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
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Ambev ADR 02319V103   1,191 162,038 SH   OTR   0 162,038 0
America Movil ADR 02364w105   176 7,520 SH   OTR   0 7,520 0
AU Optronics ADR 002255107   22 7,122 SH   OTR   0 7,122 0
Banco Santender Brasil ADR 05967a107   17 2,823 SH   OTR   0 2,823 0
Banco Santender Chile ADR 05965x109   71 3,019 SH   OTR   0 3,019 0
Cemig SA ADR 204409601   23 2,907 SH   OTR   0 2,907 0
China Unicom ADR 16945R104   78 5,202 SH   OTR   0 5,202 0
China Yuchai COM G21082105   318 15,241 SH   OTR   0 15,241 0
Chunghwa Tel ADR 17133q502   161 5,187 SH   OTR   0 5,187 0
CIA Brasileira ADR 20440T201   24 536 SH   OTR   0 536 0
CIA Cervecerias ADR 204429104   112 4,663 SH   OTR   0 4,663 0
CIA de Minas ADR 204448104   56 5,026 SH   OTR   0 5,026 0
CIA Paranaense ADR 20441B407   424 32,272 SH   OTR   0 32,272 0
CIA Siderurgica ADR 20440W105   26 4,201 SH   OTR   0 4,201 0
CNOOC LTD ADR 126132109   32 169 SH   OTR   0 169 0
Coca Cola Femsa ADR 191241108   60 489 SH   OTR   0 489 0
Corpbanca SA ADR 21987A209   106 5,000 SH   OTR   0 5,000 0
CPFL Energia ADR 126153105   11 686 SH   OTR   0 686 0
Credicorp COM G2519Y108   94 709 SH   OTR   0 709 0
Ecopetrol SA ADR 279158109   573 14,905 SH   OTR   0 14,905 0
Embraer SA ADR 29082A107   23 715 SH   OTR   0 715 0
Empresa NAC ADR 29244t101   75 1,685 SH   OTR   0 1,685 0
Enersis SA ADR 29274F104   80 5,367 SH   OTR   0 5,367 0
Fomento Economento ADR 344419106   330 3,374 SH   OTR   0 3,374 0
Gerdau ADR 373737105   10 1,224 SH   OTR   0 1,224 0
Giant Interactive ADR 374511103   554 49,305 SH   OTR   0 49,305 0
Gold Fields ADR 38059T106   326 101,836 SH   OTR   0 101,836 0
Grupo Aeroportuario ADR 400506101   386 7,252 SH   OTR   0 7,252 0
Grupo Televisa ADR 40049j206   488 16,126 SH   OTR   0 16,126 0
Harmony Gold ADR 413216300   24 9,449 SH   OTR   0 9,449 0
HDFC Bank Ltd ADR 40415F101   177 5,128 SH   OTR   0 5,128 0
Infosys Technologies ADR 456788108   29,708 524,880 SH   OTR   0 524,880 0
IPATH MSCI India ETF 06739F291   1,383 24,285 SH   OTR   0 24,285 0
ISHARES MSCI EM ETF 464287234   1,331 31,874 SH   OTR   0 31,874 0
KT Corp ADR 48268K101   48 3,199 SH   OTR   0 3,199 0
METHANEX CORP COM 59151K108   10,119 170,817 SH   OTR   0 170,817 0
Mindray Med ADR 602675100   473 13,012 SH   OTR   0 13,012 0
Mobile Tel ADR 607409109   364 16,833 SH   OTR   0 16,833 0
PETROCHINA ADR 71646e100   31 279 SH   OTR   0 279 0
PETROLEO BRASILEIRO SA ADR 71654V101   1,050 71,506 SH   OTR   0 71,506 0
Phillippine Long Dist ADR 718252604   121 2,016 SH   OTR   0 2,016 0
Quimica Y Minera ADR 833635105   83 3,210 SH   OTR   0 3,210 0
SK Telecom ADR 78440p108   507 20,601 SH   OTR   0 20,601 0
Southern Copper COM 84265V105   75 2,600 SH   OTR   0 2,600 0
Telefonica Brasil ADR 87936R106   50 2,599 SH   OTR   0 2,599 0
Telekomunik Indonesia ADR 715684106   103 2,884 SH   OTR   0 2,884 0
Teva Pharm ADR 881624209   27,484 685,719 SH   OTR   0 685,719 0
TIM Part ADR 88706P205   57 2,183 SH   OTR   0 2,183 0
Turkcell ADR 900111204   104 7,788 SH   OTR   0 7,788 0
Vanguard FTSE EM ETF 922042858   1,304 31,695 SH   OTR   0 31,695 0