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 1,049 149,030 SH   OTR   0 149,030 0
America Movil ADR 02364W105 201 9,702 SH   OTR   0 9,702 0
Anglogold Ashanti ADR 035128206 54 3,117 SH   OTR   0 3,117 0
AU Optronics ADR 002255107 30 7,122 SH   OTR   0 7,122 0
Banco Santender Brasil ADR 05967A107 20 2,823 SH   OTR   0 2,823 0
Banco Santender Chile ADR 05965X109 80 3,019 SH   OTR   0 3,019 0
BHP Billiton ADR 05545E209 33,235 509,500 SH   OTR   0 509,500 0
Cemex SAB ADR 151290889 53 4,015 SH   OTR   0 4,015 0
Cemig SA ADR 204409601 30 3,801 SH   OTR   0 3,801 0
China Unicom ADR 16945R104 80 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 188 5,852 SH   OTR   0 5,852 0
CIA Brasileira ADR 20440T201 25 536 SH   OTR   0 536 0
CIA Cervecerias ADR 204429104 109 4,663 SH   OTR   0 4,663 0
CIA de Minas ADR 204448104 105 8,926 SH   OTR   0 8,926 0
CIA Paranaense ADR 20441B407 474 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 30 169 SH   OTR   0 169 0
Coca Cola Femsa ADR 191241108 85 744 SH   OTR   0 744 0
Corpbanca SA ADR 21987A209 93 5,000 SH   OTR   0 5,000 0
CPFL Energia ADR 126153105 12 686 SH   OTR   0 686 0
Credicorp COM G2519Y108 145 934 SH   OTR   0 934 0
Ecopetrol SA ADR 279158109 514 14,251 SH   OTR   0 14,251 0
Embraer SA ADR 29082A107 75 2,049 SH   OTR   0 2,049 0
Empresa NAC ADR 29244T101 76 1,685 SH   OTR   0 1,685 0
Enersis SA ADR 29274F104 90 5,367 SH   OTR   0 5,367 0
Fomento Economento ADR 344419106 304 3,248 SH   OTR   0 3,248 0
Gerdau ADR 373737105 7 1,224 SH   OTR   0 1,224 0
Giant Interactive ADR 374511103 106 8,994 SH   OTR   0 8,994 0
Gold Fields ADR 38059T106 363 97,569 SH   OTR   0 97,569 0
Grupo Aeroportuario ADR 400506101 473 6,995 SH   OTR   0 6,995 0
Grupo Televisa ADR 40049J206 535 15,582 SH   OTR   0 15,582 0
Harmony Gold ADR 413216300 28 9,449 SH   OTR   0 9,449 0
HDFC Bank Ltd ADR 40415F101 240 5,128 SH   OTR   0 5,128 0
Infosys Technologies ADR 456788108 32,387 602,323 SH   OTR   0 602,323 0
IPATH MSCI India ETF 06739F291 1,784 25,900 SH   OTR   0 25,900 0
ISHARES MSCI EM ETF 464287234 4,232 97,897 SH   OTR   0 97,897 0
KT Corp ADR 48268K101 106 7,023 SH   OTR   0 7,023 0
METHANEX CORP COM 59151K108 10,553 170,817 SH   OTR   0 170,817 0
Mindray Med ADR 602675100 392 12,441 SH   OTR   0 12,441 0
Mobile Tel ADR 607409109 350 17,744 SH   OTR   0 17,744 0
PETROCHINA ADR 71646E100 35 279 SH   OTR   0 279 0
PETROLEO BRASILEIRO SA ADR 71654V101 1,028 65,765 SH   OTR   0 65,765 0
Philippine Long Dist ADR 718252604 162 2,406 SH   OTR   0 2,406 0
Quimica Y Minera ADR 833635105 94 3,210 SH   OTR   0 3,210 0
SK Telecom ADR 78440P108 514 19,801 SH   OTR   0 19,801 0
Southern Copper COM 84265V105 108 3,566 SH   OTR   0 3,566 0
Taiwan Semiconductor ADR 874039100 23 1,057 SH   OTR   0 1,057 0
Telefonica Brasil ADR 87936R106 79 3,869 SH   OTR   0 3,869 0
Telekomunik Indonesia ADR 715684106 120 2,884 SH   OTR   0 2,884 0
Teva Pharm ADR 881624209 36,569 697,619 SH   OTR   0 697,619 0
TIM Part ADR 88706P205 77 2,643 SH   OTR   0 2,643 0
Turkcell ADR 900111204 121 7,788 SH   OTR   0 7,788 0
Vanguard FTSE EM ETF 922042858 328 7,594 SH   OTR   0 7,594 0