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 238 38,100 SH   DFND 1 38,100 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 35 1,385 SH   DFND 1 2 3 1,385 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 226 8,985 SH   SOLE   8,985 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 664 22,970 SH   SOLE   22,970 0 0
AVON PRODS INC COM 054303102 53,636 1,583,581 SH   DFND 1 2 3 1,583,581 0 0
BAIDU INC SPON ADR REP A 056752108 13,024 218,150 SH   DFND 1 218,150 0 0
BAIDU INC SPON ADR REP A 056752108 20,308 340,171 SH   DFND 1 2 3 340,171 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 4,493 294,973 SH   SOLE   294,973 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 3,066 201,277 SH   DFND 1 2 3 201,277 0 0
BANCO SANTANDER BRASIL S A ADS REP 1 UNIT 05967A107 641 51,600 SH   SOLE   51,600 0 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 372 14,152 SH   DFND 1 2 3 14,152 0 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 471 17,952 SH   SOLE   17,952 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 1,291 28,277 SH   SOLE   28,277 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 1,118 24,477 SH   DFND 1 2 3 24,477 0 0
BANK OF AMERICA CORPORATION COM 060505104 146 8,154 SH   SOLE   8,154 0 0
BANK OF AMERICA CORPORATION COM 060505104 98 5,518 SH   DFND 1 2 3 5,518 0 0
BLDRS INDEX FDS TR EMER MK 50 ADR 09348R300 220 5,005 SH   DFND 1 2 3 5,005 0 0
BRF-BRASIL FOODS S A SPONSORED ADR 10552T107 640 46,614 SH   DFND 1 2 3 46,614 0 0
BRF-BRASIL FOODS S A SPONSORED ADR 10552T107 877 63,820 SH   SOLE   63,820 0 0
BUNGE LIMITED COM G16962105 410 6,650 SH   SOLE   6,650 0 0
CATERPILLAR INC DEL COM 149123101 101 1,601 SH   DFND 1 2 3 1,601 0 0
CATERPILLAR INC DEL COM 149123101 170 2,702 SH   SOLE   2,702 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 166 19,000 SH   SOLE   19,000 0 0
CENTRAIS ELETRICAS BRASILEIR SPON ADR PFD B 15234Q108 841 46,467 SH   DFND 1 2 3 46,467 0 0
CENTRAIS ELETRICAS BRASILEIR SPON ADR PFD B 15234Q108 1,149 63,467 SH   SOLE   63,467 0 0
CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 1,058 70,515 SH   DFND 1 2 3 70,515 0 0
CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 1,464 97,615 SH   SOLE   97,615 0 0
CHECK POINT SOFTWARE TECH LT ORD M22465104 267 7,600 SH   DFND 1 2 3 7,600 0 0
CHINA LIFE INS CO LTD SPON ADR REP H 16939P106 577 8,007 SH   SOLE   8,007 0 0
CHINA LIFE INS CO LTD SPON ADR REP H 16939P106 58 806 SH   DFND 1 2 3 806 0 0
CHINA MOBILE LIMITED SPONSORED ADR 16941M109 37 775 SH   DFND 1 2 3 775 0 0
CHINA MOBILE LIMITED SPONSORED ADR 16941M109 961 19,971 SH   SOLE   19,971 0 0
CHINA PETE & CHEM CORP SPON ADR H SHS 16941R108 16 256 SH   DFND 1 2 3 256 0 0
CHINA PETE & CHEM CORP SPON ADR H SHS 16941R108 322 5,085 SH   SOLE   5,085 0 0
CHINA TELECOM CORP LTD SPON ADR H SHS 169426103 10 211 SH   DFND 1 2 3 211 0 0
CHINA TELECOM CORP LTD SPON ADR H SHS 169426103 197 4,017 SH   SOLE   4,017 0 0
CHINA UNICOM (HONG KONG) LTD SPONSORED ADR 16945R104 24 2,183 SH   DFND 1 2 3 2,183 0 0
CHINA UNICOM (HONG KONG) LTD SPONSORED ADR 16945R104 289 25,925 SH   SOLE   25,925 0 0
CITIGROUP INC COM 172967101 292 7,202 SH   DFND 1 2 3 7,202 0 0
CNOOC LTD SPONSORED ADR 126132109 683 4,136 SH   SOLE   4,136 0 0
