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 250 59,700 SH   DFND 1 59,700 0 0
ALUMINUM CORP CHINA LTD SPON ADR H SHS 022276109 165 11,280 SH   SOLE   11,280 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 211 15,569 SH   DFND 1 2 3 15,569 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 365 26,969 SH   SOLE   26,969 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 557 20,033 SH   SOLE   20,033 0 0
AU OPTRONICS CORP SPONSORED ADR 002255107 9 1,128 SH   DFND 1 2 3 1,128 0 0
AU OPTRONICS CORP SPONSORED ADR 002255107 119 14,579 SH   DFND 1 14,579 0 0
BAIDU INC SPON ADR REP A 056752108 5,534 313,350 SH   DFND 1 313,350 0 0
BAIDU INC SPON ADR REP A 056752108 9,675 547,843 SH   DFND 1 2 3 547,843 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 1,342 180,379 SH   DFND 1 2 3 180,379 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 2,364 317,894 SH   SOLE   317,894 0 0
BANCO ITAU HLDG FINANCIERA S SP ADR 500 PFD 059602201 1,551 172,535 SH   DFND 1 2 3 172,535 0 0
BANCO ITAU HLDG FINANCIERA S SP ADR 500 PFD 059602201 2,568 285,632 SH   SOLE   285,632 0 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 239 18,047 SH   SOLE   18,047 0 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 188 14,247 SH   DFND 1 2 3 14,247 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 491 25,198 SH   DFND 1 2 3 25,198 0 0
BRASIL TELECOM PARTICIPACOES SPON ADR PFD 105530109 632 17,496 SH   SOLE   17,496 0 0
BRASIL TELECOM SA SPONS ADR PFD 10553M101 392 10,844 SH   DFND 1 2 3 10,844 0 0
BUNGE LIMITED COM G16962105 411 7,250 SH   SOLE   7,250 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 814 158,451 SH   SOLE   158,451 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 140 27,251 SH   DFND 1 2 3 27,251 0 0
CENTRAIS ELETRICAS BRASILEIR SPON ADR PFD B 15234Q108 498 46,675 SH   DFND 1 2 3 46,675 0 0
CENTRAIS ELETRICAS BRASILEIR SPON ADR PFD B 15234Q108 749 70,175 SH   SOLE   70,175 0 0
CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 750 69,215 SH   DFND 1 2 3 69,215 0 0
CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 1,079 99,615 SH   SOLE   99,615 0 0
CHEVRON CORP NEW COM 166764100 206 3,067 SH   DFND 1 2 3 3,067 0 0
CHINA LIFE INS CO LTD SPON ADR REP H 16939P106 1,437 29,190 SH   SOLE   29,190 0 0
CHINA LIFE INS CO LTD SPON ADR REP H 16939P106 34 689 SH   DFND 1 2 3 689 0 0
CHINA MED TECHNOLOGIES INC SPONSORED ADR 169483104 4,030 292,647 SH   DFND 1 2 3 292,647 0 0
CHINA PETE & CHEM CORP SPON ADR H SHS 16941R108 13 256 SH   DFND 1 2 3 256 0 0
CHINA PETE & CHEM CORP SPON ADR H SHS 16941R108 577 11,685 SH   SOLE   11,685 0 0
CHINA TELECOM CORP LTD SPON ADR H SHS 169426103 9 211 SH   DFND 1 2 3 211 0 0
CHINA TELECOM CORP LTD SPON ADR H SHS 169426103 369 8,917 SH   SOLE   8,917 0 0
CHINA UNICOM (HONG KONG) LTD SPONSORED ADR 16945R104 796 76,457 SH   SOLE   76,457 0 0
CHINA UNICOM (HONG KONG) LTD SPONSORED ADR 16945R104 12 1,166 SH   DFND 1 2 3 1,166 0 0
