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
ADVANCE AUTO PARTS INC COM 00751Y106 556 5,025 SH   DFND   0 0 5,025
AMERCO COM 023586100 499 2,100 SH   DFND   0 0 2,100
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 27,066 1,158,168 SH   DFND   0 0 1,158,168
AMERICAN EXPRESS CO COM 025816109 563 6,200 SH   DFND   0 0 6,200
AMERICAN INTL GROUP INC COM NEW 026874784 107 2,100 SH   DFND   0 0 2,100
AMPHENOL CORP NEW CL A 032095101 415 4,650 SH   DFND   0 0 4,650
ANADARKO PETE CORP COM 032511107 373 4,700 SH   DFND   0 0 4,700
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 543 5,100 SH   DFND   0 0 5,100
APPLE INC COM 037833100 1,122 2,000 SH   DFND   0 0 2,000
AZZ INC COM 002474104 572 11,710 SH   DFND   0 0 11,710
BAKER HUGHES INC COM 057224107 437 7,900 SH   DFND   0 0 7,900
BANCO BRADESCO S A SP ADR PFD NEW 059460303 11,578 924,062 SH   DFND   0 0 924,062
BED BATH & BEYOND INC COM 075896100 755 9,400 SH   DFND   0 0 9,400
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 320 2,700 SH   DFND   0 0 2,700
BOEING CO COM 097023105 164 1,200 SH   DFND   0 0 1,200
BRF SA SPONSORED ADR 10552T107 11,232 538,200 SH   DFND   0 0 538,200
BROADRIDGE FINL SOLUTIONS IN COM 11133T103 1,190 30,100 SH   DFND   0 0 30,100
BRUNSWICK CORP COM 117043109 350 7,600 SH   DFND   0 0 7,600
CAPITAL ONE FINL CORP COM 14040H105 919 12,000 SH   DFND   0 0 12,000
CAREFUSION CORP COM 14170T101 860 21,600 SH   DFND   0 0 21,600
CATERPILLAR INC DEL COM 149123101 327 3,600 SH   DFND   0 0 3,600
CEMEX SAB DE CV SPON ADR NEW 151290889 12,970 1,096,400 SH   DFND   0 0 1,096,400
CENTERPOINT ENERGY INC COM 15189T107 1,211 52,225 SH   DFND   0 0 52,225
CHEVRON CORP NEW COM 166764100 550 4,400 SH   DFND   0 0 4,400
CHICOS FAS INC COM 168615102 471 25,000 SH   DFND   0 0 25,000
CITIGROUP INC COM NEW 172967424 667 12,800 SH   DFND   0 0 12,800
COCA COLA CO COM 191216100 231 5,600 SH   DFND   0 0 5,600
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 3,471 77,700 SH   DFND   0 0 77,700
COMPANIA CERVECERIAS UNIDAS SPONSORED ADR 204429104 6,632 275,070 SH   DFND   0 0 275,070
COSAN LTD SHS A G25343107 3,606 262,860 SH   DFND   0 0 262,860
CPFL ENERGIA S A SPONSORED ADR 126153105 4,918 307,213 SH   DFND   0 0 307,213
CREDICORP LTD COM G2519Y108 16,116 121,423 SH   DFND   0 0 121,423
CSX CORP COM 126408103 328 11,400 SH   DFND   0 0 11,400
CVS CAREMARK CORPORATION COM 126650100 165 2,300 SH   DFND   0 0 2,300
DARLING INTL INC COM 237266101 881 42,200 SH   DFND   0 0 42,200
DAVITA HEALTHCARE PARTNERS I COM 23918K108 935 14,750 SH   DFND   0 0 14,750
DEVON ENERGY CORP NEW COM 25179M103 346 5,600 SH   DFND   0 0 5,600
DICKS SPORTING GOODS INC COM 253393102 930 16,000 SH   DFND   0 0 16,000
DISNEY WALT CO COM DISNEY 254687106 306 4,000 SH   DFND   0 0 4,000
DOLLAR TREE INC COM 256746108 181 3,200 SH   DFND   0 0 3,200
E M C CORP MASS COM 268648102 438 17,400 SH   DFND   0 0 17,400
