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 384 59,700 SH   DFND 1 59,700 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 354 18,285 SH   DFND 1 2 3 18,285 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 501 25,885 SH   SOLE   25,885 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 671 25,082 SH   SOLE   25,082 0 0
BAIDU INC SPON ADR REP A 056752108 7,779 258,351 SH   DFND 1 2 3 258,351 0 0
BAIDU INC SPON ADR REP A 056752108 1,368 45,450 SH   DFND 1 45,450 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 3,085 277,964 SH   SOLE   277,964 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 2,091 188,449 SH   DFND 1 2 3 188,449 0 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 264 14,700 SH   DFND 1 2 3 14,700 0 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 333 18,500 SH   SOLE   18,500 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 912 29,900 SH   SOLE   29,900 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 796 26,100 SH   DFND 1 2 3 26,100 0 0
BRASIL TELECOM PARTICIPACOES SPON ADR PFD 105530109 636 16,552 SH   SOLE   16,552 0 0
BRASIL TELECOM SA SPONS ADR PFD 10553M101 445 11,600 SH   DFND 1 2 3 11,600 0 0
BRASIL TELECOM SA SPONS ADR PFD 10553M101 9 1,415 SH   SOLE   1,415 0 0
BUNGE LIMITED COM G16962105 401 6,650 SH   SOLE   6,650 0 0
CEDAR SHOPPING CTRS INC COM NEW 150602209 57 12,646 SH   SOLE   12,646 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 427 53,423 SH   SOLE   53,423 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 270 33,815 SH   DFND 1 2 3 33,815 0 0
CENTRAIS ELETRICAS BRASILEIR SPON ADR PFD B 15234Q108 632 48,400 SH   DFND 1 2 3 48,400 0 0
CENTRAIS ELETRICAS BRASILEIR SPON ADR PFD B 15234Q108 858 65,700 SH   SOLE   65,700 0 0
CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 1,045 71,700 SH   DFND 1 2 3 71,700 0 0
CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 1,385 95,000 SH   SOLE   95,000 0 0
CHINA LIFE INS CO LTD SPON ADR REP H 16939P106 533 9,607 SH   SOLE   9,607 0 0
CHINA LIFE INS CO LTD SPON ADR REP H 16939P106 45 806 SH   DFND 1 2 3 806 0 0
CHINA MOBILE LIMITED SPONSORED ADR 16941M109 72 1,441 SH   DFND 1 2 3 1,441 0 0
CHINA MOBILE LIMITED SPONSORED ADR 16941M109 1,206 24,073 SH   SOLE   24,073 0 0
CHINA PETE & CHEM CORP SPON ADR H SHS 16941R108 297 5,085 SH   SOLE   5,085 0 0
CHINA PETE & CHEM CORP SPON ADR H SHS 16941R108 15 256 SH   DFND 1 2 3 256 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 190 3,817 SH   SOLE   3,817 0 0
CHINA UNICOM (HONG KONG) LTD SPONSORED ADR 16945R104 456 34,174 SH   SOLE   34,174 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 493 16,584 SH   DFND 1 2 3 16,584 0 0
CNOOC LTD SPONSORED ADR 126132109 33 267 SH   DFND 1 2 3 267 0 0
CNOOC LTD SPONSORED ADR 126132109 509 4,136 SH   SOLE   4,136 0 0
COMPANHIA BRASILEIRA DE DIST SPON ADR PFD 20440T201 427 22,200 SH   DFND 1 2 3 22,200 0 0
COMPANHIA BRASILEIRA DE DIST SPON ADR PFD 20440T201 532 27,670 SH   SOLE   27,670 0 0
COMPANHIA DE BEBIDAS DAS AME SPON ADR PFD 20441W203 2,179 33,616 SH   DFND 1 2 3 33,616 0 0
COMPANHIA DE BEBIDAS DAS AME SPON ADR PFD 20441W203 3,104 47,883 SH   SOLE   47,883 0 0
