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

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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
America Movil SA de CVSpons. ADR L shs02364W105310,80519,352,735SH SOLE  13,592,87505,759,860
BHP Billiton LimitedSponsored ADR08860610822,512451,678SH SOLE 451,67800
Fibria Celulose SA Sponsored ADR31573A1095,221281,740SH SOLE  281,74000
Itau UnibancoSponsored ADR465562106311,41228,361,744SH SOLE  0028,361,744
Taiwan SemiconductorSponsored ADR8740391009,903224,261SH SOLE  224,26100
TenarisSponsored ADR88031M109262,0337,817,199SH SOLE 5,155,13602,662,063
TerniumSponsored ADR88089010829,650978,871SH SOLE 978,87100
ValeSponsored ADR91912E2047,017472,826SH SOLE  472,82600
Vodaphone Group PLCSponsored ADR92857W3088,569394,864SH SOLE 394,86400
Check Point SoftwareCOMM2246510422,854194,225SH SOLE  194,22500