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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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 40,557 1,527,000 SH   SOLE   0 0 0
ADT Corp COM 00101J106 30 750 SH   SOLE   0 0 0
AT & T Inc COM 00206R102 29,935 851,388 SH   SOLE   0 0 0
Actuant COM 00508X203 58,170 1,587,622 SH   SOLE   0 0 0
Air Products COM 009158106 41,761 373,600 SH   SOLE   0 0 0
Alcoa Inc COM 013817101 41 3,900 SH   SOLE   0 0 0
Ambev ADR ADR 02319V103 210,896 28,693,300 SH   SOLE   0 0 0
AmericaMovilADR ADR 02364W105 222,889 9,537,400 SH   SOLE   0 0 0
BCE Inc COM 05534B760 121,136 2,633,400 SH   SOLE   0 0 0
BP Plc ADR ADR 055622104 30,642 630,359 SH   SOLE   0 0 0
Baker Hughes COM 057224107 44 800 SH   SOLE   0 0 0
BSCH ADR ADR 05964H105 19,338 2,132,100 SH   SOLE   0 0 0
Bco Santan ADR ADR 05965X109 72,796 3,088,488 SH   SOLE   0 0 0
BanColombia ADR ADR 05968L102 57,392 1,170,794 SH   SOLE   0 0 0
BankAmerUSD0.01 COM 060505104 41 2,650 SH   SOLE   0 0 0
Baxter Intl COM 071813109 117,393 1,687,900 SH   SOLE   0 0 0
CAE Inc. COM 124765108 61,412 4,545,700 SH   SOLE   0 0 0
CPFL EnergiaADR ADR 126153105 91,734 5,729,772 SH   SOLE   0 0 0
Canon ADR ADR 138006309 34,944 1,092,000 SH   SOLE   0 0 0
Carnival Corp COM 143658300 75,769 1,886,200 SH   SOLE   0 0 0
Chevron Corp COM 166764100 37 300 SH   SOLE   0 0 0
ChinaMobileADR ADR 16941M109 17,894 342,200 SH   SOLE   0 0 0
Chunghwa N ADR ADR 17133Q502 16,796 542,500 SH   SOLE   0 0 0
Citigroup Inc COM 172967424 31 600 SH   SOLE   0 0 0
CCU ADR ADR 204429104 9,392 389,565 SH   SOLE   0 0 0
Conagra Foods COM 205887102 69,868 2,073,224 SH   SOLE   0 0 0
Delta Air Lines COM 247361702 27 1,000 SH   SOLE   0 0 0
Duke Energy COM 26441C204 35 500 SH   SOLE   0 0 0
EMC COM 268648102 41,399 1,646,100 SH   SOLE   0 0 0
Edison Intl COM 281020107 46 1,000 SH   SOLE   0 0 0
Enersis SA ADR ADR 29274F104 276,717 18,460,094 SH   SOLE   0 0 0
First Republic COM 33616C100 42 800 SH   SOLE   0 0 0
Firstenergy Co COM 337932107 30 900 SH   SOLE   0 0 0
Gen Electric COM 369604103 62 2,200 SH   SOLE   0 0 0
Glaxo ADR ADR 37733W105 38,921 729,000 SH   SOLE   0 0 0
GpoAero Pac ADS ADR 400506101 41,375 777,430 SH   SOLE   0 0 0
Santandr Mx ADR ADR 40053C105 338,984 24,852,207 SH   SOLE   0 0 0
Home Depot COM 437076102 33 400 SH   SOLE   0 0 0
ICICI Bank ADR ADR 45104G104 56,190 1,511,700 SH   SOLE   0 0 0
Infosys ADR ADR 456788108 20,914 369,500 SH   SOLE   0 0 0
Ingredion COM 457187102 94,605 1,381,900 SH   SOLE   0 0 0
Intel Corp COM 458140100 105,780 4,075,500 SH   SOLE   0 0 0
IBM COM 459200101 117,756 627,800 SH   SOLE   0 0 0
Johnson&Johnson COM 478160104 36,180 395,020 SH   SOLE   0 0 0