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 113 22,607 SH   SOLE   22,607 0 0
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 104 20,903 SH   DFND 1 2 3 20,903 0 0
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 876 132,189 SH   SOLE   132,189 0 0
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 651 98,332 SH   DFND 1 2 3 98,332 0 0
COMPANHIA SIDERURGICA NACION SPONSORED ADR 20440W105 1,012 90,567 SH   DFND 1 2 3 90,567 0 0
COMPANHIA SIDERURGICA NACION SPONSORED ADR 20440W105 1,403 125,564 SH   SOLE   125,564 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 1,779 74,042 SH   SOLE   74,042 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 336 14,000 SH   DFND   14,000 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 1,158 48,174 SH   DFND 1 2 3 48,174 0 0
COUSINS PPTYS INC COM 222795106 90 11,141 SH   SOLE   11,141 0 0
CPFL ENERGIA S A SPONSORED ADR 126153105 229 14,162 SH   DFND 1 2 3 14,162 0 0
CPFL ENERGIA S A SPONSORED ADR 126153105 324 20,049 SH   SOLE   20,049 0 0
CREDICORP LTD COM G2519Y108 288 4,950 SH   DFND   4,950 0 0
CTRIP COM INTL LTD ADR 22943F100 9,102 393,184 SH   DFND 1 393,184 0 0
CTRIP COM INTL LTD ADR 22943F100 16,242 701,581 SH   DFND 1 2 3 701,581 0 0
DIAMONDS TR UNIT SER 1 252787106 364 4,296 SH   DFND 1 2 3 4,296 0 0
ECOPETROL S A SPONSORED ADS 279158109 1,694 69,460 SH   SOLE   69,460 0 0
ECOPETROL S A SPONSORED ADS 279158109 1,416 58,060 SH   DFND 1 2 3 58,060 0 0
EMBRAER-EMPRESA BRASILEIRA D SP ADR COM SHS 29081M102 706 42,647 SH   SOLE   42,647 0 0
EMBRAER-EMPRESA BRASILEIRA D SP ADR COM SHS 29081M102 510 30,800 SH   DFND 1 2 3 30,800 0 0
EMPRESA NACIONAL DE ELCTRCID SPONSORED ADR 29244T101 1,573 31,596 SH   DFND 1 2 3 31,596 0 0
EMPRESA NACIONAL DE ELCTRCID SPONSORED ADR 29244T101 1,952 39,196 SH   SOLE   39,196 0 0
ENERSIS S A SPONSORED ADR 29274F104 1,654 89,841 SH   SOLE   89,841 0 0
ENERSIS S A SPONSORED ADR 29274F104 1,374 74,641 SH   DFND 1 2 3 74,641 0 0
FELCOR LODGING TR INC COM 31430F101 58 23,469 SH   SOLE   23,469 0 0
FIRST SOLAR INC COM 336433107 43 263 SH   DFND 1 2 3 263 0 0
FIRST SOLAR INC COM 336433107 743 4,581 SH   SOLE   4,581 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 965 29,940 SH   SOLE   29,940 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 598 18,540 SH   DFND 1 2 3 18,540 0 0
GERDAU S A SPONSORED ADR 373737105 4,419 422,034 SH   SOLE   422,034 0 0
GERDAU S A SPONSORED ADR 373737105 3,828 365,620 SH   DFND 1 2 3 365,620 0 0
GRUPO TELEVISA SA DE CV SP ADR REP ORD 40049J206 976 57,414 SH   SOLE   57,414 0 0
GRUPO TELEVISA SA DE CV SP ADR REP ORD 40049J206 653 38,414 SH   DFND 1 2 3 38,414 0 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 673 32,627 SH   SOLE   32,627 0 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 7 363 SH   DFND 1 2 3 363 0 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 587 28,436 SH   DFND 1 28,436 0 0
ICICI BK LTD ADR 45104G104 48 1,614 SH   DFND 1 2 3 1,614 0 0
ICICI BK LTD ADR 45104G104 514 17,421 SH   SOLE   17,421 0 0
INFOSYS TECHNOLOGIES LTD SPONSORED ADR 456788108 2,186 59,430 SH   DFND 1 59,430 0 0
