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 287 59,700 SH   DFND 1 59,700 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 356 22,966 SH   DFND 1 2 3 22,966 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 565 36,466 SH   SOLE   36,466 0 0
ARACRUZ CELULOSE S A SPON ADR PFD B 038496204 211 18,700 SH   DFND 1 2 3 18,700 0 0
ARACRUZ CELULOSE S A SPON ADR PFD B 038496204 293 25,968 SH   SOLE   25,968 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 1,054 36,564 SH   SOLE   36,564 0 0
BAIDU COM INC SPON ADR REP A 056752108 7,358 563,500 SH   DFND 1 563,500 0 0
BAIDU COM INC SPON ADR REP A 056752108 9,793 750,048 SH   DFND 1 2 3 750,048 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 2,660 358,764 SH   SOLE   358,764 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 1,630 219,749 SH   DFND 1 2 3 219,749 0 0
BANCO ITAU HLDG FINANCIERA S SP ADR 500 PFD 059602201 2,010 209,691 SH   DFND 1 2 3 209,691 0 0
BANCO ITAU HLDG FINANCIERA S SP ADR 500 PFD 059602201 3,141 327,688 SH   SOLE   327,688 0 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 295 21,900 SH   SOLE   21,900 0 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 235 17,400 SH   DFND 1 2 3 17,400 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 822 35,200 SH   SOLE   35,200 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 717 30,700 SH   DFND 1 2 3 30,700 0 0
BUNGE LIMITED COM G16962105 365 7,050 SH   SOLE   7,050 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 294 39,115 SH   DFND 1 2 3 39,115 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 838 111,615 SH   SOLE   111,615 0 0
CHINA LIFE INS CO LTD SPON ADR REP H 16939P106 35 753 SH   DFND 1 2 3 753 0 0
CHINA LIFE INS CO LTD SPON ADR REP H 16939P106 1,209 26,054 SH   SOLE   26,054 0 0
CHINA MOBILE LIMITED SPONSORED ADR 16941M109 2,385 46,906 SH   SOLE   46,906 0 0
CHINA MOBILE LIMITED SPONSORED ADR 16941M109 70 1,374 SH   DFND 1 2 3 1,374 0 0
CHINA PETE & CHEM CORP SPON ADR H SHS 16941R108 12 256 SH   DFND 1 2 3 256 0 0
CHINA PETE & CHEM CORP SPON ADR H SHS 16941R108 479 10,085 SH   SOLE   10,085 0 0
CHINA TELECOM CORP LTD SPON ADR H SHS 169426103 297 7,817 SH   SOLE   7,817 0 0
CHINA TELECOM CORP LTD SPON ADR H SHS 169426103 8 211 SH   DFND 1 2 3 211 0 0
CHINA UNICOM (HONG KONG) LTD SPONSORED ADR 16945R104 14 1,166 SH   DFND 1 2 3 1,166 0 0
CHINA UNICOM (HONG KONG) LTD SPONSORED ADR 16945R104 509 41,721 SH   SOLE   41,721 0 0
CITIGROUP INC COM 172967101 300 4,472 SH   DFND 1 2 3 4,472 0 0
CNOOC LTD SPONSORED ADR 126132109 775 8,139 SH   SOLE   8,139 0 0
CNOOC LTD SPONSORED ADR 126132109 26 270 SH   DFND 1 2 3 270 0 0
COMPANHIA BRASILEIRA DE DIST SPON ADR PFD 20440T201 361 26,200 SH   DFND 1 2 3 26,200 0 0
COMPANHIA BRASILEIRA DE DIST SPON ADR PFD 20440T201 461 33,470 SH   SOLE   33,470 0 0
COMPANHIA DE BEBIDAS DAS AME SPON ADR PFD 20441W203 2,489 56,173 SH   SOLE   56,173 0 0
COMPANHIA DE BEBIDAS DAS AME SPON ADR PFD 20441W203 1,733 39,106 SH   DFND 1 2 3 39,106 0 0
