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
A.P. MOLLER-MAERSK A/S ADR ADR 00202F102 2,352 225,061 SH   SOLE   89,353 0 135,708
A.P. MOLLER-MAERSK A/S ADR ADR 00202F102 1,304 124,725 SH   OTR   1,913 0 122,812
AGRICULTURAL BK CHINA LTD ADR ADR 00850M102 2,550 205,910 SH   SOLE   84,333 0 121,577
AGRICULTURAL BK CHINA LTD ADR ADR 00850M102 1,419 114,618 SH   OTR   1,710 0 112,908
ALLIANZ AKTIENGESELLSCHAFT ADR ADR 018805101 3,083 177,403 SH   SOLE   71,811 0 105,592
ALLIANZ AKTIENGESELLSCHAFT ADR ADR 018805101 1,766 101,556 SH   OTR   1,455 0 100,101
ASAHI KASEI CORP ADR ADR 043400100 1,872 97,702 SH   SOLE   38,654 0 59,048
ASAHI KASEI CORP ADR ADR 043400100 1,047 54,639 SH   OTR   755 0 53,884
AXA ADR SPONSORED ADR 054536107 3,002 119,183 SH   SOLE   46,273 0 72,910
AXA ADR SPONSORED ADR 054536107 1,647 65,392 SH   OTR   1,000 0 64,392
BASF AG ADR SPONSORED ADR 055262505 3,213 32,331 SH   SOLE   12,791 0 19,540
BASF AG ADR SPONSORED ADR 055262505 1,877 18,883 SH   OTR   340 0 18,543
BP P L C ADR SPONSORED ADR 055622104 2,800 71,613 SH   SOLE   28,808 0 42,805
BP P L C ADR SPONSORED ADR 055622104 1,475 37,704 SH   OTR   710 0 36,994
BNP PARIBAS SPON ADR 1/4 SH ADR 05565A202 2,842 93,549 SH   SOLE   33,498 0 60,051
BNP PARIBAS SPON ADR 1/4 SH ADR 05565A202 1,339 44,082 SH   OTR   655 0 43,427
BANCO BRADESCO ADR ADR 059460303 58 6,240 SH   SOLE   6,240 0 0
BANCO SANTANDER CENT HISPANOAD ADR 05964H105 3,003 403,129 SH   SOLE   164,608 0 238,521
BANCO SANTANDER CENT HISPANOAD ADR 05964H105 1,635 219,512 SH   OTR   4,050 0 215,462
BANCO SANTANDER (BRASIL)ADS ADR 05967A107 6 1,400 SH   SOLE   1,400 0 0
BARCLAYS PLC ADR ADR 06738E204 2,969 203,791 SH   SOLE   80,545 0 123,246
BARCLAYS PLC ADR ADR 06738E204 1,680 115,272 SH   OTR   1,658 0 113,614
BAYER A G ADR SPONSORED ADR 072730302 3,064 20,383 SH   SOLE   8,251 0 12,132
BAYER A G ADR SPONSORED ADR 072730302 1,679 11,174 SH   OTR   0 0 11,174
BHP BILLITON LTD SPONSORED ADR ADR 088606108 2,995 64,455 SH   SOLE   26,473 0 37,982
BHP BILLITON LTD SPONSORED ADR ADR 088606108 1,587 34,149 SH   OTR   600 0 33,549
C & C GROUP PLC ADR ADR 124651100 1,363 110,865 SH   SOLE   50,932 0 59,933
C & C GROUP PLC ADR ADR 124651100 874 71,099 SH   OTR   2,170 0 68,929
CNOOC LTD SPONSORED ADR ADR 126132109 1,629 11,482 SH   SOLE   4,294 0 7,188
CNOOC LTD SPONSORED ADR ADR 126132109 875 6,168 SH   OTR   170 0 5,998
CHINA RY CONSTR CORP ADR ADR 16947L105 2,800 187,424 SH   SOLE   75,373 0 112,051
