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
CIA DE BEBIDAS DAS AMERICAS ADR SPON ADR PFD 20441W203 84,433 1,994,628 SH   SOLE   1,994,628 0 0
AMERICA MOVIL-ADR SERIE SPON ADR L SHS 02364W105 722 34,449 SH   SOLE   34,449 0 0
BRF - BRASIL FOODS SA ADR SPONSORED ADR 10552T107 45,485 2,057,233 SH   SOLE   2,057,233 0 0
CIA BRASILEIRA DE DISTRIBUICAO GRUPO PAO DE ACUCAR SPN ADR PFD CL A 20440T201 26,464 496,703 SH   SOLE   496,703 0 0
CHINA UNICOM - ADR SPONSORED ADR 16945R104 140 10,385 SH   SOLE   10,385 0 0
CIA ENERGETICA DE MINAS GERAIS - ADR SP ADR N-V PFD 204409601 302 25,521 SH   SOLE   25,521 0 0
CTRIP.COM INTERNATIONAL LTD AMERICAN DEP SHS 22943F100 12,110 566,418 SH   SOLE   566,418 0 0
CEMEX SA NEW - ADR - CPO SPON ADR NEW 151290889 333 27,252 SH   SOLE   27,252 0 0
CENTRAIS ELETRICAS BRASILEIRAS SA ADR SPONSORED ADR 15234Q207 70 20,479 SH   SOLE   20,479 0 0
ECOPETROL SA-SPONSORED ADR SPONSORED ADS 279158109 3,710 68,052 SH   SOLE   68,052 0 0
NEW ORIENTAL EDUCATION & TECHN SPON ADR 647581107 10,544 585,796 SH   SOLE   585,796 0 0
CIA PARANAENSE DE ENERGIA ADR SPON ADR PFD 20441B407 2,439 157,665 SH   SOLE   157,665 0 0
ENERSIS SA ADR SPONSORED ADR 29274F104 438 22,746 SH   SOLE   22,746 0 0
EMPRESA NACIONAL DE ELECTRICIDAD SA/CHILE ADR SPONSORED ADR 29244T101 308 5,806 SH   SOLE   5,806 0 0
EMBRAER SA-ADR SP ADR REP 4 COM 29082A107 266 7,464 SH   SOLE   7,464 0 0
FOMENTO ECONOMICO MEXICANO S.A. DE C.V.-ADR SPON ADR UNITS 344419106 810 7,140 SH   SOLE   7,140 0 0
GOLD FIELDS LTD SPONSORED ADR 38059T106 173 22,314 SH   SOLE   22,314 0 0
GERDAU SA -SPON ADR SPON ADR REP PFD 373737105 633 82,049 SH   SOLE   82,049 0 0
HDFC BANK LTD ADR ADR REPS 3 SHS 40415F101 299 7,994 SH   SOLE   7,994 0 0
INFOSYS LTD SPONSORED ADR 456788108 614 11,384 SH   SOLE   11,384 0 0
ITAU UNIBANCO HOLDING SA ADR SPON ADR REP PFD 465562106 863 48,497 SH   SOLE   48,497 0 0
LATAM AIRLINES GRP SP ADR SPONSORED ADR 51817R106 23,010 1,058,421 SH   SOLE   1,058,421 0 0
MOBILE TELESYSTEMS -SP ADR SPONSORED ADR 607409109 364 17,527 SH   SOLE   17,527 0 0
MINDRAY MEDICAL INTERNATIONAL SPON ADR 602675100 418 10,470 SH   SOLE   10,470 0 0
OI SA ADR SPN ADR REP PFD 670851203 72 23,720 SH   SOLE   23,720 0 0
PETROLEO BRASILEIRO SA - ADR SPONSORED ADR 71654V408 988 59,615 SH   SOLE   59,615 0 0
DR REDDY'S LABORATORIES LTD ADR ADR 256135203 278 8,602 SH   SOLE   8,602 0 0
CIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO SPONSORED ADR 20441A102 274 5,742 SH   SOLE   5,742 0 0
CIA SIDERURGICA NACIONAL SPONSORED ADR 20440W105 380 84,919 SH   SOLE   84,919 0 0
STERLITE INDUSTRIES INDIA ADS 859737207 193 27,602 SH   SOLE   27,602 0 0
TELEKOMUNIKASI INDONESIA TBK P SPONSORED ADR 715684106 489 10,856 SH   SOLE   10,856 0 0
TATA MOTORS LTD ADR SPONSORED ADR 876568502 226 9,257 SH   SOLE   9,257 0 0
GRUPO TELEVISA S.A. SPONSORED A.D.R. SPON ADR REP ORD 40049J206 234 8,792 SH   SOLE   8,792 0 0
ULTRAPAR PARTICIPACOES SA ADR SP ADR REP COM 90400P101 466 18,356 SH   SOLE   18,356 0 0
VALE SA - ADR ADR 91912E105 1,134 65,568 SH   SOLE   65,568 0 0
VALE SA ADR ADR REPSTG PFD 91912E204 340 20,568 SH   SOLE   20,568 0 0
TELEFONICA BRASIL-ADR SPONSORED ADR 87936R106 307 11,496 SH   SOLE   11,496 0 0
WIPRO LTD ADR SPON ADR 1 SH 97651M109 169 16,764 SH   SOLE   16,764 0 0