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 136 33,726 SH   SOLE   33,726 0 0
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 107 26,522 SH   DFND 1 2 3 26,522 0 0
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 511 94,290 SH   DFND 1 2 3 94,290 0 0
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 694 128,196 SH   SOLE   128,196 0 0
COMPANHIA SIDERURGICA NACION SPONSORED ADR 20440W105 716 111,817 SH   DFND 1 2 3 111,817 0 0
COMPANHIA SIDERURGICA NACION SPONSORED ADR 20440W105 1,034 161,414 SH   SOLE   161,414 0 0
COMPANHIA VAL DO RIO DOCE SPONSORED ADR 204412209 38,729 3,198,066 SH   DFND   3,198,066 0 0
COMPANHIA VAL DO RIO DOCE SPONSORED ADR 204412209 3,348 276,492 SH   DFND 1 2 3 276,492 0 0
COMPANHIA VAL DO RIO DOCE SPON ADR PFD 204412100 5,226 490,740 SH   SOLE   490,740 0 0
COMPANHIA VAL DO RIO DOCE SPON ADR PFD 204412100 2,822 264,940 SH   DFND 1 2 3 264,940 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 1,118 56,100 SH   DFND 1 2 3 56,100 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 1,386 69,600 SH   SOLE   69,600 0 0
CREDICORP LTD COM G2519Y108 342 6,850 SH   DFND 1 2 3 6,850 0 0
CTRIP COM INTL LTD ADR 22943F100 50,695 4,260,061 SH   DFND 1 2 3 4,260,061 0 0
CTRIP COM INTL LTD ADR 22943F100 13,498 1,134,284 SH   DFND 1 1,134,284 0 0
DIAMONDS TR UNIT SER 1 252787106 545 6,226 SH   DFND 1 2 3 6,226 0 0
DIAMONDS TR UNIT SER 1 252787106 545 6,226 SH   SOLE   6,226 0 0
EMBRAER-EMPRESA BRASILEIRA D SP ADR COM SHS 29081M102 858 52,947 SH   SOLE   52,947 0 0
EMBRAER-EMPRESA BRASILEIRA D SP ADR COM SHS 29081M102 587 36,200 SH   DFND 1 2 3 36,200 0 0
EMPRESA NACIONAL DE ELCTRCID SPONSORED ADR 29244T101 1,165 34,800 SH   DFND 1 2 3 34,800 0 0
EMPRESA NACIONAL DE ELCTRCID SPONSORED ADR 29244T101 1,467 43,800 SH   SOLE   43,800 0 0
EMPRESAS ICA S A DE CV SPONS ADR NEW 292448206 183 27,300 SH   SOLE   27,300 0 0
EMPRESAS ICA S A DE CV SPONS ADR NEW 292448206 123 18,300 SH   DFND 1 2 3 18,300 0 0
ENERSIS S A SPONSORED ADR 29274F104 1,358 106,965 SH   SOLE   106,965 0 0
ENERSIS S A SPONSORED ADR 29274F104 1,130 88,965 SH   DFND 1 2 3 88,965 0 0
FIRST SOLAR INC COM 336433107 565 4,097 SH   SOLE   4,097 0 0
FIRST SOLAR INC COM 336433107 38 275 SH   DFND 1 2 3 275 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 676 22,440 SH   DFND 1 2 3 22,440 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 1,083 35,940 SH   SOLE   35,940 0 0
GERDAU S A SPONSORED ADR 373737105 2,656 402,349 SH   DFND 1 2 3 402,349 0 0
GERDAU S A SPONSORED ADR 373737105 3,193 483,863 SH   SOLE   483,863 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 13,502 160,000 SH   DFND 1 2 3 160,000 0 0
GRUPO TELEVISA SA DE CV SP ADR REP ORD 40049J206 693 46,414 SH   DFND 1 2 3 46,414 0 0
GRUPO TELEVISA SA DE CV SP ADR REP ORD 40049J206 1,097 73,414 SH   SOLE   73,414 0 0
HOST HOTELS & RESORTS INC COM 44107P104 109 14,731 SH   SOLE   14,731 0 0
HUANENG PWR INTL INC SPON ADR H SHS 443304100 61 2,078 SH   DFND 1 2 3 2,078 0 0
HUANENG PWR INTL INC SPON ADR H SHS 443304100 202 6,918 SH   SOLE   6,918 0 0
