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
ADVANCE AUTO PARTS INC COM 00751Y106 581 7,025 SH   DFND   0 0 7,025
AMERCO COM 023586100 387 2,100 SH   DFND   0 0 2,100
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 22,356 1,128,518 SH   DFND   0 0 1,128,518
AMERICAN EXPRESS CO COM 025816109 468 6,200 SH   DFND   0 0 6,200
AMERICAN INTL GROUP INC COM NEW 026874784 102 2,100 SH   DFND   0 0 2,100
AMPHENOL CORP NEW CL A 032095101 360 4,650 SH   DFND   0 0 4,650
ANADARKO PETE CORP COM 032511107 437 4,700 SH   DFND   0 0 4,700
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 506 5,100 SH   DFND   0 0 5,100
APPLE INC COM 037833100 954 2,000 SH   DFND   0 0 2,000
AZZ INC COM 002474104 490 11,710 SH   DFND   0 0 11,710
BAKER HUGHES INC COM 057224107 388 7,900 SH   DFND   0 0 7,900
BANCO BRADESCO S A SP ADR PFD NEW 059460303 13,843 997,356 SH   DFND   0 0 997,356
BED BATH & BEYOND INC COM 075896100 727 9,400 SH   DFND   0 0 9,400
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 306 2,700 SH   DFND   0 0 2,700
BOEING CO COM 097023105 141 1,200 SH   DFND   0 0 1,200
BRF SA SPONSORED ADR 10552T107 9,363 381,700 SH   DFND   0 0 381,700
BROADRIDGE FINL SOLUTIONS IN COM 11133T103 1,076 33,900 SH   DFND   0 0 33,900
CAPITAL ONE FINL CORP COM 14040H105 825 12,000 SH   DFND   0 0 12,000
CAREFUSION CORP COM 14170T101 875 23,700 SH   DFND   0 0 23,700
CATERPILLAR INC DEL COM 149123101 300 3,600 SH   DFND   0 0 3,600
CENTERPOINT ENERGY INC COM 15189T107 1,482 61,825 SH   DFND   0 0 61,825
CHEVRON CORP NEW COM 166764100 535 4,400 SH   DFND   0 0 4,400
CHICOS FAS INC COM 168615102 233 14,000 SH   DFND   0 0 14,000
CITIGROUP INC COM NEW 172967424 621 12,800 SH   DFND   0 0 12,800
COCA COLA CO COM 191216100 212 5,600 SH   DFND   0 0 5,600
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 4,303 93,500 SH   DFND   0 0 93,500
COMPANHIA DE BEBIDAS DAS AME SPON ADR PFD 20441W203 18,187 474,229 SH   DFND   0 0 474,229
COMPANIA CERVECERIAS UNIDAS SPONSORED ADR 204429104 5,970 224,337 SH   DFND   0 0 224,337
COSAN LTD SHS A G25343107 3,255 211,750 SH   DFND   0 0 211,750
CPFL ENERGIA S A SPONSORED ADR 126153105 4,608 267,113 SH   DFND   0 0 267,113
CREDICORP LTD COM G2519Y108 11,950 93,023 SH   DFND   0 0 93,023
CSX CORP COM 126408103 293 11,400 SH   DFND   0 0 11,400
CVS CAREMARK CORPORATION COM 126650100 131 2,300 SH   DFND   0 0 2,300
DARLING INTL INC COM 237266101 643 30,400 SH   DFND   0 0 30,400
DAVITA HEALTHCARE PARTNERS I COM 23918K108 1,386 24,350 SH   DFND   0 0 24,350
DEVON ENERGY CORP NEW COM 25179M103 323 5,600 SH   DFND   0 0 5,600
DICKS SPORTING GOODS INC COM 253393102 1,105 20,700 SH   DFND   0 0 20,700
DIEBOLD INC COM 253651103 255 8,700 SH   DFND   0 0 8,700
DISNEY WALT CO COM DISNEY 254687106 258 4,000 SH   DFND   0 0 4,000
DOLLAR TREE INC COM 256746108 183 3,200 SH   DFND   0 0 3,200
