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
3M CO COM 88579Y101 223 2,696 SH   DFND 1 2 3 2,696 0 0
AIRMEDIA GROUP INC SPONSORED ADR 009411109 286 38,100 SH   DFND 1 38,100 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 33 1,385 SH   DFND 1 2 3 1,385 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 211 8,985 SH   SOLE   8,985 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 723 23,082 SH   SOLE   23,082 0 0
BAIDU INC SPON ADR REP A 056752108 6,970 169,501 SH   DFND 1 2 3 169,501 0 0
BAIDU INC SPON ADR REP A 056752108 4,819 117,180 SH   DFND 1 117,180 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 4,970 302,457 SH   SOLE   302,457 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 3,395 206,642 SH   DFND 1 2 3 206,642 0 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 495 19,836 SH   SOLE   19,836 0 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 400 16,036 SH   DFND 1 2 3 16,036 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 1,435 31,535 SH   SOLE   31,535 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 1,262 27,735 SH   DFND 1 2 3 27,735 0 0
BRF-BRASIL FOODS S A SPONSORED ADR 10552T107 691 52,777 SH   DFND 1 2 3 52,777 0 0
BRF-BRASIL FOODS S A SPONSORED ADR 10552T107 916 69,983 SH   SOLE   69,983 0 0
BUNGE LIMITED COM G16962105 424 6,650 SH   SOLE   6,650 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 15 1,471 SH   DFND 1 2 3 1,471 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 570 56,379 SH   DFND   56,379 0 0
CENTRAIS ELETRICAS BRASILEIR SPON ADR PFD B 15234Q108 985 52,653 SH   DFND 1 2 3 52,653 0 0
CENTRAIS ELETRICAS BRASILEIR SPON ADR PFD B 15234Q108 1,303 69,653 SH   SOLE   69,653 0 0
CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 1,681 79,690 SH   DFND 1 2 3 79,690 0 0
CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 2,149 101,890 SH   SOLE   101,890 0 0
CHECK POINT SOFTWARE TECH LT ORD M22465104 257 7,600 SH   DFND 1 2 3 7,600 0 0
CHINA LIFE INS CO LTD SPON ADR REP H 16939P106 59 806 SH   DFND 1 2 3 806 0 0
CHINA LIFE INS CO LTD SPON ADR REP H 16939P106 661 9,007 SH   SOLE   9,007 0 0
CHINA MOBILE LIMITED SPONSORED ADR 16941M109 960 20,671 SH   SOLE   20,671 0 0
CHINA MOBILE LIMITED SPONSORED ADR 16941M109 36 775 SH   DFND 1 2 3 775 0 0
CHINA PETE & CHEM CORP SPON ADR H SHS 16941R108 344 5,085 SH   SOLE   5,085 0 0
CHINA PETE & CHEM CORP SPON ADR H SHS 16941R108 17 256 SH   DFND 1 2 3 256 0 0
CHINA UNICOM (HONG KONG) LTD SPONSORED ADR 16945R104 349 26,625 SH   SOLE   26,625 0 0
CHINA UNICOM (HONG KONG) LTD SPONSORED ADR 16945R104 29 2,183 SH   DFND 1 2 3 2,183 0 0
CITIGROUP INC COM 172967101 184,266 5,566,952 SH   DFND 1 2 3 5,566,952 0 0
CNOOC LTD SPONSORED ADR 126132109 643 4,136 SH   SOLE   4,136 0 0
CNOOC LTD SPONSORED ADR 126132109 42 267 SH   DFND 1 2 3 267 0 0
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 924 24,592 SH   DFND 1 2 3 24,592 0 0
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 1,129 30,062 SH   SOLE   30,062 0 0