CHINA RY CONSTR CORP ADR ADR 16947L105 1,585 106,088 SH   OTR   1,480 0 104,608
CEMIG ADR ADR 204409601 20 4,885 SH   SOLE   4,885 0 0
DBS GROUP HLDGS LTD ADR SPONSO ADR 23304Y100 3,659 61,622 SH   SOLE   24,629 0 36,993
DBS GROUP HLDGS LTD ADR SPONSO ADR 23304Y100 2,052 34,570 SH   OTR   590 0 33,980
DAIMLER AG SPONSORED ADR ADR 233825108 4,223 43,813 SH   SOLE   17,612 0 26,201
DAIMLER AG SPONSORED ADR ADR 233825108 2,287 23,726 SH   OTR   0 0 23,726
DANSKE BK A/S ADR ADR 236363107 3,268 247,762 SH   SOLE   99,661 0 148,101
DANSKE BK A/S ADR ADR 236363107 1,744 132,248 SH   OTR   2,166 0 130,082
DEUTSCHE LUFTHANSA A G SPONSOR ADR 251561304 898 63,976 SH   SOLE   22,879 0 41,097
DEUTSCHE LUFTHANSA A G SPONSOR ADR 251561304 398 28,304 SH   OTR   800 0 27,504
ENERSIS S.A. ADS ADR 29274F104 15 900 SH   SOLE   900 0 0
ETABLISSEMENTS DELHAIZE FRERSP ADR 29759W101 2,491 111,347 SH   SOLE   44,633 0 66,714
ETABLISSEMENTS DELHAIZE FRERSP ADR 29759W101 1,321 59,051 SH   OTR   1,170 0 57,881
FUJITSU LTD ADR 5 COM ADR 359590304 2,278 66,685 SH   SOLE   27,089 0 39,596
FUJITSU LTD ADR 5 COM ADR 359590304 1,281 37,509 SH   OTR   500 0 37,009
GDF SUEZ SPONS ADR ADR 36160B105 2,305 116,609 SH   SOLE   45,837 0 70,772
GDF SUEZ SPONS ADR ADR 36160B105 1,191 60,266 SH   OTR   1,243 0 59,023
HSBC HLDGS PLC ADR SPON NEW ADR 404280406 2,310 54,220 SH   SOLE   21,715 0 32,505
HSBC HLDGS PLC ADR SPON NEW ADR 404280406 1,301 30,551 SH   OTR   570 0 29,981
HITACHI LTD ADR ADR 433578507 1,999 29,116 SH   SOLE   11,776 0 17,340
HITACHI LTD ADR ADR 433578507 1,137 16,561 SH   OTR   330 0 16,231
HONDA MTR LTD 10 ORD ADR 438128308 3,049 93,087 SH   SOLE   37,811 0 55,276
HONDA MTR LTD 10 ORD ADR 438128308 1,735 52,973 SH   OTR   750 0 52,223
INDOFOOD SUKSES MAKMUR TBK ADR ADR 45577X105 2,216 77,778 SH   SOLE   31,047 0 46,731
INDOFOOD SUKSES MAKMUR TBK ADR ADR 45577X105 1,170 41,072 SH   OTR   700 0 40,372
INFOSYS TECHNOLOGIES LTD ADR S ADR 456788108 1,548 44,145 SH   SOLE   17,611 0 26,534
INFOSYS TECHNOLOGIES LTD ADR S ADR 456788108 911 25,962 SH   OTR   644 0 25,318
ING GROEP N V ADR SPONSORED ADR 456837103 3,309 226,457 SH   SOLE   90,093 0 136,364
ING GROEP N V ADR SPONSORED ADR 456837103 1,826 124,978 SH   OTR   1,842 0 123,136
ISHARES INC MSCI JAPAN ADR 464286848 208 16,610 SH   SOLE   0 0 16,610
ITAU UNIBANCO HOLDING S/A ADS ADR 465562106 73 6,577 SH   SOLE   6,577 0 0
