<SEC-DOCUMENT>0001398344-11-002377.txt : 20111021
<SEC-HEADER>0001398344-11-002377.hdr.sgml : 20111021
<ACCEPTANCE-DATETIME>20111021134422
ACCESSION NUMBER:		0001398344-11-002377
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20110930
FILED AS OF DATE:		20111021
DATE AS OF CHANGE:		20111021
EFFECTIVENESS DATE:		20111021

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NEWGATE CAPITAL MANAGEMENT LLC
		CENTRAL INDEX KEY:			0000939761
		IRS NUMBER:				042941344
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-03871
		FILM NUMBER:		111152037

	BUSINESS ADDRESS:	
		STREET 1:		80 FIELD POINT RD
		STREET 2:		12TH FL
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
		BUSINESS PHONE:		2036610700

	MAIL ADDRESS:	
		STREET 1:		80 FIELD POINT RD
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NEWGATE LLP /CT
		DATE OF NAME CHANGE:	19980123

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NEWGATE MANAGEMENT ASSOCIATES /NY
		DATE OF NAME CHANGE:	19970725
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>fp0003605_13fhr.txt
<TEXT>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    Form 13F

                               Form 13F COVER PAGE

Report for the Calendar Year or Quarter Ended:  September 30, 2011

Check here if Amendment  [ ]; Amendment Number:
     This Amendment (Check only one.):  [ ] is a restatement.
                                        [ ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:     Newgate Capital Management LLC
Address:  One Sound Shore Drive
          Greenwich, CT 06830

Form 13F File Number:  028-4822

The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:

Name:     Sonia Rosenbaum
Title:    Managing Director
Phone:    203-661-0700

Signature, Place, and Date of Signing:

     /s/ Sonia Rosenbaum              Greenwich, CT            October 21, 2011
     -------------------              -------------            ----------------
         [Signature]                  [City, State]                 [Date]

Report Type (Check only one.):

[X]   13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager
      are reported in this report.)

[ ]   13F NOTICE. (Check here if no holdings reported are in this report, and
      all holdings are reported by other reporting manager(s).)

[ ]   13F COMBINATION REPORT. (Check here if a portion of the holdings for this
      reporting manager are reported in this report and a portion are reported
      by other reporting manager(s).)

List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]

Form 13F File Number     Name


<PAGE>


                              Form 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers:                 0
                                         -----------

Form 13F Information Table Entry Total:          174
                                         -----------

Form 13F Information Table Value Total:  $ 1,423,432
                                         -----------
                                         (thousands)

List of Other Included Managers:


Provide a numbered list of the names(s) and Form 13F file numbers(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.

[If there are no entries in this list, state "NONE" and omit the column headings
and list entries.]