COMPANHIA DE BEBIDAS DAS AME SPON ADR PFD 20441W203 3,674 36,339 SH   DFND 1 2 3 36,339 0 0
COMPANHIA DE BEBIDAS DAS AME SPON ADR PFD 20441W203 5,035 49,806 SH   SOLE   49,806 0 0
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 141 21,567 SH   DFND 1 2 3 21,567 0 0
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 177 27,071 SH   SOLE   27,071 0 0
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 1,236 106,241 SH   DFND 1 2 3 106,241 0 0
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 1,624 139,498 SH   SOLE   139,498 0 0
COMPANHIA PARANAENSE ENERG C SPON ADR PFD 20441B407 1,137 53,029 SH   SOLE   53,029 0 0
COMPANHIA PARANAENSE ENERG C SPON ADR PFD 20441B407 892 41,597 SH   DFND 1 2 3 41,597 0 0
COMPANHIA SIDERURGICA NACION SPONSORED ADR 20440W105 2,143 134,246 SH   SOLE   134,246 0 0
COMPANHIA SIDERURGICA NACION SPONSORED ADR 20440W105 1,575 98,649 SH   DFND 1 2 3 98,649 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 2,546 76,079 SH   SOLE   76,079 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 2,158 64,479 SH   DFND 1 2 3 64,479 0 0
CPFL ENERGIA S A SPONSORED ADR 126153105 311 15,081 SH   DFND 1 2 3 15,081 0 0
CPFL ENERGIA S A SPONSORED ADR 126153105 354 17,168 SH   SOLE   17,168 0 0
CTRIP COM INTL LTD ADR 22943F100 26,985 751,042 SH   DFND 1 2 3 751,042 0 0
DIAMONDS TR UNIT SER 1 252787106 486 4,668 SH   DFND 1 2 3 4,668 0 0
ECOPETROL S A SPONSORED ADS 279158109 1,806 74,430 SH   SOLE   74,430 0 0
ECOPETROL S A SPONSORED ADS 279158109 1,529 63,030 SH   DFND 1 2 3 63,030 0 0
EMBRAER-EMPRESA BRASILEIRA D SP ADR COM SHS 29081M102 996 45,062 SH   SOLE   45,062 0 0
EMBRAER-EMPRESA BRASILEIRA D SP ADR COM SHS 29081M102 739 33,415 SH   DFND 1 2 3 33,415 0 0
EMPRESA NACIONAL DE ELCTRCID SPONSORED ADR 29244T101 1,735 34,515 SH   DFND 1 2 3 34,515 0 0
EMPRESA NACIONAL DE ELCTRCID SPONSORED ADR 29244T101 2,117 42,115 SH   SOLE   42,115 0 0
ENERSIS S A SPONSORED ADR 29274F104 2,214 97,182 SH   SOLE   97,182 0 0
ENERSIS S A SPONSORED ADR 29274F104 1,868 81,982 SH   DFND 1 2 3 81,982 0 0
FIBRIA CELULOSE S A SP ADR REP COM 31573A109 203 8,894 SH   SOLE   8,894 0 0
FIRST SOLAR INC COM 336433107 714 5,273 SH   SOLE   5,273 0 0
FIRST SOLAR INC COM 336433107 35 255 SH   DFND 1 2 3 255 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 1,058 22,102 SH   SOLE   22,102 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 512 10,702 SH   DFND 1 2 3 10,702 0 0
FPL GROUP INC COM 302571104 634 12,000 SH   SOLE   12,000 0 0
GENERAL ELECTRIC CO COM 369604103 5,992 396,032 SH   DFND 1 2 3 396,032 0 0
GERDAU S A SPONSORED ADR 373737105 7,654 449,433 SH   DFND 1 2 3 449,433 0 0
GERDAU S A SPONSORED ADR 373737105 8,863 520,447 SH   SOLE   520,447 0 0
GRUPO TELEVISA SA DE CV SP ADR REP ORD 40049J206 849 40,891 SH   SOLE   40,891 0 0
GRUPO TELEVISA SA DE CV SP ADR REP ORD 40049J206 454 21,891 SH   DFND 1 2 3 21,891 0 0
ICICI BK LTD ADR 45104G104 61 1,614 SH   DFND 1 2 3 1,614 0 0