KB FINANCIAL GROUP INC SPONSOR ADR 48241A105 2,527 71,909 SH   SOLE   29,130 0 42,779
KB FINANCIAL GROUP INC SPONSOR ADR 48241A105 1,453 41,352 SH   OTR   641 0 40,711
KDDI CORP ADR ADR 48667L106 1,364 202,459 SH   SOLE   71,179 0 131,280
KDDI CORP ADR ADR 48667L106 1,444 87,019 SH   OTR   1,800 0 85,219
MITSUBISHI UFJ FINANCIAL GROUP ADR 606822104 3,622 582,437 SH   SOLE   240,355 0 342,082
MITSUBISHI UFJ FINANCIAL GROUP ADR 606822104 2,091 336,212 SH   OTR   4,762 0 331,450
NATIONAL AUSTRALIA BK LTD ADR ADR 632525408 3,191 216,667 SH   SOLE   85,530 0 131,137
NATIONAL AUSTRALIA BK LTD ADR ADR 632525408 1,836 124,603 SH   OTR   1,778 0 122,825
NATIONAL GRID TRANSCO PLC SPON ADR 636274300 2,920 45,189 SH   SOLE   18,110 0 27,079
NATIONAL GRID TRANSCO PLC SPON ADR 636274300 1,481 22,930 SH   OTR   420 0 22,510
NIPPON STL & SUMITOMO METAL SP ADR 65461T101 2,316 91,817 SH   SOLE   39,363 0 52,454
NIPPON STL & SUMITOMO METAL SP ADR 65461T101 1,172 46,489 SH   OTR   790 0 45,699
PT BK RAKYAT ADR SHS B ADR 69366X100 2,676 131,780 SH   SOLE   53,224 0 78,556
PT BK RAKYAT ADR SHS B ADR 69366X100 1,499 73,825 SH   OTR   1,190 0 72,635
TELEKOM INDO ADR ADR 715684106 22 500 SH   SOLE   500 0 0
PETROFAC LTD ADS ADR 716473103 1,729 244,403 SH   SOLE   84,336 0 160,067
PETROFAC LTD ADS ADR 716473103 932 131,790 SH   OTR   3,880 0 127,910
PETROBRAS PREF ADR ADR 71654V101 24 3,860 SH   SOLE   3,860 0 0
PETROLEO BRASILEIRO ADR ADR 71654V408 15 2,452 SH   SOLE   2,452 0 0
PETROLEUM GEO-SVCS ASA NEW SPO ADR 716599105 1,558 302,777 SH   SOLE   121,348 0 181,429
PETROLEUM GEO-SVCS ASA NEW SPO ADR 716599105 800 155,474 SH   OTR   2,878 0 152,596
PREMIER OIL PLC SPONSORED ADR ADR 740536107 1,151 589,208 SH   SOLE   243,596 0 345,612
PREMIER OIL PLC SPONSORED ADR ADR 740536107 587 301,007 SH   OTR   5,380 0 295,627
REED ELSEVIER N V SPONS ADR NE ADR 758204200 3,032 60,870 SH   SOLE   24,292 0 36,578
REED ELSEVIER N V SPONS ADR NE ADR 758204200 1,652 33,183 SH   OTR   596 0 32,587
RHEINMETALL ADR ADR 76206K107 1,658 171,498 SH   SOLE   83,667 0 87,831
RHEINMETALL ADR ADR 76206K107 1,063 109,984 SH   OTR   0 0 109,984
RIO TINTO PLC ADR SPONSORED ADR 767204100 2,730 65,952 SH   SOLE   26,325 0 39,627
RIO TINTO PLC ADR SPONSORED ADR 767204100 1,398 33,772 SH   OTR   644 0 33,128
ROCHE HLDG LTD SPONSORED ADR ADR 771195104 3,728 108,037 SH   SOLE   44,717 0 63,320
ROCHE HLDG LTD SPONSORED ADR ADR 771195104 1,841 53,372 SH   OTR   0 0 53,372
