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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 PWR SPON ADR 500631106 488,688 20,044,635 SH   DFND 1,2 20,044,635 0 0
KT CORP SPON ADR 48268K101 414,322 25,814,464 SH   DFND 1,2 25,814,464 0 0
SK TELECOM LTD SPON ADR 78440P108 305,558 13,520,288 SH   DFND 1,2 13,520,288 0 0
VALE S A ADR 91912E105 561,723 102,131,532 SH   DFND 1,2 102,131,532 0 0