NONE


<PAGE>


<TABLE>
<CAPTION>
          COLUMN 1               COLUMN 2     COLUMN 3   COLUMN 4         COLUMN 5        COLUMN 6  COLUMN 7        COLUMN 8
---------------------------- ---------------- --------- ----------- -------------------- ---------- -------- -----------------------
                                                                                                                VOTING AUTHORITY
                                 TITLE OF                  VALUE      SHRS OR   SH/ PUT/ INVESTMENT  OTHER   -----------------------
       NAME OF ISSUER             CLASS         CUSIP    (x$1000)     PRN AMT   PRN CALL DISCRETION MANAGERS   SOLE    SHARED  NONE
---------------------------- ---------------- --------- ----------- ----------- --- ---- ---------- -------- --------- ------ ------
<S>                          <C>              <C>       <C>         <C>         <C> <C>  <C>        <C>      <C>       <C>    <C>
ABB LTD-SPON ADR             SP ADR           000375204           9         506          SOLE       N/A            506
AGIC EQUITY & CONVERTIBLE IN COM              00119P102       6,911     453,745          SOLE       N/A        455,842         2,097
AGRIUM INC                   COM              008916108      12,261     182,254          SOLE       N/A        183,927         1,673
ALBEMARLE CORP               COM              012653101       9,317     228,498          SOLE       N/A        230,615         2,117
ALLIANCEBERNSTEIN INC FUND   COM              01881E101                      38          SOLE       N/A             38
AMERICA MOVIL-ADR SERIES L   SP ADR           02364W105      33,634   1,503,508          SOLE       N/A      1,523,296        19,788
AMERICAN SELECT PORTFOLIO    COM              029570108       6,543     671,643          SOLE       N/A        674,036         2,393
AMERICAN STRATEGIC INC III   COM              03009T101       7,605   1,108,561          SOLE       N/A      1,111,874         3,313
AMERICAN STRATEGIC INCOME II COM              030099105       6,424     789,187          SOLE       N/A        792,085         2,898
ANDERSONS INC/THE            COM              034164103      12,693     373,750          SOLE       N/A        377,416         3,666
ANTOFAGASTA PLC -SPON ADR    SP ADR           037189107       6,679     233,231          SOLE       N/A        233,443           212
APACHE CORP                  COM              037411105       8,387     103,531          SOLE       N/A        104,522           991
APPLE INC                    COM              037833100         636       1,667          SOLE       N/A          1,667
ASHLAND INC                  COM              044209104      10,276     230,675          SOLE       N/A        232,812         2,137
BAIDU INC - SPON ADR         ADR              056752108      27,112     250,109          SOLE       N/A        253,595         3,486
BANCO BRADESCO-ADR           SP ADR           059460303      22,227   1,480,238          SOLE       N/A      1,503,801        23,563
BANCO SANTANDER SA-SPON ADR  ADR              05964H105          11       1,374          SOLE       N/A          1,374
BANCOLOMBIA S.A.-SPONS ADR   SPON ADR PREF    05968L102           3          49          SOLE       N/A             49
BANK OF AMERICA CORP         COM              060505104         143      23,340          SOLE       N/A         23,340
BARCLAYS PLC-SPONS ADR       ADR              06738E204          10         990          SOLE       N/A            990
BASF SE-SPON ADR             SP ADR           055262505          20         327          SOLE       N/A            327
BLACKROCK CREDIT ALLOC III   COM              09249V103       8,286     836,309          SOLE       N/A        838,631         2,322
BLACKROCK CREDIT ALLOCAT II  COM              09255H105       4,872     519,193          SOLE       N/A        521,590         2,397
BLACKROCK ENHANCED GOVT FUND COM              09255K108       7,409     481,717          SOLE       N/A        483,605         1,888
BLACKROCK MUNI INTERM DURATI COM              09253X102       3,001     204,839          SOLE       N/A        204,839
BLACKROCK MUNIASSETS FUND    COM              09254J102       4,466     373,380          SOLE       N/A        373,380
BLACKROCK MUNIYIELD NY QUALI COM              09255E102         741      56,369          SOLE       N/A         56,369
BLACKROCK MUNIYIELD QUALITY  COM              09254E103       2,836     214,540          SOLE       N/A        214,540
BMW-UNSPONSORED ADR          ADR              072743206          14         644          SOLE       N/A            644
