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
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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
Adecoagro COM L00849106 18,553 2,415,786 SH   SOLE   2,415,786 0 0
Ambev SA Sponsored ADR 02319V103 285,992 102,140,142 SH   SOLE   80,653,060 0 21,487,082
Ambev SA Sponsored ADR 02319V103 3,595 1,283,955 SH   DFND 1 0 0 1,283,955
America Movil SA de CV Spons. ADR L shs 02364W105 331,481 15,702,547 SH   SOLE   12,279,232 0 3,423,315
America Movil SA de CV Spons. ADR L shs 02364W105 4,243 200,989 SH   DFND 1 0 0 200,989
BHP Group LTD Sponsored ADS 088606108 55,108 913,146 SH   SOLE   913,146 0 0
Compania de Minas Buenaventue Sponsored ADR 204448104 79,693 10,887,015 SH   SOLE   8,696,293 0 2,190,722
Compania de Minas Buenaventue Sponsored ADR 204448104 1,051 143,573 SH   DFND 1 0 0 143,573
Credicorp Ltd COM G2519Y108 200,973 1,646,371 SH   SOLE   1,323,846 0 322,525
Credicorp Ltd COM G2519Y108 2,656 21,759 SH   DFND 1 0 0 21,759
Geopark Ltd. USD SHS G38327105 11,443 999,347 SH   SOLE   999,347 0 0
Greentree Hospitality Sponsored ADR 39579V100 6,964 879,230 SH   SOLE   879,230 0 0
HDFC Bank Ltd. Sponsored ADS 40415F101 46,789 719,055 SH   SOLE   0 0 719,055
Itau Unibanco Sponsored ADR 465562106 212,587 56,689,913 SH   SOLE   0 0 56,689,913
Itau Unibanco Sponsored ADR 465562106 2,600 693,282 SH   DFND 1 0 0 693,282
Royal Dutch Shell PLC Spon. ADR B 780259107 47,875 1,104,393 SH   SOLE   1,104,393 0 0
Tenaris Sponsored ADR 88031M109 186,580 8,944,411 SH   SOLE   7,143,684 0 1,800,727
Tenaris Sponsored ADR 88031M109 2,203 105,586 SH   DFND 1 0 0 105,586
Vodafone Group PLC Sponsored ADR 92857W308 40,214 2,693,486 SH   SOLE   2,693,486 0 0
Check Point Software ORD M22465104 51,306 440,171 SH   SOLE   440,171 0 0