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 80,037 1,837,700 SH   SOLE   973,800 0 863,900
AMERICAN AIRLS GROUP INC COM 02376R102 54,017 1,211,799 SH   SOLE   650,013 0 561,786
ANADARKO PETE CORP COM 032511107 78,358 690,174 SH   SOLE   364,974 0 325,200
APOLLO ED GROUP INC CL A 037604105 83,654 2,580,020 SH   SOLE   1,368,520 0 1,211,500
BOEING CO COM 097023105 74,234 565,022 SH   SOLE   262,400 0 302,622
CARNIVAL CORP PAIRED CTF 143658300 64,095 1,640,400 SH   SOLE   887,000 0 753,400
CITIGROUP INC COM NEW 172967424 134,065 2,747,704 SH   SOLE   1,528,304 0 1,219,400
CSX CORP COM 126408103 119,073 3,732,451 SH   SOLE   2,053,580 0 1,678,871
DISNEY WALT CO COM DISNEY 254687106 45,845 515,100 SH   SOLE   276,100 0 239,000
E M C CORP MASS COM 268648102 110,562 4,045,759 SH   SOLE   2,169,659 0 1,876,100
FIRST AMERN FINL CORP COM 31847R102 90,024 3,123,338 SH   SOLE   1,671,203 0 1,452,135
JOHNSON & JOHNSON COM 478160104 90,906 837,250 SH   SOLE   441,050 0 396,200
LORILLARD INC COM 544147101 34,377 543,700 SH   SOLE   276,900 0 266,800
MATTEL INC COM 577081102 10,230 253,000 SH   SOLE   135,900 0 117,100
MICROSOFT CORP COM 594918104 136,185 3,148,133 SH   SOLE   1,688,533 0 1,459,600
NATIONAL OILWELL VARCO INC COM 637071101 99,252 1,161,775 SH   SOLE   623,875 0 537,900
ORACLE CORP COM 68389X105 126,133 3,004,889 SH   SOLE   1,681,189 0 1,323,700
PROGRESSIVE CORP OHIO COM 743315103 79,364 3,016,546 SH   SOLE   1,596,300 0 1,420,246
UNITEDHEALTH GROUP INC COM 91324P102 122,331 1,444,440 SH   SOLE   814,040 0 630,400
U S G CORP COM NEW 903293405 57,789 1,848,700 SH   SOLE   989,300 0 859,400
WELLS FARGO & CO NEW COM 949746101 100,699 1,846,545 SH   SOLE   997,945 0 848,600
AVIVA PLC ADR 05382A104 15,585 920,010 SH   SOLE   920,010 0 0
AXA SPONSORED ADR 054536107 8,655 376,447 SH   SOLE   376,447 0 0
BARCLAYS PLC ADR 06738E204 20,996 1,383,120 SH   SOLE   1,383,120 0 0
BRITISH AMERN TOB PLC SPONSORED ADR 110448107 26,706 227,477 SH   SOLE   227,477 0 0
CARNIVAL PLC ADR 14365C103 11,232 310,873 SH   SOLE   310,873 0 0
CNOOC LTD SPONSORED ADR 126132109 17,275 97,781 SH   SOLE   97,781 0 0
CREDIT SUISSE GROUP SPONSORED ADR 225401108 9,373 345,850 SH   SOLE   345,850 0 0
HSBC HOLDINGS PLC SPON ADR NEW 404280406 20,908 391,613 SH   SOLE   391,613 0 0
IMPERIAL OIL LTD COM NEW 453038408 10,406 202,696 SH   SOLE   202,696 0 0
KOREA ELECTRIC PWR SPONSORED ADR 500631106 14,280 1,541,876 SH   SOLE   1,189,042 0 352,834
LLOYDS BANKING GROUP PLC SPONSORED ADR 539439109 19,748 3,933,885 SH   SOLE   3,933,885 0 0
NOVARTIS A G SPONSORED ADR 66987V109 27,895 320,852 SH   SOLE   320,852 0 0
REED ELSEVIER N V SPONS ADR NEW 758204200 32,370 719,663 SH   SOLE   719,663 0 0
RIO TINTO PLC SPONSORED ADR 767204100 12,995 226,832 SH   SOLE   226,832 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 8,531 104,257 SH   SOLE   104,257 0 0
RYANAIR HLDGS PLC SPONSORED ADR 783513104 4,881 2,046,620 SH   SOLE   1,646,355 0 400,265
SANOFI SPONSORED ADR 80105N105 29,685 567,921 SH   SOLE   567,921 0 0
