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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
Estimated average burden
hours per response: 23.8
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
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 4,221 96,460 SH   SOLE   12,460 0 84,000
FIBRIA CELULOSE S A SP ADR REP COM 31573A109 1,086 98,200 SH   SOLE   20,000 0 78,200
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 7,550 80,975 SH   SOLE   14,375 0 66,600
GERDAU S A SPON ADR REP PFD 373737105 3,919 611,400 SH   SOLE   102,900 0 508,500
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 5,761 287,740 SH   SOLE   58,780 0 228,960
TATA MTRS LTD SPONSORED ADR 876568502 6,399 180,700 SH   SOLE   30,600 0 150,100
VALE S A ADR 91912E105 7,322 529,400 SH   SOLE   87,400 0 442,000
VIPSHOP HLDGS LTD SPONSORED ADR 92763W103 13,921 93,240 SH   SOLE   19,480 0 73,760
YANDEX N V SHS CLASS A N97284108 2,179 72,400 SH   SOLE   14,700 0 57,700