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 216 2,929 SH   DFND 1 2 3 2,929 0 0
AIRMEDIA GROUP INC SPONSORED ADR 009411109 280 38,100 SH   DFND 1 38,100 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 405 18,465 SH   SOLE   18,465 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 238 10,865 SH   DFND 1 2 3 10,865 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 674 23,082 SH   SOLE   23,082 0 0
BAIDU INC SPON ADR REP A 056752108 972 24,850 SH   DFND 1 24,850 0 0
BAIDU INC SPON ADR REP A 056752108 6,050 154,707 SH   DFND 1 2 3 154,707 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 4,421 295,857 SH   SOLE   295,857 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 3,088 206,642 SH   DFND 1 2 3 206,642 0 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 439 19,836 SH   SOLE   19,836 0 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 355 16,036 SH   DFND 1 2 3 16,036 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 1,354 31,535 SH   SOLE   31,535 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 1,191 27,735 SH   DFND 1 2 3 27,735 0 0
BANK OF AMERICA CORPORATION COM 060505104 16,736 989,121 SH   DFND 1 2 3 989,121 0 0
BRASIL TELECOM PARTICIPACOES SPON ADR PFD 105530109 264 4,952 SH   SOLE   4,952 0 0
BRF-BRASIL FOODS S A SPONSORED ADR 10552T107 815 61,227 SH   SOLE   61,227 0 0
BRF-BRASIL FOODS S A SPONSORED ADR 10552T107 698 52,463 SH   DFND 1 2 3 52,463 0 0
BUNGE LIMITED COM G16962105 416 6,650 SH   SOLE   6,650 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 215 19,492 SH   DFND 1 2 3 19,492 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 432 39,100 SH   SOLE   39,100 0 0
CENTRAIS ELETRICAS BRASILEIR SPON ADR PFD B 15234Q108 967 69,653 SH   SOLE   69,653 0 0
CENTRAIS ELETRICAS BRASILEIR SPON ADR PFD B 15234Q108 731 52,653 SH   DFND 1 2 3 52,653 0 0
CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 1,562 100,993 SH   SOLE   100,993 0 0
CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 1,208 78,093 SH   DFND 1 2 3 78,093 0 0
CHINA LIFE INS CO LTD SPON ADR REP H 16939P106 625 9,507 SH   SOLE   9,507 0 0
CHINA LIFE INS CO LTD SPON ADR REP H 16939P106 53 806 SH   DFND 1 2 3 806 0 0
CHINA MOBILE LIMITED SPONSORED ADR 16941M109 1,133 23,073 SH   SOLE   23,073 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 333 5,085 SH   SOLE   5,085 0 0
CHINA UNICOM (HONG KONG) LTD SPONSORED ADR 16945R104 31 2,183 SH   DFND 1 2 3 2,183 0 0
CHINA UNICOM (HONG KONG) LTD SPONSORED ADR 16945R104 478 33,574 SH   SOLE   33,574 0 0
CITIGROUP INC COM 172967101 269,092 5,559,750 SH   DFND 1 2 3 5,559,750 0 0
CNOOC LTD SPONSORED ADR 126132109 560 4,136 SH   SOLE   4,136 0 0
CNOOC LTD SPONSORED ADR 126132109 36 267 SH   DFND 1 2 3 267 0 0
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 846 30,062 SH   SOLE   30,062 0 0
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 692 24,592 SH   DFND 1 2 3 24,592 0 0
COMPANHIA DE BEBIDAS DAS AME SPON ADR PFD 20441W203 4,155 50,506 SH   SOLE   50,506 0 0
