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
America Movil SA de CV Spons. ADR L shs 02364W105 186,981 15,251,300 SH   SOLE   9,913,671 0 5,337,629
BHP Billiton Limited Sponsored ADR 088606108 2,670 93,498 SH   SOLE   93,498 0 0
Compania Cervecerias Unidas Sponsored ADR 204429104 19,229 823,851 SH   SOLE   823,851 0 0
Fibria Celulose SA Sponsored ADR 31573A109 1,905 281,740 SH   SOLE   281,740 0 0
Itau Unibanco Sponsored ADR 465562106 229,239 24,283,744 SH   SOLE   0 0 24,283,744
Petroleo Brasileiro SA Petro Sponsored ADR 71654V408 111,139 15,522,156 SH   SOLE   9,395,046 0 6,127,110
Petroleo Brasileiro SA Petro Sponsored ADR 71654V101 57,139 9,834,552 SH   SOLE   0 0 9,834,552
Royal Dutch Shell PLC Sponsored ADR B 780259107 8,647 154,402 SH   SOLE   154,402 0 0
Taiwan Semiconductor Sponsored ADR 874039100 6,610 252,007 SH   SOLE   252,007 0 0
Tenaris Sponsored ADR 88031M109 196,553 6,815,282 SH   SOLE   4,139,501 0 2,675,781
Ternium Sponsored ADR 880890108 20,408 1,070,739 SH   SOLE   1,070,739 0 0
Vale Sponsored ADR 91912E204 2,030 506,130 SH   SOLE   506,130 0 0
Vodaphone Group PLC Sponsored ADR 92857W308 3,152 102,036 SH   SOLE   102,036 0 0
Wipro LTD Sponsored ADR 97651M109 70,966 5,741,587 SH   SOLE   845,183 0 4,896,404