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 LABORATORIES COMMON 002824100 109 2,339 SH   SOLE 0 2,339 0 0
AEGERION PHARMA COMMON 00767E102 252 9,641 SH   SOLE 0 9,641 0 0
ALIBABA SPONSORED ADR 01609W102 3,634 43,588 SH   SOLE 0 43,588 0 0
AMBEV SA NPV SPONSORED ADR 02319V103 2,454 424,970 SH   DFND 1 424,970 0 0
AMBEV SA NPV SPONSORED ADR 02319V103 3,964 686,321 SH   SOLE 0 686,321 0 0
AMGEN INC COMMON 031162100 261 1,633 SH   SOLE 0 1,633 0 0
AMPHASTAR PHARMACEUTICALS IN COMMON 03209R103 126 8,451 SH   SOLE 0 8,451 0 0
AVIANCA HLDGS SA SPON ADR REP PFD 05367G100 747 6,607 SH   DFND 1 6,607 0 0
AVIANCA HLDGS SA SPON ADR REP PFD 05367G100 661 117,916 SH   SOLE 0 117,916 0 0
BAIDU INC SPON ADR REP PFD 056752108 23,529 12,607 SH   SOLE 0 12,607 0 0
BANCO MACRO SA SPON ADR B 05961W105 316 5,495 SH   SOLE 0 5,495 0 0
BECTON DICKINSON & CO COMMON 075887109 151 1,050 SH   SOLE 0 1,050 0 0
BIOGEN IDEC INC COMMON 09062X103 92 216 SH   SOLE 0 216 0 0
BOSTON SCIENTIFIC CORP COMMON 101137107 136 7,675 SH   SOLE 0 7,675 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 1,731 186,980 SH   DFND 1 186,980 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 2,990 323,109 SH   SOLE 0 323,109 0 0
BRF SA ADR SPONSORED ADR 10552T107 1,528 77,316 SH   DFND 1 77,316 0 0
BRF SA SPONSORED ADR 10552T107 2,443 123,592 SH   SOLE 0 123,592 0 0
BRISTOL MYERS SQUIBB CO COMMON 110122108 240 3,710 SH   SOLE 0 3,710 0 0
CARDINAL HEALTH INC COMMON 14149Y108 89 981 SH   SOLE 0 981 0 0
CELGENE CORP COMMON 151020104 105 908 SH   SOLE 0 908 0 0
CEMEX SAB DE CV SPONSORED ADR NEW 151290889 758 80,116 SH   DFND 1 80,116 0 0
CEMEX SAB DE CV SPONSORED ADR NEW 151290889 898 94,889 SH   SOLE 0 94,889 0 0
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 1,294 43,332 SH   DFND 1 43,332 0 0
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 1,908 63,869 SH   SOLE 0 63,869 0 0
COPA HOLDINGS SA CL A P31076105 794 7,846 SH   DFND 1 7,846 0 0
COPA HOLDINGS SA CL A P31076105 872 8,621 SH   SOLE 0 8,621 0 0
COSAN LTD SHS A G25343107 305 47,798 SH   SOLE 0 47,798 0 0
CREDICORP LTD COMMON G2519Y108 1,914 13,617 SH   DFND 1 13,617 0 0
CREDICORP LTD COMMON G2519Y108 2,313 16,456 SH   SOLE 0 16,456 0 0
CVS HEALTH CORP COMMON 126650100 214 2,068 SH   SOLE 0 2,068 0 0
EDWARDS LIFESCIENCES CORP COMMON 28176E108 93 654 SH   SOLE 0 654 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 2,939 31,353 SH   DFND 1 31,353 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 3,446 36,755 SH   SOLE 0 36,755 0 0
GILEAD SCIENCES INC COMMON 375558103 423 4,309 SH   SOLE 0 4,309 0 0
GRANA Y MONTERO S A A SPONSORED ADR 38500P208 55 66,808 SH   DFND 1 66,808 0 0
GRANA Y MONTERO S A A SPONSORED ADR 38500P208 1,095 85,215 SH   SOLE 0 85,215 0 0
GRUPO AVAL ACCIONES Y VALORE SPONSORED ADS 40053W101 383 42,709 SH   SOLE 0 42,709 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 323 13,857 SH   SOLE 0 13,857 0 0
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 1,810 54,893 SH   DFND 1 54,893 0 0
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 2,122 64,351 SH   SOLE 0 64,351 0 0
ILLUMINA INC COMMON 452327109 176 948 SH   SOLE 0 948 0 0
IMPAX LABORATORIES INC COMMON 45256B101 185 3,949 SH   SOLE 0 3,949 0 0
INCYTE CORP COMMON 45337C102 79 857 SH   SOLE 0 857 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 3,795 343,870 SH   DFND 1 343,870 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 14,134 1,280,875 SH   SOLE 0 1,280,875 0 0
JD COM INC SPON ADR CL A 47215P106 7,046 239,613 SH   SOLE 0 239,613 0 0
LANNET INC COMMON 516012101 278 4,082 SH   SOLE 0 4,082 0 0
LUXOFT HLDG INC ORD SHS CL A G57279104 5,056 97,865 SH   SOLE 0 97,865 0 0
MEDIVATION INC COMMON 58501N101 208 1,605 SH   SOLE 0 1,605 0 0
MERCK & CO INC NEW COMMON 58933Y105 424 7,362 SH   SOLE 0 7,362 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 393 64,359 SH   SOLE 0 64,359 0 0
PFIZER INC COMMON 717081103 647 18,533 SH   SOLE 0 18,533 0 0
QUINTILES TRANSNATIO HLDGS I COMMON 74876Y101 65 973 SH   SOLE 0 973 0 0
REGENERON PHARMACEUTICALS COMMON 75886F107 155 341 SH   SOLE 0 341 0 0
STRYKER CORP COMMON 863667101 97 1,047 SH   SOLE 0 1,047 0 0
TAL ED GROUP ADS REPSTG COM 874080104 5,619 169,262 SH   SOLE 0 169,262 0 0
THERMO FISHER SCIENTIFIC INC COMMON 883556102 272 2,020 SH   SOLE 0 2,020 0 0
ULTRAPAR PARTICIPACOES S A SP ADR REP COM 90400P101 1,814 89,622 SH   SOLE 0 89,622 0 0
VALE S A ADR 91912E105 217 38,411 SH   SOLE 0 38,411 0 0