COMPANHIA DE BEBIDAS DAS AME SPON ADR PFD 20441W203 2,989 36,339 SH   DFND 1 2 3 36,339 0 0
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 143 22,570 SH   DFND 1 2 3 22,570 0 0
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 153 24,274 SH   SOLE   24,274 0 0
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 1,029 105,056 SH   DFND 1 2 3 105,056 0 0
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 1,355 138,313 SH   SOLE   138,313 0 0
COMPANHIA PARANAENSE ENERG C SPON ADR PFD 20441B407 733 41,597 SH   DFND 1 2 3 41,597 0 0
COMPANHIA PARANAENSE ENERG C SPON ADR PFD 20441B407 801 45,429 SH   SOLE   45,429 0 0
COMPANHIA SIDERURGICA NACION SPONSORED ADR 20440W105 1,503 98,231 SH   DFND 1 2 3 98,231 0 0
COMPANHIA SIDERURGICA NACION SPONSORED ADR 20440W105 2,037 133,128 SH   SOLE   133,128 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 2,270 64,479 SH   DFND 1 2 3 64,479 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 141 4,000 SH   DFND   4,000 0 0
CPFL ENERGIA S A SPONSORED ADR 126153105 272 15,081 SH   DFND 1 2 3 15,081 0 0
CPFL ENERGIA S A SPONSORED ADR 126153105 377 20,968 SH   SOLE   20,968 0 0
CTRIP COM INTL LTD ADR 22943F100 19,470 662,374 SH   DFND 1 2 3 662,374 0 0
DIAMONDS TR UNIT SER 1 252787106 383 3,942 SH   DFND 1 2 3 3,942 0 0
ECOPETROL S A SPONSORED ADS 279158109 2,128 74,430 SH   SOLE   74,430 0 0
ECOPETROL S A SPONSORED ADS 279158109 1,802 63,030 SH   DFND 1 2 3 63,030 0 0
EMBRAER-EMPRESA BRASILEIRA D SP ADR COM SHS 29081M102 767 33,415 SH   DFND 1 2 3 33,415 0 0
EMBRAER-EMPRESA BRASILEIRA D SP ADR COM SHS 29081M102 1,034 45,062 SH   SOLE   45,062 0 0
EMPRESA NACIONAL DE ELCTRCID SPONSORED ADR 29244T101 1,618 34,515 SH   DFND 1 2 3 34,515 0 0
EMPRESA NACIONAL DE ELCTRCID SPONSORED ADR 29244T101 1,974 42,115 SH   SOLE   42,115 0 0
ENERSIS S A SPONSORED ADR 29274F104 1,488 80,887 SH   DFND 1 2 3 80,887 0 0
ENERSIS S A SPONSORED ADR 29274F104 1,767 96,087 SH   SOLE   96,087 0 0
FIRST SOLAR INC COM 336433107 40 263 SH   DFND 1 2 3 263 0 0
FIRST SOLAR INC COM 336433107 700 4,581 SH   SOLE   4,581 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 407 10,702 SH   DFND 1 2 3 10,702 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 841 22,102 SH   SOLE   22,102 0 0
GERDAU S A SPONSORED ADR 373737105 5,175 385,039 SH   DFND 1 2 3 385,039 0 0
GERDAU S A SPONSORED ADR 373737105 5,930 441,253 SH   SOLE   441,253 0 0
GOOGLE INC CL A 38259P508 124 250 SH   SOLE   250 0 0
GOOGLE INC CL A 38259P508 80 161 SH   DFND 1 2 3 161 0 0
GRUPO TELEVISA SA DE CV SP ADR REP ORD 40049J206 760 40,891 SH   SOLE   40,891 0 0
GRUPO TELEVISA SA DE CV SP ADR REP ORD 40049J206 407 21,891 SH   DFND 1 2 3 21,891 0 0
ICICI BK LTD ADR 45104G104 5,113 132,605 SH   DFND 1 132,605 0 0
ICICI BK LTD ADR 45104G104 62 1,614 SH   DFND 1 2 3 1,614 0 0
INFOSYS TECHNOLOGIES LTD SPONSORED ADR 456788108 94 1,942 SH   DFND 1 2 3 1,942 0 0
INFOSYS TECHNOLOGIES LTD SPONSORED ADR 456788108 543 11,207 SH   DFND 1 11,207 0 0