ICICI BK LTD ADR 45104G104 634 16,821 SH   SOLE   16,821 0 0
INFOSYS TECHNOLOGIES LTD SPONSORED ADR 456788108 959 17,357 SH   SOLE   17,357 0 0
INFOSYS TECHNOLOGIES LTD SPONSORED ADR 456788108 107 1,942 SH   DFND 1 2 3 1,942 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 323 2,467 SH   DFND 1 2 3 2,467 0 0
ISHARES INC MSCI BRIC INDX 464286657 2,293 50,000 SH   SOLE   50,000 0 0
ISHARES INC MSCI STH AFRCA 464286780 815 14,559 SH   DFND 1 2 3 14,559 0 0
ISHARES TR INDEX S&P GBL INF 464287291 3,081 55,000 SH   SOLE   55,000 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 6,621 318,888 SH   DFND 1 2 3 318,888 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 8,951 431,109 SH   SOLE   431,109 0 0
JOHNSON & JOHNSON COM 478160104 211 3,283 SH   SOLE   3,283 0 0
JOHNSON & JOHNSON COM 478160104 171 2,653 SH   DFND 1 2 3 2,653 0 0
JPMORGAN CHASE & CO COM 46625H100 220 5,286 SH   DFND 1 2 3 5,286 0 0
LAN AIRLINES S A SPONSORED ADR 501723100 1,101 66,029 SH   SOLE   66,029 0 0
LAN AIRLINES S A SPONSORED ADR 501723100 911 54,629 SH   DFND 1 2 3 54,629 0 0
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 425 9,200 SH   SOLE   9,200 0 0
MECHEL OAO SPONSORED ADR 583840103 226 12,004 SH   DFND 1 2 3 12,004 0 0
MECHEL OAO SPONSORED ADR 583840103 1,409 74,848 SH   SOLE   74,848 0 0
MERCK & CO INC NEW COM 58933Y105 120 3,274 SH   SOLE   3,274 0 0
MERCK & CO INC NEW COM 58933Y105 86 2,356 SH   DFND 1 2 3 2,356 0 0
MINDRAY MEDICAL INTL LTD SPON ADR 602675100 31,574 930,846 SH   DFND 1 2 3 930,846 0 0
MOBILE TELESYSTEMS OJSC SPONSORED ADR 607409109 11,115 568,373 SH   DFND 1 2 3 568,373 0 0
NET SERVICOS DE COMUNICACAO SPONSD ADR NEW 64109T201 1,076 79,525 SH   DFND 1 2 3 79,525 0 0
NET SERVICOS DE COMUNICACAO SPONSD ADR NEW 64109T201 1,375 101,610 SH   SOLE   101,610 0 0
NETEASE COM INC SPONSORED ADR 64110W102 782 20,800 SH   DFND 1 20,800 0 0
NETEASE COM INC SPONSORED ADR 64110W102 1,303 34,646 SH   DFND 1 2 3 34,646 0 0
OPEN JT STK CO-VIMPEL COMMUN SPONSORED ADR 68370R109 10,493 564,453 SH   SOLE   564,453 0 0
OPEN JT STK CO-VIMPEL COMMUN SPONSORED ADR 68370R109 9,276 498,996 SH   DFND 1 2 3 498,996 0 0
PERFECT WORLD CO LTD SPON ADR REP B 71372U104 2,554 64,747 SH   DFND 1 2 3 64,747 0 0
PETROCHINA CO LTD SPONSORED ADR 71646E100 74 619 SH   DFND 1 2 3 619 0 0
PETROCHINA CO LTD SPONSORED ADR 71646E100 689 5,789 SH   SOLE   5,789 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 12,741 300,568 SH   SOLE   300,568 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 8,400 198,168 SH   DFND 1 2 3 198,168 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 7,909 165,869 SH   DFND 1 2 3 165,869 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 10,779 226,069 SH   SOLE   226,069 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 1,830 40,000 SH   SOLE   40,000 0 0
RYDEX ETF TRUST S&P 500 EQ TRD 78355W106 306 7,735 SH   DFND 1 2 3 7,735 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 2,337 41,000 SH   SOLE   41,000 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 1,390 50,000 SH   SOLE   50,000 0 0
