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 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
America Movil ADRADR02364W105147,69610,504,713SH SOLE17,864,56602,640,147
Banco Macro Bansud ADRADR05961W10560,2061,035,885SH SOLE11,004,290031,595
Banco Santander Brasil - ADSADS05967A107143,95237,005,575SH SOLE127,667,03509,338,540
Bancolombia ADRADR05968L10252,2911,954,806SH SOLE11,215,4020739,404
Cognizant Technology SolutionsClass A192446102353,7675,894,153SH SOLE14,438,86701,455,286
Credicorp LtdORDG2519Y108209,4482,152,154SH SOLE11,610,0150542,139
Embotelladora Andina ADR Rep AADR29081P2043,245199,324SH SOLE199,778099,546
Embotelladora Andina ADS Rep BADS29081P30350,4922,900,165SH SOLE12,122,7700777,395
First Cash Financial ServicesCOM31942D10792,9792,484,066SH SOLE11,967,7490516,317
Grana y Montero ADRADR38500P2081,822619,608SH SOLE1619,60800
Infosys Technology Ltd ADRADR456788108156,4249,338,763SH SOLE16,834,02102,504,742
Kosmos Energy LtdADRG5315B10755,06510,589,387SH SOLE18,203,59002,395,797
Luxoft Holding IncORDG572791047,63298,953SH SOLE198,95300
Mindray Medical International - ADRADR60267510085,9013,167,459SH SOLE12,410,7120756,747
Platinum Group Metals LtdORD72765Q2058,58761,169,085SH SOLE156,924,67704,244,408
QIWI Plc - ADRADR74735M10826,8781,497,403SH SOLE11,197,4610299,942
Ternium SA ADRADR88089010868,0335,473,304SH SOLE14,110,18101,363,123
Companhia Brasileira de DistADR20440T20129,4472,799,189SH SOLE12,091,6670707,522
Itau Unibanco Hldg SAADR46556210672,98611,211,389SH SOLE18,390,46702,820,922
Ultrapar Participacoes SAADR90400P10115,5561,020,091SH SOLE1767,2750252,816
Alibaba Group Holding LTD - ADSADR01609W102237,4762,922,063SH SOLE12,330,2290591,834