BNP PARIBAS-ADR              ADR              05565A202           6         310          SOLE       N/A            310
BRASIL TELECOM SA-ADR        SP ADR           10553M101       1,185      67,857          SOLE       N/A         67,857
BRASIL TELECOM SA-ADR        SP ADR           10553M200         203      31,679          SOLE       N/A         31,679
CAMERON INTERNATIONAL CORP   COM              13342B105       8,156     194,522          SOLE       N/A        196,342         1,820
CATERPILLAR INC              COM              149123101      10,007     134,273          SOLE       N/A        135,523         1,250
CBRE CLARION GL R/E INCOME F COM              12504G100       5,343     797,358          SOLE       N/A        798,704         1,346
CELANESE CORP-SERIES A       COM SER A        150870103      10,274     312,906          SOLE       N/A        315,841         2,935
CF INDUSTRIES HOLDINGS INC   COM              125269100       9,631      77,328          SOLE       N/A         78,051           723
CHINA CONSTRUCT-UNSPON ADR   ADR              168919108      23,534   1,975,896          SOLE       N/A      1,977,672         1,776
CHINA SHENHUA-UNSPON ADR     ADR              16942A302       7,170     183,426          SOLE       N/A        183,621           195
CIE GEN GEOPHYSIQUE-SP ADR   COM              204386106           8         447          SOLE       N/A            447
CITIGROUP INC                COM              172967424         152       5,953          SOLE       N/A          5,953
CLIFFS NATURAL RESOURCES INC COM              18683K101      12,678     245,483          SOLE       N/A        247,765         2,282
CNOOC LTD-ADR                SP ADR           126132109      30,142     184,833          SOLE       N/A        188,033         3,200
COEUR D'ALENE MINES CORP     COM NEW          192108504         662      30,863          SOLE       N/A         30,863
CONSOL ENERGY INC            COM              20854P109       9,036     263,682          SOLE       N/A        266,313         2,631
COSAN LTD-CLASS A SHARES     COM              G25343107      30,115   3,135,518          SOLE       N/A      3,180,009        44,491
CREDICORP LTD                COM              G2519Y108      14,126     150,811          SOLE       N/A        153,210         2,399
CREDIT SUISSE GROUP-SPON ADR SP ADR           225401108           6         216          SOLE       N/A            216
CTRIP.COM INTERNATIONAL-ADR  ADR              22943F100      40,088   1,230,017          SOLE       N/A      1,246,708        16,691
DAIMLER AG-REGISTERED SHARES COM              D1668R123           9         196          SOLE       N/A            196
DEUTSCHE BANK AG-REGISTERED  COM              D18190898           7         216          SOLE       N/A            216
DOW CHEMICAL CO/THE          COM              260543103       8,515     375,702          SOLE       N/A        379,100         3,398
DRYSHIPS INC                 SHS              Y2109Q101      10,643   4,505,511          SOLE       N/A      4,548,101        42,590
DU PONT (E.I.) DE NEMOURS    COM              263534109       9,671     239,747          SOLE       N/A        241,960         2,213
DUFF & PHELPS UTIL & CORP BD COM              26432K108       7,219     623,827          SOLE       N/A        626,691         2,864
EATON VANCE SENIOR INCOME TR SH BEN INT       27826S103       5,087     808,248          SOLE       N/A        810,433         2,185
EATON VANCE TAX-MANAGED DIVE COM              27828N102      12,114   1,414,894          SOLE       N/A      1,420,142         5,248
ENERGY SELECT SECTOR SPDR    SBI INT-ENERGY   81369Y506           3          50          SOLE       N/A             50
ENSCO PLC-SPON ADR           SP ADR           29358Q109           8         194          SOLE       N/A            194
FANUC CORP-UNSP ADR          ADR              307305102           5         210          SOLE       N/A            210
FMC TECHNOLOGIES INC         COM              30249U101       7,767     204,672          SOLE       N/A        206,567         1,895
FOMENTO ECONOMICO MEX-SP ADR SP ADR           344419106       2,025      31,233          SOLE       N/A         31,233
FOSTER WHEELER AG            COM              H27178104       8,639     481,190          SOLE       N/A        485,632         4,442
FREEPORT-MCMORAN COPPER      COM              35671D857       8,708     283,412          SOLE       N/A        285,963         2,551
GAFISA SA-ADR                SP ADR           362607301      19,272   3,282,659          SOLE       N/A      3,339,979        57,320
