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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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   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