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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
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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
BBVA Banco Frances ADR 07329M100 274 14,498 SH   SOLE NONE 14,498 0 0
Buenaventura-Adr ADR 204448104 14,947 1,299,728 SH   SOLE NONE 1,152,295 0 147,433
Cia Cervecerias ADR ADR 204429104 294 11,221 SH   SOLE NONE 11,221 0 0
FEMSA ADR 344419106 135,672 1,379,618 SH   SOLE NONE 802,594 0 577,024
ICICI Bank ADR ADR 45104G104 53,358 5,948,509 SH   SOLE NONE 2,243,682 0 3,704,827
Infosys Limited ADR ADR 456788108 27,685 1,843,208 SH   SOLE NONE 616,103 0 1,227,105
Kt Corp-Adr ADR 48268K101 23,016 1,383,189 SH   SOLE NONE 753,862 0 629,327
Pampa-Spon Adr ADR 697660207 428 7,276 SH   SOLE NONE 7,276 0 0
Adecoagro STK L00849106 315 31,555 SH   SOLE NONE 31,555 0 0
Copa Holdings STK P31076105 20,862 178,305 SH   SOLE NONE 158,705 0 19,600
IShares MSCI India ETF STK 46429B598 13,501 420,580 SH   SOLE NONE 420,580 0 0
IShares S&P India Nifty 50 DTC STK 464289529 1,858 55,278 SH   SOLE NONE 55,278 0 0
Yandex Nv-A STK N97284108 89,947 3,427,864 SH   SOLE NONE 1,902,633 0 1,525,231