CNOOC LTD SPONSORED ADR 126132109 44 267 SH   DFND 1 2 3 267 0 0
COACH INC COM 189754104 33,022 835,587 SH   DFND 1 2 3 835,587 0 0
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 937 27,873 SH   SOLE   27,873 0 0
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 730 21,703 SH   DFND 1 2 3 21,703 0 0
COMPANHIA DE BEBIDAS DAS AME SPON ADR PFD 20441W203 589 32,154 SH   DFND 1 2 3 32,154 0 0
COMPANHIA DE BEBIDAS DAS AME SPON ADR PFD 20441W203 834 45,521 SH   SOLE   45,521 0 0
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 127 20,738 SH   SOLE   20,738 0 0
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 117 19,034 SH   DFND 1 2 3 19,034 0 0
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 979 91,266 SH   DFND 1 2 3 91,266 0 0
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 1,315 122,623 SH   SOLE   122,623 0 0
COMPANHIA PARANAENSE ENERG C SPON ADR PFD 20441B407 752 36,710 SH   DFND 1 2 3 36,710 0 0
COMPANHIA PARANAENSE ENERG C SPON ADR PFD 20441B407 830 40,542 SH   SOLE   40,542 0 0
COMPANHIA SIDERURGICA NACION SPONSORED ADR 20440W105 1,783 89,286 SH   DFND 1 2 3 89,286 0 0
COMPANHIA SIDERURGICA NACION SPONSORED ADR 20440W105 2,475 123,983 SH   SOLE   123,983 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 1,763 56,936 SH   DFND 1 2 3 56,936 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 1,999 64,536 SH   SOLE   64,536 0 0
COSAN LTD SHS A G25343107 2,551 270,500 SH   DFND   270,500 0 0
CPFL ENERGIA S A SPONSORED ADR 126153105 315 15,498 SH   SOLE   15,498 0 0
CPFL ENERGIA S A SPONSORED ADR 126153105 272 13,411 SH   DFND 1 2 3 13,411 0 0
CTRIP COM INTL LTD AMERICAN DEP SHS 22943F100 50,933 1,299,306 SH   DFND 1 1,299,306 0 0
CTRIP COM INTL LTD AMERICAN DEP SHS 22943F100 112,402 2,867,405 SH   DFND 1 2 3 2,867,405 0 0
ECOPETROL S A SPONSORED ADS 279158109 130 4,600 SH   DFND   4,600 0 0
ECOPETROL S A SPONSORED ADS 279158109 1,577 55,667 SH   DFND 1 2 3 55,667 0 0
EMBRAER-EMPRESA BRASILEIRA D SP ADR COM SHS 29081M102 707 29,489 SH   DFND 1 2 3 29,489 0 0
EMBRAER-EMPRESA BRASILEIRA D SP ADR COM SHS 29081M102 986 41,136 SH   SOLE   41,136 0 0
EMPRESA NACIONAL DE ELCTRCID SPONSORED ADR 29244T101 1,801 38,322 SH   SOLE   38,322 0 0
EMPRESA NACIONAL DE ELCTRCID SPONSORED ADR 29244T101 1,444 30,722 SH   DFND 1 2 3 30,722 0 0
EMPRESAS ICA S A DE CV SPONS ADR NEW 292448206 240 23,600 SH   DFND   23,600 0 0
ENERSIS S A SPONSORED ADR 29274F104 1,757 88,189 SH   SOLE   88,189 0 0
ENERSIS S A SPONSORED ADR 29274F104 1,454 72,989 SH   DFND 1 2 3 72,989 0 0
FIBRIA CELULOSE S A SP ADR REP COM 31573A109 444 20,294 SH   SOLE   20,294 0 0
FIRST SOLAR INC COM 336433107 30 247 SH   DFND 1 2 3 247 0 0
FIRST SOLAR INC COM 336433107 644 5,247 SH   SOLE   5,247 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 435 9,145 SH   DFND 1 2 3 9,145 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 977 20,545 SH   SOLE   20,545 0 0
FPL GROUP INC COM 302571104 580 12,000 SH   SOLE   12,000 0 0
GAFISA S A SPONS ADR 362607301 237 17,238 SH   SOLE   17,238 0 0
GERDAU S A SPONSORED ADR 373737105 6,437 394,918 SH   DFND 1 2 3 394,918 0 0
GERDAU S A SPONSORED ADR 373737105 7,399 453,932 SH   SOLE   453,932 0 0
GRUPO TELEVISA SA DE CV SP ADR REP ORD 40049J206 807 38,415 SH   SOLE   38,415 0 0
