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
ALTRIA GROUP INC COM 02209S103 98,847 1,767,212 SH   SOLE NO 975,312 0 791,900
APOLLO ED GROUP INC CL A 037604105 68,067 1,773,861 SH   SOLE NO 927,602 0 846,259
CARNIVAL CORP PAIRED CTF 143658300 126,705 2,485,379 SH   SOLE NO 1,307,079 0 1,178,300
CHEVRON CORP NEW COM 166764100 113,643 901,411 SH   SOLE NO 473,208 0 428,203
CITIGROUP INC COM NEW 172967424 170,199 2,810,326 SH   SOLE NO 1,534,726 0 1,275,600
CSX CORP COM 126408103 114,171 2,821,858 SH   SOLE NO 1,564,087 0 1,257,771
DISNEY WALT CO COM DISNEY 254687106 58,067 547,730 SH   SOLE NO 288,430 0 259,300
E M C CORP MASS COM 268648102 153,954 4,603,940 SH   SOLE NO 2,416,940 0 2,187,000
JOHNSON & JOHNSON COM 478160104 109,356 930,583 SH   SOLE NO 476,683 0 453,900
LILLY ELI & CO COM 532457108 128,614 1,655,912 SH   SOLE NO 861,914 0 793,998
MATTEL INC COM 577081102 85,642 2,461,831 SH   SOLE NO 1,295,331 0 1,166,500
MICROSOFT CORP COM 594918104 168,742 3,230,385 SH   SOLE NO 1,701,485 0 1,528,900
NATIONAL OILWELL VARCO INC COM 637071101 142,021 1,928,961 SH   SOLE NO 1,014,461 0 914,500
ORACLE CORP COM 68389X105 170,468 3,386,750 SH   SOLE NO 1,839,150 0 1,547,600
PROGRESSIVE CORP OHIO COM 743315103 99,263 3,268,311 SH   SOLE NO 1,718,165 0 1,550,146
QUALCOMM INC COM 747525103 139,820 1,673,024 SH   SOLE NO 880,724 0 792,300
SYNNEX CORP COM 87162W100 103,854 1,182,190 SH   SOLE NO 622,092 0 560,098
UNITEDHEALTH GROUP INC COM 91324P102 133,076 1,176,624 SH   SOLE NO 645,824 0 530,800
U S G CORP COM NEW 903293405 81,645 2,595,452 SH   SOLE NO 1,363,252 0 1,232,200
WELLS FARGO & CO NEW COM 949746101 113,282 1,838,094 SH   SOLE NO 966,094 0 872,000
AVIVA PLC ADR 05382A104 18,262 1,225,609 SH   SOLE NO 1,225,609 0 0
AXA SPONSORED ADR 054536107 9,485 414,352 SH   SOLE NO 414,352 0 0
BARCLAYS PLC ADR 06738E204 21,477 1,430,841 SH   SOLE NO 1,430,841 0 0
BRITISH AMERN TOB PLC SPONSORED ADR 110448107 26,453 245,343 SH   SOLE NO 245,343 0 0
CARNIVAL PLC ADR 14365C103 17,718 393,811 SH   SOLE NO 393,811 0 0
CNOOC LTD SPONSORED ADR 126132109 10,514 77,625 SH   SOLE NO 77,625 0 0
CLARIANT AG NOT 13F 18047P101 8,576 513,446 SH   SOLE NO 513,446 0 0
CREDIT SUISSE GROUP SPONSORED ADR 225401108 9,725 387,766 SH   SOLE NO 387,766 0 0
HSBC HOLDINGS PLC SPON ADR NEW 404280406 18,845 1,236,393 SH   SOLE NO 1,236,393 0 0
IMPERIAL OIL LTD COM NEW 453038408 8,296 192,802 SH   SOLE NO 192,802 0 0
KOMATSU LTD NOT 13F 500458401 12,195 550,545 SH   SOLE NO 550,545 0 0
LLOYDS BANKING GROUP PLC SPONSORED ADR 539439109 16,821 3,625,197 SH   SOLE NO 3,625,197 0 0
NOVARTIS A G SPONSORED ADR 66987V109 31,160 336,278 SH   SOLE NO 336,278 0 0
REED ELSEVIER N V SPONS ADR NEW 758204200 33,853 710,601 SH   SOLE NO 710,601 0 0
RIO TINTO PLC SPONSORED ADR 767204100 12,163 264,078 SH   SOLE NO 264,078 0 0
RYANAIR HLDGS PLC SPONSORED ADR 783513104 156,779 2,199,783 SH   SOLE NO 1,721,418 0 478,365
SANOFI SPONSORED ADR 80105N105 23,115 506,796 SH   SOLE NO 506,796 0 0
SAP AG SPON ADR 803054204 11,359 163,081 SH   SOLE NO 163,081 0 0
SUMITOMO MITSUI FINL GROUP I SPONSORED ADR 86562M209 13,335 1,831,763 SH   SOLE NO 1,831,763 0 0
TOTAL S A SPONSORED ADR 89151E109 16,286 318,080 SH   SOLE NO 318,080 0 0
