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
Korea Electric Power SPON ADR 500631106 583,650 28,484,637 SH   DFND 1 28,484,637 0 0
KT Corp SPON ADR 48268K101 361,997 27,696,783 SH   DFND 1 27,696,783 0 0
SK Telecom Ltd SPON ADR 78440P108 308,035 12,624,376 SH   DFND 1 12,624,376 0 0
Vale SA ADR 91912E105 322,308 76,739,901 SH   DFND 1 76,739,901 0 0