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
Banco Santender Brasil ADR 05967a107 16 2,823 SH   OTR   0 2,823 0
Banco Santender Chile ADR 05965x109 71 3,019 SH   OTR   0 3,019 0
BHP Billiton PLC ADR 05545E209 31,467 509,500 SH   OTR   0 509,500 0
Cemig SA ADR 204409601 26 3,801 SH   OTR   0 3,801 0
China Unicom ADR 16945R104 68 5,202 SH   OTR   0 5,202 0
China Yuchai COM G21082105 309 14,573 SH   OTR   0 14,573 0
Chunghwa Tel ADR 17133q502 180 5,852 SH   OTR   0 5,852 0
CIA Brasileira ADR 20440T201 23 536 SH   OTR   0 536 0
CIA Cervecerias ADR 204429104 104 4,663 SH   OTR   0 4,663 0
CIA de Minas ADR 204448104 63 5,026 SH   OTR   0 5,026 0
CIA Paranaense ADR 20441B407 405 30,928 SH   OTR   0 30,928 0
CIA Siderurgica ADR 20440W105 18 4,201 SH   OTR   0 4,201 0
CNOOC LTD ADR 126132109 26 169 SH   OTR   0 169 0
Coca Cola Femsa ADR 191241108 79 744 SH   OTR   0 744 0
Corpbanca SA ADR 21987A209 88 5,000 SH   OTR   0 5,000 0
CPFL Energia ADR 126153105 11 686 SH   OTR   0 686 0
Credicorp COM G2519Y108 129 934 SH   OTR   0 934 0
Ecopetrol SA ADR 279158109 581 14,251 SH   OTR   0 14,251 0
Embraer SA ADR 29082A107 73 2,049 SH   OTR   0 2,049 0
Empresa NAC ADR 29244t101 73 1,685 SH   OTR   0 1,685 0
Enersis SA ADR 29274F104 83 5,367 SH   OTR   0 5,367 0
Fomento Economento ADR 344419106 303 3,248 SH   OTR   0 3,248 0
Gerdau ADR 373737105 8 1,224 SH   OTR   0 1,224 0
Giant Interactive ADR 374511103 525 45,346 SH   OTR   0 45,346 0
Gold Fields ADR 38059T106 360 97,569 SH   OTR   0 97,569 0
Grupo Aeroportuario ADR 400506101 409 6,995 SH   OTR   0 6,995 0
Grupo Televisa ADR 40049j206 519 15,582 SH   OTR   0 15,582 0
Harmony Gold ADR 413216300 29 9,449 SH   OTR   0 9,449 0
HDFC Bank Ltd ADR 40415F101 210 5,128 SH   OTR   0 5,128 0
Infosys Technologies ADR 456788108 28,419 524,523 SH   OTR   0 524,523 0
IPATH MSCI India ETF 06739F291 1,692 27,900 SH   OTR   0 27,900 0
ISHARES MSCI EM ETF 464287234 4,578 111,697 SH   OTR   0 111,697 0
KT Corp ADR 48268K101 98 7,023 SH   OTR   0 7,023 0
METHANEX CORP COM 59151K108 10,922 170,817 SH   OTR   0 170,817 0
Mindray Med ADR 602675100 403 12,441 SH   OTR   0 12,441 0
Mobile Tel ADR 607409109 310 17,744 SH   OTR   0 17,744 0
PETROCHINA ADR 71646e100 30 279 SH   OTR   0 279 0
PETROLEO BRASILEIRO SA ADR 71654V101 912 65,765 SH   OTR   0 65,765 0
Phillippine Long Dist ADR 718252604 123 2,016 SH   OTR   0 2,016 0
Quimica Y Minera ADR 833635105 102 3,210 SH   OTR   0 3,210 0
SK Telecom ADR 78440p108 447 19,801 SH   OTR   0 19,801 0
Southern Copper COM 84265V105 76 2,600 SH   OTR   0 2,600 0
Telefonica Brasil ADR 87936R106 82 3,869 SH   OTR   0 3,869 0
Telekomunik Indonesia ADR 715684106 114 2,884 SH   OTR   0 2,884 0
Teva Pharm ADR 881624209 36,862 697,619 SH   OTR   0 697,619 0
TIM Part ADR 88706P205 69 2,643 SH   OTR   0 2,643 0
Turkcell ADR 900111204 107 7,788 SH   OTR   0 7,788 0
Vanguard FTSE EM ETF 922042858 799 19,694 SH   OTR   0 19,694 0