INFOSYS TECHNOLOGIES LTD SPONSORED ADR 456788108 71 1,942 SH   DFND 1 2 3 61,372 0 0
INFOSYS TECHNOLOGIES LTD SPONSORED ADR 456788108 3,908 106,262 SH   SOLE   106,262 0 0
ISHARES INC MSCI BRAZIL 464286400 4,464 84,283 SH   DFND 1 2 3 84,283 0 0
ISHARES INC MSCI STH AFRCA 464286780 579 12,259 SH   DFND 1 2 3 12,259 0 0
ISHARES TR S&G GL MATERIA 464288695 2,379 51,120 SH   SOLE   51,120 0 0
ISHARES TR S&P GBL ENER 464287341 4,063 132,350 SH   SOLE   132,350 0 0
ISHARES TR S&P GBL FIN 464287333 1,600 43,200 SH   SOLE   43,200 0 0
ISHARES TR S&P GBL INF 464287291 5,335 119,300 SH   SOLE   119,300 0 0
ITAU UNIBANCO BANCO MULTIPL SPONS ADR 465562106 3,519 269,012 SH   DFND 1 2 3 269,012 0 0
ITAU UNIBANCO BANCO MULTIPL SPONS ADR 465562106 4,997 381,950 SH   SOLE   381,950 0 0
JOHNSON & JOHNSON COM 478160104 132 2,328 SH   DFND 1 2 3 2,328 0 0
JOHNSON & JOHNSON COM 478160104 175 3,078 SH   SOLE   3,078 0 0
LAN AIRLINES S A SPONSORED ADR 501723100 594 49,900 SH   DFND 1 2 3 49,900 0 0
LEXINGTON REALTY TRUST COM 529043101 82 25,000 SH   SOLE   25,000 0 0
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 4,364 115,400 SH   SOLE   115,400 0 0
MECHEL OAO SPONSORED ADR 583840103 37 4,404 SH   DFND 1 2 3 4,404 0 0
MECHEL OAO SPONSORED ADR 583840103 395 47,248 SH   SOLE   47,248 0 0
MINDRAY MEDICAL INTL LTD SPON ADR 602675100 11,948 427,941 SH   DFND 1 2 3 427,941 0 0
MOBILE TELESYSTEMS OJSC SPONSORED ADR 607409109 6,850 463,740 SH   DFND 1 2 3 463,740 0 0
NET SERVICOS DE COMUNICACAO SPONSD ADR NEW 64109T201 934 95,385 SH   SOLE   95,385 0 0
NET SERVICOS DE COMUNICACAO SPONSD ADR NEW 64109T201 720 73,500 SH   DFND 1 2 3 73,500 0 0
NETEASE COM INC SPONSORED ADR 64110W102 30,374 863,400 SH   DFND 1 863,400 0 0
NEW ORIENTAL ED & TECH GRP I SPON ADR 647581107 8,174 485,373 SH   DFND 1 485,373 0 0
NEW ORIENTAL ED & TECH GRP I SPON ADR 647581107 4,449 264,191 SH   DFND 1 2 3 264,191 0 0
OIL SVC HOLDRS TR DEPOSTRY RCPT 678002106 2,364 24,200 SH   SOLE   24,200 0 0
OPEN JT STK CO-VIMPEL COMMUN SPONSORED ADR 68370R109 6,821 579,521 SH   SOLE   579,521 0 0
OPEN JT STK CO-VIMPEL COMMUN SPONSORED ADR 68370R109 5,932 503,964 SH   DFND 1 2 3 503,964 0 0
PERDIGAO S A SPONSORED ADR 71361V303 257 26,900 SH   DFND 1 2 3 26,900 0 0
PERDIGAO S A SPONSORED ADR 71361V303 319 33,392 SH   SOLE   33,392 0 0
PERFECT WORLD CO LTD SPON ADR REP B 71372U104 572 20,000 SH   DFND 1 20,000 0 0
PETROCHINA CO LTD SPONSORED ADR 71646E100 626 5,667 SH   SOLE   5,667 0 0
PETROCHINA CO LTD SPONSORED ADR 71646E100 68 619 SH   DFND 1 2 3 619 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 10,300 308,760 SH   SOLE   308,760 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 6,801 203,860 SH   DFND 1 2 3 203,860 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 8,869 216,434 SH   SOLE   216,434 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 6,234 152,134 SH   DFND 1 2 3 152,134 0 0
POWERSHARES GLOBAL ETF TRUST GBL CLEAN ENER 73936T615 207 14,000 SH   SOLE   14,000 0 0
PROSHARES TR PSHS UL XIN CH25 74347R321 63,992 1,052,506 SH   SOLE   1,052,506 0 0