SHANDA GAMES LTD SP ADR REPTG A 81941U105 483 47,400 SH   DFND 1 47,400 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 1,099 29,258 SH   DFND 1 2 3 29,258 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 451 12,000 SH   DFND   12,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 425 3,963 SH   SOLE   3,963 0 0
SPDR TR UNIT SER 1 78462F103 344 3,088 SH   DFND 1 2 3 3,088 0 0
STERLITE INDS INDIA LTD ADS 859737207 305 16,752 SH   SOLE   16,752 0 0
STERLITE INDS INDIA LTD ADS 859737207 31 1,728 SH   DFND 1 2 3 1,728 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 88 7,701 SH   DFND 1 2 3 7,701 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 122 10,699 SH   SOLE   10,699 0 0
TELE NORTE LESTE PART S A SPON ADR PFD 879246106 993 46,336 SH   SOLE   46,336 0 0
TELE NORTE LESTE PART S A SPON ADR PFD 879246106 496 23,136 SH   DFND 1 2 3 23,136 0 0
TELECOMUNICACOES DE SAO PAUL SPON ADR PFD 879287308 1,375 55,047 SH   DFND 1 2 3 55,047 0 0
TELEFONICA B-ADR SPON ADR PFD 879287308 46 1,840 SH   SOLE   1,840 0 0
TELEFONOS DE MEXICO S A B SPON ADR ORD L 879403780 189 11,400 SH   SOLE   11,400 0 0
TELMEX INTERNACIONAL SAB DE SPONS ADR SR L 879690105 270 15,200 SH   SOLE   15,200 0 0
TENARIS S A SPONSORED ADR 88031M109 230 5,400 SH   DFND   5,400 0 0
TERNIUM SA SPON ADR 880890108 2,107 59,500 SH   DFND   59,500 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 1,230 21,886 SH   DFND 1 2 3 21,886 0 0
ULTRAPAR PARTICIPACOES S A SP ADR REP PFD 90400P101 359 30,580 SH   DFND 1 2 3 30,580 0 0
ULTRAPAR PARTICIPACOES S A SP ADR REP PFD 90400P101 438 37,389 SH   SOLE   37,389 0 0
UNITED MICROELECTRONICS CORP SPON ADR NEW 910873405 26 6,589 SH   SOLE   6,589 0 0
UNITED MICROELECTRONICS CORP SPON ADR NEW 910873405 18 4,709 SH   DFND 1 2 3 4,709 0 0
UNITED STATES NATL GAS FUND UNIT 912318102 242 3,000 SH   SOLE   3,000 0 0
UNITED STATES OIL FUND LP UNITS 91232N108 6,112 155,600 SH   SOLE   155,600 0 0
UNITED TECHNOLOGIES CORP COM 913017109 195 2,803 SH   SOLE   2,803 0 0
UNITED TECHNOLOGIES CORP COM 913017109 187 2,692 SH   DFND 1 2 3 2,692 0 0
VALE S A ADR 91912E105 14,689 506,000 SH   DFND   506,000 0 0
VALE S A ADR 91912E105 6,087 209,687 SH   DFND 1 2 3 209,687 0 0
VALE S A ADR REPSTG PFD 91912E204 5,296 213,378 SH   DFND 1 2 3 213,378 0 0
VALE S A ADR REPSTG PFD 91912E204 8,925 359,578 SH   SOLE   359,578 0 0
VANGUARD BD INDEX FD INC SHORT TRM BOND 921937827 7,954 100,000 SH   SOLE   100,000 0 0
VISA INC COM CL A 92826C839 12 140 SH   DFND 1 2 3 140 0 0
VISA INC COM CL A 92826C839 736 8,418 SH   DFND 1 8,418 0 0
WIMM BILL DANN FOODS OJSC SPONSORED ADR 97263M109 2,280 95,688 SH   DFND 1 2 3 95,688 0 0
WIMM BILL DANN FOODS OJSC SPONSORED ADR 97263M109 3,194 134,044 SH   SOLE   134,044 0 0
WIPRO LTD SPON ADR 1 SH 97651M109 227 19,062 SH   SOLE   19,062 0 0
WIPRO LTD SPON ADR 1 SH 97651M109 33 2,789 SH   DFND 1 2 3 2,789 0 0