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 40,607 1,812,000 SH   SOLE   0 1,812,000 0
Alcoa Inc COM 013817101 43 2,700 SH   SOLE   0 2,700 0
Avery Dennison COM 053611109 101,918 2,282,600 SH   SOLE   0 2,282,600 0
BP Plc ADR ADR 055622104 28,392 646,001 SH   SOLE   0 646,001 0
Baker Hughes COM 057224107 52 800 SH   SOLE   0 800 0
BankAmerUSD0.01 COM 060505104 45 2,650 SH   SOLE   0 2,650 0
Baxter Intl COM 071813109 115,822 1,613,800 SH   SOLE   0 1,613,800 0
CAE Inc. COM 124765108 83,694 6,163,049 SH   SOLE   0 6,163,049 0
CPFL EnergiaADR ADR 126153105 96,058 6,177,372 SH   SOLE   0 6,177,372 0
Canon ADR ADR 138006309 36,036 1,092,000 SH   SOLE   0 1,092,000 0
Carnival Corp COM 143658300 68,197 1,697,700 SH   SOLE   0 1,697,700 0
Chevron Corp COM 166764100 36 300 SH   SOLE   0 300 0
Citigroup Inc COM 172967424 52 1,000 SH   SOLE   0 1,000 0
CCU ADR ADR 204429104 11,682 530,265 SH   SOLE   0 530,265 0
Conagra Foods COM 205887102 79,845 2,416,624 SH   SOLE   0 2,416,624 0
Delta Air Lines COM 247361702 36 1,000 SH   SOLE   0 1,000 0
Dr. Reddys ADR ADR 256135203 74 1,400 SH   SOLE   0 1,400 0
EMC COM 268648102 61,592 2,105,000 SH   SOLE   0 2,105,000 0
Edison Intl COM 281020107 56 1,000 SH   SOLE   0 1,000 0
Firstenergy Co COM 337932107 30 900 SH   SOLE   0 900 0
Gen Electric COM 369604103 56 2,200 SH   SOLE   0 2,200 0
GpoAero Pac ADS ADR 400506101 77,349 1,146,930 SH   SOLE   0 1,146,930 0
Home Depot COM 437076102 37 400 SH   SOLE   0 400 0
Honda Motor ADR ADR 438128308 17,139 504,100 SH   SOLE   0 504,100 0
Infosys ADR ADR 456788108 236,074 3,902,700 SH   SOLE   0 3,902,700 0
Ingredion COM 457187102 135,448 1,787,147 SH   SOLE   0 1,787,147 0
Intel Corp COM 458140100 49 1,400 SH   SOLE   0 1,400 0
IBM COM 459200101 164,924 868,800 SH   SOLE   0 868,800 0
Johnson&Johnson COM 478160104 53 500 SH   SOLE   0 500 0
Marathon Oil COM 565849106 39 1,025 SH   SOLE   0 1,025 0
Microsoft Corp COM 594918104 129,544 2,794,300 SH   SOLE   0 2,794,300 0
Mindray Med ADR ADR 602675100 320,058 10,612,000 SH   SOLE   0 10,612,000 0
Nat Grid ADR ADR 636274300 38,539 536,152 SH   SOLE   0 536,152 0
Northern Trust COM 665859104 75,194 1,105,300 SH   SOLE   0 1,105,300 0
Orange ADR ADR 684060106 33,902 2,300,000 SH   SOLE   0 2,300,000 0
Pfizer Inc COM 717081103 49,049 1,658,735 SH   SOLE   0 1,658,735 0
PLDT ADR ADR 718252604 377,298 5,469,676 SH   SOLE   0 5,469,676 0
Procter&Gamble COM 742718109 77,761 928,600 SH   SOLE   0 928,600 0
Reed Elsev ADR ADR 758204200 23,815 527,000 SH   SOLE   0 527,000 0
Ritchie Bros COM 767744105 60,626 2,414,400 SH   SOLE   0 2,414,400 0
Royal Dutch ADR ADR 780259206 36,865 484,231 SH   SOLE   0 484,231 0
SAP ADR ADR 803054204 24,361 337,600 SH   SOLE   0 337,600 0
Southwestern COM 845467109 31 900 SH   SOLE   0 900 0
Sysco Corp COM 871829107 81,183 2,139,200 SH   SOLE   0 2,139,200 0
