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
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
Petroleo Brasileiro SA Petro Sponsored ADR 71654V408 110,953 12,259,952 SH   SOLE   6,902,729 0 5,357,223
Itau Unibanco Sponsored ADR 465562106 191,442 17,483,301 SH   SOLE   0 0 17,483,301
Tenaris Sponsored ADR 88031M109 148,669 5,502,198 SH   SOLE   3,086,340 0 2,415,858
Petroleo Brasileiro SA Petro Sponsored ADR 71654V101 54,897 6,727,518 SH   SOLE   0 0 6,727,518
Wipro LTD Sponsored ADR 97651M109 68,727 5,741,587 SH   SOLE   845,183 0 4,896,404
Taiwan Semiconductor Sponsored ADR 874039100 5,723 252,007 SH   SOLE   252,007 0 0
America Movil SA de CV Spons. ADR L shs 02364W105 283,172 13,288,215 SH   SOLE   8,155,335 0 5,132,880
Fibria Celulose SA Sponsored ADR 31573A109 3,834 281,740 SH   SOLE   281,740 0 0
Compania Cervecerias Unidas Sponsored ADR 204429104 17,449 823,851 SH   SOLE   823,851 0 0
Vale Sponsored ADR 91912E204 1,604 317,712 SH   SOLE   317,712 0 0