UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 13F

Form 13F Cover Page

Report for the Calendar Year Ended: March 31, 2011

Institutional Investment Manager Filing this Report:

SATURNA CAPITAL CORPORATION
1300 N. STATE ST.
BELLINGHAM, WA  98225

Form 13F File Number: 28-11042

The institutional investment manger filing this report and
the person by whom it is signed hereby represent that the
person signing the report is authorized to submit it, that
all information contained herein is true, correct and
complete, and that it is understood that all required
items, statements, schedules, lists, and tables, are
considered integral parts of this form.

Person signing this report on behalf of Reporting Manager:

JANE CARTEN
PRESIDENT
(360) 734-9900

/s/ Jane Carten Bellingham, WA	April 14, 2011

Report Type: 13F HOLDINGS REPORT




FORM 13F SUMMARY PAGE


Report Summary

Number of other included managers: 0
Form 13F information table entry total: 433
Form 13F information table value total (thousands): $3,348

List of other included managers: None




 Name of Issuer	Title of Class	CUSIP	Value*1000	Amount	Type	Discretion	Other Man	Voting Auth	Calc. Price	3/31/11 Price	Value
3D Systems	Common Stock	88554D205	$291.00 	"6,000"	SH	SOLE	None	6000	48.53	48.53	291180
3M	Common Stock	88579Y101	"$18,842.00 "	"201,517"	SH	SOLE	None	201517	93.5	93.5	18841839.5
Abbott Laboratories	Common Stock	2824100	"$19,382.00 "	"395,144"	SH	SOLE	None	395144	49.05	49.05	19381813.2
Accenture LTD-CL A	Common Stock	G1150G111	$148.00 	"2,700"	SH	SOLE	None	2700	54.97	54.97	148419
Activision	Common Stock	4930202	$158.00 	"14,396"	SH	SOLE	None	14396	10.97	10.97	157924.12
Adobe Systems	Common Stock	00724F101	"$31,068.00 "	"936,905"	SH	SOLE	None	936905	33.16	33.16	31067769.8
Advanced Micro Devices	Common Stock	7903107	$172.00 	"20,000"	SH	SOLE	None	20000	8.6	8.6	172000
Aecom Technology	Common Stock	00766T100	$277.00 	"10,000"	SH	SOLE	None	10000	27.73	27.73	277300
Agilent Technologies	Common Stock	00846U101	"$41,378.00 "	"924,022"	SH	SOLE	None	924022	44.78	44.78	41377705.16
Air Products & Chemicals	Common Stock	9158106	"$22,545.00 "	"250,000"	SH	SOLE	None	250000	90.18	90.18	22545000
Akamai Technologies	Common Stock	00971T101	"$38,265.00 "	"1,006,975"	SH	SOLE	None	1006975	38	38	38265050
Alabama Power Co	Common Stock	10392496	$138.00 	"5,000"	SH	SOLE	None	5000	27.5	27.5	137500
Alabama Power Series JJ	Preferred Stock	10392520	$26.00 	"1,000"	SH	SOLE	None	1000	25.7	25.7	25700
Alamos Gold	Common Stock	11527108	$158.00 	"10,000"	SH	SOLE	None	10000	15.8226	15.8226	158226
Alaska Air Group	Common Stock	11659109	$634.00 	"10,000"	SH	SOLE	None	10000	63.42	63.42	634200
Alcatel-Lucent  ADS	ADR	13904305	$0.00 	86	SH	SOLE	None	86	5.81	5.81	499.66
Alcoa	Common Stock	13817101	$995.00 	"56,332"	SH	SOLE	None	56332	17.66	17.66	994823.12
"Alere, perp pfd conv ser B"	Convt Prefrd Stock	01449J204	$54.00 	195	SH	SOLE	None	195	275.5	275.5	53722.5
