The top 10 widely held ADRs by institutions as measured by ownership value as of December 31, 2010 are listed below in descending order:

1.Name: America Movil (AMX)
Sector: Telecom
Country: Mexico

2.Name: Teva Pharmaceuticals (TEVA)
Sector: Generic Drugs
Country: Israel

3.Name: UBS AG (UBS)
Sector: Financial Services
Country: Switzerland

4.Name: VALE SA (VALE)
Sector: Mining
Country: Brazil

5.Name: VALE SA – Preferred (VALE.P)
Sector: Mining
Country: Brazil

6.Name: Baidu (BIDU)
Sector: Internet
Country: China

7.Name: Petrobras (PBR)
Sector: Integrated Oil
Country: Brazil

8.Name: Petrobras – Preferred (PBR.A)
Sector: Integrated Oil
Country: Brazil

9.Name: Itau Unibanco (ITUB)
Sector: Banking
Country: Brazil

10.Name: Vodafone (VOD)
Sector: Telecom
Country: UK

Mexican telecom services provider America Movil is the most-owned ADR. 690 institutional investors held 496 million shares with a value of $28 billion at the end of last year. All the companies noted above are in emerging markets except Vodafone and UBS AG.

Disclosure: Long PBR, ITUB