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
AIRMEDIA GROUP INC SPONSORED ADR 009411109 120 38,100 SH   DFND 1 38,100 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 59 2,500 SH   DFND   2,500 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 1,272 53,568 SH   DFND 1 2 3 53,568 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 1,598 67,268 SH   SOLE   67,268 0 0
APPLE INC COM 037833100 104 415 SH   DFND 1 2 3 415 0 0
APPLE INC COM 037833100 815 3,239 SH   SOLE   3,239 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 570 22,070 SH   SOLE   22,070 0 0
AVON PRODS INC COM 054303102 30,092 1,135,535 SH   DFND 1 2 3 1,135,535 0 0
BAIDU INC SPON ADR REP A 056752108 227,841 3,346,660 SH   DFND 1 2 3 3,346,660 0 0
BAIDU INC SPON ADR REP A 056752108 120,615 1,771,670 SH   DFND 1 1,771,670 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 3,376 257,533 SH   SOLE   257,533 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 2,317 176,737 SH   DFND 1 2 3 176,737 0 0
BANCO SANTANDER BRASIL S A ADS REP 1 UNIT 05967A107 1,595 154,377 SH   DFND 1 2 3 154,377 0 0
BANCO SANTANDER BRASIL S A ADS REP 1 UNIT 05967A107 1,985 192,177 SH   SOLE   192,177 0 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 328 12,691 SH   DFND 1 2 3 12,691 0 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 400 15,491 SH   SOLE   15,491 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 1,067 21,291 SH   DFND 1 2 3 21,291 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 1,208 24,091 SH   SOLE   24,091 0 0
BANK OF AMERICA CORPORATION COM 060505104 78 5,421 SH   DFND 1 2 3 5,421 0 0
BANK OF AMERICA CORPORATION COM 060505104 116 8,057 SH   SOLE   8,057 0 0
BLDRS INDEX FDS TR EMER MK 50 ADR 09348R300 201 5,153 SH   DFND 1 2 3 5,153 0 0
BRF-BRASIL FOODS S A SPONSORED ADR 10552T107 2,633 198,589 SH   DFND 1 2 3 198,589 0 0
BRF-BRASIL FOODS S A SPONSORED ADR 10552T107 3,423 258,113 SH   SOLE   258,113 0 0
BUNGE LIMITED COM G16962105 425 8,650 SH   SOLE   8,650 0 0
CATERPILLAR INC DEL COM 149123101 90 1,504 SH   DFND 1 2 3 1,504 0 0
CATERPILLAR INC DEL COM 149123101 156 2,605 SH   SOLE   2,605 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 816 94,928 SH   SOLE   94,928 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 696 80,928 SH   DFND 1 2 3 80,928 0 0
CENTRAIS ELETRICAS BRASILEIR SPON ADR PFD B 15234Q108 656 41,412 SH   DFND 1 2 3 41,412 0 0
CENTRAIS ELETRICAS BRASILEIR SPON ADR PFD B 15234Q108 874 55,212 SH   SOLE   55,212 0 0
CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 1,141 85,412 SH   SOLE   85,412 0 0
CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 836 62,612 SH   DFND 1 2 3 62,612 0 0
CHINA LIFE INS CO LTD SPON ADR REP H 16939P106 53 806 SH   DFND 1 2 3 806 0 0
CHINA LIFE INS CO LTD SPON ADR REP H 16939P106 496 7,607 SH   SOLE   7,607 0 0
CHINA MOBILE LIMITED SPONSORED ADR 16941M109 45 910 SH   DFND 1 2 3 910 0 0
CHINA MOBILE LIMITED SPONSORED ADR 16941M109 934 18,906 SH   SOLE   18,906 0 0
CHINA PETE & CHEM CORP SPON ADR H SHS 16941R108 303 4,885 SH   SOLE   4,885 0 0
CHINA PETE & CHEM CORP SPON ADR H SHS 16941R108 16 256 SH   DFND 1 2 3 256 0 0
CHINA UNICOM (HONG KONG) LTD SPONSORED ADR 16945R104 29 2,183 SH   DFND 1 2 3 2,183 0 0
CHINA UNICOM (HONG KONG) LTD SPONSORED ADR 16945R104 339 25,525 SH   SOLE   25,525 0 0
