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
ABB Ltd ADR ADR 000375204 39,381 1,527,000 SH   SOLE NONE 0 0 0
ADT Corp COM 00101J106 22 750 SH   SOLE NONE 0 0 0
AT & T Inc COM 00206R102 43,329 1,235,488 SH   SOLE NONE 0 0 0
Actuant COM 00508X203 58,172 1,703,422 SH   SOLE NONE 0 0 0
Air Products COM 009158106 22,344 187,700 SH   SOLE NONE 0 0 0
Alcoa Inc COM 013817101 50 3,900 SH   SOLE NONE 0 0 0
Ambev ADR ADR 02319V103 141,876 19,146,600 SH   SOLE NONE 0 0 0
AmericaMovilADR ADR 02364W105 194,261 9,771,700 SH   SOLE NONE 0 0 0
BCE Inc COM 05534B760 126,003 2,646,000 SH   SOLE NONE 0 0 0
BP Plc ADR ADR 055622104 30,694 638,121 SH   SOLE NONE 0 0 0
Baker Hughes COM 057224107 52 800 SH   SOLE NONE 0 0 0
BSCH ADR ADR 05964H105 20,901 2,181,683 SH   SOLE NONE 0 0 0
Bco Santan ADR ADR 05965X109 74,905 3,195,588 SH   SOLE NONE 0 0 0
BanColombia ADR ADR 05968L102 67,510 1,195,294 SH   SOLE NONE 0 0 0
BankAmerUSD0.01 COM 060505104 46 2,650 SH   SOLE NONE 0 0 0
Baxter Intl COM 071813109 116,212 1,579,400 SH   SOLE NONE 0 0 0
CAE Inc. COM 124765108 64,300 4,419,240 SH   SOLE NONE 0 0 0
CPFL EnergiaADR ADR 126153105 93,975 5,754,772 SH   SOLE NONE 0 0 0
Canon ADR ADR 138006309 33,852 1,092,000 SH   SOLE NONE 0 0 0
Carnival Corp COM 143658300 64,820 1,712,100 SH   SOLE NONE 0 0 0
Chevron Corp COM 166764100 36 300 SH   SOLE NONE 0 0 0
ChinaMobileADR ADR 16941M109 15,601 342,200 SH   SOLE NONE 0 0 0
Chunghwa N ADR ADR 17133Q502 17,165 559,500 SH   SOLE NONE 0 0 0
Citigroup Inc COM 172967424 29 600 SH   SOLE NONE 0 0 0
CCU ADR ADR 204429104 11,505 514,065 SH   SOLE NONE 0 0 0
Conagra Foods COM 205887102 75,869 2,445,024 SH   SOLE NONE 0 0 0
Delta Air Lines COM 247361702 35 1,000 SH   SOLE NONE 0 0 0
Duke Energy COM 26441C204 36 500 SH   SOLE NONE 0 0 0
EMC COM 268648102 40,849 1,490,300 SH   SOLE NONE 0 0 0
Edison Intl COM 281020107 57 1,000 SH   SOLE NONE 0 0 0
Enersis SA ADR ADR 29274F104 293,995 18,930,794 SH   SOLE NONE 0 0 0
First Republic COM 33616C100 43 800 SH   SOLE NONE 0 0 0
Firstenergy Co COM 337932107 31 900 SH   SOLE NONE 0 0 0
Gen Electric COM 369604103 57 2,200 SH   SOLE NONE 0 0 0
Glaxo ADR ADR 37733W105 38,950 729,000 SH   SOLE NONE 0 0 0
GpoAero Pac ADS ADR 400506101 60,345 1,031,717 SH   SOLE NONE 0 0 0
Santandr Mx ADR ADR 40053C105 324,783 26,426,607 SH   SOLE NONE 0 0 0
Home Depot COM 437076102 32 400 SH   SOLE NONE 0 0 0
ICICI Bank ADR ADR 45104G104 65,061 1,485,400 SH   SOLE NONE 0 0 0
Infosys ADR ADR 456788108 25,795 476,100 SH   SOLE NONE 0 0 0
Ingredion COM 457187102 115,617 1,698,247 SH   SOLE NONE 0 0 0
Intel Corp COM 458140100 97,876 3,791,600 SH   SOLE NONE 0 0 0
IBM COM 459200101 119,921 623,000 SH   SOLE NONE 0 0 0
Johnson&Johnson COM 478160104 49 500 SH   SOLE NONE 0 0 0
Kraft Foods Grp COM 50076Q106 52,139 929,394 SH   SOLE NONE 0 0 0