INFOSYS TECHNOLOGIES LTD SPONSORED ADR 456788108 1,468 30,264 SH   SOLE   30,264 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 300 2,511 SH   DFND 1 2 3 2,511 0 0
ISHARES INC MSCI STH AFRCA 464286780 671 12,259 SH   DFND 1 2 3 12,259 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 8,093 441,822 SH   SOLE   441,822 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 5,818 317,591 SH   DFND 1 2 3 317,591 0 0
JOHNSON & JOHNSON COM 478160104 162 2,653 SH   DFND 1 2 3 2,653 0 0
JOHNSON & JOHNSON COM 478160104 207 3,403 SH   SOLE   3,403 0 0
JPMORGAN CHASE & CO COM 46625H100 249 5,674 SH   DFND 1 2 3 5,674 0 0
LAN AIRLINES S A SPONSORED ADR 501723100 713 54,629 SH   SOLE   54,629 0 0
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 417 9,200 SH   SOLE   9,200 0 0
MARKET VECTORS ETF TR RUSSIA ETF 57060U506 2,359 85,015 SH   SOLE   85,015 0 0
MARKET VECTORS ETF TR RUSSIA ETF 57060U506 444 16,015 SH   DFND 1 2 3 16,015 0 0
MECHEL OAO SPONSORED ADR 583840103 1,004 55,848 SH   SOLE   55,848 0 0
MECHEL OAO SPONSORED ADR 583840103 306 17,004 SH   DFND 1 2 3 17,004 0 0
MINDRAY MEDICAL INTL LTD SPON ADR 602675100 28,131 861,847 SH   DFND 1 2 3 861,847 0 0
MOBILE TELESYSTEMS OJSC SPONSORED ADR 607409109 27,945 1,447,345 SH   DFND 1 2 3 1,447,345 0 0
NET SERVICOS DE COMUNICACAO SPONSD ADR NEW 64109T201 1,171 101,610 SH   SOLE   101,610 0 0
NET SERVICOS DE COMUNICACAO SPONSD ADR NEW 64109T201 916 79,525 SH   DFND 1 2 3 79,525 0 0
NETEASE COM INC SPONSORED ADR 64110W102 13,823 302,606 SH   DFND 1 2 3 302,606 0 0
NETEASE COM INC SPONSORED ADR 64110W102 950 20,800 SH   DFND 1 20,800 0 0
OIL SVC HOLDRS TR DEPOSTRY RCPT 678002106 11,485 97,800 SH   SOLE   97,800 0 0
OPEN JT STK CO-VIMPEL COMMUN SPONSORED ADR 68370R109 8,498 454,446 SH   DFND 1 2 3 454,446 0 0
OPEN JT STK CO-VIMPEL COMMUN SPONSORED ADR 68370R109 9,722 519,903 SH   SOLE   519,903 0 0
PERFECT WORLD CO LTD SPON ADR REP B 71372U104 616 12,800 SH   DFND 1 12,800 0 0
PERFECT WORLD CO LTD SPON ADR REP B 71372U104 16,253 337,891 SH   DFND 1 2 3 337,891 0 0
PETROCHINA CO LTD SPONSORED ADR 71646E100 633 5,567 SH   SOLE   5,567 0 0
PETROCHINA CO LTD SPONSORED ADR 71646E100 70 619 SH   DFND 1 2 3 619 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 12,828 326,326 SH   SOLE   326,326 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 8,716 221,726 SH   DFND 1 2 3 221,726 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 7,604 165,668 SH   DFND 1 2 3 165,668 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 10,478 228,268 SH   SOLE   228,268 0 0
POWERSHARES GLOBAL ETF TRUST GBL CLEAN ENER 73936T615 234 14,000 SH   SOLE   14,000 0 0
ROSTELECOM OPEN JT STK LNG D SPONSORED ADR 778529107 226 7,691 SH   SOLE   7,691 0 0
RYDEX ETF TRUST S&P 500 EQ TRD 78355W106 285 7,651 SH   DFND 1 2 3 7,651 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 12,011 456,000 SH   SOLE   456,000 0 0
