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
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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
Bancolombia SA Spon ADR Pref 05968L102 20,080 348,973 SH   SOLE 0 348,973 0 0
Banco de Chile Sponsored ADR 059520106 552 6,020 SH   SOLE 0 6,020 0 0
BRF-Brasil Foods Sponsored ADR 10552T107 20,350 829,600 SH   SOLE 0 829,600 0 0
Compania Cervecerias Unidas SA Sponsored ADR 204429104 15,765 592,450 SH   SOLE 0 592,450 0 0
Copa Holdings CL A P31076105 6,608 47,650 SH   SOLE 0 47,650 0 0
Credicorp LTD COM G2519Y108 29,706 231,250 SH   SOLE 0 231,250 0 0
Companhia de Bebidas DAS-PRF Spon ADR PFD 20441W203 13,595 354,500 SH   SOLE 0 354,500 0 0
Grupo Televisa SA SP ADR REP ORD 40049J206 18,849 674,400 SH   SOLE 0 674,400 0 0
ITAU Unibanco Hldg SA SP ADR REP PFD 465562106 3,103 219,780 SH   SOLE 0 219,780 0 0
Ternium Sponsored ADR 880890108 15,695 653,400 SH   SOLE 0 653,400 0 0
I Shares MSCI Chile ETF MSCI Chile Cap 464286640 983 19,600 SH   SOLE 0 19,600 0 0