EMBRAER S A SP ADR REP 4 COM 29082A107 5,327 165,548 SH   DFND   0 0 165,548
EMPRESA NACIONAL DE ELCTRCID SPONSORED ADR 29244T101 5,796 130,003 SH   DFND   0 0 130,003
FEDEX CORP COM 31428X106 316 2,200 SH   DFND   0 0 2,200
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 10,736 109,698 SH   DFND   0 0 109,698
FREEPORT-MCMORAN COPPER & GO COM 35671D857 147 3,900 SH   DFND   0 0 3,900
GENERAL MTRS CO COM 37045V100 388 9,500 SH   DFND   0 0 9,500
GERDAU S A SPON ADR REP PFD 373737105 7,403 944,301 SH   DFND   0 0 944,301
GLOBAL PMTS INC COM 37940X102 924 14,225 SH   DFND   0 0 14,225
GOOGLE INC CL A 38259P508 560 500 SH   DFND   0 0 500
GRAN TIERRA ENERGY INC COM 38500T101 4,716 645,180 SH   DFND   0 0 645,180
GRANA Y MONTERO S A A SPONSORED ADR 38500P208 3,921 184,700 SH   DFND   0 0 184,700
GRUPO AEROPORTUARIO CTR NORT SPON ADR 400501102 2,697 101,000 SH   DFND   0 0 101,000
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 7,924 261,850 SH   DFND   0 0 261,850
HEWLETT PACKARD CO COM 428236103 333 11,900 SH   DFND   0 0 11,900
HMS HLDGS CORP COM 40425J101 150 6,600 SH   DFND   0 0 6,600
HOME DEPOT INC COM 437076102 124 1,500 SH   DFND   0 0 1,500
HONEYWELL INTL INC COM 438516106 850 9,300 SH   DFND   0 0 9,300
INTERNATIONAL BUSINESS MACHS COM 459200101 319 1,700 SH   DFND   0 0 1,700
ISHARES IBOXX INV CP ETF 464287242 582 5,100 SH   DFND   0 0 5,100
ISHARES JP MOR EM MK ETF 464288281 4,832 44,670 SH   DFND   0 0 44,670
ISHARES LATN AMER 40 ETF 464287390 1,913 51,651 SH   DFND   0 0 51,651
ISHARES MSCI BRZ CAP ETF 464286400 2,480 55,500 SH   DFND   0 0 55,500
ISHARES MSCI CH CAP ETF 464286640 138 2,900 SH   DFND   0 0 2,900
ISHARES MSCI EMG MKT ETF 464287234 7,554 180,746 SH   DFND   0 0 180,746
ISHARES MSCI JAPAN ETF 464286848 6,988 575,666 SH   DFND   0 0 575,666
ISHARES MSCI MEX CAP ETF 464286822 163 2,400 SH   DFND   0 0 2,400
ISHARES MSCI PAC JP ETF 464286665 6,475 138,556 SH   DFND   0 0 138,556
ISHARES RUSSELL 2000 ETF 464287655 2,113 18,320 SH   DFND   0 0 18,320
ISHARES S&P GSCI COMMODITY I UNIT BEN INT 46428R107 12,866 399,685 SH   DFND   0 0 399,685
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 41,395 3,050,447 SH   DFND   0 0 3,050,447
JPMORGAN CHASE & CO COM 46625H100 637 10,900 SH   DFND   0 0 10,900
KEYCORP NEW COM 493267108 1,001 74,600 SH   DFND   0 0 74,600
LABORATORY CORP AMER HLDGS COM NEW 50540R409 137 1,500 SH   DFND   0 0 1,500
LATAM AIRLS GROUP S A SPONSORED ADR 51817R106 6,539 400,927 SH   DFND   0 0 400,927
MARKET VECTORS ETF TR BRAZL SMCP ETF 57060U613 646 21,807 SH   DFND   0 0 21,807
MASTEC INC COM 576323109 128 3,900 SH   DFND   0 0 3,900
MERCK & CO INC NEW COM 58933Y105 656 13,100 SH   DFND   0 0 13,100
MICROSOFT CORP COM 594918104 542 14,500 SH   DFND   0 0 14,500
MONSANTO CO NEW COM 61166W101 105 900 SH   DFND   0 0 900
MRC GLOBAL INC COM 55345K103 429 13,300 SH   DFND   0 0 13,300
MSC INDL DIRECT INC CL A 553530106 1,078 13,325 SH   DFND   0 0 13,325
