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
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 1,370 51,379 SH   SOLE   51,379 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 1,086 40,739 SH   DFND 1 2 3 40,739 0 0
APPLE INC COM 037833100 85,093 299,888 SH   DFND 1 2 3 299,888 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 551 17,270 SH   SOLE   17,270 0 0
BAIDU INC SPON ADR REP A 056752108 115,360 1,124,150 SH   DFND 1 1,124,150 0 0
BAIDU INC SPON ADR REP A 056752108 208,365 2,030,448 SH   DFND 1 2 3 2,030,448 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 3,585 193,479 SH   DFND 1 2 3 193,479 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 5,198 280,533 SH   SOLE   280,533 0 0
BANCO SANTANDER BRASIL S A ADS REP 1 UNIT 05967A107 2,126 154,377 SH   DFND 1 2 3 154,377 0 0
BANCO SANTANDER BRASIL S A ADS REP 1 UNIT 05967A107 2,622 190,427 SH   SOLE   190,427 0 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 472 12,691 SH   DFND 1 2 3 12,691 0 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 576 15,491 SH   SOLE   15,491 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 1,581 24,091 SH   SOLE   24,091 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 1,397 21,291 SH   DFND 1 2 3 21,291 0 0
BLDRS INDEX FDS TR EMER MK 50 ADR 09348R300 269 5,965 SH   DFND 1 2 3 5,965 0 0
BRF-BRASIL FOODS S A SPONSORED ADR 10552T107 3,987 256,713 SH   SOLE   256,713 0 0
BRF-BRASIL FOODS S A SPONSORED ADR 10552T107 3,084 198,589 SH   DFND 1 2 3 198,589 0 0
BUNGE LIMITED COM G16962105 355 6,000 SH   SOLE   6,000 0 0
CATERPILLAR INC DEL COM 149123101 118 1,504 SH   DFND 1 2 3 1,504 0 0
CATERPILLAR INC DEL COM 149123101 205 2,605 SH   SOLE   2,605 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 104 13,720 SH   SOLE   13,720 0 0
CENTRAIS ELETRICAS BRASILEIR SPON ADR PFD B 15234Q108 543 36,291 SH   SOLE   36,291 0 0
CENTRAIS ELETRICAS BRASILEIR SPON ADR PFD B 15234Q108 342 22,841 SH   DFND 1 2 3 22,841 0 0
CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 784 61,015 SH   DFND 1 2 3 61,015 0 0
CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 1,068 83,115 SH   SOLE   83,115 0 0
CHINA LIFE INS CO LTD SPON ADR REP H 16939P106 444 7,467 SH   SOLE   7,467 0 0
CHINA LIFE INS CO LTD SPON ADR REP H 16939P106 48 806 SH   DFND 1 2 3 806 0 0
CHINA MOBILE LIMITED SPONSORED ADR 16941M109 89 1,743 SH   DFND 1 2 3 1,743 0 0
CHINA MOBILE LIMITED SPONSORED ADR 16941M109 995 19,459 SH   SOLE   19,459 0 0
CHINA PETE & CHEM CORP SPON ADR H SHS 16941R108 17 256 SH   DFND 1 2 3 256 0 0
CHINA PETE & CHEM CORP SPON ADR H SHS 16941R108 327 4,815 SH   SOLE   4,815 0 0
CHINA TELECOM CORP LTD SPON ADR H SHS 169426103 12 211 SH   DFND 1 2 3 211 0 0
CHINA TELECOM CORP LTD SPON ADR H SHS 169426103 203 3,717 SH   SOLE   3,717 0 0
CHINA UNICOM (HONG KONG) LTD SPONSORED ADR 16945R104 32 2,183 SH   DFND 1 2 3 2,183 0 0
CHINA UNICOM (HONG KONG) LTD SPONSORED ADR 16945R104 366 25,105 SH   SOLE   25,105 0 0
