Northern Cross

Northern Cross as of Dec. 31, 2011

Portfolio Holdings for Northern Cross

Northern Cross holds 0 positions in its portfolio as reported in the December 2011 quarterly 13F filing

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                                                                        FORM 13F INFORMATION TABLE



               Column 1                Column 2  Column 3      Column 4  Column 5         Column 6  Column 7 Column8

                                                                 VALUE    SHARES/  SH/PUTINVESTMENT  OTHER  VOTING AUTHORITY
            NAME OF ISSUER            TITLE OF CLCUSIP         (x$1000)   PRN AMT  PRNCALDISCRETION MANAGERS  SOLE    SHARED NONE

ANGLO AMERICAN PLC ADR                ADR        03485P201       175,663  9,502,509sh       Sole              804,201
FIBRIA CELULOSE SA - SP ADR           Spsrd ADR  31573A109        57,474  7,396,877sh       Sole              240,095
ITAU UNIBANCO HOLDINGS S.A. - ADR     ADR        465562106       480,538 25,891,033sh       Sole            1,771,028
PETROLEO BRASILEIRO S.A.- ADR         ADR        71654V408           557     22,408sh       Sole                    0
ROYAL DUTCH SHELL - ADR A             ADR        780259206       193,741  2,650,722sh       Sole              161,096
TAIWAN SEMICONDUCTOR-SP ADR           Spsrd ADR  874039100       360,061 27,890,089sh       Sole            2,442,702