SHANDA INTERACTIVE ENTMT LTD SPONSORED ADR 81941Q203 6,400 125,000 SH   DFND 1 125,000 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 1,145 29,258 SH   DFND 1 2 3 29,258 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 470 12,000 SH   DFND   12,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 379 3,833 SH   SOLE   3,833 0 0
SPDR TR UNIT SER 1 78462F103 330 3,125 SH   DFND 1 2 3 3,125 0 0
STERLITE INDS INDIA LTD ADS 859737207 28 1,728 SH   DFND 1 2 3 1,728 0 0
STERLITE INDS INDIA LTD ADS 859737207 38 2,396 SH   DFND 1 2,396 0 0
STERLITE INDS INDIA LTD ADS 859737207 279 17,478 SH   SOLE   17,478 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 106 9,699 SH   SOLE   9,699 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 84 7,701 SH   DFND 1 2 3 7,701 0 0
TELE NORTE LESTE PART S A SPON ADR PFD 879246106 1,950 103,755 SH   SOLE   103,755 0 0
TELE NORTE LESTE PART S A SPON ADR PFD 879246106 1,514 80,555 SH   DFND 1 2 3 80,555 0 0
TELECOMUNICACOES DE SAO PAUL SPON ADR PFD 87929A102 1,407 55,047 SH   DFND 1 2 3 55,047 0 0
TELECOMUNICACOES DE SAO PAUL SPON ADR PFD 87929A102 56 2,183 SH   SOLE   2,183 0 0
TELECOMUNICACOES DE SAO PAUL SPON ADR PFD 87929A102 9 343 SH   DFND 1 2 3 343 0 0
TELECOMUNICACOES DE SAO PAUL SPON ADR PFD 87929A102 1,803 70,549 SH   SOLE   70,549 0 0
TELEFONOS DE MEXICO S A B SPON ADR ORD L 879403780 211 12,097 SH   DFND 1 2 3 12,097 0 0
TELEFONOS DE MEXICO S A B SPON ADR ORD L 879403780 410 23,497 SH   SOLE   23,497 0 0
TENARIS S A SPONSORED ADR 88031M109 244 6,847 SH   DFND 1 2 3 6,847 0 0
TERNIUM SA SPON ADR 880890108 479 18,000 SH   DFND   18,000 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 9,329 184,510 SH   DFND 1 2 3 184,510 0 0
ULTRAPAR PARTICIPACOES S A SP ADR REP PFD 90400P101 307 30,580 SH   DFND 1 2 3 30,580 0 0
ULTRAPAR PARTICIPACOES S A SP ADR REP PFD 90400P101 414 41,189 SH   SOLE   41,189 0 0
UNITED STATES NATL GAS FUND UNIT 912318102 282 3,000 SH   SOLE   3,000 0 0
UNITED STATES OIL FUND LP UNITS 91232N108 5,635 155,700 SH   SOLE   155,700 0 0
UNITED TECHNOLOGIES CORP COM 913017109 136 2,228 SH   SOLE   2,228 0 0
UNITED TECHNOLOGIES CORP COM 913017109 129 2,117 SH   DFND 1 2 3 2,117 0 0
VALE S A ADR 91912E105 9,152 395,666 SH   DFND   392,485 0 0
VALE S A ADR 91912E105 5,544 239,695 SH   DFND 1 2 3 239,695 0 0
VALE S A ADR REPSTG PFD 91912E204 8,222 400,864 SH   SOLE   400,864 0 0
VALE S A ADR REPSTG PFD 91912E204 5,082 247,764 SH   DFND 1 2 3 247,764 0 0
VANGUARD INDEX FDS REIT ETF 922908553 10,259 247,500 SH   SOLE   247,500 0 0
VISA INC COM CL A 92826C839 8 111 SH   DFND 1 2 3 111 0 0
VISA INC COM CL A 92826C839 582 8,418 SH   DFND 1 8,418 0 0
VISIONCHINA MEDIA INC SPONS ADR 92833U103 366 2,300 SH   SOLE   2,300 0 0
WIMM BILL DANN FOODS OJSC SPONSORED ADR 97263M109 428 23,922 SH   DFND 1 2 3 23,922 0 0
WIMM BILL DANN FOODS OJSC SPONSORED ADR 97263M109 518 28,986 SH   SOLE   28,986 0 0
WIPRO LTD SPON ADR 1 SH 97651M109 181 18,802 SH   SOLE   18,802 0 0
WIPRO LTD SPON ADR 1 SH 97651M109 19 2,029 SH   DFND 1 2 3 2,029 0 0