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
ALLIANZ AKTIENGESELLSCHAFT ADR ADR 018805101 5,648 359,065 SH   SOLE   124,193 0 234,872
ALLIANZ AKTIENGESELLSCHAFT ADR ADR 018805101 2,131 135,459 SH   OTR   15,162 0 120,297
AMERICA MOVIL ADR ADR 02364W105 228 11,500 SH   SOLE   11,500 0 0
ASAHI KASEI CORP ADR ADR 043400100 6,324 419,845 SH   SOLE   128,540 0 291,305
ASAHI KASEI CORP ADR ADR 043400100 2,134 141,664 SH   OTR   15,803 0 125,861
AVIVA PLC ADR ADR 05382A104 5,661 440,885 SH   SOLE   150,043 0 290,842
AVIVA PLC ADR ADR 05382A104 2,152 167,656 SH   OTR   19,850 0 147,806
AXA ADR SPONSORED ADR 054536107 3,084 133,052 SH   SOLE   47,231 0 85,821
AXA ADR SPONSORED ADR 054536107 1,147 49,461 SH   OTR   6,252 0 43,209
BASF AG ADR SPONSORED ADR 055262505 6,332 65,977 SH   SOLE   22,299 0 43,678
BASF AG ADR SPONSORED ADR 055262505 2,452 25,552 SH   OTR   2,991 0 22,561
BG PLC ADR FNL INSTLLM ADR 055434203 5,470 286,136 SH   SOLE   100,387 0 185,749
BG PLC ADR FNL INSTLLM ADR 055434203 1,981 103,604 SH   OTR   14,033 0 89,571
BP P L C ADR SPONSORED ADR 055622104 3,973 94,532 SH   SOLE   32,745 0 61,787
BP P L C ADR SPONSORED ADR 055622104 1,517 36,082 SH   OTR   4,251 0 31,831
BNP PARIBAS SPON ADR 1/4 SH ADR 05565A202 6,948 205,306 SH   SOLE   71,585 0 133,721
BNP PARIBAS SPON ADR 1/4 SH ADR 05565A202 2,698 79,722 SH   OTR   9,614 0 70,108
BANCO BRADESCO ADR ADR 059460303 448 32,300 SH   SOLE   32,300 0 0
BARCLAYS PLC ADR ADR 06738E204 5,902 346,330 SH   SOLE   121,011 0 225,319
BARCLAYS PLC ADR ADR 06738E204 2,088 122,513 SH   OTR   15,015 0 107,498
BAYER A G ADR SPONSORED ADR 072730302 4,543 38,504 SH   SOLE   14,054 0 24,450
BAYER A G ADR SPONSORED ADR 072730302 1,812 15,361 SH   OTR   1,630 0 13,731
BHP BILLITON LTD SPONSORED ADR ADR 088606108 5,537 83,276 SH   SOLE   30,420 0 52,856
BHP BILLITON LTD SPONSORED ADR ADR 088606108 2,032 30,551 SH   OTR   4,054 0 26,497
BRF-BRAZIL FOODS S/A ADS ADR 10552T107 32 1,300 SH   SOLE   1,300 0 0
CNOOC LTD SPONSORED ADR ADR 126132109 4,612 22,851 SH   SOLE   8,057 0 14,794
CNOOC LTD SPONSORED ADR ADR 126132109 1,623 8,040 SH   OTR   829 0 7,211
CENTRICA PLC SPON ADR NEW ADR 15639K300 4,660 194,593 SH   SOLE   66,361 0 128,232
CENTRICA PLC SPON ADR NEW ADR 15639K300 1,874 78,243 SH   OTR   8,090 0 70,153
CHINA PETROLEUM & CHEMICAL ADR ADR 16941R108 570 7,280 SH   SOLE   7,280 0 0
CEMIG ADR ADR 204409601 0 48 SH   SOLE   48 0 0
COMPANHIA DE SANEAMENTO BASISP ADR 20441A102 8,952 898,800 SH   SOLE   477,616 0 421,184
COMPANHIA DE SANEAMENTO BASISP ADR 20441A102 711 71,307 SH   OTR   6,526 0 64,781
CREDIT SUISSE GROUP ADR SPONSO ADR 225401108 4,328 141,679 SH   SOLE   49,347 0 92,332
