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
Ambev ADR 02319V103 468 76,683 SH   OTR   0 76,683 0
America Movil ADR 02364W105 207 9,702 SH   OTR   0 9,702 0
Anglogold Ashanti ADR 035128206 28 3,117 SH   OTR   0 3,117 0
Banco Santender Chile ADR 05965X109 90 4,438 SH   OTR   0 4,438 0
Cemex SAB ADR 151290889 38 4,175 SH   OTR   0 4,175 0
Cemig SA ADR 204409601 28 7,462 SH   OTR   0 7,462 0
China Unicom ADR 16945R104 82 5,202 SH   OTR   0 5,202 0
China Yuchai ADR G21082105 231 13,779 SH   OTR   0 13,779 0
Chunghwa Tel ADR 17133Q502 107 3,356 SH   OTR   0 3,356 0
CIA Brasileira ADR 20440T201 309 13,039 SH   OTR   0 13,039 0
CIA Cervecerias ADR 204429104 99 4,663 SH   OTR   0 4,663 0
CIA de Minas ADR 204448104 93 8,926 SH   OTR   0 8,926 0
CIA Paranaense ADR 20441B407 36 3,284 SH   OTR   0 3,284 0
Coca Cola Femsa ADR 191241108 59 744 SH   OTR   0 744 0
Corpbanca SA ADR 21987A209 83 5,000 SH   OTR   0 5,000 0
CPFL Energia ADR 126153105 21 1,707 SH   OTR   0 1,707 0
Creditcorp LTD COM G2519Y108 1,114 8,016 SH   OTR   0 8,016 0
Embraer SA ADR 29082A107 62 2,049 SH   OTR   0 2,049 0
Empresa NAC ADR 29244T101 70 1,685 SH   OTR   0 1,685 0
Enersis SA ADR 29274F104 85 5,367 SH   OTR   0 5,367 0
Fomento Economento ADR 344419106 332 3,728 SH   OTR   0 3,728 0
Gerdau ADR 373737105 23 9,500 SH   OTR   0 9,500 0
Gold Fields ADR 38059T106 15 4,490 SH   OTR   0 4,490 0
Grupo Aeroportuario ADR 400506101 96 1,395 SH   OTR   0 1,395 0
Grupo Televisa ADR 40049J206 274 7,047 SH   OTR   0 7,047 0
Infosys Technologies ADR 456788108 387 24,408 SH   OTR   0 24,408 0
IPATH MSCI India ETF 06739F291 1,945 27,650 SH   OTR   0 27,650 0
ISHARES MSCI EM ETF 464287234 4 100 SH   OTR   0 100 0
KT Corp ADR 48268K101 89 7,023 SH   OTR   0 7,023 0
Perfect World Co Spon ADR 71372U104 10 534 SH   OTR   0 534 0
Mobile Tel ADR 607409109 49 5,038 SH   OTR   0 5,038 0
PETROCHINA ADR 71646E100 56 505 SH   OTR   0 505 0
PETROLEO BRASILEIRO SA ADR 71654V101 304 37,232 SH   OTR   0 37,232 0
Philippine Long Dist ADR 718252604 150 2,406 SH   OTR   0 2,406 0
Quimica Y Minera ADR 833635105 77 4,806 SH   OTR   0 4,806 0
Silicon Precision ADR 827084864 428 57,418 SH   OTR   0 57,418 0
SK Telecom ADR 78440P108 433 17,477 SH   OTR   0 17,477 0
Southern Copper COM 84265V105 105 3,566 SH   OTR   0 3,566 0
Taiwan Semiconductor ADR 874039100 24 1,057 SH   OTR   0 1,057 0
Telefonica Brasil ADR 87936R106 54 3,869 SH   OTR   0 3,869 0
Telekomunik Indonesia ADR 715684106 125 2,884 SH   OTR   0 2,884 0
TIM Part ADR 88706P205 43 2,643 SH   OTR   0 2,643 0
Turkcell ADR 900111204 89 7,788 SH   OTR   0 7,788 0
Vanguard FTSE EM ETF 922042858 642 15,704 SH   OTR   0 15,704 0