E M C CORP MASS COM 268648102 445 17,400 SH   DFND   0 0 17,400
EMBRAER S A SP ADR REP 4 COM 29082A107 5,405 166,448 SH   DFND   0 0 166,448
EMPRESA NACIONAL DE ELCTRCID SPONSORED ADR 29244T101 4,501 107,203 SH   DFND   0 0 107,203
FEDEX CORP COM 31428X106 445 3,900 SH   DFND   0 0 3,900
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 13,728 141,398 SH   DFND   0 0 141,398
FREEPORT-MCMORAN COPPER & GO COM 35671D857 129 3,900 SH   DFND   0 0 3,900
GENERAL MTRS CO COM 37045V100 342 9,500 SH   DFND   0 0 9,500
GERDAU S A SPON ADR REP PFD 373737105 6,974 934,800 SH   DFND   0 0 934,800
GLOBAL PMTS INC COM 37940X102 819 16,025 SH   DFND   0 0 16,025
GOOGLE INC CL A 38259P508 438 500 SH   DFND   0 0 500
GRAN TIERRA ENERGY INC COM 38500T101 3,659 516,080 SH   DFND   0 0 516,080
GRANA Y MONTERO S A A SPONSORED ADR 38500P208 1,890 94,700 SH   DFND   0 0 94,700
GREAT LAKES DREDGE & DOCK CO COM 390607109 153 20,600 SH   DFND   0 0 20,600
GRUPO AEROPORTUARIO CTR NORT SPON ADR 400501102 3,009 113,000 SH   DFND   0 0 113,000
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 1,522 54,450 SH   DFND   0 0 54,450
HEWLETT PACKARD CO COM 428236103 250 11,900 SH   DFND   0 0 11,900
HMS HLDGS CORP COM 40425J101 292 13,600 SH   DFND   0 0 13,600
HOME DEPOT INC COM 437076102 114 1,500 SH   DFND   0 0 1,500
HONEYWELL INTL INC COM 438516106 772 9,300 SH   DFND   0 0 9,300
INTERNATIONAL BUSINESS MACHS COM 459200101 315 1,700 SH   DFND   0 0 1,700
ISHARES IBOXX INV CP ETF 464287242 579 5,100 SH   DFND   0 0 5,100
ISHARES JP MOR EM MK ETF 464288281 4,870 44,670 SH   DFND   0 0 44,670
ISHARES LATN AMER 40 ETF 464287390 1,977 51,651 SH   DFND   0 0 51,651
ISHARES MSCI EMG MKT ETF 464287234 8,030 197,024 SH   DFND   0 0 197,024
ISHARES MSCI JAPAN ETF 464286848 7,461 625,894 SH   DFND   0 0 625,894
ISHARES MSCI PAC JP ETF 464286665 7,156 150,179 SH   DFND   0 0 150,179
ISHARES RUSSELL 2000 ETF 464287655 1,825 17,120 SH   DFND   0 0 17,120
ISHARES S&P GSCI COMMODITY I UNIT BEN INT 46428R107 12,942 399,685 SH   DFND   0 0 399,685
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 40,418 2,862,452 SH   DFND   0 0 2,862,452
JPMORGAN CHASE & CO COM 46625H100 563 10,900 SH   DFND   0 0 10,900
KEYCORP NEW COM 493267108 1,059 92,900 SH   DFND   0 0 92,900
LABORATORY CORP AMER HLDGS COM NEW 50540R409 258 2,600 SH   DFND   0 0 2,600
LATAM AIRLS GROUP S A SPONSORED ADR 51817R106 7,059 468,101 SH   DFND   0 0 468,101
MARKET VECTORS ETF TR BRAZL SMCP ETF 57060U613 728 21,807 SH   DFND   0 0 21,807
MERCK & CO INC NEW COM 58933Y105 624 13,100 SH   DFND   0 0 13,100
MICROSOFT CORP COM 594918104 483 14,500 SH   DFND   0 0 14,500
MONSANTO CO NEW COM 61166W101 94 900 SH   DFND   0 0 900
MRC GLOBAL INC COM 55345K103 356 13,300 SH   DFND   0 0 13,300
MSC INDL DIRECT INC CL A 553530106 1,792 22,025 SH   DFND   0 0 22,025