ICICI BK LTD ADR 45104G104 23 1,193 SH   DFND 1 2 3 1,193 0 0
ICICI BK LTD ADR 45104G104 529 27,500 SH   SOLE   27,500 0 0
INFOSYS TECHNOLOGIES LTD SPONSORED ADR 456788108 37 1,501 SH   DFND 1 2 3 1,501 0 0
INFOSYS TECHNOLOGIES LTD SPONSORED ADR 456788108 1,382 56,238 SH   SOLE   56,238 0 0
ISHARES COMEX GOLD TR ISHARES 464285105 336 38,718 SH   SOLE   38,718 0 0
ISHARES INC MSCI STH AFRCA 464286780 773 20,070 SH   DFND 1 2 3 20,070 0 0
ISHARES INC MSCI TAIWAN 464286731 1,002 132,000 SH   SOLE   132,000 0 0
ISHARES TR FTSE XNHUA IDX 464287184 55,787 1,917,750 SH   DFND 1 2 3 1,917,750 0 0
ISHARES TR S&G GL MATERIA 464288695 1,174 30,000 SH   SOLE   30,000 0 0
ISHARES TR S&P GLO INFRAS 464288372 1,645 55,000 SH   SOLE   55,000 0 0
JOHNSON & JOHNSON COM 478160104 184 3,073 SH   DFND 1 2 3 3,073 0 0
JOHNSON & JOHNSON COM 478160104 229 3,823 SH   SOLE   3,823 0 0
MCDONALDS CORP COM 580135101 271 4,359 SH   DFND 1 2 3 4,359 0 0
MECHEL OAO SPONSORED ADR 583840103 135 33,798 SH   SOLE   33,798 0 0
MECHEL OAO SPONSORED ADR 583840103 7 1,654 SH   DFND 1 2 3 1,654 0 0
MINDRAY MEDICAL INTL LTD SPON ADR 602675100 16,832 935,136 SH   DFND 1 935,136 0 0
MINDRAY MEDICAL INTL LTD SPON ADR 602675100 16,584 921,330 SH   DFND 1 2 3 921,330 0 0
MOBILE TELESYSTEMS OJSC SPONSORED ADR 607409109 2,717 254,599 SH   SOLE   254,599 0 0
MOBILE TELESYSTEMS OJSC SPONSORED ADR 607409109 2,238 209,729 SH   DFND 1 2 3 209,729 0 0
NET SERVICOS DE COMUNICACAO SPONSD ADR NEW 64109T201 498 85,500 SH   DFND 1 2 3 85,500 0 0
NET SERVICOS DE COMUNICACAO SPONSD ADR NEW 64109T201 680 116,785 SH   SOLE   116,785 0 0
NETEASE COM INC SPONSORED ADR 64110W102 39,298 1,778,200 SH   DFND 1 1,778,200 0 0
NEW ORIENTAL ED & TECH GRP I SPON ADR 647581107 8,055 586,794 SH   DFND 1 2 3 586,794 0 0
NEW ORIENTAL ED & TECH GRP I SPON ADR 647581107 10,037 731,173 SH   DFND 1 731,173 0 0
OPEN JT STK CO-VIMPEL COMMUN SPONSORED ADR 68370R109 1,032 144,111 SH   DFND 1 2 3 144,111 0 0
OPEN JT STK CO-VIMPEL COMMUN SPONSORED ADR 68370R109 1,656 231,268 SH   SOLE   231,268 0 0
PARTNER COMMUNICATIONS CO LT ADR 70211M109 178 10,800 SH   DFND 1 2 3 10,800 0 0
PERDIGAO S A SPONSORED ADR 71361V303 1,053 41,292 SH   SOLE   41,292 0 0
PERDIGAO S A SPONSORED ADR 71361V303 808 31,700 SH   DFND 1 2 3 31,700 0 0
PERFECT WORLD CO LTD SPON ADR REP B 71372U104 383 22,197 SH   SOLE   22,197 0 0
PERFECT WORLD CO LTD SPON ADR REP B 71372U104 345 20,000 SH   DFND 1 20,000 0 0
PETROCHINA CO LTD SPONSORED ADR 71646E100 46 519 SH   DFND 1 2 3 519 0 0
PETROCHINA CO LTD SPONSORED ADR 71646E100 1,163 13,067 SH   SOLE   13,067 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 8,104 397,060 SH   SOLE   397,060 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 4,894 239,760 SH   DFND 1 2 3 239,760 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 4,333 176,921 SH   DFND 1 2 3 176,921 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 6,831 278,921 SH   SOLE   278,921 0 0