Amazon.com	Common Stock	23135106	"$37,425.00 "	"207,769"	SH	SOLE	None	207769	180.13	180.13	37425429.97
Ameren	Common Stock	23608102	$9.00 	333	SH	SOLE	None	333	28.07	28.07	9347.31
America Movil SAB de CV ADS	ADR	02364W105	"$35,208.00 "	"605,983"	SH	SOLE	None	605983	58.1	58.1	35207612.3
American Eagle Outfitters	Common Stock	02553E 106	"$13,653.00 "	"859,193"	SH	SOLE	None	859193	15.89	15.89	13652576.77
American Electric Power	Common Stock	25537101	$4.00 	120	SH	SOLE	None	120	35.14	35.14	4216.8
AmerisourceBergen Corp	Common Stock	03073E 105	$4.00 	110	SH	SOLE	None	110	39.56	39.56	4351.6
Amgen	Common Stock	31162100	"$32,388.00 "	"605,944"	SH	SOLE	None	605944	53.45	53.45	32387706.8
AmSurg	Common Stock	03232P405	$382.00 	"15,000"	SH	SOLE	None	15000	25.44	25.44	381600
Anadarko Petroleum	Common Stock	32511107	$131.00 	"1,600"	SH	SOLE	None	1600	81.92	81.92	131072
Analog Devices	Common Stock	32654105	$20.00 	500	SH	SOLE	None	500	39.38	39.38	19690
Anglo American PLC ADR	ADR	03485P201	"$36,887.00 "	"1,428,630"	SH	SOLE	None	1428630	25.82	25.82	36887226.6
Aon Corp	Common Stock	37389103	$154.00 	"2,912"	SH	SOLE	None	2912	52.96	52.96	154219.52
Apache	Common Stock	37411105	$70.00 	532	SH	SOLE	None	532	130.92	130.92	69649.44
Apartment Investment & Management	Common Stock	03748R101	$152.00 	"5,958"	SH	SOLE	None	5958	25.47	25.47	151750.26
Apple	Common Stock	37833100	"$80,044.00 "	"229,677"	SH	SOLE	None	229677	348.5075003	348.5075	80044157.14
Arch Coal	Common Stock	39380100	"$23,498.00 "	"652,000"	SH	SOLE	None	652000	36.04	36.04	23498080
Arkema  ADS	ADR	41232109	$2.00 	17	SH	SOLE	None	17	90.95	90.95	1546.15
ARM Holdings plc  ADS	ADR	42068106	$41.00 	"1,451"	SH	SOLE	None	1451	28.17	28.17	40874.67
ASML Holdings NV	Common Stock	N07059186	"$11,570.00 "	"260,000"	SH	SOLE	None	260000	44.5	44.5	11570000
AstraZeneca PLC ADS	ADR	46353108	"$20,754.00 "	"450,000"	SH	SOLE	None	450000	46.12	46.12	20754000
Asya Katilim Bankasi AS	Common Stock	SB13ZG00L	$195.00 	"100,000"	SH	SOLE	None	100000	1.945916	1.945916	194591.6
AT&T	Common Stock	00206R102	$507.00 	"16,568"	SH	SOLE	None	16568	30.61	30.61	507146.48
Australia & New Zealand Banking ADS	ADR	52528304	"$2,357.00 "	"95,241"	SH	SOLE	None	95241	24.75	24.75	2357214.75
Autodesk	Common Stock	52769106	$35.00 	800	SH	SOLE	None	800	44.11	44.11	35288
Autoliv	Common Stock	52800109	$63.00 	853	SH	SOLE	None	853	74.23	74.23	63318.19
Aviat Networks	Common Stock	05366Y102	$4.00 	793	SH	SOLE	None	793	5.17	5.17	4099.81
Avista	Common Stock	05379B107	$224.00 	"9,700"	SH	SOLE	None	9700	23.13	23.13	224361
AXA SA ADS	ADR	54536107	$377.00 	"18,000"	SH	SOLE	None	18000	20.94	20.94	376920
Baidu.com  ADR	ADR	56752108	$276.00 	"2,000"	SH	SOLE	None	2000	137.81	137.81	275620
Banco Bilbao Vizcaya Argentaria SA	ADR	05946K101	$600.00 	"50,000"	SH	SOLE	None	50000	12	12	600000
Bank of America	Common Stock	60505104	$125.00 	"9,378"	SH	SOLE	None	9378	13.33	13.33	125008.74
