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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 S A SPON ADR PREF 05968L102 9,540 391,379 SH   SOLE   391,379 0 0
GERDAU SA SPON ADR REP PFD 373737105 2,755 609,497 SH   SOLE   609,497 0 0
GRUPO TELEVISA S A B SPON ADR REP ORD 40049J206 3,002 557,899 SH   SOLE   557,899 0 0
MERCADOLIBRE INC COM 58733R102 14,648 17,693 SH   SOLE   17,693 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 29,031 2,352,566 SH   SOLE   2,352,566 0 0
SOUTHERN COPPER CORP COM 84265V105 876 19,537 SH   SOLE   19,537 0 0
TERNIUM SA SPONSORED ADS 880890108 2,354 85,951 SH   SOLE   85,951 0 0
VALE S A SPONSORED ADS 91912E105 17,443 1,309,539 SH   SOLE   1,309,539 0 0