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 38,360 1,812,000 SH   SOLE 0 0 1,812,000 0
Alcoa Inc COM 013817101 35 2,700 SH   SOLE 0 0 2,700 0
Anthem COM 036752103 31 200 SH   SOLE 0 0 200 0
Avery Dennison COM 053611109 144,333 2,727,903 SH   SOLE 0 0 2,727,903 0
BP Plc ADR ADR 055622104 27,885 713,001 SH   SOLE 0 0 713,001 0
BankAmerUSD0.01 COM 060505104 41 2,650 SH   SOLE 0 0 2,650 0
Baxter Intl COM 071813109 111,215 1,623,579 SH   SOLE 0 0 1,623,579 0
CAE Inc. COM 124765108 127,228 8,608,099 SH   SOLE 0 0 8,608,099 0
CPFL EnergiaADR ADR 126153105 81,378 6,397,632 SH   SOLE 0 0 6,397,632 0
Canon ADR ADR 138006309 35,525 1,015,000 SH   SOLE 0 0 1,015,000 0
Carnival Corp COM 143658300 71,872 1,502,336 SH   SOLE 0 0 1,502,336 0
Chevron Corp COM 166764100 31 300 SH   SOLE 0 0 300 0
Citigroup Inc COM 172967424 46,616 904,819 SH   SOLE 0 0 904,819 0
CCU ADR ADR 204429104 10,403 501,131 SH   SOLE 0 0 501,131 0
Conagra Foods COM 205887102 37 1,000 SH   SOLE 0 0 1,000 0
Delta Air Lines COM 247361702 45 1,000 SH   SOLE 0 0 1,000 0
Dr. Reddys ADR ADR 256135203 120 2,100 SH   SOLE 0 0 2,100 0
EMC COM 268648102 49,560 1,938,973 SH   SOLE 0 0 1,938,973 0
Edison Intl COM 281020107 62 1,000 SH   SOLE 0 0 1,000 0
Firstenergy Co COM 337932107 32 900 SH   SOLE 0 0 900 0
Gen Electric COM 369604103 55 2,200 SH   SOLE 0 0 2,200 0
WW Grainger COM 384802104 49,223 208,738 SH   SOLE 0 0 208,738 0
Granite REIT COM 387437114 1,121 25,200 SH   SOLE 0 0 25,200 0
GpoAero Pac ADR ADR 400506101 74,136 1,131,151 SH   SOLE 0 0 1,131,151 0
Home Depot COM 437076102 45 400 SH   SOLE 0 0 400 0
Honda Motor ADR ADR 438128308 36,948 1,119,651 SH   SOLE 0 0 1,119,651 0
Infosys ADR ADR 456788108 199,515 5,687,424 SH   SOLE 0 0 5,687,424 0
Ingredion COM 457187102 86,393 1,110,163 SH   SOLE 0 0 1,110,163 0
Intel Corp COM 458140100 44 1,400 SH   SOLE 0 0 1,400 0
IBM COM 459200101 105,312 656,151 SH   SOLE 0 0 656,151 0
Johnson&Johnson COM 478160104 50 500 SH   SOLE 0 0 500 0
Marathon Oil COM 565849106 27 1,025 SH   SOLE 0 0 1,025 0
Microsoft Corp COM 594918104 98,319 2,418,380 SH   SOLE 0 0 2,418,380 0
Mindray Med ADR ADR 602675100 306,142 11,193,500 SH   SOLE 0 0 11,193,500 0
Nat Grid ADR ADR 636274300 32,444 502,152 SH   SOLE 0 0 502,152 0
Northern Trust COM 665859104 60,285 865,539 SH   SOLE 0 0 865,539 0
Orange ADR ADR 684060106 14,729 920,000 SH   SOLE 0 0 920,000 0
Pfizer Inc COM 717081103 134,646 3,870,257 SH   SOLE 0 0 3,870,257 0
PLDT ADR ADR 718252604 349,760 5,597,048 SH   SOLE 0 0 5,597,048 0
Procter&Gamble COM 742718109 85,099 1,038,557 SH   SOLE 0 0 1,038,557 0
Reed Elsev ADR ADR 758204200 16,783 337,000 SH   SOLE 0 0 337,000 0
Ritchie Bros COM 767744105 70,513 2,232,144 SH   SOLE 0 0 2,232,144 0
Royal Dutch ADR ADR 780259206 33,656 564,231 SH   SOLE 0 0 564,231 0
SAP ADR ADR 803054204 35,695 494,600 SH   SOLE 0 0 494,600 0
Southwestern COM 845467109 29 1,258 SH   SOLE 0 0 1,258 0
