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 60,642 1,537,500 SH   SOLE   834,000 0 703,500
AMERICAN AIRLS GROUP INC COM 02376R102 104,847 2,726,099 SH   SOLE   1,469,713 0 1,256,386
ANADARKO PETE CORP COM 032511107 70,907 794,874 SH   SOLE   441,974 0 352,900
APOLLO ED GROUP INC CL A 037604105 69,660 1,940,520 SH   SOLE   1,138,820 0 801,700
BOEING CO COM 097023105 86,628 655,722 SH   SOLE   360,500 0 295,222
CARNIVAL CORP PAIRED CTF 143658300 55,171 1,385,000 SH   SOLE   762,300 0 622,700
CITIGROUP INC COM NEW 172967424 111,095 2,223,004 SH   SOLE   1,268,804 0 954,200
CSX CORP COM 126408103 71,862 2,356,551 SH   SOLE   1,310,980 0 1,045,571
DISNEY WALT CO COM DISNEY 254687106 37,225 441,900 SH   SOLE   240,200 0 201,700
E M C CORP MASS COM 268648102 80,105 2,777,359 SH   SOLE   1,522,459 0 1,254,900
FIRST AMERN FINL CORP COM 31847R102 63,599 2,276,882 SH   SOLE   1,240,747 0 1,036,135
JOHNSON & JOHNSON COM 478160104 72,038 696,350 SH   SOLE   380,350 0 316,000
LORILLARD INC COM 544147101 28,546 501,200 SH   SOLE   263,700 0 237,500
MICROSOFT CORP COM 594918104 117,151 2,717,633 SH   SOLE   1,465,633 0 1,252,000
NATIONAL OILWELL VARCO INC COM 637071101 78,801 961,475 SH   SOLE   534,175 0 427,300
ORACLE CORP COM 68389X105 109,796 2,558,189 SH   SOLE   1,487,389 0 1,070,800
PROGRESSIVE CORP OHIO COM 743315103 63,475 2,490,746 SH   SOLE   1,360,000 0 1,130,746
UNITEDHEALTH GROUP INC COM 91324P102 119,273 1,385,240 SH   SOLE   817,540 0 567,700
WELLS FARGO & CO NEW COM 949746101 85,002 1,624,445 SH   SOLE   919,445 0 705,000
WESTERN UN CO COM 959802109 45,108 2,619,065 SH   SOLE   1,448,665 0 1,170,400
ABB LTD SPONSORED ADR 000375204 13,780 534,319 SH   SOLE   534,319 0 0
AVIVA PLC ADR 05382A104 13,300 830,192 SH   SOLE   830,192 0 0
AXA SPONSORED ADR 054536107 8,659 333,037 SH   SOLE   333,037 0 0
BARCLAYS PLC ADR 06738E204 17,197 1,095,319 SH   SOLE   1,095,319 0 0
BRITISH AMERN TOB PLC SPONSORED ADR 110448107 22,952 205,977 SH   SOLE   205,977 0 0
CARNIVAL PLC ADR 14365C103 8,461 220,561 SH   SOLE   220,561 0 0
CNOOC LTD SPONSORED ADR 126132109 13,546 89,229 SH   SOLE   89,229 0 0
CREDIT SUISSE GROUP SPONSORED ADR 225401108 9,088 280,682 SH   SOLE   280,682 0 0
HSBC HOLDINGS PLC SPON ADR NEW 404280406 17,039 335,218 SH   SOLE   335,218 0 0
IMPERIAL OIL LTD COM NEW 453038408 13,138 282,224 SH   SOLE   282,224 0 0
KOREA ELECTRIC PWR SPONSORED ADR 500631106 16,514 1,431,534 SH   SOLE   1,078,700 0 352,834
LLOYDS BANKING GROUP PLC SPONSORED ADR 539439109 18,153 3,566,494 SH   SOLE   3,566,494 0 0
NOVARTIS A G SPONSORED ADR 66987V109 27,831 327,343 SH   SOLE   327,343 0 0
REED ELSEVIER N V SPONS ADR NEW 758204200 28,247 651,747 SH   SOLE   651,747 0 0
RIO TINTO PLC SPONSORED ADR 767204100 11,415 204,463 SH   SOLE   204,463 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 14,853 203,294 SH   SOLE   203,294 0 0
RYANAIR HLDGS PLC SPONSORED ADR 783513104 120,061 2,041,514 SH   SOLE   1,632,549 0 408,965