ROSTELECOM OPEN JT STK LNG D SPONSORED ADR 778529107 307 9,691 SH   SOLE   9,691 0 0
RYDEX ETF TRUST S&P 500 EQ TRD 78355W106 236 7,651 SH   DFND 1 2 3 7,651 0 0
SHANDA INTERACTIVE ENTMT LTD SPONSORED ADR 81941Q203 2,612 49,900 SH   DFND 1 49,900 0 0
SHANDA INTERACTIVE ENTMT LTD SPONSORED ADR 81941Q203 2,684 51,286 SH   SOLE   51,286 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 217 6,000 SH   DFND   6,000 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 974 26,900 SH   DFND 1 2 3 26,900 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 1,328 36,700 SH   SOLE   36,700 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 349 3,833 SH   SOLE   3,833 0 0
SPDR TR UNIT SER 1 78462F103 282 3,068 SH   DFND 1 2 3 3,068 0 0
STERLITE INDS INDIA LTD ADS 859737207 21 1,728 SH   DFND 1 2 3 1,728 0 0
STERLITE INDS INDIA LTD ADS 859737207 189 15,182 SH   SOLE   15,182 0 0
SUNTECH PWR HLDGS CO LTD ADR 86800C104 1,148 64,300 SH   DFND 1 64,300 0 0
SUNTECH PWR HLDGS CO LTD ADR 86800C104 19 1,053 SH   DFND 1 2 3 1,053 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 90 9,652 SH   SOLE   9,652 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 72 7,663 SH   DFND 1 2 3 7,663 0 0
TELE NORTE LESTE PART S A SPON ADR PFD 879246106 1,420 95,504 SH   SOLE   95,504 0 0
TELE NORTE LESTE PART S A SPON ADR PFD 879246106 1,080 72,604 SH   DFND 1 2 3 72,604 0 0
TELECOMUNICACOES DE SAO PAUL SPON ADR PFD 08792A102 1,459 65,602 SH   SOLE   65,602 0 0
TELECOMUNICACOES DE SAO PAUL SPON ADR PFD 08792A102 49 2,183 SH   SOLE   2,183 0 0
TELECOMUNICACOES DE SAO PAUL SPON ADR PFD 08792A102 8 343 SH   DFND 1 2 3 343 0 0
TELEFONOS DE MEXICO S A B SPON ADR ORD L 879403780 346 21,364 SH   DFND 1 2 3 21,364 0 0
TELEFONOS DE MEXICO S A B SPON ADR ORD L 879403780 531 32,764 SH   SOLE   32,764 0 0
TERNIUM SA SPON ADR 880890108 224 13,000 SH   DFND   13,000 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 7,377 149,506 SH   DFND 1 2 3 149,506 0 0
ULTRAPAR PARTICIPACOES S A SP ADR REP PFD 90400P101 306 38,709 SH   SOLE   38,709 0 0
ULTRAPAR PARTICIPACOES S A SP ADR REP PFD 90400P101 222 28,100 SH   DFND 1 2 3 28,100 0 0
UNITED STATES OIL FUND LP UNITS 91232N108 5,879 155,000 SH   SOLE   155,000 0 0
VALE S A ADR 91912E105 11,066 627,666 SH   DFND   627,666 0 0
VALE S A ADR 91912E105 4,226 239,695 SH   DFND 1 2 3 239,695 0 0
VALE S A ADR REPSTG PFD 91912E204 3,616 235,600 SH   DFND 1 2 3 235,600 0 0
VALE S A ADR REPSTG PFD 91912E204 5,974 389,200 SH   SOLE   389,200 0 0
VANGUARD INDEX FDS REIT ETF 922908553 4,562 147,100 SH   SOLE   147,100 0 0
VISA INC COM CL A 92826C839 4 72 SH   DFND 1 2 3 72 0 0
VISA INC COM CL A 92826C839 821 13,187 SH   DFND 1 13,187 0 0
VISIONCHINA MEDIA INC SPONS ADR 92833U103 281 2,300 SH   SOLE   2,300 0 0
VIVO PARTICIPACOES S A SPON ADR PFD NEW 92855S200 945 49,900 SH   DFND 1 2 3 49,900 0 0
WIMM BILL DANN FOODS OJSC SPONSORED ADR 97263M109 638 46,462 SH   SOLE   46,462 0 0
WIMM BILL DANN FOODS OJSC SPONSORED ADR 97263M109 569 41,398 SH   DFND 1 2 3 41,398 0 0
WIPRO LTD SPON ADR 1 SH 97651M109 13 2,029 SH   DFND 1 2 3 2,029 0 0
WIPRO LTD SPON ADR 1 SH 97651M109 121 19,202 SH   SOLE   19,202 0 0