TOYOTA MOTOR CORP SP ADR REP2COM 892331307 20,054 159,819 SH   SOLE NO 159,819 0 0
UBS AG SHS NEW H89231338 24,274 1,423,713 SH   SOLE NO 1,423,713 0 0
VODAFONE GROUP PLC NEW SPON ADR NEW 92857W209 13,690 400,647 SH   SOLE NO 400,647 0 0
ADVANCED SEMICONDUCTOR ENGR SPONSORED ADR 00756M404 374 60,996 SH   SOLE NO 0 0 60,996
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 9,808 442,200 SH   SOLE NO 442,100 0 100
AU OPTRONICS CORP SPONSORED ADR 002255107 1,673 328,712 SH   SOLE NO 0 0 328,712
BRF SA SPONSORED ADR 10552T107 1,373 58,800 SH   SOLE NO 24,000 0 34,800
CHINA MOBILE LIMITED SPONSORED ADR 16941M109 49,967 849,493 SH   SOLE NO 765,893 0 83,600
CHINA PETE & CHEM CORP SPON ADR H SHS 16941R108 6,028 74,410 SH   SOLE NO 20,810 0 53,600
CHINA YUCHAI INTL LTD COM G21082105 1,579 83,100 SH   SOLE NO 34,600 0 48,500
CHUNGHWA TELECOM CO LTD SPON ADR NEW11 17133Q502 239 8,123 SH   SOLE NO 0 0 8,123
DR REDDYS LABS LTD ADR 256135203 30,641 603,012 SH   SOLE NO 260,412 0 342,600
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 2,003 58,807 SH   SOLE NO 0 0 58,807
HDFC BANK LTD ADR REPS 3 SHS 40415F101 427 8,416 SH   SOLE NO 0 0 8,416
ICICI BK LTD ADR 45104G104 41,545 3,596,975 SH   SOLE NO 72,000 0 3,524,975
INFOSYS LTD SPONSORED ADR 456788108 849 27,000 SH   SOLE NO 7,400 0 19,600
ISHARES TR MSCI EMG MKT ETF 464287234 25,381 646,000 SH   SOLE NO 646,000 0 0
ISHARES TR MSCI INDIA ETF 46429B598 7,523 250,000 SH   SOLE NO 0 0 250,000
JA SOLAR HOLDINGS CO LTD SPON ADR REP5ORD 466090206 3,781 461,900 SH   SOLE NO 179,000 0 282,900
KOREA ELECTRIC PWR SPONSORED ADR 500631106 1,576 81,400 SH   SOLE NO 0 0 81,400
KT CORP SPONSORED ADR 48268K101 1,070 75,800 SH   SOLE NO 0 0 75,800
LG DISPLAY CO LTD SPONS ADR REP 50186V102 901 59,500 SH   SOLE NO 0 0 59,500
MARKET VECTORS ETF TR INDIA SMALL CP 57061R551 317 7,100 SH   SOLE NO 7,100 0 0
MOBILE TELSYSTEMS OJSC SPONSORED ADR 607409109 6,083 847,250 SH   SOLE NO 0 0 847,250
NETEASE INC SPONSORED ADR 64110W102 8,229 83,000 SH   SOLE NO 83,000 0 0
PETROCHINA CO LTD SPONSORED ADR 71646E100 1,554 14,007 SH   SOLE NO 6,200 0 7,807
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 6,971 919,700 SH   SOLE NO 809,800 0 109,900
SESA GOA LTD SPONSORED ADR 78413F103 309 22,775 SH   SOLE NO 0 0 22,775
SILICONWARE PRECISION INDS L SPONSD ADR SPL 827084864 473 62,669 SH   SOLE NO 0 0 62,669
SK TELECOM LTD SPONSORED ADR 78440P108 74,632 2,763,135 SH   SOLE NO 2,580,461 0 182,674
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 77,946 3,482,833 SH   SOLE NO 1,382,000 0 2,100,833
TATA MTRS LTD SPONSORED ADR 876568502 40,771 964,303 SH   SOLE NO 196,600 0 767,703
UNITED MICROELECTRONICS CORP SPON ADR NEW 910873405 273 120,249 SH   SOLE NO 0 0 120,249
VALE S A ADR REPSTG PFD 91912E204 4,421 608,900 SH   SOLE NO 598,200 0 10,700
VANGUARD INTL EQUITY INDEX F FTSE SMCAP ETF 922041718 267 2,800 SH   SOLE NO 2,800 0 0
VANGUARD INTL EQUITY INDEX F MSCI EMR MKT ETF 922042858 26,487 661,856 SH   SOLE NO 661,856 0 0
WIPRO LTD SPON ADR 1 SH 97651M109 111 9,800 SH   SOLE NO 0 0 9,800
WISDOMTREE TRUST INDIA ERNGS FD 97717W422 105,315 4,776,200 SH   SOLE NO 547,900 0 4,228,300
WUXI PHARMATECH CAYMAN INC SPONS ADR SHS 929352102 6,084 180,700 SH   SOLE NO 145,700 0 35,000