CITIGROUP INC COM 172967101 369 9,440 SH   DFND 1 2 3 9,440 0 0
CNOOC LTD SPONSORED ADR 126132109 64 328 SH   DFND 1 2 3 328 0 0
CNOOC LTD SPONSORED ADR 126132109 913 4,697 SH   SOLE   4,697 0 0
COACH INC COM 189754104 63,655 1,481,724 SH   DFND 1 2 3 1,481,724 0 0
COGNIZANT TECHNOLOGY SOLUTIO CL A 192446102 9,959 154,477 SH   DFND 1 154,477 0 0
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 830 24,051 SH   SOLE   24,051 0 0
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 1,131 32,781 SH   DFND 1 2 3 32,781 0 0
COMPANHIA DE BEBIDAS DAS AME SPON ADR PFD 20441W203 986 39,874 SH   SOLE   39,874 0 0
COMPANHIA DE BEBIDAS DAS AME SPON ADR PFD 20441W203 710 28,707 SH   DFND 1 2 3 28,707 0 0
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 976 84,039 SH   DFND 1 2 3 84,039 0 0
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 1,289 110,951 SH   SOLE   110,951 0 0
COMPANHIA SIDERURGICA NACION SPONSORED ADR 20440W105 2,965 167,776 SH   DFND 1 2 3 167,776 0 0
COMPANHIA SIDERURGICA NACION SPONSORED ADR 20440W105 3,742 211,790 SH   SOLE   211,790 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 2,479 54,875 SH   SOLE   54,875 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 2,226 49,275 SH   DFND 1 2 3 49,275 0 0
COSAN LTD SHS A G25343107 3,135 270,500 SH   DFND   270,500 0 0
COSAN LTD SHS A G25343107 517 44,569 SH   DFND 1 2 3 44,569 0 0
CTRIP COM INTL LTD AMERICAN DEP SHS 22943F100 194,684 4,077,145 SH   DFND 1 4,077,145 0 0
CTRIP COM INTL LTD AMERICAN DEP SHS 22943F100 137,434 2,878,199 SH   DFND 1 2 3 2,878,199 0 0
E HOUSE CHINA HLDGS LTD ADR 26852W103 41 2,179 SH   SOLE   2,179 0 0
E HOUSE CHINA HLDGS LTD ADR 26852W103 189 10,000 SH   DFND 1 2 3 10,000 0 0
ECOPETROL S A SPONSORED ADS 279158109 2,390 57,255 SH   SOLE   57,255 0 0
ECOPETROL S A SPONSORED ADS 279158109 2,051 49,135 SH   DFND 1 2 3 49,135 0 0
EMBRAER-EMPRESA BRASILEIRA D SP ADR COM SHS 29081M102 1,017 35,816 SH   SOLE   35,816 0 0
EMBRAER-EMPRESA BRASILEIRA D SP ADR COM SHS 29081M102 749 26,369 SH   DFND 1 2 3 26,369 0 0
EMPRESA NACIONAL DE ELCTRCID SPONSORED ADR 29244T101 1,788 33,088 SH   SOLE   33,088 0 0
EMPRESA NACIONAL DE ELCTRCID SPONSORED ADR 29244T101 1,500 27,768 SH   DFND 1 2 3 27,768 0 0
EMPRESAS ICA S A DE CV SPONS ADR NEW 292448206 87 9,000 SH   DFND 1 2 3 9,000 0 0
EMPRESAS ICA S A DE CV SPONS ADR NEW 292448206 664 68,277 SH   DFND   68,277 0 0
ENERSIS S A SPONSORED ADR 29274F104 1,531 65,314 SH   DFND 1 2 3 65,314 0 0
ENERSIS S A SPONSORED ADR 29274F104 1,780 75,954 SH   SOLE   75,954 0 0
FIBRIA CELULOSE S A SP ADR REP COM 31573A109 142 8,200 SH   DFND 1 2 3 8,200 0 0
FIBRIA CELULOSE S A SP ADR REP COM 31573A109 291 16,824 SH   SOLE   16,824 0 0
FIRST SOLAR INC COM 336433107 642 4,356 SH   SOLE   4,356 0 0
FIRST SOLAR INC COM 336433107 52 356 SH   DFND 1 2 3 356 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 2,380 46,923 SH   SOLE   46,923 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 1,968 38,803 SH   DFND 1 2 3 38,803 0 0
