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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
Korea Electric Power SPON ADR 500631106 533,606 32,125,580 SH   DFND 1 32,125,580 0 0
KT Corp. SPON ADR 48268K101 424,851 28,570,985 SH   DFND 1 28,570,985 0 0
SK Telecom Ltd SPON ADR 78440P108 358,759 14,571,849 SH   DFND 1 14,571,849 0 0