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
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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
Cia Cervecerias ADR ADR 204429104 574 30,931 SH   SOLE NONE 30,931 0 0
FEMSA ADR 344419106 50,488 573,534 SH   SOLE NONE 310,504 0 263,030
ICICI Bank ADR ADR 45104G104 391 33,820 SH   SOLE NONE 33,820 0 0
Infosys Limited ADR ADR 456788108 6,055 192,479 SH   SOLE NONE 48,859 0 143,620
Netease Inc-Adr ADR 64110W102 6,488 65,443 SH   SOLE NONE 2,326 0 63,117
Copa Holdings STK P31076105 18,841 181,789 SH   SOLE NONE 142,141 0 39,648
IShares Market Vectors India S STK 57061R551 1,376 30,800 SH   SOLE NONE 0 0 30,800
IShares MSCI Emerging Markets STK 464287234 14,738 375,108 SH   SOLE NONE 32,736 0 342,372
IShares MSCI India ETF STK 46429B598 7,014 234,188 SH   SOLE NONE 234,188 0 0
IShares S&P India Nifty 50 DTC STK 464289529 19,466 651,037 SH   SOLE NONE 302,236 0 348,801
Proshares Short MSCI ETF STK 74347R396 1,001 38,022 SH   SOLE NONE 38,022 0 0