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 ADR 02364W105 31,291 1,410,800 SH   SOLE 0 1,410,800 0 0
Banco Bradesco ADR 059460303 22,750 1,701,600 SH   SOLE 0 1,701,600 0 0
Banco Macro SA ADR 05961W105 30,021 686,528 SH   SOLE 0 686,528 0 0
Arcos Dorados Holdings ADR G0457F107 17,017 3,145,532 SH   SOLE 0 3,145,532 0 0
Bancolombia SA COM 05968L102 17,150 358,200 SH   SOLE 0 358,200 0 0
Banco Frances ADR 07329M100 4,306 312,284 SH   SOLE 0 312,284 0 0
Brasil Foods ADR 10552T107 31,604 1,353,500 SH   SOLE 0 1,353,500 0 0
Companhia Brasileira (CBD) ADR 20440T201 8,924 242,307 SH   SOLE 0 242,307 0 0
Copa holdings ADR P31076105 30,851 297,675 SH   SOLE 0 297,675 0 0
Credicorp ADR G2519Y108 38,034 237,450 SH   SOLE 0 237,450 0 0
Itau Unibanco ADR 465562106 31,006 2,383,300 SH   SOLE 0 2,383,300 0 0
Ternium ADR 880890108 45,553 2,582,400 SH   SOLE 0 2,582,400 0 0
Cemex Construction ADR 151290889 2,323 228,000 SH   SOLE 0 228,000 0 0
Pampa Energia SA ADR 697660207 2,789 278,386 SH   SOLE 0 278,386 0 0
Telecom Argentina ADR 879273209 3,280 169,502 SH   SOLE 0 169,502 0 0