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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
AMERICA MOVIL SAB DE CV SPON ADR A SHS 02364W204 6,410 274,300 SH   SOLE   12,100 0 262,200
CHINA TELECOM CORP LTD SPON ADR H SHS 169426103 304 6,018 SH   SOLE   692 0 5,326
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 3,929 87,960 SH   SOLE   14,760 0 73,200
COPA HOLDINGS SA CL A P31076105 1,177 7,350 SH   SOLE   5,700 0 1,650
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 8,379 85,615 SH   SOLE   17,875 0 67,740
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 4,413 253,040 SH   SOLE   57,780 0 195,260
ULTRAPAR PARTICIPACOES S A SP ADR REP COM 90400P101 1,258 53,200 SH   SOLE   20,900 0 32,300
VALE S A ADR 91912E105 4,856 318,400 SH   SOLE   73,700 0 244,700
YANDEX N V SHS CLASS A N97284108 1,588 36,800 SH   SOLE   21,500 0 15,300