CNOOC LTD SPONSORED ADR 126132109 904 8,989 SH   SOLE   8,989 0 0
CNOOC LTD SPONSORED ADR 126132109 22 220 SH   DFND 1 2 3 220 0 0
COMPANHIA BRASILEIRA DE DIST SPON ADR PFD 20440T201 385 28,446 SH   SOLE   28,446 0 0
COMPANHIA BRASILEIRA DE DIST SPON ADR PFD 20440T201 291 21,476 SH   DFND 1 2 3 21,476 0 0
COMPANHIA DE BEBIDAS DAS AME SPON ADR PFD 20441W203 1,532 32,083 SH   DFND 1 2 3 32,083 0 0
COMPANHIA DE BEBIDAS DAS AME SPON ADR PFD 20441W203 2,337 48,950 SH   SOLE   48,950 0 0
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 654 112,280 SH   SOLE   112,280 0 0
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 459 78,774 SH   DFND 1 2 3 78,774 0 0
COMPANHIA SIDERURGICA NACION SPONSORED ADR 20440W105 682 91,965 SH   DFND 1 2 3 91,965 0 0
COMPANHIA SIDERURGICA NACION SPONSORED ADR 20440W105 1,048 141,262 SH   SOLE   141,262 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 1,101 45,930 SH   DFND 1 2 3 45,930 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 127 5,300 SH   DFND   5,300 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 1,502 62,630 SH   SOLE   62,630 0 0
CPFL ENERGIA S A SPONSORED ADR 126153105 184 13,599 SH   DFND 1 2 3 13,599 0 0
CPFL ENERGIA S A SPONSORED ADR 126153105 274 20,286 SH   SOLE   20,286 0 0
CREDICORP LTD COM G2519Y108 321 6,850 SH   DFND 1 2 3 6,850 0 0
CTRIP COM INTL LTD ADR 22943F100 9,934 725,084 SH   DFND 1 725,084 0 0
CTRIP COM INTL LTD ADR 22943F100 31,055 2,266,774 SH   DFND 1 2 3 2,266,774 0 0
ECOPETROL S A SPONSORED ADS 279158109 1,107 67,112 SH   SOLE   67,112 0 0
ECOPETROL S A SPONSORED ADS 279158109 919 55,712 SH   DFND 1 2 3 55,712 0 0
EMBRAER-EMPRESA BRASILEIRA D SP ADR COM SHS 29081M102 394 29,663 SH   DFND 1 2 3 29,663 0 0
EMBRAER-EMPRESA BRASILEIRA D SP ADR COM SHS 29081M102 615 46,310 SH   SOLE   46,310 0 0
EMPRESA NACIONAL DE ELCTRCID SPONSORED ADR 29244T101 1,358 36,200 SH   SOLE   36,200 0 0
EMPRESA NACIONAL DE ELCTRCID SPONSORED ADR 29244T101 1,073 28,600 SH   DFND 1 2 3 28,600 0 0
ENERSIS S A SPONSORED ADR 29274F104 1,343 89,197 SH   SOLE   89,197 0 0
ENERSIS S A SPONSORED ADR 29274F104 1,114 73,997 SH   DFND 1 2 3 73,997 0 0
EXXON MOBIL CORP COM 30231G102 209 3,066 SH   DFND 1 2 3 3,066 0 0
FIRST SOLAR INC COM 336433107 612 4,609 SH   SOLE   4,609 0 0
FIRST SOLAR INC COM 336433107 38 287 SH   DFND 1 2 3 287 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 677 26,837 SH   SOLE   26,837 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 389 15,437 SH   DFND 1 2 3 15,437 0 0
GERDAU S A SPONSORED ADR 373737105 1,726 315,555 SH   DFND 1 2 3 315,555 0 0
GERDAU S A SPONSORED ADR 373737105 2,139 390,969 SH   SOLE   390,969 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 16,998 160,325 SH   DFND 1 2 3 160,325 0 0
GRUPO TELEVISA SA DE CV SP ADR REP ORD 40049J206 695 50,966 SH   SOLE   50,966 0 0
