI THAI CAPPED 464286624 534 5,864 SH   DFND 1,2 0 0 5,864
ISHARES INC MSCI TURKEY FD 464286715 413 5,807 SH   DFND 1,2 0 0 5,807
ISHARES TR INDIA 50 ETF 464289529 535 22,271 SH   DFND 1,2 0 0 22,271
ITAU UNIBANCO HLDNG SA SPON ADR REP PFD 465562106 82,397 4,629,069 SH   DFND 1,2 2,008,227 0 2,620,842
ITAU UNIBANCO HLDNG SA SPON ADR REP PFD 465562106 21,914 1,231,120 SH   DFND 2,3 44,722 0 1,186,398
JF CHINA REGION FUND INC COM 46614T107 894 62,051 SH   DFND 2,3 0 0 62,051
KOREA EQUITY FUND COM 50063B104 1,303 145,592 SH   DFND 2,3 0 0 145,592
KOREA FD COM NEW 500634209 1,445 36,932 SH   DFND 2,3 0 0 36,932
LG DISPLAY CO LTD SPONS ADR REP 50186V102 60 4,100 SH   DFND 1,2 0 0 4,100
MARKET VECTORS ETF TR BRAZL SMCP ETF 57060U613 52 1,282 SH   DFND 1,2 0 0 1,282
MARKET VECTORS ETF TR EGYPT INDX ETF 57060U548 47 4,200 SH   DFND 1,2 0 0 4,200
MARKET VECTORS ETF TR INDIA SMALL CP 57060U563 239 27,167 SH   DFND 1,2 0 0 27,167
MARKET VECTORS ETF TR RUSSIA ETF 57060U506 521 18,790 SH   DFND 1,2 0 0 18,790
MARKET VECTORS ETF TR RUSSIA ETF 57060U506 583 21,000 SH   DFND 2,3 21,000 0 0
MECHEL OAO SPON ADR PFD 583840509 409 282,000 SH   DFND 2,3 282,000 0 0
MECHEL OAO SPON ADR PFD 583840103 39 7,700 SH   DFND 2,3 7,700 0 0
MEXICO EQUITY AND INCOME FD COM 592834105 1,038 62,054 SH   DFND 2,3 0 0 62,054
MEXICO FUND INC COM 592835102 256 6,989 SH   DFND 2,3 0 0 6,989
MORGAN STANLEY EASTN EUR FD COM 616988101 655 39,365 SH   DFND 2,3 0 0 39,365
MORGAN STANLEY INDIA INVEST COM 61745C105 609 34,335 SH   DFND 2,3 0 0 34,335
NEW ORIENTAL ED & TECH GRP I SPON ADR 647581107 2,819 156,614 SH   DFND 1,2 101,075 0 55,539
PETROBRAS ARGENTINA SPON ADR 71646J109 7 1,520 SH   DFND 1,2 0 0 1,520
PETROBRAS ARGENTINA SPON ADR 71646J109 1 280 SH   DFND 2,3 280 0 0
PETROLEO BRASILEIRO S.A. PETRO SPONSORED ADR 71654V408 26,021 1,570,347 SH   DFND 1,2 767,106 0 803,241
PETROLEO BRASILEIRO S.A. PETRO SPONSORED ADR 71654V408 11,286 681,140 SH   DFND 2,3 12,980 0 668,160
SOUFUN HOLDINGS LTD ADR 836034108 17,150 654,339 SH   DFND 1,2 627,875 0 26,464
SOUFUN HOLDINGS LTD ADR 836034108 3,442 131,322 SH   DFND 2,3 131,322 0 0
SPREADTRUM COMMUNICATIONS INC ADR 849415203 16,355 797,420 SH   DFND 1,2 614,051 0 183,369
SPREADTRUM COMMUNICATIONS INC ADR 849415203 2,524 123,074 SH   DFND 2,3 123,074 0 0
TAIWAN FUND INC COM 874036106 513 31,321 SH   DFND 2,3 0 0 31,321
TAIWAN SEMICONDUCTOR MFG LTG SPONSORED ADR 874039100 292 17,015 SH   DFND 1,2 0 0 17,015
TAIWAN SEMICONDUCTOR MFG LTG SPONSORED ADR 874039100 46,675 2,715,255 SH   DFND 2,3 60,380 0 2,654,875
TATA MOTORS LTD SPONSORED ADR 876568502 3,980 163,047 SH   DFND 2,3 0 0 163,047
TELEFONICA BRASIL SPONSORED ADR 87936R106 534 20,000 SH   DFND 1,2 20,000 0 0
TEMPLETON DRAGON FUND INC COM 88018T101 855 30,630 SH   DFND 2,3 0 0 30,630
TEMPLETON RUSSIA & EAST EURO COM 88022F105 341 23,074 SH   DFND 2,3 0 0 23,074
TERNIUM SA SPON ADR 880890108 29,516 1,450,434 SH   DFND 1,2 699,814 0 750,620
TERNIUM SA SPON ADR 880890108 401 19,725 SH   DFND 2,3 19,725 0 0
THAI FUND INC COM 882904105 1,117 46,725 SH   DFND 2,3 0 0 46,725
TURKISH INVESTMENT FUND COM 900145103 231 12,627 SH   DFND 2,3 0 0 12,627
UNITED MICROELECTRONICS CORP SPON ADR NEW 910873405 2,805 1,558,262 SH   DFND 2,3 0 0 1,558,262
VALE SA ADR 91912E105 74,454 4,306,200 SH   DFND 1,2 2,022,522 0 2,283,678
VALE SA ADR 91912E105 1,044 60,353 SH   DFND 2,3 60,353 0 0
VALE SA ADR REPSTG PFD 91912E204 19,082 1,154,405 SH   DFND 2,3 0 0 1,154,405
VIMPELCOM LTD SPONSORED ADR 92719A106 352 29,578 SH   DFND 2,3 29,578 0 0
WUXI PHARMATECH CAYMAN SPONS ADR SHS 929352102 1,048 60,979 SH   DFND 1,2 31,838 0 29,141
WUXI PHARMATECH CAYMAN SPONS ADR SHS 929352102 2,338 136,060 SH   DFND 2,3 136,060 0 0