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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
HSBC HLDGS PLC SPON ADR NEW 404280406 83,317 1,637,520 SH   SOLE 1,612,345 0 25,175
KB FINANCIAL GROUP INC SPONSORED ADR 48241A105 5,855 161,661 SH   SOLE 135,611 0 26,050
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 42,029 2,961,888 SH   SOLE 2,917,961 0 43,927
POSCO SPONSORED ADR 693483109 10,899 143,599 SH   SOLE 125,193 0 18,406