Bank of East Asia S/ADR	Common Stock	61874103	$0.00 	39	SH	SOLE	None	39	4.248974359	4.249	165.71
Bank of New York Mellon	Common Stock	64058100	$20.00 	670	SH	SOLE	None	670	29.87	29.87	20012.9
Barrick Gold	Common Stock	67901108	"$2,076.00 "	"40,000"	SH	SOLE	None	40000	51.91	51.91	2076400
BASF SE ADS	ADR	55262505	"$14,413.00 "	"166,050"	SH	SOLE	None	166050	86.8	86.8	14413140
BCE	Common Stock	05534B760	"$2,561.00 "	"70,469"	SH	SOLE	None	70469	36.34	36.34	2560843.46
"Becton, Dickinson & Co."	Common Stock	75887109	"$16,720.00 "	"210,000"	SH	SOLE	None	210000	79.62	79.62	16720200
Bed Bath & Beyond	Common Stock	75896100	"$12,647.00 "	"262,010"	SH	SOLE	None	262010	48.27	48.27	12647222.7
Best Buy	Common Stock	86516101	"$23,270.00 "	"810,232"	SH	SOLE	None	810232	28.72	28.72	23269863.04
BG Group plc  ADS	ADR	55434203	"$1,749.00 "	"14,000"	SH	SOLE	None	14000	124.9	124.9	1748600
BHP Billiton ADS	ADR	88606108	"$21,232.00 "	"221,448"	SH	SOLE	None	221448	95.88	95.88	21232434.24
Boston Scientific	Common Stock	101137107	$3.00 	400	SH	SOLE	None	400	7.19	7.19	2876
BP PLC ADS	ADR	55622104	$92.00 	"2,091"	SH	SOLE	None	2091	44.14	44.14	92296.74
Brandywine Realty Trust	Common Stock	105368203	$5.00 	397	SH	SOLE	None	397	12.14	12.14	4819.58
Bristol-Myers Squibb	Common Stock	110122108	"$21,448.00 "	"811,513"	SH	SOLE	None	811513	26.43	26.43	21448288.59
Canadian National Railway	Common Stock	136375102	"$26,856.00 "	"356,800"	SH	SOLE	None	356800	75.27	75.27	26856336
Canadian Pacific Railway	Common Stock	13645T100	"$19,606.00 "	"304,723"	SH	SOLE	None	304723	64.34	64.34	19605877.82
Canon ADS	ADR	138006309	"$29,141.00 "	"672,230"	SH	SOLE	None	672230	43.35	43.35	29141170.5
Capital One Financial	Common Stock	14040H105	$5.00 	100	SH	SOLE	None	100	51.96	51.96	5196
Carlisle	Common Stock	142339100	"$24,503.00 "	"550,000"	SH	SOLE	None	550000	44.55	44.55	24502500
Carmax	Common Stock	143130102	$54.00 	"1,680"	SH	SOLE	None	1680	32.1	32.1	53928
Caterpillar	Common Stock	149123101	$67.00 	600	SH	SOLE	None	600	111.35	111.35	66810
Cenovus Energy	Common Stock	15135U109	"$39,141.00 "	"993,923"	SH	SOLE	None	993923	39.38	39.38	39140687.74
Charles River Laboratories	Common Stock	159864107	$57.00 	"1,495"	SH	SOLE	None	1495	38.38	38.38	57378.1
Charles Schwab	Common Stock	808513105	$451.00 	"25,000"	SH	SOLE	None	25000	18.03	18.03	450750
Chemtura Corp	Common Stock	163893209	$0.00 	7	SH	SOLE	None	7	17.2	17.2	120.4
Chemtura COrporation Comm	Common Stock	163ESC106	$0.00 	465	SH	SOLE	None	465	0	0	0
Cheung Kong HLDG UNSP/ADR	ADR	166744201	$5.00 	328	SH	SOLE	None	328	16.3020122	16.302	5347.06
ChevronTexaco	Common Stock	166764100	$417.00 	"3,877"	SH	SOLE	None	3877	107.49	107.49	416738.73
China Mobile ADS	ADR	16941M109	"$25,165.00 "	"544,100"	SH	SOLE	None	544100	46.25	46.25	25164625
China Petroleum and Chemical  ADR	ADR	16941R108	$80.00 	800	SH	SOLE	None	800	100.58	100.58	80464
China Techfaith Wireless  ADR	ADR	169424108	$220.00 	"50,000"	SH	SOLE	None	50000	4.4	4.4	220000