CITIGROUP INC COM 172967101 355 9,440 SH   DFND 1 2 3 9,440 0 0
CLAYMORE EXCHANGE TRADED FD BNY BRI&C PTF 18383M100 203 5,367 SH   DFND 1 2 3 5,367 0 0
CNOOC LTD SPONSORED ADR 126132109 799 4,697 SH   SOLE   4,697 0 0
CNOOC LTD SPONSORED ADR 126132109 56 328 SH   DFND 1 2 3 328 0 0
COACH INC COM 189754104 46,050 1,259,916 SH   DFND 1 2 3 1,259,916 0 0
COGNIZANT TECHNOLOGY SOLUTIO CL A 192446102 8,389 167,571 SH   DFND 1 167,571 0 0
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 660 18,981 SH   DFND 1 2 3 18,981 0 0
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 836 24,051 SH   SOLE   24,051 0 0
COMPANHIA DE BEBIDAS DAS AME SPON ADR PFD 20441W203 580 28,707 SH   DFND 1 2 3 28,707 0 0
COMPANHIA DE BEBIDAS DAS AME SPON ADR PFD 20441W203 806 39,874 SH   SOLE   39,874 0 0
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 1,158 111,371 SH   SOLE   111,371 0 0
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 874 84,039 SH   DFND 1 2 3 84,039 0 0
COMPANHIA SIDERURGICA NACION SPONSORED ADR 20440W105 2,284 155,473 SH   DFND 1 2 3 155,473 0 0
COMPANHIA SIDERURGICA NACION SPONSORED ADR 20440W105 3,136 213,467 SH   SOLE   213,467 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 1,894 49,275 SH   DFND 1 2 3 49,275 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 2,109 54,875 SH   SOLE   54,875 0 0
COSAN LTD SHS A G25343107 2,526 270,500 SH   DFND   270,500 0 0
CREDICORP LTD COM G2519Y108 282 3,100 SH   DFND   3,100 0 0
CTRIP COM INTL LTD AMERICAN DEP SHS 22943F100 136,436 3,632,490 SH   DFND 1 3,632,490 0 0
CTRIP COM INTL LTD AMERICAN DEP SHS 22943F100 119,888 3,191,894 SH   DFND 1 2 3 3,191,894 0 0
ECOPETROL S A SPONSORED ADS 279158109 1,781 62,135 SH   SOLE   62,135 0 0
ECOPETROL S A SPONSORED ADS 279158109 1,409 49,135 SH   DFND 1 2 3 49,135 0 0
ECOPETROL S A SPONSORED ADS 279158109 132 4,600 SH   DFND   4,600 0 0
EMBRAER-EMPRESA BRASILEIRA D SP ADR COM SHS 29081M102 750 35,816 SH   SOLE   35,816 0 0
EMBRAER-EMPRESA BRASILEIRA D SP ADR COM SHS 29081M102 552 26,369 SH   DFND 1 2 3 26,369 0 0
EMPRESA NACIONAL DE ELCTRCID SPONSORED ADR 29244T101 1,541 33,368 SH   SOLE   33,368 0 0
EMPRESA NACIONAL DE ELCTRCID SPONSORED ADR 29244T101 1,282 27,768 SH   DFND 1 2 3 27,768 0 0
EMPRESAS ICA S A DE CV SPONS ADR NEW 292448206 1,006 107,200 SH   DFND   107,200 0 0
ENERSIS S A SPONSORED ADR 29274F104 1,296 65,314 SH   DFND 1 2 3 65,314 0 0
ENERSIS S A SPONSORED ADR 29274F104 1,519 76,514 SH   SOLE   76,514 0 0
FIBRIA CELULOSE S A SP ADR REP COM 31573A109 40 2,709 SH   DFND 1 2 3 2,709 0 0
FIBRIA CELULOSE S A SP ADR REP COM 31573A109 290 19,603 SH   SOLE   19,603 0 0
FIRST SOLAR INC COM 336433107 28 247 SH   DFND 1 2 3 247 0 0
FIRST SOLAR INC COM 336433107 597 5,247 SH   SOLE   5,247 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 1,656 38,376 SH   DFND 1 2 3 38,376 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 2,018 46,776 SH   SOLE   46,776 0 0
GAFISA S A SPONS ADR 362607301 33 2,709 SH   DFND 1 2 3 2,709 0 0
GAFISA S A SPONS ADR 362607301 211 17,447 SH   SOLE   17,447 0 0
GERDAU S A SPONSORED ADR 373737105 4,417 335,097 SH   DFND 1 2 3 335,097 0 0
GERDAU S A SPONSORED ADR 373737105 5,164 391,811 SH   SOLE   391,811 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 205 36,000 SH   DFND   36,000 0 0
GRUPO TELEVISA SA DE CV SP ADR REP ORD 40049J206 363 20,822 SH   DFND 1 2 3 20,822 0 0
