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
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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
Alibaba Group Holding ADR STK 01609W102 73,222 340,500 SH   SOLE NONE 51,232,019 0 21,990,400
Autohome ADR ADR 05278C107 104,537 1,388,000 SH   SOLE NONE 70,542,095 0 33,994,495
Buenaventura-Adr ADR 204448104 12,528 1,372,166 SH   SOLE NONE 8,134,121 0 4,394,050
Cia Cervecerias ADR ADR 204429104 1,169 82,296 SH   SOLE NONE 0 0 1,169,177
Copa Holdings STK P31076105 1,183 23,400 SH   SOLE NONE 0 0 1,183,104
Credicorp Ltd STK G2519Y108 1,096 8,200 SH   SOLE NONE 0 0 1,096,094
Despegar.com Corp STK G27358103 597 83,200 SH   SOLE NONE 0 0 597,376
FEMSA ADR 344419106 78,136 1,263,537 SH   SOLE NONE 54,450,814 0 23,684,735
ICICI Bank ADR ADR 45104G104 96,842 10,440,606 SH   SOLE NONE 60,346,492 0 36,495,087
Infosys Limited ADR ADR 456788108 83,236 8,630,750 SH   SOLE NONE 52,445,285 0 30,790,709
IShares MSCI India ETF STK 46429B598 15,896 552,128 SH   SOLE NONE 0 0 15,896,287
IShares MSCI Taiwan Index STK 46434G772 6,987 175,095 SH   SOLE NONE 0 0 6,986,736
IShares S&P India Nifty 50 DTC STK 464289529 8,603 280,549 SH   SOLE NONE 0 0 8,603,323
Taiwan Semiconductor-SP ADR ADR 874039100 10,325 183,326 SH   SOLE NONE 0 0 10,325,271
Tencent Music Entertainment ADR 88034P109 1 42 SH   SOLE NONE 0 0 561
Yandex Nv-A STK N97284108 144,573 2,897,783 SH   SOLE NONE 95,093,311 0 49,479,344
Yum China Holdings Inc STK 98850P109 92,391 1,927,600 SH   SOLE NONE 67,618,998 0 24,772,039