GAZPROM OAO-SPON ADR         SP ADR           368287207      13,360   1,397,632          SOLE       N/A      1,398,914         1,282
GENERAL MARITIME CORP        SHS              Y2693R101         947   3,608,176          SOLE       N/A      3,641,072        32,896
GERDAU SA -SPON ADR          SP ADR           373737105      15,258   2,102,992          SOLE       N/A      2,139,921        36,929
GLOBAL X BRAZIL CONSUMER ETF GLB X BRAZ CON   37950E846       7,083     501,299          SOLE       N/A        510,414         9,115
GOLDCORP INC                 COM              380956409         938      20,575          SOLE       N/A         20,575
GOLDMAN SACHS GROUP INC      COM              38141G104         148       1,562          SOLE       N/A          1,562
GREAT BASIN GOLD LTD         COM              390124105      14,093   8,259,650          SOLE       N/A      8,338,776        79,126
HDFC BANK LTD-ADR            ADR              40415F101      25,124     847,180          SOLE       N/A        861,876        14,696
HELIOS STRATEGIC INCOME FUND COM              42328A203       1,046     194,831          SOLE       N/A        196,601         1,770
HENKEL AG & CO- SPONS ADR    SP ADR           42550U109          11         245          SOLE       N/A            245
HESS CORP                    COM              42809H107       8,488     160,312          SOLE       N/A        161,804         1,492
HIGHLAND CREDIT STRATEGIES F COM              43005Q107       3,780     607,840          SOLE       N/A        609,712         1,872
HONDA MOTOR CO LTD-SPONS ADR AMERN SHS        438128308          10         353          SOLE       N/A            353
HSBC HOLDINGS PLC-SPONS ADR  SP ADR           404280406          13         348          SOLE       N/A            348
ICICI BANK LTD-SPON ADR      ADR              45104G104      10,575     301,824          SOLE       N/A        304,570         2,746
INFOSYS LTD-SP ADR           SP ADR           456788108      37,483     722,626          SOLE       N/A        733,947        11,321
ING PRIME RATE TRUST         SH BEN INT       44977W106       3,291     643,712          SOLE       N/A        646,047         2,335
INVESCO MUNICIPAL INC OPP II COM              46133A100       2,193     311,113          SOLE       N/A        311,113
INVESCO VAN KAMPEN DYNAMIC C COM              46132R104       2,123     199,353          SOLE       N/A        199,353
INVESCO VAN KAMPEN SENIOR IN COM              46131H107       9,600   2,266,772          SOLE       N/A      2,274,975         8,203
IPATH MSCI INDIA INDEX ETN   IPMS INDIA E     06739F291       5,570     103,475          SOLE       N/A        103,475
ISHARES BARCLAYS AGGREGATE   BARCLY USAGG B   464287226          80         731          SOLE       N/A            731
ISHARES FTSE CHINA 25 INDEX  FTSE CHINA25     464287184          39       1,087          SOLE       N/A          1,272           185
ISHARES FTSE NAREIT MORTGAGE MRTG PLS CAP     464288539       9,319     746,271          SOLE       N/A        749,087         2,816
ISHARES MSCI BRAZIL          MSCI BRAZIL      464286400          17         163          SOLE       N/A            318           155
ISHARES MSCI SOUTH AFRICA IN MSCI STH AFRCA   464286780          17         306          SOLE       N/A            306
ISHARES MSCI SOUTH KOREA IND MSCI S KOREA     464286772          12         259          SOLE       N/A            259
ISHARES S&P NA NAT RES S I F S&P NA NAT R     464287374         560      16,635          SOLE       N/A         16,731            96
ITAU UNIBANCO HLDNG-PREF ADR SP ADR           465562106      53,452   3,387,760          SOLE       N/A      3,445,603        57,843
JOY GLOBAL INC               COM              481165108       8,744     138,891          SOLE       N/A        140,173         1,282
KB FINANCIAL GROUP INC-ADR   SP ADR           48241A105      32,006     960,840          SOLE       N/A        976,973        16,133
KEPPEL CORP LTD-SPONS ADR    SP ADR           492051305           3         231          SOLE       N/A            231
KINROSS GOLD CORP            COM NO PAR       496902404       5,773     387,647          SOLE       N/A        390,612         2,965
KOMATSU LTD -SPONS ADR       SP ADR           500458401          19         873          SOLE       N/A            873
KUBOTA CORP-SPONS ADR        ADR              501173207          16         401          SOLE       N/A            401
LAS VEGAS SANDS CORP         COM              517834107      37,770     969,690          SOLE       N/A        985,140        15,450