Chubb	Common Stock	171232101	$501.00 	"8,175"	SH	SOLE	None	8175	61.31	61.31	501209.25
Chunghwa Telecom ADR	ADR	17133Q502	"$17,541.00 "	"562,944"	SH	SOLE	None	562944	31.16	31.16	17541335.04
Church & Dwight	Common Stock	171340102	"$16,031.00 "	"202,050"	SH	SOLE	None	202050	79.34	79.34	16030647
Cia Paranaense de Energia -Copel 	ADR	20441B407	$139.00 	"5,000"	SH	SOLE	None	5000	27.79	27.79	138950
Cisco Systems	Common Stock	17275R102	"$25,956.00 "	"1,513,498"	SH	SOLE	None	1513498	17.15	17.15	25956490.7
Clorox	Common Stock	189054109	"$26,305.00 "	"375,405"	SH	SOLE	None	375405	70.07	70.07	26304628.35
Coach	Common Stock	189754104	"$45,134.00 "	"867,300"	SH	SOLE	None	867300	52.04	52.04	45134292
Coca-Cola Co	Common Stock	191216100	$44.00 	670	SH	SOLE	None	670	66.34	66.34	44447.8
Coca-Cola Femsa SAB de CV ADS	ADR	191241108	"$2,324.00 "	"30,183"	SH	SOLE	None	30183	76.99	76.99	2323789.17
Colgate-Palmolive	Common Stock	194162103	"$24,486.00 "	"303,200"	SH	SOLE	None	303200	80.76	80.76	24486432
Companhia de Concessoes Rodoviarias	Common Stock	S2840970L	$234.00 	"8,000"	SH	SOLE	None	8000	29.19793	29.19793	233583.44
Comtech Communications	Common Stock	205826209	$27.00 	"1,000"	SH	SOLE	None	1000	27.22	27.22	27220
ConocoPhillips	Common Stock	20825C104	"$27,520.00 "	"344,607"	SH	SOLE	None	344607	79.86	79.86	27520315.02
CONSOL Energy	Common Stock	20854P109	"$34,860.00 "	"650,000"	SH	SOLE	None	650000	53.63	53.63	34859500
Convergys	Common Stock	212485106	"$10,493.00 "	"730,700"	SH	SOLE	None	730700	14.36	14.36	10492852
"Copa Holdings SA, Class A"	Common Stock	P31076105	"$2,640.00 "	"50,000"	SH	SOLE	None	50000	52.8	52.8	2640000
Corning	Common Stock	219350105	"$2,069.00 "	"100,300"	SH	SOLE	None	100300	20.63	20.63	2069189
Corp Office Props Trust CLASS H	Preferred Stock	22002T603	$25.00 	"1,000"	SH	SOLE	None	1000	25.1	25.1	25100
CORPORATE OFFICE PPTYS TR PFD SER J	Preferred Stock	22002T702	$50.00 	"2,000"	SH	SOLE	None	2000	25.02	25.02	50040
CPFL Energia S A  ADR	ADR	126153105	"$1,311.00 "	"15,000"	SH	SOLE	None	15000	87.41	87.41	1311150
Crane	Common Stock	224399105	"$14,529.00 "	"300,000"	SH	SOLE	None	300000	48.43	48.43	14529000
Cree	Common Stock	225447101	"$30,419.00 "	"659,000"	SH	SOLE	None	659000	46.16	46.16	30419440
CRH PLC ADS	ADR	12626K203	$14.00 	600	SH	SOLE	None	600	23.22	23.22	13932
CVS Caremark	Common Stock	126650100	$343.00 	"10,000"	SH	SOLE	None	10000	34.32	34.32	343200
Danaher	Common Stock	235851102	$37.00 	720	SH	SOLE	None	720	51.9	51.9	37368
DANONE  ADS	ADR	23636T100	"$5,628.00 "	"428,674"	SH	SOLE	None	428674	13.13	13.13	5628489.62
Dassault Systems SA ADR	ADR	237545108	"$1,159.00 "	"15,000"	SH	SOLE	None	15000	77.24	77.24	1158600
DealerTrack Holdings	Common Stock	242309102	$3.00 	141	SH	SOLE	None	141	22.92	22.92	3231.72
Dentsply International	Common Stock	249030107	"$22,244.00 "	"601,340"	SH	SOLE	None	601340	36.99	36.99	22243566.6
Desarrolladora Homex ADR	ADR	25030W100	$22.00 	800	SH	SOLE	None	800	27.25	27.25	21800
