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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
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 1,478 60,200 SH   SOLE   60,200 0 0
ISHARES INC MSCI BRZ CAP ETF 464286400 63,265 1,517,500 SH   SOLE   0 0 1,517,500
ISHARES TR MSCI EMG MKT ETF 464287234 278,315 6,211,000 SH   SOLE   0 0 6,211,000