GRUPO TELEVISA SA DE CV SP ADR REP ORD 40049J206 655 37,622 SH   SOLE   37,622 0 0
ICICI BK LTD ADR 45104G104 586 16,221 SH   SOLE   16,221 0 0
ICICI BK LTD ADR 45104G104 58 1,614 SH   DFND 1 2 3 1,614 0 0
INFOSYS TECHNOLOGIES LTD SPONSORED ADR 456788108 129 2,159 SH   DFND 1 2 3 2,159 0 0
INFOSYS TECHNOLOGIES LTD SPONSORED ADR 456788108 969 16,174 SH   SOLE   16,174 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 124 1,005 SH   SOLE   1,005 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 85 690 SH   DFND 1 2 3 690 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 313 30,000 SH   DFND   30,000 0 0
ISHARES COMEX GOLD TR ISHARES 464285105 252 20,680 SH   SOLE   20,680 0 0
ISHARES INC MSCI STH AFRCA 464286780 767 14,559 SH   DFND 1 2 3 14,559 0 0
ISHARES TR INDEX FTSE XNHUA IDX 464287184 4,109 105,000 SH   SOLE   105,000 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 4,068 248,453 SH   DFND 1 2 3 248,453 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 5,538 338,274 SH   SOLE   338,274 0 0
JOHNSON CTLS INC COM 478366107 32,163 1,196,990 SH   DFND 1 2 3 1,196,990 0 0
LAN AIRLINES S A SPONSORED ADR 501723100 899 48,556 SH   SOLE   48,556 0 0
LAN AIRLINES S A SPONSORED ADR 501723100 743 40,156 SH   DFND 1 2 3 40,156 0 0
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 478 9,200 SH   SOLE   9,200 0 0
MARKET VECTORS ETF TR RUSSIA ETF 57060U506 1,977 70,488 SH   SOLE   70,488 0 0
MARKET VECTORS ETF TR RUSSIA ETF 57060U506 14 488 SH   DFND 1 2 3 488 0 0
MCDONALDS CORP COM 580135101 99 1,507 SH   DFND 1 2 3 1,507 0 0
MCDONALDS CORP COM 580135101 149 2,259 SH   SOLE   2,259 0 0
MECHEL OAO SPON ADR PFD 583840509 2,599 375,000 SH   DFND 1 2 3 375,000 0 0
MECHEL OAO SPONSORED ADR 583840103 7,522 414,647 SH   DFND 1 2 3 414,647 0 0
MECHEL OAO SPONSORED ADR 583840103 25,621 1,412,401 SH   SOLE   1,412,401 0 0
MICRON TECHNOLOGY INC COM 595112103 1,019 120,000 SH   SOLE   120,000 0 0
MOBILE TELESYSTEMS OJSC SPONSORED ADR 607409109 23,764 1,240,313 SH   SOLE   1,240,313 0 0
MOBILE TELESYSTEMS OJSC SPONSORED ADR 607409109 6,750 352,287 SH   DFND 1 2 3 352,287 0 0
NET SERVICOS DE COMUNICACAO SPONSD ADR NEW 64109T201 750 79,853 SH   SOLE   79,853 0 0
NET SERVICOS DE COMUNICACAO SPONSD ADR NEW 64109T201 583 62,068 SH   DFND 1 2 3 62,068 0 0
NEW ORIENTAL ED & TECH GRP I SPON ADR 647581107 8,494 364,600 SH   DFND 1 364,600 0 0
NEW ORIENTAL ED & TECH GRP I SPON ADR 647581107 23,913 1,026,404 SH   DFND 1 2 3 1,026,404 0 0
NEXTERA ENERGY INC COM 65339F101 585 12,000 SH   SOLE   12,000 0 0
NIKE INC CL B 654106103 3,058 90,537 SH   DFND 1 2 3 90,537 0 0
PETROCHINA CO LTD SPONSORED ADR 71646E100 78 707 SH   DFND 1 2 3 707 0 0
PETROCHINA CO LTD SPONSORED ADR 71646E100 546 4,977 SH   SOLE   4,977 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 3,675 123,319 SH   DFND 1 2 3 123,319 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 5,984 200,819 SH   SOLE   200,819 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 6,119 178,299 SH   SOLE   178,299 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 4,479 130,499 SH   DFND 1 2 3 130,499 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 2,050 48,000 SH   SOLE   48,000 0 0
PROCTER & GAMBLE CO COM 742718109 38,065 634,630 SH   DFND 1 2 3 634,630 0 0
PROSHARES TR II ULT DJ UBS CRUDE 74347W502 16,582 435,000 SH   SOLE   435,000 0 0