Devon Energy	Common Stock	25179M103	$661.00 	"7,200"	SH	SOLE	None	7200	91.77	91.77	660744
Diebold	Common Stock	253651103	$28.00 	800	SH	SOLE	None	800	35.46	35.46	28368
Disney (Walt)	Common Stock	254687106	$6.00 	145	SH	SOLE	None	145	43.09	43.09	6248.05
Dominion Resources Inc./VA	Common Stock	25746U109	$5.00 	120	SH	SOLE	None	120	44.7	44.7	5364
Donnelley (RR) & Sons	Common Stock	257867101	$159.00 	"8,424"	SH	SOLE	None	8424	18.92	18.92	159382.08
Dow Chemical	Common Stock	260543103	$70.00 	"1,842"	SH	SOLE	None	1842	37.75	37.75	69535.5
Dr Pepper Snapple	Common Stock	26138E 109	$595.00 	"16,000"	SH	SOLE	None	16000	37.16	37.16	594560
Dr. Reddy's Laboratories  ADR	ADR	256135203	$298.00 	"8,000"	SH	SOLE	None	8000	37.3	37.3	298400
Dreamworks Animation	Common Stock	26153C103	$9.00 	330	SH	SOLE	None	330	27.93	27.93	9216.9
Duke Energy	Common Stock	26441C105	$327.00 	"18,017"	SH	SOLE	None	18016.672	18.15000018	18.15	327002.6
Duke Realty	Common Stock	264411505	$325.00 	"23,207"	SH	SOLE	None	23207.222	14.00999999	14.01	325133.18
Dun & Bradstreet	Common Stock	26483E 100	"$16,210.00 "	"202,014"	SH	SOLE	None	202014	80.24	80.24	16209603.36
E.I. du Pont de Nemours	Common Stock	263534109	"$22,068.00 "	"401,450"	SH	SOLE	None	401450	54.97	54.97	22067706.5
E.ON AG ADS	ADR	268780103	"$9,339.00 "	"304,395"	SH	SOLE	None	304395	30.68	30.68	9338838.6
E*TRADE Financial	Common Stock	269246401	$391.00 	"25,000"	SH	SOLE	None	25000	15.63	15.63	390750
Earthlink	Common Stock	270321102	$37.00 	"4,700"	SH	SOLE	None	4700	7.83	7.83	36801
Edison International	Common Stock	281020107	$40.00 	"1,080"	SH	SOLE	None	1080	36.59	36.59	39517.2
Eli Lilly	Common Stock	532457108	"$40,526.00 "	"1,152,300"	SH	SOLE	None	1152300	35.17	35.17	40526391
Embraer S Asponsored ADR	ADR	29081M102	$199.00 	"5,902"	SH	SOLE	None	5902	33.7	33.7	198897.4
EMC	Common Stock	268648102	$61.00 	"2,290"	SH	SOLE	None	2290	26.56	26.56	60822.4
EMCOR	Common Stock	29084Q100	"$21,679.00 "	"700,000"	SH	SOLE	None	700000	30.97	30.97	21679000
Emerson Electric	Common Stock	291011104	"$20,451.00 "	"350,000"	SH	SOLE	None	350000	58.43	58.43	20450500
Emulex	Common Stock	292475209	$11.00 	"1,000"	SH	SOLE	None	1000	10.67	10.67	10670
Enbridge Energy Partners LP	Common Stock	29250R106	$837.00 	"12,960"	SH	SOLE	None	12960	64.62	64.62	837475.2
EnCana	Common Stock	292505104	"$33,130.00 "	"959,458"	SH	SOLE	None	959458	34.53	34.53	33130084.74
Energen	Common Stock	29265N108	"$18,936.00 "	"300,000"	SH	SOLE	None	300000	63.12	63.12	18936000
Enersis SA ADS	ADR	29274F104	"$5,726.00 "	"275,000"	SH	SOLE	None	275000	20.82	20.82	5725500
Entergy MISS 1st MTG	Preferred Stock	29364N876	$25.00 	"1,000"	SH	SOLE	None	1000	25.32	25.32	25320
EOG Resources	Common Stock	26875P101	$57.00 	485	SH	SOLE	None	485	118.51	118.51	57477.35
Estee Lauder	Common Stock	518439104	"$22,095.00 "	"229,297"	SH	SOLE	None	229297	96.36	96.36	22095058.92
Expedia Inc. - Cl A	Common Stock	30212P105	$25.00 	"1,122"	SH	SOLE	None	1122	22.66	22.66	25424.52
