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
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
AMERICAN INTL GROUP, INC CMN COM 026874784 4,554 129,000 SH   SOLE   129,000 0 0
APPLE, INC CMN COM 037833100 10,377 19,500 SH   SOLE   19,500 0 0
BANCO SANTANDER BRASIL SA ADR CMN COM 05967A107 2,752 378,000 SH   SOLE   378,000 0 0
CIA ENERGETICA DE MINAS GERAIS GERAIS NEW ADR PFD (NEW) COM 204409601 4,579 421,612 SH   SOLE   421,612 0 0
COMPANHIA BRASILEIRA DE DISTRIBUICA ADR NPV COM 20440T201 1,414 31,850 SH   SOLE   31,850 0 0
COMPANHIA DE BEBIDAS DAS AMERICASAMBEV SPONSORED ADR PFD USD08507 COM 20441W203 5,900 140,504 SH   SOLE   140,504 0 0
EI DU PONT DE NEMOURS AND CO CMN COM 263534109 7,531 167,437 SH   SOLE   167,437 0 0
EMC CORPORATION MASS CMN COM 268648102 3,858 152,500 SH   SOLE   152,500 0 0
EMBRAER SA ADR CMN COM 29082A107 1,213 42,529 SH   SOLE   42,529 0 0
EMERSON ELECTRIC CO CMN COM 291011104 1,348 25,456 SH   SOLE   25,456 0 0
ISHARES MSCI BRAZIL INDEX FD ETF ETF 464286400 3,918 70,032 SH   SOLE   70,032 0 0
ITAU UNIBANCO BANCO HLDNG SA SPONSORED ADR CMN COM 465562106 10,680 648,819 SH   SOLE   648,819 0 0
MARKET VECTORS ETF TRUST BRAZIL SMALL CAP ETF ETF 57060U613 1,141 26,773 SH   SOLE   26,773 0 0
OI SA SPONSORED ADR CMN COM 670851203 1,684 420,045 SH   SOLE   420,045 0 0
PETROLEO BRASILEIRO SA SPON ADR COM 71654V101 1,271 65,812 SH   SOLE   65,812 0 0
PETROLEO BRASILEIRO SA PETROBRAS SPONSORED ADR CMN COM 71654V408 2,902 149,075 SH   SOLE   149,075 0 0
RIO TINTO PLC SPONSORED ADR COM 767204100 30,869 531,400 SH   SOLE   531,400 0 0
ROCKWELL AUTOMATION INC CMN COM 773903109 1,370 16,314 SH   SOLE   16,314 0 0
ROCKWOOD HOLDINGS, INC CMN COM 774415103 1,237 25,000 SH   SOLE   25,000 0 0
THE FINANCIAL SELECT SECTOR SPDR FUND MARKET INDEX ETF 81369Y605 6,032 368,000 SH   SOLE   368,000 0 0
INDUSTRIAL SELECT SECTOR SPDR 'SPDR' ETF 81369Y704 10,479 276,500 SH   SOLE   276,500 0 0
SIEMENS AKTIENGESELLSCHAFT SPONSORED ADR CMN COM 826197501 1,334 12,190 SH   SOLE   12,190 0 0
TIM PARTICIPACOES SA SPONSORED ADR CMN COM 88706P205 2,294 115,721 SH   SOLE   115,721 0 0
VALE SA ADR SERIES A COM 91912E105 1,060 52,262 SH   SOLE   52,262 0 0
COSAN LIMITED CMN CLASS A COM G25343107 13,934 804,994 SH   SOLE   804,994 0 0