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
AMBEV SA-ADR Common Stock 02319V103 35,667 6,885,495 SH   SOLE   6,885,495 0 0
AMERICA MOVIL-SPN ADR CL L Common Stock 02364W105 816 52,533 SH   SOLE   52,533 0 0
BRF SA-ADR Common Stock 10552T107 19,290 1,356,530 SH   SOLE   1,356,530 0 0
CIA BRASILEIRA DE DIS-SP PRF Common Stock 20440T201 9,619 691,546 SH   SOLE   691,546 0 0
CTRIP.COM INTERNATIONAL-ADR Common Stock 22943F100 29,479 666,035 SH   SOLE   666,035 0 0
ENERSIS AMERICAS-SPONS ADR Common Stock 29274F104 226 16,246 SH   SOLE   16,246 0 0
FOMENTO ECONOMICO MEX-SP ADR Common Stock 344419106 708 7,350 SH   SOLE   7,350 0 0
JD.COM INC-ADR Common Stock 47215P106 726 27,388 SH   SOLE   27,388 0 0
MOBILE TELESYSTEMS-SP ADR Common Stock 607409109 162 19,967 SH   SOLE   19,967 0 0
PETROLEO BRASILEIRO-SPON ADR Common Stock 71654V408 70 12,065 SH   SOLE   12,065 0 0
TELEKOMUNIK INDONESIA-SP ADR Common Stock 715684106 598 11,757 SH   SOLE   11,757 0 0
TATA MOTORS LTD-SPON ADR Common Stock 876568502 24,629 847,827 SH   SOLE   847,827 0 0
GRUPO TELEVISA SA-SPON ADR Common Stock 40049J206 493 17,969 SH   SOLE   17,969 0 0
VALE SA-SP ADR Common Stock 91912E105 68 16,171 SH   SOLE   16,171 0 0
VIPSHOP HOLDINGS LTD - ADR Common Stock 92763W103 13,434 1,042,990 SH   SOLE   1,042,990 0 0
TELEFONICA BRASIL-ADR Common Stock 87936R106 225 18,002 SH   SOLE   18,002 0 0