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
America Movil SAB de CV Spon ADS RP CL B 02390A101 341,093,696 13,124,036 SH SOLE 10,990,008 0 2,134,028
America Movil SAB de CV Spon ADS RP CL B 02390A101 1,823,614 70,166 SH DFND 1 0 0 70,166
Banco BBVA Argentina S A Sponsored ADS 058934100 13,011,451 663,511 SH SOLE 663,511 0 0
Globant S A COM L44385109 5,962,045 206,014 SH SOLE 206,014 0 0
Compania de Minas Buenaventu Sponsored ADR 204448104 331,579,056 11,320,555 SH SOLE 9,460,420 0 1,860,135
Compania de Minas Buenaventu Sponsored ADR 204448104 2,017,554 68,882 SH DFND 1 0 0 68,882
Credicorp Ltd COM G2519Y108 610,106,044 1,566,061 SH SOLE 1,320,482 0 245,579
Credicorp Ltd COM G2519Y108 3,647,638 9,363 SH DFND 1 0 0 9,363
Grupo Financiero Galicia S.A Sponsored ADR 399909100 277,171,603 5,540,108 SH SOLE 4,525,762 0 1,014,346
Grupo Financiero Galicia S.A Sponsored ADR 399909100 1,802,981 36,038 SH DFND 1 0 0 36,038
HDFC Bank Ltd Sponsored ADS 40415F101 115,359,311 4,466,098 SH SOLE 3,122,387 0 1,343,711
HDFC Bank Ltd Sponsored ADS 40415F101 640,636 24,802 SH DFND 1 0 0 24,802
Itau Unibanco Hldg S A Spon ADR REP PFD 465562106 499,151,436 61,095,647 SH SOLE 0 0 61,095,647
Itau Unibanco Hldg S A Spon ADR REP PFD 465562106 3,525,453 431,512 SH DFND 1 0 0 431,512
Mercadolibre Inc COM 58733R102 342,837,135 201,979 SH SOLE 169,035 0 32,944
Mercadolibre Inc COM 58733R102 2,184,541 1,287 SH DFND 1 0 0 1,287
Ternium SA Sponsored ADS 880890108 8,649,952 202,575 SH SOLE 202,575 0 0
Yum China Hldgs Inc COM 98850P109 284,741,617 6,967,008 SH SOLE 5,805,043 0 1,161,965
Yum China Hldgs Inc COM 98850P109 1,824,478 44,641 SH DFND 1 0 0 44,641