LINDE AG-SPONSORED ADR       SP ADR           535223200          10         763          SOLE       N/A            763
LUKOIL OAO-SPON ADR          SP ADR           677862104      16,146     321,416          SOLE       N/A        321,697           281
LYONDELLBASELL INDU-CL A     COM              N53745100       7,650     310,308          SOLE       N/A        313,158         2,850
MAN SE-UNSPONSORED ADR       ADR              561641101           8       1,081          SOLE       N/A          1,081
MARKET VECTORS RUSSIA ETF    RUSSIA ETF       57060U506          14         182          SOLE       N/A            556           374
MCDERMOTT INTL INC           COM              580037109      21,897   2,009,936          SOLE       N/A      2,035,043        25,107
MECHEL-SPONSORED ADR         SP ADR           583840103      16,387   1,587,016          SOLE       N/A      1,608,151        21,135
MFS GOVT MARKETS INC TRUST   SH BEN INT       552939100       2,977     447,683          SOLE       N/A        449,838         2,155
MFS MULTIMARKET INC TRUST    SH BEN           552737108           1         110          SOLE       N/A            110
MOBILE TELESYSTEMS-SP ADR    SP ADR           607409109      35,142   2,813,950          SOLE       N/A      2,857,059        43,109
MORGAN STANLEY EMRG MKT DEBT COM              61744H105       1,753     181,286          SOLE       N/A        181,286
MOSAIC CO/THE                COM              61945C103      11,382     230,295          SOLE       N/A        232,438         2,143
MTN GROUP LTD-SPONS ADR      ADR              62474M108       6,021     366,785          SOLE       N/A        367,117           332
NABORS INDUSTRIES LTD        SHS              G6359F103       7,451     602,162          SOLE       N/A        607,719         5,557
NASPERS LTD-N SHS SPON ADR   SP ADR           631512100      12,539     291,000          SOLE       N/A        291,270           270
NATIONAL BANK OF GREECE-ADR  ADR              633643408          58      73,900          SOLE       N/A         73,900
NATIONAL OILWELL VARCO INC   COM              637071101       8,707     168,405          SOLE       N/A        169,990         1,585
NAVIOS MARITIME HOLDINGS INC COM              Y62196103       2,018     630,042          SOLE       N/A        636,588         6,546
NEUBERGER BERMAN REAL ESTATE COM              64190A103       9,445   2,673,337          SOLE       N/A      2,683,133         9,796
NEW GOLD INC                 COM              644535106       4,129     398,210          SOLE       N/A        401,215         3,005
NEWMONT MINING CORP          COM              651639106       1,095      17,396          SOLE       N/A         17,396
NIDEC CORPORATION-ADR        ADR              654090109          14         708          SOLE       N/A            708
NOBLE CORP                   COM              H5833N103      10,788     364,137          SOLE       N/A        367,573         3,436
NOMURA HOLDINGS INC-ADR      SP ADR           65535H208           7       1,952          SOLE       N/A          1,952
NUVEEN CAL MUNI VALUE FUND   COM              67062C107       2,974     328,624          SOLE       N/A        328,624
NUVEEN DVD ADV MUNI FD 2     COM              67070F100         754      53,392          SOLE       N/A         53,392
NUVEEN DVD ADVANTAGE MUNI FD COM              67066V101         551      39,490          SOLE       N/A         39,490
NUVEEN INSD MUNI OPPORTUNITY COM              670984103         758      52,662          SOLE       N/A         52,662
NUVEEN INSD PREM INC MUNI II COM              6706D8104       4,910     376,794          SOLE       N/A        376,794
NUVEEN MULTI-ST INC & GTH 2  COM              67073D102           4         465          SOLE       N/A            465
NUVEEN NEW YORK PERF+ MUNI   COM              67062R104       1,294      86,659          SOLE       N/A         86,659
NUVEEN NY INV QUAL MUNI FD   COM              67062X101         992      69,018          SOLE       N/A         69,018
OCCIDENTAL PETROLEUM CORP    COM              674599105       7,560     104,758          SOLE       N/A        105,737           979
PACIFIC RUBIALES ENERGY CORP COM              69480U206      10,143     480,287          SOLE       N/A        480,731           444
PATRIOT COAL CORP            COM              70336T104       4,998     585,288          SOLE       N/A        590,838         5,550
PETROLEO BRASILEIRO S.A.-ADR SP ADR           71654V408      23,520   1,032,947          SOLE       N/A      1,047,643        14,696
PETROLEO BRASILEIRO-SPON ADR SP ADR           71654V101      24,978   1,188,808          SOLE       N/A      1,205,525        16,717
