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
Bancolombia SA ADR 05968L102 45,254 879,733 SH   SOLE 0 879,733 0 0
Banco de Chile ADR 059520106 1,153 15,320 SH   SOLE 0 15,320 0 0
Brasil Foods ADR 10552T107 25,484 1,457,500 SH   SOLE 0 1,457,500 0 0
Compania Cervecerias unidas SA ADR 204429104 14,814 752,561 SH   SOLE 0 752,561 0 0
Copa Holdings COM P31076105 8,552 58,900 SH   SOLE 0 58,900 0 0
Credicorp LTD COM G2519Y108 43,263 344,750 SH   SOLE 0 344,750 0 0
Ambev ADR 20441W203 17,693 2,387,700 SH   SOLE 0 2,387,700 0 0
Grupo Televisa SA ADR 40049J206 1,139 34,200 SH   SOLE 0 34,200 0 0
Itau Unibanco Hdg SA ADR 465562106 4,106 276,330 SH   SOLE 0 276,330 0 0
Ternium ADR 880890108 41,776 1,550,300 SH   SOLE 0 1,550,300 0 0
Cemex Construction ADR 151290889 2,981 441,525 SH   SOLE 0 441,525 0 0