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
OMB Number: 3235-0006
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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
58 COM INC SPON ADR REP A 31680Q104 10,756 150,283 SH   SOLE   150,283 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 58,495 339,240 SH   SOLE   339,240 0 0
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 24,943 223,587 SH   SOLE   223,587 0 0
BAIDU INC SPON ADR REP A 056752108 11,158 47,642 SH   SOLE   47,642 0 0
BRITISH AMERN TOB PLC SPONSORED ADR 110448107 22,498 335,835 SH   SOLE   335,835 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 14,508 1,934,400 SH   SOLE   1,934,400 0 0
CTRIP COM INTL LTD AMERICAN DEP SHS 22943F100 51,762 1,173,736 SH   SOLE   1,173,736 0 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 5,140 50,551 SH   SOLE   50,551 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 5,261 111,650 SH   SOLE   111,650 0 0
JD COM INC SPON ADR CL A 47215P106 12,173 293,900 SH   SOLE   293,900 0 0
MAKEMYTRIP LIMITED MAURITIUS SHS V5633W109 4,040 135,350 SH   SOLE   135,350 0 0
NEW ORIENTAL ED & TECH GRP I SPON ADR 647581107 12,178 129,548 SH   SOLE   129,548 0 0
PHILIP MORRIS INTL INC COM 718172109 42,444 401,740 SH   SOLE   401,740 0 0
VEON LTD SPONSORED ADR 91822M106 39,692 10,336,434 SH   SOLE   10,336,434 0 0
VIPSHOP HLDGS LTD SPONSORED ADR 92763W103 30,996 2,644,681 SH   SOLE   2,644,681 0 0
YANDEX N V SHS CLASS A N97284108 78,824 2,406,845 SH   SOLE   2,406,845 0 0
YUM CHINA HLDGS INC COM 98850P109 14,619 365,300 SH   SOLE   365,300 0 0