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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
America Movil SAB de CV Spon ADS RP CL B 02390A101   312,776,122 12,275,358 SH   SOLE   10,265,989 0 2,009,369
America Movil SAB de CV Spon ADS RP CL B 02390A101   1,747,215 68,572 SH   DFND 1 0 0 68,572
Banco BBVA Argentina S A Sponsored ADS 058934100   9,973,196 620,996 SH   SOLE   620,996 0 0
Globant S A COM L44385109   7,719,275 167,410 SH   SOLE   167,410 0 0
Compania de Minas Buenaventu Sponsored ADR 204448104   397,403,926 11,026,746 SH   SOLE   9,218,345 0 1,808,401
Compania de Minas Buenaventu Sponsored ADR 204448104   2,294,054 63,653 SH   DFND 1 0 0 63,653
Credicorp Ltd COM G2519Y108   529,838,166 1,562,115 SH   SOLE   1,323,083 0 239,032
Credicorp Ltd COM G2519Y108   3,103,836 9,151 SH   DFND 1 0 0 9,151
Greentree Hospitality Group Sponsored ADS 39579V100   376,543 298,844 SH   SOLE   298,844 0 0
Grupo Financiero Galicia S.A Sponsored ADR 399909100   250,829,150 5,369,924 SH   SOLE   4,481,545 0 888,379
Grupo Financiero Galicia S.A Sponsored ADR 399909100   1,546,615 33,111 SH   DFND 1 0 0 33,111
HDFC Bank Ltd Sponsored ADS 40415F101   28,367,778 1,140,184 SH   SOLE   433,913 0 706,271
HDFC Bank Ltd Sponsored ADS 40415F101   56,478 2,270 SH   DFND 1 0 0 2,270
Itau Unibanco Hldg S A Spon ADR REP PFD 465562106   505,876,256 60,367,095 SH   SOLE   0 0 60,367,095
Itau Unibanco Hldg S A Spon ADR REP PFD 465562106   3,019,004 360,263 SH   DFND 1 0 0 360,263
Tenaris S A Sponsored ADS 88031M109   386,015,806 6,634,854 SH   SOLE   5,584,801 0 1,050,053
Tenaris S A Sponsored ADS 88031M109   2,261,108 38,864 SH   DFND 1 0 0 38,864
Ternium SA Sponsored ADS 880890108   7,268,033 181,022 SH   SOLE   181,022 0 0
Yum China Hldgs Inc COM 98850P109   230,677,840 4,728,943 SH   SOLE   3,973,262 0 755,681
Yum China Hldgs Inc COM 98850P109   1,360,718 27,895 SH   DFND 1 0 0 27,895