SANOFI SPONSORED ADR 80105N105 26,501 506,901 SH   SOLE   506,901 0 0
SAP AG SPON ADR 803054204 10,095 124,149 SH   SOLE   124,149 0 0
SIEMENS A G SPONSORED ADR 826197501 25,446 188,281 SH   SOLE   188,281 0 0
SK TELECOM LTD SPONSORED ADR 78440P108 36,463 2,131,331 SH   SOLE   2,131,331 0 0
SUMITOMO MITSUI FINL GROUP I SPONSORED ADR 86562M209 11,338 1,310,804 SH   SOLE   1,310,804 0 0
TOTAL S A SPONSORED ADR 89151E109 12,788 194,933 SH   SOLE   194,933 0 0
TOYOTA MOTOR CORP SP ADR REP2COM 892331307 14,836 131,409 SH   SOLE   131,409 0 0
UBS AG SHS NEW H89231338 25,536 1,232,431 SH   SOLE   1,232,431 0 0
VODAFONE GROUP PLC NEW SPON ADR NEW 92857W209 12,482 339,104 SH   SOLE   339,104 0 0
ADVANCED SEMICONDUCTOR ENGR SPONSORED ADR 00756M404 846 152,396 SH   SOLE   0 0 152,396
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 5,121 380,000 SH   SOLE   163,100 0 216,900
AU OPTRONICS CORP SPONSORED ADR 002255107 357 102,712 SH   SOLE   0 0 102,712
BRF SA SPONSORED ADR 10552T107 719 58,800 SH   SOLE   24,000 0 34,800
CHINA MOBILE LIMITED SPONSORED ADR 16941M109 762 26,200 SH   SOLE   13,200 0 13,000
CHINA PETE & CHEM CORP SPON ADR H SHS 16941R108 4,095 77,510 SH   SOLE   40,910 0 36,600
CHINA YUCHAI INTL LTD COM G21082105 3,076 168,869 SH   SOLE   104,700 0 64,169
CHUNGHWA TELECOM CO LTD SPON ADR NEW11 17133Q502 249 8,123 SH   SOLE   0 0 8,123
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 1,052 162,800 SH   SOLE   68,400 0 94,400
DR REDDYS LABS LTD ADR 256135203 17,843 425,200 SH   SOLE   19,200 0 406,000
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 1,726 19,600 SH   SOLE   14,400 0 5,200
GIANT INTERACTIVE GROUP INC ADR 374511103 164 14,200 SH   SOLE   0 0 14,200
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 813 24,407 SH   SOLE   0 0 24,407
HDFC BANK LTD ADR REPS 3 SHS 40415F101 403 9,816 SH   SOLE   0 0 9,816
ICICI BK LTD ADR 45104G104 543 12,400 SH   SOLE   0 0 12,400
INFOSYS LTD SPONSORED ADR 456788108 883 16,295 SH   SOLE   0 0 16,295
KT CORP SPONSORED ADR 48268K101 1,432 153,019 SH   SOLE   69,600 0 83,419
PETROCHINA CO LTD SPONSORED ADR 71646E100 1,155 14,807 SH   SOLE   5,400 0 9,407
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 11,216 906,100 SH   SOLE   594,300 0 311,800
SESA GOA LTD SPONSORED ADR 78413F103 393 31,675 SH   SOLE   0 0 31,675
SILICONWARE PRECISION INDS L SPONSD ADR SPL 827084864 745 111,969 SH   SOLE   0 0 111,969
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 24,917 1,314,233 SH   SOLE   916,300 0 397,933
TATA MTRS LTD SPONSORED ADR 876568502 14,247 427,403 SH   SOLE   25,800 0 401,603
UNITED MICROELECTRONICS CORP SPON ADR NEW 910873405 250 120,249 SH   SOLE   0 0 120,249
VALE S A ADR REPSTG PFD 91912E204 13,197 1,222,940 SH   SOLE   852,300 0 370,640
WIPRO LTD SPON ADR 1 SH 97651M109 264 19,700 SH   SOLE   0 0 19,700
WISDOMTREE TRUST INDIA ERNGS FD 97717W422 30,959 2,144,300 SH   SOLE   539,900 0 1,604,400
WUXI PHARMATECH CAYMAN INC SPONS ADR SHS 929352102 4,941 157,500 SH   SOLE   113,100 0 44,400