CREDIT SUISSE GROUP ADR SPONSO ADR 225401108 1,651 54,042 SH   OTR   6,596 0 47,446
DBS GROUP HLDGS LTD ADR SPONSO ADR 23304Y100 4,658 88,981 SH   SOLE   31,173 0 57,808
DBS GROUP HLDGS LTD ADR SPONSO ADR 23304Y100 1,707 32,592 SH   OTR   4,704 0 27,888
DEUTSCHE LUFTHANSA A G SPONSOR ADR 251561304 2,398 122,919 SH   SOLE   41,969 0 80,950
DEUTSCHE LUFTHANSA A G SPONSOR ADR 251561304 921 47,220 SH   OTR   6,044 0 41,176
ECOPETROL S.A. ADR ADR 279158109 9 200 SH   SOLE   200 0 0
ETABLISSEMENTS DELHAIZE FRERSP ADR 29759W101 4,702 74,567 SH   SOLE   25,851 0 48,716
ETABLISSEMENTS DELHAIZE FRERSP ADR 29759W101 1,754 27,814 SH   OTR   3,549 0 24,265
GOLD FIELDS ADR ADR 38059T106 1 300 SH   SOLE   300 0 0
HSBC HLDGS PLC ADR SPON NEW ADR 404280406 5,966 109,955 SH   SOLE   39,826 0 70,129
HSBC HLDGS PLC ADR SPON NEW ADR 404280406 2,417 44,545 SH   OTR   5,213 0 39,332
HANNOVER RUECKVERSICHERUNGS SP ADR 410693105 3,780 102,740 SH   SOLE   35,811 0 66,929
HANNOVER RUECKVERSICHERUNGS SP ADR 410693105 1,422 38,647 SH   OTR   4,155 0 34,492
HITACHI LTD ADR ADR 433578507 5,034 76,341 SH   SOLE   26,194 0 50,147
HITACHI LTD ADR ADR 433578507 1,866 28,300 SH   OTR   3,245 0 25,055
HONDA MTR LTD 10 ORD ADR 438128308 5,438 142,567 SH   SOLE   49,838 0 92,729
HONDA MTR LTD 10 ORD ADR 438128308 2,032 53,282 SH   OTR   6,181 0 47,101
HUANENG POWER ADR ADR 443304100 60 1,500 SH   SOLE   1,500 0 0
INDUSTRIAS BACHOCO S.A.B. DE C.V. ADS ADR 456463108 166 4,200 SH   SOLE   4,200 0 0
ING GROEP N V ADR SPONSORED ADR 456837103 6,209 547,052 SH   SOLE   183,337 0 363,715
ING GROEP N V ADR SPONSORED ADR 456837103 2,283 201,214 SH   OTR   22,957 0 178,257
ISHARES INC MSCI JAPAN COM 464286848 207 17,360 SH   SOLE   0 0 17,360
ISHARES TR MSCI EMERG MKT COM 464287234 211 5,179 SH   SOLE   0 0 5,179
ITAU UNIBANCO HOLDING S/A ADS ADR 465562106 11 770 SH   SOLE   770 0 0
KT CORP ADR ADR 48268K101 181 10,800 SH   SOLE   10,800 0 0
KDDI CORP ADR ADR 48667L106 2,761 215,001 SH   SOLE   74,385 0 140,616
KDDI CORP ADR ADR 48667L106 1,031 80,301 SH   OTR   9,282 0 71,019
KONINKLIJKE AHOLD N V SPON ADR ADR 500467402 6,267 361,581 SH   SOLE   127,895 0 233,686
KONINKLIJKE AHOLD N V SPON ADR ADR 500467402 2,396 138,261 SH   OTR   17,926 0 120,335
KURARAY CO LTD ADR ADR 50127R103 2,087 58,088 SH   SOLE   19,789 0 38,299
KURARAY CO LTD ADR ADR 50127R103 730 20,327 SH   OTR   2,504 0 17,823
LONZA GROUP AG ADR ADR 54338V101 5,769 704,974 SH   SOLE   235,596 0 469,378
LONZA GROUP AG ADR ADR 54338V101 2,133 260,736 SH   OTR   27,952 0 232,784
MEDA ADR 58403D102 5,760 479,117 SH   SOLE   163,869 0 315,248
MEDA ADR 58403D102 2,059 172,270 SH   OTR   19,876 0 152,394
MICHELIN COMPAGNIE GENERALE AD ADR 59410T106 6,145 276,906 SH   SOLE   97,753 0 179,153
