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
iShares FTSE/Xinhua China 25 I EPI 464287184 19,512 600,000 SH Put SOLE   600,000 0 0
America Movil ADR 02364W105 1,283 59,000 SH   SOLE   59,000 0 0
Ban Colombia (ADR) ADR 05968L102 621 11,000 SH   SOLE   11,000 0 0
BPZ Resources Inc COM 055639108 3,658 2,043,380 SH   SOLE   2,043,380 0 0
Cemex (ADR) ADR 151290889 2,010 190,000 SH   SOLE   190,000 0 0
China Mobile (ADR) ADR 16941M109 1,268 24,500 SH   SOLE   24,500 0 0
CNOOC (ADR) ADR 126132109 1,273 7,600 SH   SOLE   7,600 0 0
Credicorp Ltd (ADR) COM G2519Y108 1,280 10,000 SH   SOLE   10,000 0 0
Ishares MSCI EM ETP 464287234 25,025 650,000 SH Put SOLE   650,000 0 0
Itau Unibanco Hldng (ADR) ADR 465562106 3,656 283,000 SH   SOLE   283,000 0 0
Market Vectors Vietnam ETF ETP 57060U761 4,315 232,000 SH   SOLE   232,000 0 0
Philippine Long Distance (ADR) ADR 718252604 645 9,500 SH   SOLE   9,500 0 0
QIWI plc (ADR) ADR 74735M108 3,596 155,000 SH   SOLE   155,000 0 0
Taiwan Semiconductor (ADR) ADR 874039100 1,264 69,000 SH   SOLE   69,000 0 0
Telekomunikasi Indonesia (ADR) ADR 715684106 1,282 30,000 SH   SOLE   30,000 0 0
Yandex NV COM 000980552 5,182 187,400 SH   SOLE   187,400 0 0