NCI BUILDING SYS INC COM NEW 628852204 590 46,300 SH   DFND   0 0 46,300
NIKE INC CL B 654106103 116 1,600 SH   DFND   0 0 1,600
OCCIDENTAL PETE CORP DEL COM 674599105 543 5,800 SH   DFND   0 0 5,800
OIL STS INTL INC COM 678026105 507 4,900 SH   DFND   0 0 4,900
ORACLE CORP COM 68389X105 116 3,500 SH   DFND   0 0 3,500
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 23,094 1,380,400 SH   DFND   0 0 1,380,400
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 6,070 391,887 SH   DFND   0 0 391,887
PFIZER INC COM 717081103 552 19,200 SH   DFND   0 0 19,200
POTASH CORP SASK INC COM 73755L107 241 7,700 SH   DFND   0 0 7,700
PROCTER & GAMBLE CO COM 742718109 567 7,500 SH   DFND   0 0 7,500
QUALCOMM INC COM 747525103 249 3,700 SH   DFND   0 0 3,700
RENAISSANCERE HOLDINGS LTD COM G7496G103 1,379 15,230 SH   DFND   0 0 15,230
ROCKWOOD HLDGS INC COM 774415103 248 3,700 SH   DFND   0 0 3,700
ROSS STORES INC COM 778296103 668 9,175 SH   DFND   0 0 9,175
SCHLUMBERGER LTD COM 806857108 477 5,400 SH   DFND   0 0 5,400
SCHWAB CHARLES CORP NEW COM 808513105 321 15,200 SH   DFND   0 0 15,200
SOUTHERN COPPER CORP COM 84265V105 2,615 96,000 SH   DFND   0 0 96,000
SPDR GOLD TRUST GOLD SHS 78463V107 5,823 45,430 SH   DFND   0 0 45,430
SPDR S&P 500 ETF TR TR UNIT 78462F103 2,576 15,333 SH   DFND   0 0 15,333
SPDR SERIES TRUST S&P REGL BKG 78464A698 1,998 56,050 SH   DFND   0 0 56,050
TELEFONICA BRASIL SA SPONSORED ADR 87936R106 10,884 485,043 SH   DFND   0 0 485,043
TERADATA CORP DEL COM 88076W103 1,181 21,300 SH   DFND   0 0 21,300
TEXAS INSTRS INC COM 882508104 399 9,900 SH   DFND   0 0 9,900
TIFFANY & CO NEW COM 886547108 222 2,900 SH   DFND   0 0 2,900
TIM PARTICIPACOES S A SPONSORED ADR 88706P205 1,763 74,800 SH   DFND   0 0 74,800
TOTAL SYS SVCS INC COM 891906109 1,138 38,675 SH   DFND   0 0 38,675
TWENTY FIRST CENTY FOX INC CL A 90130A101 94 2,800 SH   DFND   0 0 2,800
ULTRAPAR PARTICIPACOES S A SP ADR REP COM 90400P101 3,110 126,490 SH   DFND   0 0 126,490
UNITED RENTALS INC COM 911363109 915 15,700 SH   DFND   0 0 15,700
UNITEDHEALTH GROUP INC COM 91324P102 215 3,000 SH   DFND   0 0 3,000
VALE S A ADR 91912E105 13,799 883,995 SH   DFND   0 0 883,995
VALE S A ADR REPSTG PFD 91912E204 16,492 1,160,600 SH   DFND   0 0 1,160,600
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 30,374 557,313 SH   DFND   0 0 557,313
VERIZON COMMUNICATIONS INC COM 92343V104 229 4,900 SH   DFND   0 0 4,900
VISA INC COM CL A 92826C839 115 600 SH   DFND   0 0 600
WELLS FARGO & CO NEW COM 949746101 574 13,900 SH   DFND   0 0 13,900
WERNER ENTERPRISES INC COM 950755108 162 6,925 SH   DFND   0 0 6,925
WESTERN UN CO COM 959802109 1,466 78,575 SH   DFND   0 0 78,575
WORLD FUEL SVCS CORP COM 981475106 1,160 31,100 SH   DFND   0 0 31,100
YAMANA GOLD INC COM 98462Y100 2,877 276,600 SH   DFND   0 0 276,600
YUM BRANDS INC COM 988498101 114 1,600 SH   DFND   0 0 1,600