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
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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
BBVA Banco Frances ADR 07329M100 226 8,977 SH   SOLE NONE 8,977 0 0
Buenaventura-Adr ADR 204448104 15,363 1,091,124 SH   SOLE NONE 943,691 0 147,433
Cia Cervecerias ADR ADR 204429104 2,766 93,517 SH   SOLE NONE 93,517 0 0
FEMSA ADR 344419106 124,396 1,324,770 SH   SOLE NONE 794,660 0 530,110
ICICI Bank ADR ADR 45104G104 59,382 6,102,953 SH   SOLE NONE 2,398,126 0 3,704,827
Infosys Limited ADR ADR 456788108 29,897 1,843,208 SH   SOLE NONE 616,103 0 1,227,105
Kt Corp-Adr ADR 48268K101 21,592 1,383,189 SH   SOLE NONE 753,862 0 629,327
Netease Inc-Adr ADR 64110W102 68,922 199,732 SH   SOLE NONE 120,007 0 79,725
Pampa-Spon Adr ADR 697660207 247 3,671 SH   SOLE NONE 3,671 0 0
Taiwan Semiconductor-SP ADR ADR 874039100 9,557 241,026 SH   SOLE NONE 241,026 0 0
Adecoagro STK L00849106 178 17,235 SH   SOLE NONE 17,235 0 0
Copa Holdings STK P31076105 17,597 131,264 SH   SOLE NONE 111,664 0 19,600
IShares MSCI India ETF STK 46429B598 18,925 524,660 SH   SOLE NONE 524,660 0 0
IShares MSCI Taiwan ETF STK 46434G772 6,567 181,367 SH   SOLE NONE 181,367 0 0
IShares S&P India Nifty 50 DTC STK 464289529 2,523 67,982 SH   SOLE NONE 67,982 0 0
Transocean Limited STK H8817H100 5,065 474,268 SH   SOLE NONE 474,268 0 0
Yandex Nv-A STK N97284108 112,628 3,408,627 SH   SOLE NONE 18,833,996 0 1,525,231