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
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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
ABB LTD SPONSORED ADR CMN COM 000375204 2,768 104,200 SH   SOLE   104,200 0 0
AMBEV S A SPONSORED ADR CMN COM 02319V103 4,642 631,558 SH   SOLE   631,558 0 0
APPLE, INC CMN COM 037833100 9,369 16,700 SH   SOLE   16,700 0 0
BANK OF AMERICA CORP CMN COM 060505104 1,713 110,000 SH   SOLE   110,000 0 0
CPFL ENERGIA, SA SPONSORED ADR CMN COM 126153105 1,079 67,396 SH   SOLE   67,396 0 0
CVS CAREMARK CORPORATION CMN COM 126650100 2,892 40,404 SH   SOLE   40,404 0 0
CAPITAL ONE FINANCIAL CORP CMN COM 14040H105 3,379 44,100 SH   SOLE   44,100 0 0
CITIGROUP INC CMN COM 172967424 7,843 150,500 SH   SOLE   150,500 0 0
CUMMINS INC COMMON STOCK COM 231021106 2,016 14,300 SH   SOLE   14,300 0 0
DISCOVER FINANCIAL SERVICES CMN COM 254709108 2,344 41,900 SH   SOLE   41,900 0 0
EMC CORPORATION MASS CMN COM 268648102 3,639 144,700 SH   SOLE   144,700 0 0
EMBRAER SA ADR CMN COM 29082A107 1,280 39,768 SH   SOLE   39,768 0 0
FLOWSERVE CORPORATION CMN COM 34354P105 2,057 26,100 SH   SOLE   26,100 0 0
GENERAL ELECTRIC CO CMN COM 369604103 3,204 114,300 SH   SOLE   114,300 0 0
GERDAU SA SPON ADR SPONSORED ADR CMN CLASS COM 373737105 3,269 416,972 SH   SOLE   416,972 0 0
ISHARES MSCI BRAZIL CAPPED ETF ETF 464286400 15,450 345,788 SH   SOLE   345,788 0 0
JPMORGAN CHASE CO CMN COM 46625H100 24,568 420,110 SH   SOLE   420,110 0 0
MANITOWOC CO INC CMN COM 563571108 2,248 96,400 SH   SOLE   96,400 0 0
MORGAN STANLEY CMN COM 617446448 6,830 217,800 SH   SOLE   217,800 0 0
NAVISTAR INTL CORP (NEW) CMN COM 63934E108 1,104 28,900 SH   SOLE   28,900 0 0
OSHKOSH CORPORATION CMN COM 688239201 3,285 65,200 SH   SOLE   65,200 0 0
PARKERHANNIFIN CORP CMN COM 701094104 1,029 8,000 SH   SOLE   8,000 0 0
ROCKWELL AUTOMATION INC CMN COM 773903109 1,406 11,900 SH   SOLE   11,900 0 0
THE FINANCIAL SELECT SECTOR SPDR FUND ETF 81369Y605 24,877 1,138,000 SH   SOLE   1,138,000 0 0
INDUSTRIAL SELECT SECTOR SPDR 'SPDR' ETF 81369Y704 33,786 646,500 SH   SOLE   646,500 0 0
SIEMENS AKTIENGESELLSCHAFT SPONSORED ADR CMN COM 826197501 1,468 10,600 SH   SOLE   10,600 0 0
TEREX CORP (NEW) CMN COM 880779103 2,268 54,000 SH   SOLE   54,000 0 0
TIMKEN CO CMN COM 887389104 2,170 39,400 SH   SOLE   39,400 0 0
UNION PACIFIC CORP CMN COM 907818108 2,352 14,000 SH   SOLE   14,000 0 0
UNITED RENTALS, INC CMN COM 911363109 2,257 28,960 SH   SOLE   28,960 0 0
VALE SA ADR COM 91912E105 7,570 496,404 SH   SOLE   496,404 0 0
VALE SA ADR SERIES A COM 91912E204 1,398 99,788 SH   SOLE   99,788 0 0
WALGREEN CO CMN COM 931422109 2,286 39,800 SH   SOLE   39,800 0 0
WESCO INTERNATIONAL INC CMN COM 95082P105 1,967 21,600 SH   SOLE   21,600 0 0
COSAN LIMITED CMN CLASS A COM G25343107 42,511 3,098,497 SH   SOLE   3,098,497 0 0