33. All the following statements are true for ADRs except:

	a.	they depend on exchange rate movements in addition to other factors
	b.	they are registered foreign securities traded in the U.S.
	c.	they are taxable securities
	d.	they always trade at a discount or premium over their original securities adjusted for exchange rates

32. To follow a top down approach to creating an emerging market investment portfolio, you:

a. include only the liquid, investable securities. b. first select the stocks that you wish to include based on their merits to outperform. c. first select the sectors that you wish to include based on their merits to outperform. d. first select the countries that you wish to include based on macroeconomic factors. e. none of the other choices are true