GAFISA S A SPONS ADR 362607301 584 37,709 SH   DFND 1 2 3 37,709 0 0
GAFISA S A SPONS ADR 362607301 258 16,677 SH   SOLE   16,677 0 0
GERDAU S A SPONSORED ADR 373737105 3,723 273,526 SH   DFND 1 2 3 273,526 0 0
GERDAU S A SPONSORED ADR 373737105 4,484 329,470 SH   SOLE   329,470 0 0
GOL LINHAS AEREAS INTLG S A SP ADR REP PFD 38045R107 157 10,000 SH   DFND 1 2 3 10,000 0 0
GOL LINHAS AEREAS INTLG S A SP ADR REP PFD 38045R107 33 2,100 SH   SOLE   2,100 0 0
GOOGLE INC CL A 38259P508 39,169 74,496 SH   DFND 1 2 3 74,496 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 3,333 334,000 SH   DFND   334,000 0 0
GRUPO TELEVISA SA DE CV SP ADR REP ORD 40049J206 394 20,822 SH   DFND 1 2 3 20,822 0 0
GRUPO TELEVISA SA DE CV SP ADR REP ORD 40049J206 701 37,062 SH   SOLE   37,062 0 0
ICICI BK LTD ADR 45104G104 80 1,614 SH   DFND 1 2 3 1,614 0 0
ICICI BK LTD ADR 45104G104 798 16,011 SH   SOLE   16,011 0 0
INFOSYS TECHNOLOGIES LTD SPONSORED ADR 456788108 1,079 16,034 SH   SOLE   16,034 0 0
INFOSYS TECHNOLOGIES LTD SPONSORED ADR 456788108 145 2,159 SH   DFND 1 2 3 2,159 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 373 25,200 SH   DFND   25,200 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 112 7,565 SH   DFND 1 2 3 7,565 0 0
ISHARES COMEX GOLD TR ISHARES 464285105 282 22,000 SH   SOLE   22,000 0 0
ISHARES INC MSCI STH AFRCA 464286780 737 10,959 SH   DFND 1 2 3 10,959 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 7,413 337,249 SH   SOLE   337,249 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 5,545 252,238 SH   DFND 1 2 3 252,238 0 0
JA SOLAR HOLDINGS CO LTD SPON ADR 466090107 366 7,841 SH   DFND 1 2 3 7,841 0 0
JA SOLAR HOLDINGS CO LTD SPON ADR 466090107 256 5,490 SH   SOLE   5,490 0 0
JOHNSON CTLS INC COM 478366107 41,632 1,364,999 SH   DFND 1 2 3 1,364,999 0 0
LAN AIRLINES S A SPONSORED ADR 501723100 1,182 40,156 SH   DFND 1 2 3 40,156 0 0
LAN AIRLINES S A SPONSORED ADR 501723100 1,421 48,276 SH   SOLE   48,276 0 0
MARKET VECTORS ETF TR AGRIBUS ETF 57060U605 8,693 189,600 SH   DFND   189,600 0 0
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 515 9,200 SH   SOLE   9,200 0 0
MCDONALDS CORP COM 580135101 162 2,177 SH   SOLE   2,177 0 0
MCDONALDS CORP COM 580135101 112 1,507 SH   DFND 1 2 3 1,507 0 0
MECHEL OAO SPON ADR PFD 583840509 3,086 375,000 SH   DFND 1 2 3 375,000 0 0
MECHEL OAO SPONSORED ADR 583840103 13,890 557,832 SH   DFND 1 2 3 557,832 0 0
MECHEL OAO SPONSORED ADR 583840103 38,485 1,545,586 SH   SOLE   1,545,586 0 0
MOBILE TELESYSTEMS OJSC SPONSORED ADR 607409109 21,257 1,001,271 SH   SOLE   1,001,271 0 0
MOBILE TELESYSTEMS OJSC SPONSORED ADR 607409109 7,029 331,096 SH   DFND 1 2 3 331,096 0 0
NET SERVICOS DE COMUNICACAO SPONSD ADR NEW 64109T201 809 62,068 SH   DFND 1 2 3 62,068 0 0
NET SERVICOS DE COMUNICACAO SPONSD ADR NEW 64109T201 991 76,068 SH   SOLE   76,068 0 0
NEW ORIENTAL ED & TECH GRP I SPON ADR 647581107 25,854 1,059,807 SH   DFND 1 2 3 1,059,807 0 0