NCI BUILDING SYS INC COM NEW 628852204 812 46,300 SH   DFND   0 0 46,300
NIKE INC CL B 654106103 126 1,600 SH   DFND   0 0 1,600
OCCIDENTAL PETE CORP DEL COM 674599105 552 5,800 SH   DFND   0 0 5,800
OCWEN FINL CORP COM NEW 675746309 233 4,200 SH   DFND   0 0 4,200
OIL STS INTL INC COM 678026105 498 4,900 SH   DFND   0 0 4,900
ORACLE CORP COM 68389X105 134 3,500 SH   DFND   0 0 3,500
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 15,901 1,082,464 SH   DFND   0 0 1,082,464
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 4,419 320,702 SH   DFND   0 0 320,702
PFIZER INC COM 717081103 588 19,200 SH   DFND   0 0 19,200
POTASH CORP SASK INC COM 73755L107 254 7,700 SH   DFND   0 0 7,700
PROCTER & GAMBLE CO COM 742718109 611 7,500 SH   DFND   0 0 7,500
QUALCOMM INC COM 747525103 275 3,700 SH   DFND   0 0 3,700
RENAISSANCERE HOLDINGS LTD COM G7496G103 636 6,530 SH   DFND   0 0 6,530
ROCKWOOD HLDGS INC COM 774415103 266 3,700 SH   DFND   0 0 3,700
ROSS STORES INC COM 778296103 620 8,275 SH   DFND   0 0 8,275
SCHLUMBERGER LTD COM 806857108 487 5,400 SH   DFND   0 0 5,400
SCHWAB CHARLES CORP NEW COM 808513105 395 15,200 SH   DFND   0 0 15,200
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 2,402 92,800 SH   DFND   0 0 92,800
SOUTHERN COPPER CORP COM 84265V105 2,756 96,000 SH   DFND   0 0 96,000
SPDR GOLD TRUST GOLD SHS 78463V107 5,275 45,430 SH   DFND   0 0 45,430
SPDR S&P 500 ETF TR TR UNIT 78462F103 2,822 15,277 SH   DFND   0 0 15,277
SPDR SERIES TRUST S&P REGL BKG 78464A698 2,000 49,250 SH   DFND   0 0 49,250
STIFEL FINL CORP COM 860630102 122 2,550 SH   DFND   0 0 2,550
TELEFONICA BRASIL SA SPONSORED ADR 87936R106 5,954 309,763 SH   DFND   0 0 309,763
TEXAS INSTRS INC COM 882508104 435 9,900 SH   DFND   0 0 9,900
TIFFANY & CO NEW COM 886547108 269 2,900 SH   DFND   0 0 2,900
TOTAL SYS SVCS INC COM 891906109 1,287 38,675 SH   DFND   0 0 38,675
TWENTY FIRST CENTY FOX INC CL A 90130A101 98 2,800 SH   DFND   0 0 2,800
ULTRAPAR PARTICIPACOES S A SP ADR REP COM 90400P101 3,952 167,090 SH   DFND   0 0 167,090
UNITED RENTALS INC COM 911363109 709 9,100 SH   DFND   0 0 9,100
UNITEDHEALTH GROUP INC COM 91324P102 226 3,000 SH   DFND   0 0 3,000
VALE S A ADR 91912E105 8,956 587,278 SH   DFND   0 0 587,278
VALE S A ADR REPSTG PFD 91912E204 15,522 1,107,900 SH   DFND   0 0 1,107,900
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 28,391 482,834 SH   DFND   0 0 482,834
VERIZON COMMUNICATIONS INC COM 92343V104 241 4,900 SH   DFND   0 0 4,900
VISA INC COM CL A 92826C839 134 600 SH   DFND   0 0 600
WELLS FARGO & CO NEW COM 949746101 631 13,900 SH   DFND   0 0 13,900
WERNER ENTERPRISES INC COM 950755108 171 6,925 SH   DFND   0 0 6,925
WESTERN UN CO COM 959802109 1,355 78,575 SH   DFND   0 0 78,575
WORLD FUEL SVCS CORP COM 981475106 1,342 31,100 SH   DFND   0 0 31,100
YAMANA GOLD INC COM 98462Y100 2,860 331,805 SH   DFND   0 0 331,805
YUM BRANDS INC COM 988498101 181 2,400 SH   DFND   0 0 2,400