GRUPO TELEVISA SA DE CV SP ADR REP ORD 40049J206 408 19,415 SH   DFND 1 2 3 19,415 0 0
ICICI BK LTD ADR 45104G104 710 16,621 SH   SOLE   16,621 0 0
ICICI BK LTD ADR 45104G104 69 1,614 SH   DFND 1 2 3 1,614 0 0
INFOSYS TECHNOLOGIES LTD SPONSORED ADR 456788108 127 2,159 SH   DFND 1 2 3 2,159 0 0
INFOSYS TECHNOLOGIES LTD SPONSORED ADR 456788108 975 16,574 SH   SOLE   16,574 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 250 1,948 SH   SOLE   1,948 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 209 1,633 SH   DFND 1 2 3 1,633 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 130 12,000 SH   DFND   12,000 0 0
ISHARES INC MSCI STH AFRCA 464286780 880 14,559 SH   DFND 1 2 3 14,559 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 7,813 390,820 SH   SOLE   390,820 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 5,643 282,299 SH   DFND 1 2 3 282,299 0 0
JOHNSON & JOHNSON COM 478160104 98 1,504 SH   DFND 1 2 3 1,504 0 0
JOHNSON & JOHNSON COM 478160104 142 2,175 SH   SOLE   2,175 0 0
JOHNSON CTLS INC COM 478366107 52,897 1,603,440 SH   DFND 1 2 3 1,603,440 0 0
JPMORGAN CHASE & CO COM 46625H100 189 4,221 SH   SOLE   4,221 0 0
JPMORGAN CHASE & CO COM 46625H100 145 3,236 SH   DFND 1 2 3 3,236 0 0
LAN AIRLINES S A SPONSORED ADR 501723100 851 48,211 SH   DFND 1 2 3 48,211 0 0
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 409 9,200 SH   SOLE   9,200 0 0
MCDONALDS CORP COM 580135101 107 1,605 SH   DFND 1 2 3 1,605 0 0
MCDONALDS CORP COM 580135101 157 2,357 SH   SOLE   2,357 0 0
MECHEL OAO SPONSORED ADR 583840103 5,371 188,979 SH   DFND 1 2 3 188,979 0 0
MECHEL OAO SPONSORED ADR 583840103 28,667 1,008,703 SH   SOLE   1,008,703 0 0
MINDRAY MEDICAL INTL LTD SPON ADR 602675100 43,082 1,182,923 SH   DFND 1 2 3 1,182,923 0 0
MOBILE TELESYSTEMS OJSC SPONSORED ADR 607409109 14,202 639,737 SH   SOLE   639,737 0 0
MOBILE TELESYSTEMS OJSC SPONSORED ADR 607409109 5,072 228,477 SH   DFND 1 2 3 228,477 0 0
NET SERVICOS DE COMUNICACAO SPONSD ADR NEW 64109T201 1,195 92,267 SH   SOLE   92,267 0 0
NET SERVICOS DE COMUNICACAO SPONSD ADR NEW 64109T201 909 70,182 SH   DFND 1 2 3 70,182 0 0
OPEN JT STK CO-VIMPEL COMMUN SPONSORED ADR 68370R109 7,014 380,990 SH   DFND 1 2 3 380,990 0 0
OPEN JT STK CO-VIMPEL COMMUN SPONSORED ADR 68370R109 8,022 435,747 SH   SOLE   435,747 0 0
PETROCHINA CO LTD SPONSORED ADR 71646E100 73 619 SH   DFND 1 2 3 619 0 0
PETROCHINA CO LTD SPONSORED ADR 71646E100 585 4,989 SH   SOLE   4,989 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 6,935 175,163 SH   DFND 1 2 3 175,163 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 10,577 267,163 SH   SOLE   267,163 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 9,187 206,445 SH   SOLE   206,445 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 6,561 147,445 SH   DFND 1 2 3 147,445 0 0
POTASH CORP SASK INC COM 73755L107 8,160 205,103 SH   DFND 1 2 3 205,103 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 3,756 78,000 SH   SOLE   78,000 0 0
PROCTER & GAMBLE CO COM 742718109 52,092 823,321 SH   DFND 1 2 3 823,321 0 0
RYDEX ETF TRUST S&P 500 EQ TRD 78355W106 347 8,153 SH   DFND 1 2 3 8,153 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 3,911 68,000 SH   SOLE   68,000 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 4,061 130,000 SH   SOLE   130,000 0 0
