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
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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
ABB Ltd ADR ADR 000375204 360,219 1,527,000 SH   SOLE   0 0 0
Air Products COM 009158106 641,445 601,900 SH   SOLE   0 0 0
Alcoa Inc COM 013817101 317 3,900 SH   SOLE   0 0 0
BP Plc ADR ADR 055622104 264,940 630,359 SH   SOLE   0 0 0
Baker Hughes COM 057224107 393 800 SH   SOLE   0 0 0
BankAmerUSD0.01 COM 060505104 366 2,650 SH   SOLE   0 0 0
Baxter Intl COM 071813109 855,218 1,301,900 SH   SOLE   0 0 0
CAE Inc. COM 124765108 516,455 4,578,500 SH   SOLE   0 0 0
CPFL EnergiaADR ADR 126153105 848,055 4,916,259 SH   SOLE   0 0 0
Canon ADR ADR 138006309 349,440 1,092,000 SH   SOLE   0 0 0
Carnival Corp COM 143658300 489,894 1,500,900 SH   SOLE   0 0 0
Chevron Corp COM 166764100 365 300 SH   SOLE   0 0 0
Citigroup Inc COM 172967424 291 600 SH   SOLE   0 0 0
CCU ADR ADR 204429104 89,356 335,800 SH   SOLE   0 0 0
CCU ADR Rts ADR 204429112 242 53,765 SH   SOLE   0 0 0
Conagra Foods COM 205887102 230,895 761,024 SH   SOLE   0 0 0
Delta Air Lines COM 247361702 236 1,000 SH   SOLE   0 0 0
EMC COM 268648102 439,095 1,717,900 SH   SOLE   0 0 0
Edison Intl COM 281020107 461 1,000 SH   SOLE   0 0 0
Firstenergy Co COM 337932107 328 900 SH   SOLE   0 0 0
Gen Electric COM 369604103 16,890 70,700 SH   SOLE   0 0 0
GpoAero Pac ADS ADR 400506101 393,308 768,930 SH   SOLE   0 0 0
Home Depot COM 437076102 303 400 SH   SOLE   0 0 0
Infosys ADR ADR 456788108 142,598 296,400 SH   SOLE   0 0 0
Intel Corp COM 458140100 961,926 4,196,700 SH   SOLE   0 0 0
IBM COM 459200101 708,314 382,500 SH   SOLE   0 0 0
Johnson&Johnson COM 478160104 510,621 589,020 SH   SOLE   0 0 0
Las Vegas Sands COM 517834107 1,168,328 1,759,000 SH   SOLE   0 0 0
Marathon Oil COM 565849106 358 1,025 SH   SOLE   0 0 0
Microsoft Corp COM 594918104 1,380,923 4,149,407 SH   SOLE   0 0 0
Mindray Med ADR ADR 602675100 3,220,520 8,281,100 SH   SOLE   0 0 0
Mondelez IntInc COM 609207105 844,157 2,686,600 SH   SOLE   0 0 0
Nat Grid ADR ADR 636274300 316,598 536,152 SH   SOLE   0 0 0
Northern Trust COM 665859104 802,051 1,474,900 SH   SOLE   0 0 0
Orange ADR ADR 684060106 320,256 2,560,000 SH   SOLE   0 0 0
Perrigo COM 714290103 370 300 SH   SOLE   0 0 0
Pfizer Inc COM 717081103 762,317 2,653,845 SH   SOLE   0 0 0
PLDT ADR ADR 718252604 2,940,542 4,334,525 SH   SOLE   0 0 0
Procter&Gamble COM 742718109 1,013,435 1,340,700 SH   SOLE   0 0 0
Reed Elsev ADR ADR 758204200 297,141 741,000 SH   SOLE   0 0 0
Ritchie Bros COM 767744105 512,382 2,470,500 SH   SOLE   0 0 0
Royal Dutch ADR ADR 780259206 172,082 262,000 SH   SOLE   0 0 0
Southwestern COM 845467109 327 900 SH   SOLE   0 0 0