PHILIPS ELECTRONICS-NY SHR   NY REG SH NEW    500472303           9         491          SOLE       N/A            491
PING AN INSURANCE-ADR        ADR              72341E304          27       2,416          SOLE       N/A          2,416
POSCO-ADR                    SP ADR           693483109      26,451     342,143          SOLE       N/A        347,991         5,848
POTASH CORP OF SASKATCHEWAN  COM              73755L107      11,923     273,361          SOLE       N/A        275,874         2,513
PUTNAM MUNI OPPORTUNITIES TR SH BEN INT       746922103       1,382     118,024          SOLE       N/A        118,024
QUADRA FNX MINING LTD        COM              74733X106       3,479     400,355          SOLE       N/A        400,355
RIO TINTO PLC-SPON ADR       SP ADR           767204100           7         161          SOLE       N/A            161
SANDVIK AB-SPONSORED ADR     SP ADR           800212201           9         800          SOLE       N/A            800
SASOL LTD-SPONSORED ADR      SP ADR           803866300          27         671          SOLE       N/A            671
SCHLUMBERGER LTD             COM              806857108      17,880     296,629          SOLE       N/A        299,343         2,714
SHINHAN FINANCIAL GROUP-ADR  SP ADR           824596100      36,597     525,641          SOLE       N/A        534,728         9,087
SIEMENS AG-SPONS ADR         SP ADR           826197501          23         251          SOLE       N/A            251
SILVER STANDARD RESOURCES    COM              82823L106      15,827     848,224          SOLE       N/A        862,524        14,300
SILVER WHEATON CORP          COM              828336107       5,055     170,096          SOLE       N/A        171,646         1,550
SOUTHWESTERN ENERGY CO       COM              845467109       8,994     267,323          SOLE       N/A        269,858         2,535
SPDR S&P METALS & MINING ETF S&P METALS MNG   78464A755           4          79          SOLE       N/A             79
TAIWAN SEMICONDUCTOR-SP ADR  SP ADR           874039100      26,835   2,307,402          SOLE       N/A      2,347,752        40,350
TECHNIP SA-ADR               SP ADR           878546209          14         681          SOLE       N/A            681
TECK RESOURCES LTD-CLS B     COM              878742204      10,295     349,476          SOLE       N/A        352,703         3,227
TELEFONICA SA-SPON ADR       SP ADR           879382208          14         751          SOLE       N/A            751
TENCENT HOLDINGS LTD-UNS ADR ADR              88032Q109       9,780     470,339          SOLE       N/A        470,885           546
TOTAL SA-SPON ADR            SP ADR           89151E109           9         206          SOLE       N/A            206
TOYOTA MOTOR CORP -SPON ADR  SP ADR           892331307          26         383          SOLE       N/A            383
TURKIYE GARANTI BANKASI-ADR  ADR              900148701       8,025   2,050,549          SOLE       N/A      2,052,371         1,822
ULTRA PETROLEUM CORP         COM              903914109       6,621     236,644          SOLE       N/A        238,865         2,221
UNITED STATES STEEL CORP     COM              912909108          43       1,950          SOLE       N/A          1,950
UNITED TRACTORS-UNSPON ADR   ADR              69367T108       8,474     178,610          SOLE       N/A        178,814           204
VALE SA-SP ADR               SP ADR           91912E105      81,327   3,513,371          SOLE       N/A      3,566,982        53,611
VANGUARD MSCI EMERGING MARKE MSCI EMR MKT ETF 922042858         780      21,782          SOLE       N/A         21,782
WALTER ENERGY INC            COM              93317Q105       7,446     122,991          SOLE       N/A        124,087         1,096
WELLS FARGO ADVANTAGE MULTI  COM              94987D101       3,278     229,845          SOLE       N/A        230,686           841
WESTLAKE CHEMICAL CORP       COM              960413102       3,983     115,136          SOLE       N/A        116,196         1,060
WOORI FINANCE HOLDINGS-ADR   ADR              981063100       9,052     350,957          SOLE       N/A        357,225         6,268
XSTRATA PLC-UNSPONS ADR      ADR              98418K105       3,807   1,553,822          SOLE       N/A      1,553,822
YAMANA GOLD INC              COM              98462Y100         759      55,553          SOLE       N/A         55,553
YANZHOU COAL MINING-SP ADR   SP ADR           984846105      32,400   1,511,930          SOLE       N/A      1,535,536        23,606
</TABLE>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>