SAP AG SPON ADR 803054204 15,454 196,896 SH   SOLE   196,896 0 0
SIEMENS A G SPONSORED ADR 826197501 15,537 125,787 SH   SOLE   125,787 0 0
SK TELECOM LTD SPONSORED ADR 78440P108 38,703 2,291,788 SH   SOLE   1,926,895 0 364,893
SUMITOMO MITSUI FINL GROUP I SPONSORED ADR 86562M209 14,623 1,776,846 SH   SOLE   1,776,846 0 0
TOTAL S A SPONSORED ADR 89151E109 11,933 185,009 SH   SOLE   185,009 0 0
TOYOTA MOTOR CORP SP ADR REP2COM 892331307 17,061 144,595 SH   SOLE   144,595 0 0
UBS AG SHS NEW H89231338 23,206 1,351,532 SH   SOLE   1,351,532 0 0
VODAFONE GROUP PLC NEW SPON ADR NEW 92857W209 12,628 380,139 SH   SOLE   380,139 0 0
ADVANCED SEMICONDUCTOR ENGR SPONSORED ADR 00756M404 1,061 163,296 SH   SOLE   0 0 163,296
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 2 100 SH   SOLE   0 0 100
AU OPTRONICS CORP SPONSORED ADR 002255107 430 102,712 SH   SOLE   0 0 102,712
BRF SA SPONSORED ADR 10552T107 1,429 58,800 SH   SOLE   24,000 0 34,800
CHINA MOBILE LIMITED SPONSORED ADR 16941M109 1,293 26,600 SH   SOLE   13,400 0 13,200
CHINA PETE & CHEM CORP SPON ADR H SHS 16941R108 5,627 59,210 SH   SOLE   25,410 0 33,800
CHINA YUCHAI INTL LTD COM G21082105 3,465 163,300 SH   SOLE   104,700 0 58,600
CHUNGHWA TELECOM CO LTD SPON ADR NEW11 17133Q502 260 8,123 SH   SOLE   0 0 8,123
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 86 8,000 SH   SOLE   0 0 8,000
DR REDDYS LABS LTD ADR 256135203 8,406 194,800 SH   SOLE   19,200 0 175,600
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 215 2,300 SH   SOLE   0 0 2,300
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 837 24,407 SH   SOLE   0 0 24,407
HDFC BANK LTD ADR REPS 3 SHS 40415F101 460 9,816 SH   SOLE   0 0 9,816
ICICI BK LTD ADR 45104G104 14,975 300,100 SH   SOLE   0 0 300,100
INFOSYS LTD SPONSORED ADR 456788108 570 10,600 SH   SOLE   0 0 10,600
ISHARES MSCI EMG MKT ETF 464287234 21,602 499,700 SH   SOLE   499,700 0 0
KT CORP SPONSORED ADR 48268K101 1,148 75,800 SH   SOLE   0 0 75,800
PETROCHINA CO LTD SPONSORED ADR 71646E100 1,884 15,007 SH   SOLE   5,400 0 9,607
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 12,282 785,300 SH   SOLE   560,000 0 225,300
SESA GOA LTD SPONSORED ADR 78413F103 441 22,775 SH   SOLE   0 0 22,775
SILICONWARE PRECISION INDS L SPONSD ADR SPL 827084864 515 62,669 SH   SOLE   0 0 62,669
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 28,723 1,342,833 SH   SOLE   933,900 0 408,933
TATA MTRS LTD SPONSORED ADR 876568502 15,816 404,903 SH   SOLE   35,800 0 369,103
UNITED MICROELECTRONICS CORP SPON ADR NEW 910873405 290 120,249 SH   SOLE   0 0 120,249
VALE S A ADR REPSTG PFD 91912E204 10,243 860,740 SH   SOLE   690,400 0 170,340
VANGUARD INTL EQUITY INDEX F MSCI EMR MKT ETF 922042858 24,615 570,723 SH   SOLE   570,723 0 0
WIPRO LTD SPON ADR 1 SH 97651M109 234 19,700 SH   SOLE   0 0 19,700
WISDOMTREE TRUST INDIA ERNGS FD 97717W422 57,112 2,541,700 SH   SOLE   484,600 0 2,057,100
WUXI PHARMATECH CAYMAN INC SPONS ADR SHS 929352102 4,140 126,000 SH   SOLE   83,300 0 42,700