GRUPO TELEVISA SA DE CV SP ADR REP ORD 40049J206 436 31,966 SH   DFND 1 2 3 31,966 0 0
HOST HOTELS & RESORTS INC COM 44107P104 50 12,997 SH   SOLE   12,997 0 0
HUANENG PWR INTL INC SPON ADR H SHS 443304100 56 2,078 SH   DFND 1 2 3 2,078 0 0
HUANENG PWR INTL INC SPON ADR H SHS 443304100 207 7,718 SH   SOLE   7,718 0 0
ICICI BK LTD ADR 45104G104 16 1,193 SH   DFND 1 2 3 1,193 0 0
ICICI BK LTD ADR 45104G104 409 30,800 SH   SOLE   30,800 0 0
INFOSYS TECHNOLOGIES LTD SPONSORED ADR 456788108 1,644 61,727 SH   SOLE   61,727 0 0
INFOSYS TECHNOLOGIES LTD SPONSORED ADR 456788108 36 1,337 SH   DFND 1 2 3 1,337 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 297 3,066 SH   DFND 1 2 3 3,066 0 0
ISHARES INC MSCI BRAZIL 464286400 3,177 84,283 SH   DFND 1 2 3 84,283 0 0
ISHARES INC MSCI STH AFRCA 464286780 714 19,187 SH   DFND 1 2 3 19,187 0 0
ISHARES TR FTSE XNHUA IDX 464287184 15,036 527,011 SH   DFND 1 2 3 527,011 0 0
ISHARES TR S&G GL MATERIA 464288695 1,997 53,600 SH   SOLE   53,600 0 0
ISHARES TR S&P GBL FIN 464287333 543 20,000 SH   SOLE   20,000 0 0
ISHARES TR S&P GBL INF 464287291 2,516 67,000 SH   SOLE   67,000 0 0
ISHARES TR S&P GLO INFRAS 464288372 1,763 72,000 SH   SOLE   72,000 0 0
JOHNSON & JOHNSON COM 478160104 184 3,501 SH   DFND 1 2 3 3,501 0 0
JOHNSON & JOHNSON COM 478160104 219 4,171 SH   SOLE   4,171 0 0
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 2,585 70,100 SH   SOLE   70,100 0 0
MARKET VECTORS ETF TR RUSSIA ETF 57060U506 258 18,350 SH   DFND 1 2 3 18,350 0 0
MCDONALDS CORP COM 580135101 243 4,457 SH   DFND 1 2 3 4,457 0 0
MECHEL OAO SPONSORED ADR 583840103 151 36,285 SH   SOLE   36,285 0 0
MECHEL OAO SPONSORED ADR 583840103 5 1,241 SH   DFND 1 2 3 1,241 0 0
MINDRAY MEDICAL INTL LTD SPON ADR 602675100 31 1,700 SH   DFND 1 1,700 0 0
MINDRAY MEDICAL INTL LTD SPON ADR 602675100 13,315 719,338 SH   DFND 1 2 3 719,338 0 0
MOBILE TELESYSTEMS OJSC SPONSORED ADR 607409109 4,572 382,000 SH   DFND 1 2 3 382,000 0 0
NET SERVICOS DE COMUNICACAO SPONSD ADR NEW 64109T201 734 101,301 SH   SOLE   101,301 0 0
NET SERVICOS DE COMUNICACAO SPONSD ADR NEW 64109T201 514 70,916 SH   DFND 1 2 3 70,916 0 0
NETEASE COM INC SPONSORED ADR 64110W102 47,745 1,778,200 SH   DFND 1 1,778,200 0 0
NEW ORIENTAL ED & TECH GRP I SPON ADR 647581107 9,210 733,173 SH   DFND 1 733,173 0 0
NEW ORIENTAL ED & TECH GRP I SPON ADR 647581107 6,739 536,457 SH   DFND 1 2 3 536,457 0 0
NUCOR CORP COM 670346105 886 23,200 SH   SOLE   23,200 0 0
OPEN JT STK CO-VIMPEL COMMUN SPONSORED ADR 68370R109 4,189 640,478 SH   DFND 1 2 3 640,478 0 0
PARTNER COMMUNICATIONS CO LT ADR 70211M109 163 10,800 SH   DFND 1 2 3 10,800 0 0
PERDIGAO S A SPONSORED ADR 71361V303 161 26,036 SH   DFND 1 2 3 26,036 0 0
PERDIGAO S A SPONSORED ADR 71361V303 222 35,728 SH   SOLE   35,728 0 0
PERFECT WORLD CO LTD SPON ADR REP B 71372U104 325 23,097 SH   SOLE   23,097 0 0
