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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
COMPANHIA SIDERURGICA NACION SPONSORED ADR 20440W105 228 52,852 SH   OTR N/A 0 52,852 0
ISHARES INC MSCI BRAZIL ETF 464286400 2,947 67,396 SH   OTR N/A 0 67,396 0
OI S A SPONSORED ADR NE 670851500 1,510 751,135 SH   OTR N/A 0 751,135 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 1,290 82,831 SH   OTR N/A 0 82,831 0