POWERSHARES GLOBAL ETF TRUST GBL CLEAN ENER 73936T615 177 14,000 SH   SOLE   14,000 0 0
ROSTELECOM OPEN JT STK LNG D SPONSORED ADR 778529107 629 11,341 SH   SOLE   11,341 0 0
SADIA S A SPON ADR PFD 786326108 298 60,900 SH   DFND 1 2 3 60,900 0 0
SADIA S A SPON ADR PFD 786326108 405 82,580 SH   SOLE   82,580 0 0
SATYAM COMPUTER SERVICES LTD ADR 804098101 6 664 SH   DFND 1 2 3 664 0 0
SATYAM COMPUTER SERVICES LTD ADR 804098101 186 20,523 SH   SOLE   20,523 0 0
SINA CORP ORD G81477104 20,564 888,300 SH   DFND 1 888,300 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 993 40,700 SH   SOLE   40,700 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 773 31,700 SH   DFND 1 2 3 31,700 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 2,036 23,528 SH   SOLE   23,528 0 0
SPDR TR UNIT SER 1 78462F103 202 2,238 SH   DFND 1 2 3 2,238 0 0
STERLITE INDS INDIA LTD ADS 859737207 2 404 SH   DFND 1 2 3 404 0 0
STERLITE INDS INDIA LTD ADS 859737207 108 19,558 SH   SOLE   19,558 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 75 9,581 SH   SOLE   9,581 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 60 7,592 SH   DFND 1 2 3 7,592 0 0
TATA MTRS LTD SPONSORED ADR 876568502 70 15,776 SH   SOLE   15,776 0 0
TELE NORTE LESTE PART S A SPON ADR PFD 879246106 1,190 85,504 SH   DFND 1 2 3 85,504 0 0
TELE NORTE LESTE PART S A SPON ADR PFD 879246106 1,658 119,104 SH   SOLE   119,104 0 0
TELEFONOS DE MEXICO S A B SPON ADR ORD L 879403780 550 26,264 SH   DFND 1 2 3 26,264 0 0
TELEFONOS DE MEXICO S A B SPON ADR ORD L 879403780 833 39,764 SH   SOLE   39,764 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 1,175 27,610 SH   DFND 1 2 3 27,610 0 0
ULTRAPAR PARTICIPACOES S A SP ADR REP PFD 90400P101 266 47,309 SH   SOLE   47,309 0 0
ULTRAPAR PARTICIPACOES S A SP ADR REP PFD 90400P101 186 33,000 SH   DFND 1 2 3 33,000 0 0
UNIBANCO-UNIAO DE BANCOS BRA ADR 90458E107 2,393 37,028 SH   SOLE   37,028 0 0
UNIBANCO-UNIAO DE BANCOS BRA ADR 90458E107 1,717 26,573 SH   DFND 1 2 3 26,573 0 0
UNITED STATES OIL FUND LP UNITS 91232N108 5,131 155,000 SH   SOLE   155,000 0 0
VISA INC COM CL A 92826C839 19,184 365,760 SH   DFND 1 2 3 365,760 0 0
VISA INC COM CL A 92826C839 692 13,187 SH   DFND 1 13,187 0 0
VISIONCHINA MEDIA INC SPONS ADR 92833U103 273 2,500 SH   SOLE   2,500 0 0
VIVO PARTICIPACOES S A SPON ADR PFD NEW 92855S200 1,074 85,677 SH   SOLE   85,677 0 0
VIVO PARTICIPACOES S A SPON ADR PFD NEW 92855S200 804 64,100 SH   DFND 1 2 3 64,100 0 0
VOTORANTIM CELULOSE E PAPEL SPONSORED ADR 92906P106 329 37,800 SH   DFND 1 2 3 37,800 0 0
VOTORANTIM CELULOSE E PAPEL SPONSORED ADR 92906P106 455 52,196 SH   SOLE   52,196 0 0
WIMM BILL DANN FOODS OJSC SPONSORED ADR 97263M109 407 61,880 SH   DFND 1 2 3 61,880 0 0
WIMM BILL DANN FOODS OJSC SPONSORED ADR 97263M109 448 68,044 SH   SOLE   68,044 0 0
WIPRO LTD SPON ADR 1 SH 97651M109 6 1,283 SH   DFND 1 2 3 1,283 0 0
WIPRO LTD SPON ADR 1 SH 97651M109 103 23,656 SH   SOLE   23,656 0 0
YANZHOU COAL MNG CO LTD SPON ADR H SHS 984846105 93 12,335 SH   SOLE   12,335 0 0