Marathon Oil COM 565849106 36 1,025 SH   SOLE NONE 0 0 0
Marathon Petrol COM 56585A102 23 262 SH   SOLE NONE 0 0 0
Merck & Co COM 58933Y105 55,207 972,460 SH   SOLE NONE 0 0 0
Microsoft Corp COM 594918104 153,737 3,750,600 SH   SOLE NONE 0 0 0
Mindray Med ADR ADR 602675100 333,363 10,301,700 SH   SOLE NONE 0 0 0
Mondelez IntInc COM 609207105 75,751 2,192,500 SH   SOLE NONE 0 0 0
NTT Docomo ADR ADR 62942M201 9,808 613,000 SH   SOLE NONE 0 0 0
Nat Grid ADR ADR 636274300 36,855 536,152 SH   SOLE NONE 0 0 0
Northern Trust COM 665859104 83,373 1,271,700 SH   SOLE NONE 0 0 0
Novartis ADR ADR 66987V109 42,680 502,000 SH   SOLE NONE 0 0 0
Oracle COM 68389X105 68,148 1,665,800 SH   SOLE NONE 0 0 0
Orange ADR ADR 684060106 37,606 2,560,000 SH   SOLE NONE 0 0 0
PetroleoPrf ADR ADR 71654V101 31,263 2,254,000 SH   SOLE NONE 0 0 0
Pfizer Inc COM 717081103 53,195 1,656,135 SH   SOLE NONE 0 0 0
PLDT ADR ADR 718252604 330,730 5,420,026 SH   SOLE NONE 0 0 0
Procter&Gamble COM 742718109 74,813 928,200 SH   SOLE NONE 0 0 0
Reed Elsev ADR ADR 758204200 22,840 527,000 SH   SOLE NONE 0 0 0
Ritchie Bros COM 767744105 66,442 2,486,600 SH   SOLE NONE 0 0 0
Royal Dutch ADR ADR 780259206 34,961 478,531 SH   SOLE NONE 0 0 0
Sanofi ADR ADR 80105N105 39,001 746,000 SH   SOLE NONE 0 0 0
SAP ADR ADR 803054204 11,871 146,000 SH   SOLE NONE 0 0 0
Southwestern COM 845467109 41 900 SH   SOLE NONE 0 0 0
Sysco Corp COM 871829107 79,244 2,193,300 SH   SOLE NONE 0 0 0
TD Ameritrade COM 87236Y108 75 2,200 SH   SOLE NONE 0 0 0
TaiwanSMC ADR ADR 874039100 145,314 7,258,417 SH   SOLE NONE 0 0 0
Tata Motors ADR ADR 876568502 8,665 244,700 SH   SOLE NONE 0 0 0
Telefonica ADR ADR 879382208 32,395 2,051,631 SH   SOLE NONE 0 0 0
Teva Pharm ADR ADR 881624209 931,579 17,630,178 SH   SOLE NONE 0 0 0
3M Co COM 88579Y101 41 300 SH   SOLE NONE 0 0 0
ToyotaMotor ADR ADR 892331307 5,085 45,000 SH   SOLE NONE 0 0 0
Unilever PlcADR ADR 904767704 36,662 857,000 SH   SOLE NONE 0 0 0
UPS COM 911312106 29 300 SH   SOLE NONE 0 0 0
UnitedHealth COM 91324P102 80,818 985,700 SH   SOLE NONE 0 0 0
Vale SA ADR ADR 91912E105 77,012 5,568,500 SH   SOLE NONE 0 0 0
Vale Prf ADR ADR 91912E204 341,639 27,440,914 SH   SOLE NONE 0 0 0
Verizon Com COM 92343V104 10,159 213,556 SH   SOLE NONE 0 0 0
Verizon Com CDI COM 92343V104 10,159 3,219,330 SH   SOLE NONE 0 0 0
VodafoneGrp ADR ADR 92857W308 16,303 442,908 SH   SOLE NONE 0 0 0
Wal-Mart St COM 931142103 65,562 857,800 SH   SOLE NONE 0 0 0
Waste Mgmt Inc COM 94106L109 53,378 1,268,800 SH   SOLE NONE 0 0 0
Wellpoint COM 94973V107 40 400 SH   SOLE NONE 0 0 0
Wells Fargo COM 949746101 45,142 907,555 SH   SOLE NONE 0 0 0
Wipro Ltd ADR ADR 97651M109 59 4,400 SH   SOLE NONE 0 0 0
Yum Brands Inc COM 988498101 467,320 6,198,700 SH   SOLE NONE 0 0 0
Credicorp Ltd ADR G2519Y108 297,132 2,154,376 SH   SOLE NONE 0 0 0