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 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