MICHELIN COMPAGNIE GENERALE AD ADR 59410T106 2,332 105,090 SH   OTR   12,286 0 92,804
MITSUBISHI CORP ADR SPONSRD ADR 606769305 4,784 118,172 SH   SOLE   39,785 0 78,387
MITSUBISHI CORP ADR SPONSRD ADR 606769305 1,761 43,494 SH   OTR   5,057 0 38,437
MITSUBISHI UFJ FINANCIAL GROUP ADR 606822104 6,544 1,020,826 SH   SOLE   357,418 0 663,408
MITSUBISHI UFJ FINANCIAL GROUP ADR 606822104 2,348 366,282 SH   OTR   43,790 0 322,492
NATIONAL AUSTRALIA BK LTD ADR ADR 632525408 6,963 216,981 SH   SOLE   75,856 0 141,125
NATIONAL AUSTRALIA BK LTD ADR ADR 632525408 2,659 82,855 SH   OTR   9,693 0 73,162
NISSAN MTRS SPONSORED ADR ADR 654744408 5,786 288,473 SH   SOLE   99,664 0 188,809
NISSAN MTRS SPONSORED ADR ADR 654744408 2,250 112,137 SH   OTR   11,021 0 101,116
NOVARTIS AG SPONSORED ADR ADR 66987V109 6,120 79,776 SH   SOLE   27,860 0 51,916
NOVARTIS AG SPONSORED ADR ADR 66987V109 1,920 25,027 SH   OTR   3,237 0 21,790
OI S.A. ADR ADR 670851203 337 183,000 SH   SOLE   183,000 0 0
POSCO SPONSORED ADR ADR 693483109 9,015 122,427 SH   SOLE   78,751 0 43,676
POSCO SPONSORED ADR ADR 693483109 1,654 22,463 SH   OTR   1,883 0 20,580
PT BK RAKYAT ADR SHS B ADR 69366X100 3,309 264,256 SH   SOLE   90,500 0 173,756
PT BK RAKYAT ADR SHS B ADR 69366X100 1,130 90,269 SH   OTR   8,060 0 82,209
TELEKOM INDO ADR ADR 715684106 33 900 SH   SOLE   900 0 0
PETROBRAS PETROLEO BRASILEIRO - OLD SEDOL ADR 71654V101 602 36,000 SH   SOLE   36,000 0 0
PETROBRAS BRASILEIRO ADR SPONS ADR 71654V408 17,990 1,161,396 SH   SOLE   794,007 0 367,389
PETROBRAS BRASILEIRO ADR SPONS ADR 71654V408 1,616 104,346 SH   OTR   10,442 0 93,904
PRUDENTIAL PLC ADR ADR 74435K204 5,082 136,134 SH   SOLE   48,138 0 87,996
PRUDENTIAL PLC ADR ADR 74435K204 2,109 56,491 SH   OTR   5,452 0 51,039
REED ELSEVIER N V SPONS ADR NE ADR 758204200 6,422 160,164 SH   SOLE   55,961 0 104,203
REED ELSEVIER N V SPONS ADR NE ADR 758204200 2,558 63,801 SH   OTR   7,871 0 55,930
RIO TINTO PLC ADR SPONSORED ADR 767204100 4,592 94,165 SH   SOLE   32,873 0 61,292
RIO TINTO PLC ADR SPONSORED ADR 767204100 1,727 35,416 SH   OTR   4,940 0 30,476
ROCHE HLDG LTD SPONSORED ADR ADR 771195104 7,363 109,197 SH   SOLE   37,811 0 71,386
ROCHE HLDG LTD SPONSORED ADR ADR 771195104 2,800 41,517 SH   OTR   4,347 0 37,170
ROYAL DUTCH SHELL PLC SPON ADR ADR 780259107 5,717 83,033 SH   SOLE   27,151 0 55,882
ROYAL DUTCH SHELL PLC SPON ADR ADR 780259107 2,167 31,469 SH   OTR   3,340 0 28,129
SESA GOA LTD ADR ADR 78413F103 113 9,980 SH   SOLE   9,980 0 0
SK TELECOM ADR ADR 78440P108 186 8,200 SH   SOLE   8,200 0 0
SAMSUNG ELECTRONICS GDR ADR 796050888 5,120 8,050 SH   SOLE   1,350 0 6,700
SASOL ADR ADR 803866300 674 14,100 SH   SOLE   14,100 0 0