PROSHARES TR II ULTRASHORT YEN 74347W858 1,696 30,000 SH   SOLE   30,000 0 0
RYDEX ETF TRUST S&P 500 EQ TRD 78355W106 379 10,015 SH   DFND 1 2 3 10,015 0 0
SANDISK CORP COM 80004C101 1,409 33,500 SH   SOLE   33,500 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 1,391 28,000 SH   SOLE   28,000 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 2,030 74,000 SH   SOLE   74,000 0 0
SHANDA GAMES LTD SP ADR REPTG A 81941U105 275 47,400 SH   DFND 1 47,400 0 0
SINA CORP ORD G81477104 2,733 77,500 SH   DFND 1 77,500 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 731 22,410 SH   DFND 1 2 3 22,410 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 15,353 470,800 SH   DFND   470,800 0 0
SPDR DOW JONES INDL AVRG ETF UT SER 1 78467X109 383 3,920 SH   DFND 1 2 3 3,920 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 1,854 15,235 SH   SOLE   15,235 0 0
SPDR S&P 500 ETF TR UNIT SER 1 S&P 78462F103 413 3,997 SH   DFND 1 2 3 3,997 0 0
STERLITE INDS INDIA LTD ADS 859737207 214 15,024 SH   SOLE   15,024 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 119 12,214 SH   SOLE   12,214 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 90 9,216 SH   DFND 1 2 3 9,216 0 0
TATA MTRS LTD SPONSORED ADR 876568502 185 10,776 SH   SOLE   10,776 0 0
TELE NORTE LESTE PART S A SPON ADR PFD 879246106 591 39,519 SH   SOLE   39,519 0 0
TELE NORTE LESTE PART S A SPON ADR PFD 879246106 308 20,619 SH   DFND 1 2 3 20,619 0 0
TELECOMUNICACOES DE SAO PAUL SPON ADR PFD 87929A102 987 48,494 SH   SOLE   48,494 0 0
TELECOMUNICACOES DE SAO PAUL SPON ADR PFD 87929A102 723 35,492 SH   DFND 1 2 3 35,492 0 0
TELEFONOS DE MEXICO S A B SPON ADR ORD L 879403780 38 2,709 SH   DFND 1 2 3 2,709 0 0
TELEFONOS DE MEXICO S A B SPON ADR ORD L 879403780 157 11,109 SH   SOLE   11,109 0 0
TERNIUM SA SPON ADR 880890108 576 17,500 SH   DFND   17,500 0 0
ULTRAPAR PARTICIPACOES S A SP ADR REP PFD 90400P101 342 28,892 SH   SOLE   28,892 0 0
ULTRAPAR PARTICIPACOES S A SP ADR REP PFD 90400P101 276 23,383 SH   DFND 1 2 3 23,383 0 0
UNITED MICROELECTRONICS CORP SPON ADR NEW 910873405 19 6,589 SH   SOLE   6,589 0 0
UNITED MICROELECTRONICS CORP SPON ADR NEW 910873405 14 4,709 SH   DFND 1 2 3 4,709 0 0
UNITED STATES NATL GAS FUND UNIT 912318102 310 5,000 SH   SOLE   5,000 0 0
UNITED STATES OIL FUND LP UNITS 91232N108 5,277 155,400 SH   SOLE   155,400 0 0
VALE S A ADR 91912E105 14,746 605,600 SH   DFND   605,600 0 0
VALE S A ADR 91912E105 20,504 842,054 SH   SOLE   842,054 0 0
VALE S A ADR 91912E105 4,058 166,654 SH   DFND 1 2 3 166,654 0 0
VALE S A ADR REPSTG PFD 91912E204 6,187 294,341 SH   SOLE   294,341 0 0
VALE S A ADR REPSTG PFD 91912E204 3,675 174,841 SH   DFND 1 2 3 174,841 0 0
VIMPELCOM LTD SPONSORED ADR 92719A106 5,616 347,091 SH   DFND 1 2 3 347,091 0 0
VISA INC COM CL A 92826C839 637 9,001 SH   SOLE   9,001 0 0
VISA INC COM CL A 92826C839 596 8,418 SH   DFND 1 8,418 0 0
WAL MART STORES INC COM 931142103 40,605 844,702 SH   DFND 1 2 3 844,702 0 0
WIMM BILL DANN FOODS OJSC SPONSORED ADR 97263M109 1,048 58,896 SH   DFND 1 2 3 58,896 0 0
WIMM BILL DANN FOODS OJSC SPONSORED ADR 97263M109 1,722 96,752 SH   SOLE   96,752 0 0
WIPRO LTD SPON ADR 1 SH 97651M109 64 6,019 SH   DFND 1 2 3 6,019 0 0
WIPRO LTD SPON ADR 1 SH 97651M109 331 30,973 SH   SOLE   30,973 0 0
YUM BRANDS INC COM 988498101 26,902 689,076 SH   DFND 1 2 3 689,076 0 0