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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 551,306 28,476,537 SH   DFND 1 28,476,537 0 0
KT Corp. SPON ADR 48268K101 389,972 27,618,383 SH   DFND 1 27,618,383 0 0
SK Telecom Ltd SPON ADR 78440P108 341,542 12,645,011 SH   DFND 1 12,645,011 0 0