Stanley B & D COM 854502101 1,676 17,576 SH   SOLE 0 0 17,576 0
Sysco Corp COM 871829107 70,044 1,856,444 SH   SOLE 0 0 1,856,444 0
TaiwanSMC ADR ADR 874039100 147,178 6,268,245 SH   SOLE 0 0 6,268,245 0
Tata Motors ADR ADR 876568502 37,679 836,200 SH   SOLE 0 0 836,200 0
Telefonica ADR ADR 879382208 32,767 2,283,448 SH   SOLE 0 0 2,283,448 0
Teva Pharm ADR ADR 881624209 651,381 10,455,560 SH   SOLE 0 0 10,455,560 0
Tyson Foods COM 902494103 48,518 1,266,787 SH   SOLE 0 0 1,266,787 0
Unilever PlcADR ADR 904767704 35,537 852,000 SH   SOLE 0 0 852,000 0
UPS COM 911312106 29 300 SH   SOLE 0 0 300 0
Wal-Mart St COM 931142103 61,900 752,585 SH   SOLE 0 0 752,585 0
Wells Fargo COM 949746101 42,036 772,724 SH   SOLE 0 0 772,724 0
Yum Brands Inc COM 988498101 504,812 6,412,753 SH   SOLE 0 0 6,412,753 0
Vale SA ADR ADR 91912E105 36,153 6,398,800 SH   SOLE 0 0 6,398,800 0
Vale Prf ADR ADR 91912E204 151,905 31,320,714 SH   SOLE 0 0 31,320,714 0
AT & T Inc COM 00206R102 38,002 1,163,909 SH   SOLE 0 0 1,163,909 0
Actuant COM 00508X203 69,740 2,937,668 SH   SOLE 0 0 2,937,668 0
Ambev ADR ADR 02319V103 88,746 15,407,300 SH   SOLE 0 0 15,407,300 0
AmericaMovilADR ADR 02364W105 4,043 197,600 SH   SOLE 0 0 197,600 0
BCE Inc COM 05534B760 146,110 2,724,908 SH   SOLE 0 0 2,724,908 0
BSCH ADR ADR 05964H105 17,323 2,325,241 SH   SOLE 0 0 2,325,241 0
Bco Santan ADR ADR 05965X109 52,193 2,407,427 SH   SOLE 0 0 2,407,427 0
BanColombia ADR ADR 05968L102 55,774 1,418,094 SH   SOLE 0 0 1,418,094 0
ChinaMobileADR ADR 16941M109 21,990 338,200 SH   SOLE 0 0 338,200 0
Chunghwa N ADR ADR 17133Q502 26,487 825,900 SH   SOLE 0 0 825,900 0
Duke Energy COM 26441C204 38 500 SH   SOLE 0 0 500 0
Enersis SA ADR ADR 29274F104 290,324 17,855,092 SH   SOLE 0 0 17,855,092 0
First Republic COM 33616C100 46 800 SH   SOLE 0 0 800 0
Glaxo ADR ADR 37733W105 36,828 798,000 SH   SOLE 0 0 798,000 0
Santandr Mx ADR ADR 40053C105 26,688 24,422,007 SH   SOLE 0 0 24,422,007 0
ICICI Bank ADR ADR 45104G104 35,459 3,422,700 SH   SOLE 0 0 3,422,700 0
Marathon Petrol COM 56585A102 27 262 SH   SOLE 0 0 262 0
Mastercard COM 57636Q104 33,646 389,463 SH   SOLE 0 0 389,463 0
Merck & Co COM 58933Y105 42,029 731,199 SH   SOLE 0 0 731,199 0
NTT Docomo ADR ADR 62942M201 14,280 840,000 SH   SOLE 0 0 840,000 0
Novartis ADR ADR 66987V109 35,993 365,000 SH   SOLE 0 0 365,000 0
Oracle COM 68389X105 63,808 1,478,747 SH   SOLE 0 0 1,478,747 0
Sanofi ADR ADR 80105N105 39,750 804,000 SH   SOLE 0 0 804,000 0
TD Ameritrade COM 87236Y108 60 1,600 SH   SOLE 0 0 1,600 0
3M Co COM 88579Y101 49 300 SH   SOLE 0 0 300 0
UnitedHealth COM 91324P102 99,884 844,398 SH   SOLE 0 0 844,398 0
VodafoneGrp ADR ADR 92857W308 14,474 442,908 SH   SOLE 0 0 442,908 0
Waste Mgmt Inc COM 94106L109 60 1,100 SH   SOLE 0 0 1,100 0
Wipro Ltd ADR ADR 97651M109 41 3,100 SH   SOLE 0 0 3,100 0
Credicorp Ltd COM G2519Y108 273,153 1,942,349 SH   SOLE 0 0 1,942,349 0