Kraft Foods Grp COM 50076Q106 55,495 1,029,394 SH   SOLE   0 0 0
Las Vegas Sands COM 517834107 111,514 1,413,900 SH   SOLE   0 0 0
Marathon Oil COM 565849106 36 1,025 SH   SOLE   0 0 0
Marathon Petrol COM 56585A102 24 262 SH   SOLE   0 0 0
Merck & Co COM 58933Y105 71,895 1,436,460 SH   SOLE   0 0 0
Microsoft Corp COM 594918104 150,650 4,027,007 SH   SOLE   0 0 0
Mindray Med ADR ADR 602675100 356,949 9,817,068 SH   SOLE   0 0 0
Mondelez IntInc COM 609207105 82,779 2,345,000 SH   SOLE   0 0 0
NTT Docomo ADR ADR 62942M201 10,421 613,000 SH   SOLE   0 0 0
Nat Grid ADR ADR 636274300 35,021 536,152 SH   SOLE   0 0 0
Northern Trust COM 665859104 87,321 1,410,900 SH   SOLE   0 0 0
Novartis ADR ADR 66987V109 40,351 502,000 SH   SOLE   0 0 0
Oracle COM 68389X105 70,429 1,840,800 SH   SOLE   0 0 0
Orange ADR ADR 684060106 31,616 2,560,000 SH   SOLE   0 0 0
PetroleoPrf ADR ADR 71654V101 33,111 2,254,000 SH   SOLE   0 0 0
Pfizer Inc COM 717081103 77,844 2,541,445 SH   SOLE   0 0 0
PLDT ADR ADR 718252604 304,811 5,073,425 SH   SOLE   0 0 0
Procter&Gamble COM 742718109 80,335 986,800 SH   SOLE   0 0 0
Reed Elsev ADR ADR 758204200 31,618 741,000 SH   SOLE   0 0 0
Ritchie Bros COM 767744105 59,731 2,452,000 SH   SOLE   0 0 0
Royal Dutch ADR ADR 780259206 31,074 436,000 SH   SOLE   0 0 0
Sanofi ADR ADR 80105N105 37,005 690,000 SH   SOLE   0 0 0
Southwestern COM 845467109 35 900 SH   SOLE   0 0 0
Sysco Corp COM 871829107 88,557 2,453,100 SH   SOLE   0 0 0
TD Ameritrade COM 87236Y108 67 2,200 SH   SOLE   0 0 0
TaiwanSMC ADR ADR 874039100 130,221 7,466,816 SH   SOLE   0 0 0
Tata Motors ADR ADR 876568502 7,432 241,300 SH   SOLE   0 0 0
Telefonica ADR ADR 879382208 33,524 2,051,631 SH   SOLE   0 0 0
Teva Pharm ADR ADR 881624209 896,970 22,379,500 SH   SOLE   0 0 0
3M Co COM 88579Y101 21,739 155,000 SH   SOLE   0 0 0
ToyotaMotor ADR ADR 892331307 5,490 45,000 SH   SOLE   0 0 0
Unilever PlcADR ADR 904767704 35,308 857,000 SH   SOLE   0 0 0
UPS COM 911312106 32 300 SH   SOLE   0 0 0
UnitedHealth COM 91324P102 82,310 1,093,100 SH   SOLE   0 0 0
Vale SA ADR ADR 91912E105 80,834 5,300,600 SH   SOLE   0 0 0
Vale Prf ADR ADR 91912E204 356,282 25,430,514 SH   SOLE   0 0 0
Vodafone ADR ADR 92857W209 31,920 812,000 SH   SOLE   0 0 0
Wal-Mart St COM 931142103 74,795 950,500 SH   SOLE   0 0 0
Waste Mgmt Inc COM 94106L109 63,060 1,405,400 SH   SOLE   0 0 0
Wellpoint COM 94973V107 31,579 341,800 SH   SOLE   0 0 0
Wells Fargo COM 949746101 45,852 1,009,955 SH   SOLE   0 0 0
Wipro Ltd ADR ADR 97651M109 55 4,400 SH   SOLE   0 0 0
Yum Brands Inc COM 988498101 500,379 6,617,900 SH   SOLE   0 0 0
Credicorp Ltd COM G2519Y108 326,647 2,460,990 SH   SOLE   0 0 0