Express Scripts	Common Stock	302182100	"$27,925.00 "	"502,152"	SH	SOLE	None	502152	55.61	55.61	27924672.72
Exxon Mobil	Common Stock	30231G102	"$30,382.00 "	"361,127"	SH	SOLE	None	361127	84.13	84.13	30381614.51
Fair Issac & Co	Common Stock	303250104	$57.00 	"1,806"	SH	SOLE	None	1806	31.61	31.61	57087.66
FairPoint Communications	Common Stock	305560104	$0.00 	26	SH	SOLE	None	26	0	0	0
Fastenal	Common Stock	311900104	"$19,619.00 "	"302,620"	SH	SOLE	None	302620	64.83	64.83	19618854.6
Fibria Celulose SA	ADR	31573A109	$747.00 	"45,500"	SH	SOLE	None	45500	16.42	16.42	747110
Fiserv	Common Stock	337738108	$28.00 	450	SH	SOLE	None	450	62.72	62.72	28224
Flextronics International	Common Stock	300999109	$7.00 	"1,000"	SH	SOLE	None	1000	7.47	7.47	7470
FLIR Systems	Common Stock	302445101	$69.00 	"2,000"	SH	SOLE	None	2000	34.61	34.61	69220
Fomento Economico Mex ADS	ADR	344419106	"$1,174.00 "	"20,000"	SH	SOLE	None	20000	58.7	58.7	1174000
Ford Motor	Common Stock	345370860	$447.00 	"30,000"	SH	SOLE	None	30000	14.91	14.91	447300
Ford Otomotiv Sanayi A.S.	Common Stock	SB03MSR5L	$286.00 	"30,000"	SH	SOLE	None	30000	9.537417	9.537417	286122.51
FPL Group Capital Trust I	Preferred Stock	30257v207	$28.00 	"1,100"	SH	SOLE	None	1100	25.35	25.35	27885
Freeport-McMoRan Copper & Gold	Common Stock	35671D857	"$23,814.00 "	"428,702"	SH	SOLE	None	428702	55.55	55.55	23814396.1
Frontier Insurance Group	Common Stock	359081106	$1.00 	70	SH	SOLE	None	70	8.22	8.22	575.4
Furiex Pharmaceuticals Inc.	Common Stock	36106P101	$9.00 	512	SH	SOLE	None	512	16.88	16.88	8642.56
Gabelli Dividend & Income Trust	Common Stock	36242H104	$17.00 	"1,000"	SH	SOLE	None	1000	16.63	16.63	16630
Gartner	Common Stock	366651107	"$6,311.00 "	"151,441"	SH	SOLE	None	151441	41.67	41.67	6310546.47
GDF Suez	ADR	36160B105	$5.00 	125	SH	SOLE	None	125	40.79904	40.799	5099.88
General Electric	Common Stock	369604103	$337.00 	"16,800"	SH	SOLE	None	16800	20.05	20.05	336840
General Mills	Common Stock	370334104	"$22,021.00 "	"602,488"	SH	SOLE	None	602488	36.55	36.55	22020936.4
Genpact Limited	Common Stock	G3922B107	$116.00 	"8,000"	SH	SOLE	None	8000	14.48	14.48	115840
Gentex	Common Stock	371901109	"$10,588.00 "	"350,000"	SH	SOLE	None	350000	30.25	30.25	10587500
Genuine Parts	Common Stock	372460105	"$28,185.00 "	"525,450"	SH	SOLE	None	525450	53.64	53.64	28185138
Georgia Power CO Cl A PFD 6.125%	Preferred Stock	373334473	$101.00 	"4,000"	SH	SOLE	None	4000	25.25	25.25	101000
Gilead Sciences	Common Stock	375558103	$183.00 	"4,300"	SH	SOLE	None	4300	42.47	42.47	182621
GlaxoSmithKline PLC ADS	ADR	37733W105	"$21,688.00 "	"564,650"	SH	SOLE	None	564650	38.41	38.41	21688206.5
Global Payments Inc	Common Stock	37940X102	$19.00 	382	SH	SOLE	None	382	48.92	48.92	18687.44
Google	Common Stock	38259P508	"$33,057.00 "	"56,338"	SH	SOLE	None	56338	586.76	586.76	33056884.88
Grainger (W.W)	Common Stock	384802104	"$20,872.00 "	"151,600"	SH	SOLE	None	151600	137.68	137.68	20872288