TaiwanSMC ADR ADR 874039100 140,756 6,975,017 SH   SOLE   0 6,975,017 0
Tata Motors ADR ADR 876568502 10,587 242,200 SH   SOLE   0 242,200 0
Telefonica ADR ADR 879382208 34,331 2,233,631 SH   SOLE   0 2,233,631 0
Teva Pharm ADR ADR 881624209 855,957 15,924,778 SH   SOLE   0 15,924,778 0
Unilever PlcADR ADR 904767704 35,908 857,000 SH   SOLE   0 857,000 0
UPS COM 911312106 29 300 SH   SOLE   0 300 0
Wal-Mart St COM 931142103 65,604 857,900 SH   SOLE   0 857,900 0
Wells Fargo COM 949746101 45,327 873,855 SH   SOLE   0 873,855 0
Yum Brands Inc COM 988498101 473,236 6,574,550 SH   SOLE   0 6,574,550 0
Vale SA ADR ADR 91912E105 632,141 5,744,000 SH   SOLE   0 5,744,000 0
Vale Prf ADR ADR 91912E204 285,346 29,386,814 SH   SOLE   0 29,386,814 0
ADT Corp COM 00101J106 27 750 SH   SOLE   0 750 0
AT & T Inc COM 00206R102 43,859 1,244,588 SH   SOLE   0 1,244,588 0
Actuant COM 00508X203 67,737 2,219,422 SH   SOLE   0 2,219,422 0
Ambev ADR ADR 02319V103 80,533 12,295,100 SH   SOLE   0 12,295,100 0
AmericaMovilADR ADR 02364W105 22,282 884,200 SH   SOLE   0 884,200 0
BCE Inc COM 05534B760 127,521 2,662,800 SH   SOLE   0 2,662,800 0
BSCH ADR ADR 05964H105 21,599 2,273,570 SH   SOLE   0 2,273,570 0
Bco Santan ADR ADR 05965X109 74,114 3,355,088 SH   SOLE   0 3,355,088 0
BanColombia ADR ADR 05968L102 78,268 1,379,894 SH   SOLE   0 1,379,894 0
ChinaMobileADR ADR 16941M109 20,104 342,200 SH   SOLE   0 342,200 0
Chunghwa N ADR ADR 17133Q502 20,173 673,100 SH   SOLE   0 673,100 0
Duke Energy COM 26441C204 37 500 SH   SOLE   0 500 0
Enersis SA ADR ADR 29274F104 294,303 18,650,394 SH   SOLE   0 18,650,394 0
First Republic COM 33616C100 40 800 SH   SOLE   0 800 0
Glaxo ADR ADR 37733W105 36,914 803,000 SH   SOLE   0 803,000 0
Santandr Mx ADR ADR 40053C105 297,414 21,981,807 SH   SOLE   0 21,981,807 0
ICICI Bank ADR ADR 45104G104 37,748 768,800 SH   SOLE   0 768,800 0
Kraft Foods Grp COM 50076Q106 36,169 641,294 SH   SOLE   0 641,294 0
Marathon Petrol COM 56585A102 22 262 SH   SOLE   0 262 0
Merck & Co COM 58933Y105 57,398 968,260 SH   SOLE   0 968,260 0
NTT Docomo ADR ADR 62942M201 14,280 840,000 SH   SOLE   0 840,000 0
Novartis ADR ADR 66987V109 36,993 393,000 SH   SOLE   0 393,000 0
Oracle COM 68389X105 63,334 1,654,500 SH   SOLE   0 1,654,500 0
PetroleoPrf ADR ADR 71654V101 40,251 2,703,200 SH   SOLE   0 2,703,200 0
Sanofi ADR ADR 80105N105 42,097 746,000 SH   SOLE   0 746,000 0
TD Ameritrade COM 87236Y108 53 1,600 SH   SOLE   0 1,600 0
3M Co COM 88579Y101 43 300 SH   SOLE   0 300 0
UnitedHealth COM 91324P102 82,964 961,900 SH   SOLE   0 961,900 0
VodafoneGrp ADR ADR 92857W308 14,567 442,908 SH   SOLE   0 442,908 0
Waste Mgmt Inc COM 94106L109 52 1,100 SH   SOLE   0 1,100 0
Wellpoint COM 94973V107 24 200 SH   SOLE   0 200 0
Wipro Ltd ADR ADR 97651M109 38 3,100 SH   SOLE   0 3,100 0
Credicorp Ltd COM G2519Y108 324,305 2,114,251 SH   SOLE   0 2,114,251 0