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
ABBOTT LABS COM 002824100 64 1,673 SH   SOLE 0 1,673 0 0
ABBVIE INC COM 00287Y109 199 3,763 SH   SOLE 0 3,763 0 0
ALLERGAN INC COM 018490102 109 976 SH   SOLE 0 976 0 0
AMBEV SA SPONSORED ADR 02319V103 6,013 817,588 SH   SOLE 0 817,588 0 0
AMBEV SA SPONSORED ADR 02319V103 3,896 529,735 SH   DFND 1 529,735 0 0
AMGEN INC COM 031162100 157 1,380 SH   SOLE 0 1,380 0 0
ARROWHEAD RESH CORP COM NEW 042797209 403 37,165 SH   SOLE 0 37,165 0 0
BAIDU INC SPON ADR REP A 056752108 22,205 125,310 SH   SOLE 0 125,310 0 0
BAXTER INTL INC COM 071813109 78 1,121 SH   SOLE 0 1,121 0 0
BIOGEN IDEC INC COM 09062X103 122 436 SH   SOLE 0 436 0 0
BIOMARIN PHARMACEUTICAL INC COM 09061G101 31 446 SH   SOLE 0 446 0 0
BOSTON SCIENTIFIC CORP COM 101137107 33 2,761 SH   SOLE 0 2,761 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 3,052 243,509 SH   SOLE 0 243,509 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 1,865 148,780 SH   DFND 1 148,780 0 0
BRF SA SPONSORED ADR 10552T107 2,045 97,948 SH   SOLE 0 97,948 0 0
BRF SA SPONSORED ADR 10552T107 1,535 73,487 SH   DFND 1 73,487 0 0
BRISTOL MYERS SQUIBB CO COM 110122108 143 2,700 SH   SOLE 0 2,700 0 0
CELGENE CORP COM 151020104 95 563 SH   SOLE 0 543 0 0
COMPANIA CERVECERIAS UNIDAS SPONSORED ADR 204429104 7,411 307,621 SH   SOLE 0 307,621 0 0
COMPANIA CERVECERIAS UNIDAS SPONSORED ADR 204429104 1,027 42,652 SH   DFND 1 42,652 0 0
COPA HOLDINGS SA CL A P31076105 2,639 16,502 SH   SOLE 0 16,502 0 0
COPA HOLDINGS SA CL A P31076105 3,049 19,069 SH   DFND 1 19,069 0 0
COVANCE INC COM 222816100 33 375 SH   SOLE 0 375 0 0
CREDICORP LTD COM G2519Y108 2,090 15,756 SH   SOLE 0 15,756 0 0
CREDICORP LTD COM G2519Y108 2,429 18,317 SH   DFND 1 18,317 0 0
CTC MEDIA INC COM 12642X106 7,132 512,744 SH   SOLE 0 512,744 0 0
CTC MEDIA INC COM 12642X106 7,157 514,512 SH   DFND 1 514,512 0 0
CUBIST PHARMACEUTICALS INC COM 229678107 33 477 SH   SOLE 0 477 0 0
FOMENTO ECONOMICO MEXICANO S SPONSORED ADR UNITS 344419106 3,555 36,370 SH   SOLE 0 36,370 0 0
FOMENTO ECONOMICO MEXICANO S SPONSORED ADR UNITS 344419106 4,244 43,421 SH   DFND 1 43,421 0 0
FOREST LABS INC COM 345838106 67 1,112 SH   SOLE 0 1,112 0 0
GERDAU S A SPONSORED ADR REP PFD 373737105 457 58,256 SH   SOLE 0 58,256 0 0
GILEAD SCIENCES INC COM 375558103 225 3,003 SH   SOLE 0 3,003 0 0
GRANA Y MONTERO S A A SPONSORED ADR 38500P208 1,564 73,634 SH   SOLE 0 73,634 0 0
GRANA Y MONTERO S A A SPONSORED ADR 38500P208 1,712 80,631 SH   DFND 1 80,631 0 0
GRUPO TELEVISA SA SPONSORED ADR REP ORD 40049J206 2,298 75,804 SH   SOLE 0 75,804 0 0
GRUPO TELEVISA SA SPONSORED ADR REP ORD 40049J206 2,754 90,840 SH   DFND 1 90,840 0 0
ILLUMINA INC COM 452327109 105 952 SH   SOLE 0 952 0 0
ITAU UNIBANCO HOLDINGS SA SPONSORED ADR REP PFD 465562106 14,838 1,092,233 SH   SOLE 0 1,092,233 0 0
ITAU UNIBANCO HOLDINGS SA SPONSORED ADR REP PFD 465562106 5,330 392,319 SH   DFND 1 392,319 0 0
JOHNSON & JOHNSON COM 478160104 275 3,008 SH   SOLE 0 3,008 0 0
LIFE TECHNOLOGIES CORP COM 53217V109 31 414 SH   SOLE 0 414 0 0
MOBILE TELESYSTEMS OJSC SPONSORED ADR 607409109 9,808 453,355 SH   SOLE 0 453,355 0 0
MEDIVATION INC COM 58501N101 32 501 SH   SOLE 0 501 0 0
MEDTRONIC INC COM 585055106 94 1,641 SH   SOLE 0 1,641 0 0
MERCK & CO INC NEW COM 58933Y105 284 5,686 SH   SOLE 0 5,686 0 0
MYLAN INC COM 628530107 63 1,451 SH   SOLE 0 1,451 0 0
NEW ORIENTAL ED & TECH GRP I SPONSORED ADR 647581107 10,347 328,327 SH   SOLE 0 328,327 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 1,019 73,892 SH   SOLE 0 73,892 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 6,011 408,786 SH   SOLE 0 408,786 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 5,047 343,186 SH   DFND 1 343,186 0 0
PFIZER INC COM 717081103 519 16,929 SH   SOLE 0 19,929 0 0
QUINTILES TRANSNATIO HLDGS I COM 74876Y101 35 746 SH   SOLE 0 746 0 0
REGENERON PHARMACEUTICALS COM 75886F107 90 325 SH   SOLE 0 325 0 0
SALIX PHARMACEUTICALS INC COM 795435106 33 370 SH   SOLE 0 370 0 0
SANOFI SPONSORED ADR 80105N105 144 2,700 SH   SOLE 0 2,700 0 0
BANCO SANTANDER CHILE NEW SPN ADR REP COM 05965X109 10,375 440,713 SH   SOLE 0 440,713 0 0
BANCO SANTANDER CHILE NEW SPN ADR REP COM 05965X109 1,880 79,874 SH   DFND 1 79,874 0 0
SEATTLE GENETICS INC COM 812578102 29 718 SH   SOLE 0 718 0 0
SPECTRUM PHARMACEUTICALS INC COM 84763A108 38 4,300 SH   SOLE 0 4,300 0 0
THERAVANCE INC COM 88338T104 90 2,535 SH   SOLE 0 2,535 0 0
ULTRAPAR PARTICIPACOES S A SP ADR REP COM 90400P101 1,029 43,587 SH   SOLE 0 43,587 0 0
VALE S A ADR 91912E105 13,689 897,907 SH   SOLE 0 897,907 0 0
VALE S A ADR 91912E105 5,084 333,488 SH   DFND 1 333,488 0 0
WATERS CORP COM 941848103 32 315 SH   SOLE 0 315 0 0