13F-HR 1 d955072_13f-hr.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F Cover Page Report for the Calendar Year or Quarter Ended: December 31, 2008 Check here if Amendment: |_|; Amendment Number: ____ This Amendment (Check only one): |_| is a restatement |_| adds new holding entries. Institutional Manager Filing this Report: Name: Somerset Capital Advisers, LLC Address: 10 East 40th Street, Suite 4210 New York, New York 10016 13F File Number: 028-12670 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: Stuart Goldberg Title: Chief Investment Officer Phone: (212) 931-9600 Signature, Place and Date of Signing: /s/ Stuart Goldberg New York, New York February 11, 2009 ----------------------- -------------------------- ---------------------- [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 managers(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: NONE Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 21 Form 13F Information Table Value Total: $46,670 (thousands) List of Other Included Managers: NONE FORM 13F INFORMATION TABLE December 31, 2008

~~ITEM~~COLUMN 1: ~~ITEM~~COLUMN 2: ~~ITEM~~COLUMN 3: ~~ITEM~~COLUMN 4: ~~ITEM~~COLUMN 5: ~~ITEM~~COLUMN 6: ~~ITEM~~COL 7: ~~ITEM~~COLUMN 8: ~~TITLE OF CUSIP~~ VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS ~~NUMBER~~CUSIP (~~X1000~~x1000) PRN AMT PRN CALL DISCRETION ~~MANAGERS~~MNGRS SOLE ~~SHARED~~SHRD NONE -------------- -------------- ----- ------- ------- --- ---- ---------- ----- ---- ---- ----~~--------------------------------------------------~~ ~~BARRICK~~ADVANCE ~~GOLD~~AUTO ~~CORP~~PARTS INC COM ~~067901108~~00751Y106 1,~~915~~455 4443,~~064~~243 SH ~~SOLE~~43,243 ~~NONE 1~~43,~~915~~243 ~~AGNICO~~AES ~~EAGLE~~CORP ~~MINES LTD~~ COM ~~008474108~~00130H105 2,~~334~~759 34334,~~475~~817 SH ~~SOLE NONE 2~~334,817 334,817 ~~AES~~ARRIS ~~CORP~~GROUP INC COM ~~00130H105~~04269Q100 32,~~143~~715 ~~188~~341,~~564~~561 SH ~~SOLE~~341,561 ~~NONE 3~~341,~~143~~561 ~~AGRIUM~~CALGON ~~INC~~CARBON CORP COM ~~008916108~~129603106 14,~~154~~807 18312,~~574~~966 SH ~~SOLE~~312,966 ~~NONE 1~~312,~~154~~966 ~~AVON~~FOREST ~~PRODS~~LABS INC COM ~~054303102~~345838106 21,~~746~~565 6961,~~440~~428 SH ~~SOLE NONE 2~~61,~~746~~428 ~~BUNGE LIMITED COM G16962105 901 10~~61,~~365~~428 ~~SH SOLE NONE 901~~ GENERAL CABLE CORP DEL NEW COM 369300108 52,~~418~~167 91122,~~725~~480 SH ~~SOLE~~122,480 ~~NONE 5~~122,~~418~~480 ~~CALGON~~HARMONIC ~~CARBON~~INC ~~CORP~~ COM ~~129603106~~413160102 72,~~779~~924 ~~516~~521,~~889~~201 SH ~~SOLE NONE 7~~521,~~779~~201 ~~DEERE & CO COM 244199105 3~~521,~~172~~201 ~~39,435~~HILL SHINTERNATIONAL ~~SOLE NONE 3,172 I-TRAX~~ INC COM ~~NEW~~431466101 ~~45069D203 4~~2,~~464~~664 ~~834~~378,~~461~~345 SH ~~SOLE~~378,345 ~~NONE 4~~378,~~464~~345 ~~EXTERRAN~~HOME ~~HLDGS~~DEPOT INC COM ~~30225X103~~437076102 51,~~231~~398 8160,~~046~~735 SH ~~SOLE~~60,735 ~~NONE 5~~60,~~231~~735 ~~FREEPORT-MCMORAN~~HUMANA ~~COPPER~~INC ~~& GO~~ COM ~~35671D857~~444859102 2,~~117~~395 2164,~~997~~250 SH ~~SOLE~~64,250 ~~NONE 2~~64,~~117~~250 ~~FEDERAL~~LAMAR ~~HOME~~ADVERTISING LNCO ~~MTG~~NOTE ~~CORP~~2.875%12/3 ~~COM~~512815AH4 ~~313400301~~723 1950,~~706~~000 ~~67,375~~PRN ~~SH SOLE NONE 1~~950,~~706~~000 ~~FOSTER WHEELER LTD SHS NEW G36535139 3~~950,~~283~~000 ~~57,985~~LOWES SHCOS ~~SOLE NONE 3,283 GENTEK~~ INC COM ~~NEW~~548661107 ~~37245X203 4~~1,~~677~~396 ~~155~~64,~~479~~865 SH ~~SOLE~~64,865 ~~NONE 4~~64,~~677~~865 ~~GOLDCORP~~MERCK ~~INC~~& ~~NEW~~CO INC COM ~~380956409~~589331107 2,188 5671,~~454~~984 SH ~~SOLE~~71,984 ~~NONE 2~~71,~~188~~984 ~~CORNING~~MYLAN INC ~~COM~~PFD ~~219350105~~CONV 4628530206 2,~~853~~066 ~~201~~3,~~852~~135 SH ~~SOLE NONE 4~~3,~~853~~135 ~~HILL INTERNATIONAL INC COM 431466101 4~~3,~~132~~135 ~~330,281~~NCI SHBUILDING ~~SOLE~~SYS ~~NONE 4,132 HUMANA~~ INC ~~COM~~NOTE ~~444859102~~ 2~~,332~~.125%11/1 ~~51,989~~628852AG0 ~~SH SOLE NONE~~ 2,~~332~~280 ~~MCDERMOTT INTL INC COM 580037109~~ 3,~~175 57~~100,~~924~~000 SHPRN ~~SOLE NONE~~ 3,~~175 MIRANT CORP NEW COM 60467R100 5~~100,~~224~~000 ~~143,554 SH SOLE NONE 5,224 NU SKIN ENTERPRISES INC CL A 67018T105~~ 3,~~108 172~~100,~~496~~000 ~~SH SOLE NONE 3,108~~ O2MICRO INTERNATIONAL LTD SPONS ADR 67107W100 31,~~844~~216 ~~497~~620,~~253~~649 SH ~~SOLE~~620,649 ~~NONE 3~~620,~~844~~649 ~~PATRIOT~~RENTRAK ~~COAL~~ CORP COM ~~70336T104~~760174102 2,~~287~~915 48247,~~684~~211 SH ~~SOLE NONE 2~~247,~~287~~211 ~~POTASH CORP OF SASK INC COM 73755L107 1~~247,~~282~~211 ~~8,260 SH SOLE NONE 1,282 COMPANHIA VALE DO RIO DOCE SPONSORED ADR 204412209 2,278 65,774 SH SOLE NONE 2,278~~ SAFEWAY INC COM NEW 786514208 23,~~067~~151 70132,~~439~~544 SH ~~SOLE~~132,544 ~~NONE 2~~132,~~067~~544 ~~TRIPLE~~SCHOOL ~~CROWN~~SPECIALTY ~~MEDIA~~ INC ~~COM~~NOTE ~~89675K102~~3.750% ~~815~~8/0 ~~292,209~~807863AE5 ~~SH SOLE NONE 815 TEVA PHARMACEUTICAL INDS LTD ADR 881624209~~ 1,~~933~~470 ~~41,858 SH SOLE NONE~~ 1,~~933~~900,000 ~~TOLL~~PRN ~~BROTHERS INC COM 889478103~~ 1,~~299 55~~900,~~310~~000 ~~SH SOLE NONE~~ 1,~~299~~900,000 ~~TITAN~~SEPRACOR ~~INTL~~ INC ~~ILL~~NOTE ~~COM~~10/1 ~~88830M102~~817315AW4 ~~6,457~~842 ~~210~~900,~~946~~000 SHPRN ~~SOLE NONE 6~~900,~~457~~000 ~~TECHWELL INC COM 87874D101 3~~900,~~420~~000 ~~315,499~~TEVA SHPHARMACEUTICAL ~~SOLE~~INDS ~~NONE~~LTD ~~3,420~~ADR ~~WHIRLPOOL~~881624209 ~~CORP COM 963320106~~ 3,~~047~~574 3583,~~115~~958 SH ~~SOLE~~83,958 ~~NONE 3~~83,~~047~~958

SK 01414 0001 955072

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