PERFECT WORLD CO LTD SPON ADR REP B 71372U104 281 20,000 SH   DFND 1 20,000 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 4,825 196,927 SH   DFND 1 2 3 196,927 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 8,617 351,727 SH   SOLE   351,727 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 4,433 145,477 SH   DFND 1 2 3 145,477 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 7,553 247,877 SH   SOLE   247,877 0 0
POWERSHARES GLOBAL ETF TRUST GBL CLEAN ENER 73936T615 151 14,000 SH   SOLE   14,000 0 0
ROSTELECOM OPEN JT STK LNG D SPONSORED ADR 778529107 582 11,291 SH   SOLE   11,291 0 0
SADIA S A SPON ADR PFD 786326108 50 12,080 SH   SOLE   12,080 0 0
SHANDA INTERACTIVE ENTMT LTD SPONSORED ADR 81941Q203 870 22,000 SH   DFND 1 22,000 0 0
SHANDA INTERACTIVE ENTMT LTD SPONSORED ADR 81941Q203 10,792 273,008 SH   DFND 1 2 3 273,008 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 790 29,742 SH   SOLE   29,742 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 689 25,942 SH   DFND 1 2 3 25,942 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 2,211 24,488 SH   SOLE   24,488 0 0
STERLITE INDS INDIA LTD ADS 859737207 3 404 SH   DFND 1 2 3 404 0 0
STERLITE INDS INDIA LTD ADS 859737207 159 22,458 SH   SOLE   22,458 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 56 6,289 SH   DFND 1 2 3 6,289 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 74 8,278 SH   SOLE   8,278 0 0
TATA MTRS LTD SPONSORED ADR 876568502 90 18,276 SH   SOLE   18,276 0 0
TELE NORTE LESTE PART S A SPON ADR PFD 879246106 971 70,144 SH   DFND 1 2 3 70,144 0 0
TELE NORTE LESTE PART S A SPON ADR PFD 879246106 1,429 103,244 SH   SOLE   103,244 0 0
TELECOMUNICACOES DE SAO PAUL SPON ADR PFD 87929A102 1,109 53,373 SH   DFND 1 2 3 53,373 0 0
TELECOMUNICACOES DE SAO PAUL SPON ADR PFD 87929A102 7 343 SH   DFND 1 2 3 343 0 0
TELEFONOS DE MEXICO S A B SPON ADR ORD L 879403780 268 17,794 SH   DFND 1 2 3 17,794 0 0
TELEFONOS DE MEXICO S A B SPON ADR ORD L 879403780 439 29,194 SH   SOLE   29,194 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 1,239 27,496 SH   DFND 1 2 3 27,496 0 0
ULTRAPAR PARTICIPACOES S A SP ADR REP PFD 90400P101 219 37,120 SH   SOLE   37,120 0 0
ULTRAPAR PARTICIPACOES S A SP ADR REP PFD 90400P101 160 27,111 SH   DFND 1 2 3 27,111 0 0
UNIBANCO-UNIAO DE BANCOS BRA ADR REP UNITS 90458E107 2,110 33,368 SH   SOLE   33,368 0 0
UNITED STATES OIL FUND LP UNITS 91232N108 4,503 155,000 SH   SOLE   155,000 0 0
VISA INC COM CL A 92826C839 733 13,187 SH   DFND 1 13,187 0 0
VISA INC COM CL A 92826C839 20,326 365,573 SH   DFND 1 2 3 365,573 0 0
VISIONCHINA MEDIA INC SPONS ADR 92833U103 735 5,700 SH   SOLE   5,700 0 0
VIVO PARTICIPACOES S A SPON ADR PFD NEW 92855S200 965 73,950 SH   SOLE   73,950 0 0
WIMM BILL DANN FOODS OJSC SPONSORED ADR 97263M109 401 50,380 SH   DFND 1 2 3 50,380 0 0
WIPRO LTD SPON ADR 1 SH 97651M109 100 26,156 SH   SOLE   26,156 0 0
WIPRO LTD SPON ADR 1 SH 97651M109 5 1,283 SH   DFND 1 2 3 1,283 0 0