SIBANYE GOLD LTD ADR 825724206 0 75 SH   SOLE   75 0 0
SIEMENS A G SPONSORED ADR ADR 826197501 7,039 58,406 SH   SOLE   20,793 0 37,613
SIEMENS A G SPONSORED ADR ADR 826197501 2,718 22,552 SH   OTR   2,566 0 19,986
SMITH & NEPHEW P L C ADR SPONS ADR 83175M205 5,849 93,709 SH   SOLE   32,517 0 61,192
SMITH & NEPHEW P L C ADR SPONS ADR 83175M205 2,212 35,440 SH   OTR   3,660 0 31,780
SOCIETE GENERALE FRANCE ADR SP ADR 83364L109 9,116 914,237 SH   SOLE   312,242 0 601,995
SOCIETE GENERALE FRANCE ADR SP ADR 83364L109 3,565 357,585 SH   OTR   37,780 0 319,805
SUMITOMO MITSUI FINL GRP INCSP ADR 86562M209 2,660 273,400 SH   SOLE   96,832 0 176,568
SUMITOMO MITSUI FINL GRP INCSP ADR 86562M209 1,021 104,974 SH   OTR   11,715 0 93,259
TAIWAN SEMICONDUCTOR MFG CO AD ADR 874039100 18,698 1,102,468 SH   SOLE   705,112 0 397,356
TAIWAN SEMICONDUCTOR MFG CO AD ADR 874039100 1,974 116,396 SH   OTR   11,531 0 104,865
TATA MOTORS ADR ADR 876568502 551 20,700 SH   SOLE   20,700 0 0
TELEFONICA BRASIL SA ADR 87936R106 359 16,000 SH   SOLE   16,000 0 0
TELENOR ASA SPONSORED ADR ADR 87944W105 5,779 84,323 SH   SOLE   28,923 0 55,400
TELENOR ASA SPONSORED ADR ADR 87944W105 2,073 30,244 SH   OTR   3,263 0 26,981
TENAGA NASIONAL BERHAD SPONSOR ADR 880277108 6,288 567,354 SH   SOLE   195,281 0 372,073
TENAGA NASIONAL BERHAD SPONSOR ADR 880277108 2,286 206,329 SH   OTR   17,010 0 189,319
TEVA PHARMACEUTICAL ADR ADR 881624209 10,836 286,805 SH   SOLE   248,346 0 38,459
TOSHIBA CORP ADR ADR 891493306 5,828 216,627 SH   SOLE   76,299 0 140,328
TOSHIBA CORP ADR ADR 891493306 2,055 76,411 SH   OTR   9,391 0 67,020
TURKCELL ILETISIM HIZMETLERI A.S. ADS ADR 900111204 192 13,000 SH   SOLE   13,000 0 0
UPM-KYMMENE CORP ADR SPONSORED ADR 915436109 5,358 386,892 SH   SOLE   135,844 0 251,048
UPM-KYMMENE CORP ADR SPONSORED ADR 915436109 2,168 156,508 SH   OTR   18,503 0 138,005
VALE PREF ADR ADR 91912E204 657 46,200 SH   SOLE   46,200 0 0
VIMPELCOM LTD. ADS ADR 92719A106 133 11,300 SH   SOLE   11,300 0 0
VOLKSWAGEN A G ADR SPONSORED ADR 928662303 4,708 103,726 SH   SOLE   35,848 0 67,878
VOLKSWAGEN A G ADR SPONSORED ADR 928662303 1,760 38,775 SH   OTR   4,670 0 34,105
YARA INTL ASA SPONSORED ADR ADR 984851204 2,655 64,316 SH   SOLE   22,502 0 41,814
YARA INTL ASA SPONSORED ADR ADR 984851204 971 23,511 SH   OTR   3,128 0 20,383
ZURICH INSURANCE GROUP LTD SPO ADR 989825104 3,429 133,130 SH   SOLE   46,080 0 87,050
ZURICH INSURANCE GROUP LTD SPO ADR 989825104 1,289 50,052 SH   OTR   5,610 0 44,442
CHINA YUCHAI INTERNATIONAL LTD. ADR G21082105 136 5,700 SH   SOLE   5,700 0 0
CHIPMOS TECHNOLOGIES BERMUDA LTD. ADR G2110R114 23 1,300 SH   SOLE   1,300 0 0
COSAN LTD. CL A ADR G25343107 192 12,500 SH   SOLE   12,500 0 0