NEW ORIENTAL ED & TECH GRP I SPON ADR 647581107 9,899 405,789 SH   DFND 1 405,789 0 0
NEXTERA ENERGY INC COM 65339F101 490 9,000 SH   SOLE   9,000 0 0
PETROCHINA CO LTD SPONSORED ADR 71646E100 535 4,592 SH   SOLE   4,592 0 0
PETROCHINA CO LTD SPONSORED ADR 71646E100 54 462 SH   DFND 1 2 3 462 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 4,047 123,319 SH   DFND 1 2 3 123,319 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 6,550 199,559 SH   SOLE   199,559 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 4,704 129,701 SH   DFND 1 2 3 129,701 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 6,405 176,591 SH   SOLE   176,591 0 0
PROCTER & GAMBLE CO COM 742718109 13,581 226,470 SH   DFND 1 2 3 226,470 0 0
RYDEX ETF TRUST S&P 500 EQ TRD 78355W106 311 7,348 SH   DFND 1 2 3 7,348 0 0
SINA CORP ORD G81477104 202 4,000 SH   DFND 1 2 3 4,000 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 23,218 481,300 SH   DFND   481,300 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 1,226 25,410 SH   DFND 1 2 3 25,410 0 0
SPDR DOW JONES INDL AVRG ETF UT SER 1 78467X109 377 3,498 SH   DFND 1 2 3 3,498 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 369 2,885 SH   SOLE   2,885 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 339 2,968 SH   DFND 1 2 3 2,968 0 0
STERLITE INDS INDIA LTD ADS 859737207 223 14,884 SH   SOLE   14,884 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 124 12,214 SH   SOLE   12,214 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 93 9,216 SH   DFND 1 2 3 9,216 0 0
TATA MTRS LTD SPONSORED ADR 876568502 319 12,493 SH   SOLE   12,493 0 0
TATA MTRS LTD SPONSORED ADR 876568502 46 1,787 SH   DFND 1 2 3 1,787 0 0
TELE NORTE LESTE PART S A SPON ADR PFD 879246106 256 18,200 SH   SOLE   18,200 0 0
TELECOMUNICACOES DE SAO PAUL SPON ADR PFD 87929A102 316 12,932 SH   SOLE   12,932 0 0
TELECOMUNICACOES DE SAO PAUL SPON ADR PFD 87929A102 122 5,000 SH   DFND 1 2 3 5,000 0 0
TERNIUM SA SPON ADR 880890108 1,041 31,897 SH   DFND   31,897 0 0
ULTRAPAR PARTICIPACOES S A SP ADR REP PFD 90400P101 358 23,383 SH   DFND 1 2 3 23,383 0 0
ULTRAPAR PARTICIPACOES S A SP ADR REP PFD 90400P101 442 28,892 SH   SOLE   28,892 0 0
UNITED STATES NATL GAS FUND UNIT 912318102 419 8,500 SH   SOLE   8,500 0 0
VALE S A ADR 91912E105 18,937 605,600 SH   DFND   605,600 0 0
VALE S A ADR 91912E105 5,166 165,222 SH   DFND 1 2 3 165,222 0 0
VALE S A ADR REPSTG PFD 91912E204 8,150 293,711 SH   SOLE   293,711 0 0
VALE S A ADR REPSTG PFD 91912E204 5,926 213,541 SH   DFND 1 2 3 213,541 0 0
VISA INC COM CL A 92826C839 378 5,090 SH   DFND 1 5,090 0 0
WAL MART STORES INC COM 931142103 13,757 257,053 SH   DFND 1 2 3 257,053 0 0
WIMM BILL DANN FOODS OJSC SPONSORED ADR 97263M109 538 23,786 SH   SOLE   23,786 0 0
WIPRO LTD SPON ADR 1 SH 97651M109 90 6,964 SH   DFND 1 2 3 6,964 0 0
WIPRO LTD SPON ADR 1 SH 97651M109 409 31,708 SH   SOLE   31,708 0 0
YUM BRANDS INC COM 988498101 32,902 714,324 SH   DFND 1 2 3 714,324 0 0