SHANDA GAMES LTD SP ADR REPTG A 81941U105 341 47,400 SH   DFND 1 47,400 0 0
SHANDA GAMES LTD SP ADR REPTG A 81941U105 351 48,800 SH   SOLE   48,800 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 965 25,821 SH   DFND 1 2 3 25,821 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 20,071 536,800 SH   DFND   536,800 0 0
SPDR DOW JONES INDL AVRG ETF UT SER 1 78467X109 372 3,422 SH   DFND 1 2 3 3,422 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 345 3,163 SH   SOLE   3,163 0 0
SPDR S&P 500 ETF TR UNIT SER 1 S&P 78462F103 381 3,255 SH   DFND 1 2 3 3,255 0 0
SPDR SERIES TRUST S&P METALS MNG 78464A755 3,181 56,000 SH   SOLE   56,000 0 0
STERLITE INDS INDIA LTD ADS 859737207 32 1,728 SH   DFND 1 2 3 1,728 0 0
STERLITE INDS INDIA LTD ADS 859737207 317 17,052 SH   SOLE   17,052 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 128 12,214 SH   SOLE   12,214 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 97 9,216 SH   DFND 1 2 3 9,216 0 0
TATA MTRS LTD SPONSORED ADR 876568502 204 11,076 SH   SOLE   11,076 0 0
TELE NORTE LESTE PART S A SPON ADR PFD 879246106 770 43,618 SH   SOLE   43,618 0 0
TELE NORTE LESTE PART S A SPON ADR PFD 879246106 361 20,418 SH   DFND 1 2 3 20,418 0 0
TELECOMUNICACOES DE SAO PAUL SPON ADR PFD 87929A102 1,410 64,782 SH   SOLE   64,782 0 0
TELECOMUNICACOES DE SAO PAUL SPON ADR PFD 87929A102 1,057 48,580 SH   DFND 1 2 3 48,580 0 0
TELEFONOS DE MEXICO S A B SPON ADR ORD L 879403780 178 11,400 SH   SOLE   11,400 0 0
TELMEX INTERNACIONAL SAB DE SPONS ADR SR L 879690105 293 15,200 SH   SOLE   15,200 0 0
TENARIS S A SPONSORED ADR 88031M109 34,407 801,280 SH   DFND   801,280 0 0
TERNIUM SA SPON ADR 880890108 2,215 53,975 SH   DFND   53,975 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 1,304 20,678 SH   DFND 1 2 3 20,678 0 0
ULTRAPAR PARTICIPACOES S A SP ADR REP PFD 90400P101 409 33,797 SH   SOLE   33,797 0 0
ULTRAPAR PARTICIPACOES S A SP ADR REP PFD 90400P101 327 26,988 SH   DFND 1 2 3 26,988 0 0
UNITED MICROELECTRONICS CORP SPON ADR NEW 910873405 18 4,709 SH   DFND 1 2 3 4,709 0 0
UNITED MICROELECTRONICS CORP SPON ADR NEW 910873405 25 6,589 SH   SOLE   6,589 0 0
UNITED STATES OIL FUND LP UNITS 91232N108 6,245 155,000 SH   SOLE   155,000 0 0
UNITED TECHNOLOGIES CORP COM 913017109 118 1,606 SH   DFND 1 2 3 1,606 0 0
UNITED TECHNOLOGIES CORP COM 913017109 161 2,181 SH   SOLE   2,181 0 0
VALE S A ADR 91912E105 6,053 188,052 SH   DFND 1 2 3 188,052 0 0
VALE S A ADR 91912E105 25,997 807,600 SH   DFND   807,600 0 0
VALE S A ADR REPSTG PFD 91912E204 5,260 189,469 SH   DFND 1 2 3 189,469 0 0
VALE S A ADR REPSTG PFD 91912E204 9,193 331,169 SH   SOLE   331,169 0 0
VANGUARD BD INDEX FD INC SHORT TRM BOND 921937827 8,000 100,000 SH   SOLE   100,000 0 0
VISA INC COM CL A 92826C839 766 8,418 SH   DFND 1 8,418 0 0
VISA INC COM CL A 92826C839 811 8,912 SH   SOLE   8,912 0 0
WAL MART STORES INC COM 931142103 60,813 1,093,759 SH   DFND 1 2 3 1,093,759 0 0
WIMM BILL DANN FOODS OJSC SPONSORED ADR 97263M109 1,320 58,896 SH   DFND 1 2 3 58,896 0 0
WIMM BILL DANN FOODS OJSC SPONSORED ADR 97263M109 2,180 97,252 SH   SOLE   97,252 0 0
WIPRO LTD SPON ADR 1 SH 97651M109 241 19,285 SH   SOLE   19,285 0 0
WIPRO LTD SPON ADR 1 SH 97651M109 45 3,612 SH   DFND 1 2 3 3,612 0 0