ROYAL DSM N V SPON ADR ADR 780249108 1,610 115,372 SH   SOLE   46,969 0 68,403
ROYAL DSM N V SPON ADR ADR 780249108 882 63,242 SH   OTR   0 0 63,242
SK TELECOM ADR ADR 78440P108 44 1,600 SH   SOLE   1,600 0 0
SAMSUNG ELECTRONICS GDR ADR 796050888 487 750 SH   SOLE   750 0 0
SIEMENS A G SPONSORED ADR ADR 826197501 3,384 31,287 SH   SOLE   12,549 0 18,738
SIEMENS A G SPONSORED ADR ADR 826197501 1,834 16,960 SH   OTR   245 0 16,715
SMITH & NEPHEW P L C ADR SPONS ADR 83175M205 3,036 88,850 SH   SOLE   35,274 0 53,576
SMITH & NEPHEW P L C ADR SPONS ADR 83175M205 1,748 51,139 SH   OTR   0 0 51,139
SUNCOR ENERGY INC ADR 867224107 2,106 72,003 SH   SOLE   29,172 0 42,831
SUNCOR ENERGY INC ADR 867224107 1,086 37,146 SH   OTR   710 0 36,436
TAIWAN SEMICONDUCTOR MFG CO AD ADR 874039100 2,422 103,152 SH   SOLE   47,200 0 55,952
TAIWAN SEMICONDUCTOR MFG CO AD ADR 874039100 1,210 51,501 SH   OTR   900 0 50,601
TELEFONICA BRASIL SA ADR 87936R106 26 1,700 SH   SOLE   1,700 0 0
TELENOR ASA SPONSORED ADR ADR 87944W105 2,590 42,715 SH   SOLE   17,004 0 25,711
TELENOR ASA SPONSORED ADR ADR 87944W105 1,305 21,526 SH   OTR   0 0 21,526
TELIASONERA A B ADR ADR 87960M205 2,632 207,131 SH   SOLE   83,737 0 123,394
TELIASONERA A B ADR ADR 87960M205 1,487 116,975 SH   OTR   0 0 116,975
TENAGA NASIONAL BERHAD SPONSOR ADR 880277108 1,334 86,026 SH   SOLE   34,666 0 51,360
TENAGA NASIONAL BERHAD SPONSOR ADR 880277108 777 50,094 SH   OTR   670 0 49,424
TEVA PHARMACEUTICAL INDS LTDAD ADR 881624209 16,526 265,263 SH   SOLE   248,844 0 16,419
TEVA PHARMACEUTICAL INDS LTDAD ADR 881624209 1,333 21,398 SH   OTR   0 0 21,398
TOSHIBA CORP ADR ADR 891493306 3,445 136,598 SH   SOLE   55,176 0 81,422
TOSHIBA CORP ADR ADR 891493306 1,818 72,051 SH   OTR   1,082 0 70,969
TOTAL S A ADR SPONS ADR 89151E109 3,086 62,143 SH   SOLE   18,862 0 43,281
TOTAL S A ADR SPONS ADR 89151E109 1,453 29,270 SH   OTR   520 0 28,750
TOYOTA MTR CORP ADR 1 SH ADR 892331307 2,335 16,690 SH   SOLE   6,651 0 10,039
TOYOTA MTR CORP ADR 1 SH ADR 892331307 1,350 9,653 SH   OTR   180 0 9,473
VALE PREF ADR ADR 91912E204 2,143 441,870 SH   SOLE   441,870 0 0
VOLKSWAGEN A G ADR SPONSORED ADR 928662303 2,668 51,742 SH   SOLE   21,047 0 30,695
VOLKSWAGEN A G ADR SPONSORED ADR 928662303 1,493 28,952 SH   OTR   609 0 28,343
ZURICH INSURANCE GROUP LTD SPO ADR 989825104 3,062 90,299 SH   SOLE   36,194 0 54,105
ZURICH INSURANCE GROUP LTD SPO ADR 989825104 1,628 48,049 SH   OTR   910 0 47,139