Sysco Corp COM 871829107 819,527 2,574,700 SH   SOLE   0 0 0
TaiwanSMC ADR ADR 874039100 1,220,071 7,193,816 SH   SOLE   0 0 0
Tata Motors ADR ADR 876568502 228,613 858,800 SH   SOLE   0 0 0
Telefonica ADR ADR 879382208 317,592 2,051,631 SH   SOLE   0 0 0
Teva Pharm ADR ADR 881624209 8,088,381 21,409,161 SH   SOLE   0 0 0
ToyotaMotor ADR ADR 892331307 202,240 158,000 SH   SOLE   0 0 0
Unilever PlcADR ADR 904767704 330,631 857,000 SH   SOLE   0 0 0
UPS COM 911312106 562,017 615,100 SH   SOLE   0 0 0
Wal-Mart St COM 931142103 734,275 992,800 SH   SOLE   0 0 0
Wells Fargo COM 949746101 436,899 1,057,355 SH   SOLE   0 0 0
Yum Brands Inc COM 988498101 4,724,876 6,618,400 SH   SOLE   0 0 0
Vale SA ADR ADR 91912E105 740,226 4,742,000 SH   SOLE   0 0 0
Vale Prf ADR ADR 91912E204 2,917,457 20,531,014 SH   SOLE   0 0 0
ADT Corp COM 00101J106 305 750 SH   SOLE   0 0 0
AT & T Inc COM 00206R102 302,888 895,588 SH   SOLE   0 0 0
Actuant COM 00508X203 646,617 1,664,822 SH   SOLE   0 0 0
AmericaMovilADR ADR 02364W105 1,762,040 8,894,700 SH   SOLE   0 0 0
BCE Inc COM 05534B760 1,162,392 2,640,600 SH   SOLE   0 0 0
BSCH ADR ADR 05964H105 174,193 2,132,100 SH   SOLE   0 0 0
Bco Santan ADR ADR 05965X109 807,205 3,070,388 SH   SOLE   0 0 0
BanColombia ADR ADR 05968L102 667,978 1,160,894 SH   SOLE   0 0 0
ChinaMobileADR ADR 16941M109 164,832 292,100 SH   SOLE   0 0 0
Ambev Prf ADR ADR 20441W203 2,049,884 5,345,200 SH   SOLE   0 0 0
Duke Energy COM 26441C204 334 500 SH   SOLE   0 0 0
Enersis SA ADR ADR 29274F104 2,759,476 17,182,294 SH   SOLE   0 0 0
First Republic COM 33616C100 373 800 SH   SOLE   0 0 0
Glaxo ADR ADR 37733W105 334,132 666,000 SH   SOLE   0 0 0
Santandr Mx ADR ADR 40053C105 3,674,822 26,590,607 SH   SOLE   0 0 0
ICICI Bank ADR ADR 45104G104 378,501 1,241,800 SH   SOLE   0 0 0
Kraft Foods Grp COM 50076Q106 564,314 1,075,294 SH   SOLE   0 0 0
Marathon Petrol COM 56585A102 169 262 SH   SOLE   0 0 0
Merck & Co COM 58933Y105 712,354 1,496,260 SH   SOLE   0 0 0
NTT Docomo ADR ADR 62942M201 98,080 613,000 SH   SOLE   0 0 0
Novartis ADR ADR 66987V109 385,084 502,000 SH   SOLE   0 0 0
Oracle COM 68389X105 637,295 1,921,300 SH   SOLE   0 0 0
PetroleoPrf ADR ADR 71654V101 377,094 2,254,000 SH   SOLE   0 0 0
Sanofi ADR ADR 80105N105 349,347 690,000 SH   SOLE   0 0 0
TD Ameritrade COM 87236Y108 632,587 2,416,300 SH   SOLE   0 0 0
3M Co COM 88579Y101 400,382 335,300 SH   SOLE   0 0 0
UnitedHealth COM 91324P102 814,993 1,138,100 SH   SOLE   0 0 0
Vodafone ADR ADR 92857W209 285,662 812,000 SH   SOLE   0 0 0
Waste Mgmt Inc COM 94106L109 605,692 1,468,700 SH   SOLE   0 0 0
Wellpoint COM 94973V107 495,891 593,100 SH   SOLE   0 0 0
Wipro Ltd ADR ADR 97651M109 451 4,400 SH   SOLE   0 0 0
Credicorp Ltd COM G2519Y108 3,693,107 2,874,908 SH   SOLE   0 0 0