Great Plains Energy Inc.	Common Stock	391164100	$4.00 	197	SH	SOLE	None	197	20.02	20.02	3943.94
Green Mountain Coffee Roasters	Common Stock	393122106	$291.00 	"4,500"	SH	SOLE	None	4500	64.61	64.61	290745
Guess?	Common Stock	401617105	$315.00 	"8,000"	SH	SOLE	None	8000	39.35	39.35	314800
Hain Celestial Group	Common Stock	405217100	$155.00 	"4,800"	SH	SOLE	None	4800	32.28	32.28	154944
Hanesbrands	Common Stock	410345102	$1.00 	55	SH	SOLE	None	55	27.04	27.04	1487.2
Hansen Natural	Common Stock	411310105	"$30,765.00 "	"510,800"	SH	SOLE	None	510800	60.23	60.23	30765484
Harman International Industries	Common Stock	413086109	$103.00 	"2,200"	SH	SOLE	None	2200	46.82	46.82	103004
Harris	Common Stock	413875105	"$34,991.00 "	"705,460"	SH	SOLE	None	705460	49.6	49.6	34990816
Health Care Property	Common Stock	42217K106	$16.00 	302	SH	SOLE	None	302	52.44	52.44	15836.88
Health Care Property Investors	Common Stock	421915109	$14.00 	381	SH	SOLE	None	381	37.94	37.94	14455.14
Heinz (H.J.)	Common Stock	423074103	$73.00 	"1,500"	SH	SOLE	None	1500	48.82	48.82	73230
Hewlett-Packard	Common Stock	428236103	"$36,244.00 "	"884,655"	SH	SOLE	None	884655	40.97	40.97	36244315.35
Home Depot	Common Stock	437076102	$10.00 	275	SH	SOLE	None	275	37.06	37.06	10191.5
Honeywell International	Common Stock	438516106	"$27,580.00 "	"461,895"	SH	SOLE	None	461895	59.71	59.71	27579750.45
Hospira	Common Stock	441060100	$332.00 	"6,006"	SH	SOLE	None	6006	55.2	55.2	331531.2
Hospitality Properties Trust	Common Stock	44106M102	$22.00 	950	SH	SOLE	None	950	23.15	23.15	21992.5
HSBC Holdings plc ADS	ADR	404280406	$58.00 	"1,122"	SH	SOLE	None	1122	51.8	51.8	58119.6
HSN	Common Stock	404303109	$7.00 	224	SH	SOLE	None	224	32.03	32.03	7174.72
Humana	Common Stock	444859102	"$45,781.00 "	"654,574"	SH	SOLE	None	654574	69.94	69.94	45780905.56
Hutchison Whampoa  ADR	ADR	448415208	$5.00 	77	SH	SOLE	None	77	59.20402597	59.204	4558.71
IAC/InterActiveCorp	Common Stock	44919P300	$17.00 	561	SH	SOLE	None	561	30.90800357	30.908	17339.39
ICICI Bank Ltd  ADS	ADR	45104G104	"$2,242.00 "	"45,000"	SH	SOLE	None	45000	49.83	49.83	2242350
Idacorp	Common Stock	451107106	"$1,227.00 "	"32,200"	SH	SOLE	None	32200	38.1	38.1	1226820
Illinois Tool Works	Common Stock	452308109	"$27,537.00 "	"512,600"	SH	SOLE	None	512600	53.72	53.72	27536872
Impala Platinum Holdings ADS	ADR	452553308	$115.00 	"4,000"	SH	SOLE	None	4000	28.75	28.75	115000
Infosys  ADS	ADR	456788108	"$39,758.00 "	"554,500"	SH	SOLE	None	554500	71.7	71.7	39757650
ING Groep NV ADS	ADR	456837103	"$1,208.00 "	"95,078"	SH	SOLE	None	95078	12.71	12.71	1208441.38
Integrated Device Technology	Common Stock	458118106	$30.00 	"4,030"	SH	SOLE	None	4030	7.375	7.375	29721.25
Intel	Common Stock	458140100	"$54,806.00 "	"2,715,881"	SH	SOLE	None	2715881	20.18	20.18	54806478.58
International Business Machines	Common Stock	459200101	"$42,301.00 "	"259,404"	SH	SOLE	None	259404	163.07	163.07	42301010.28
Interval Leisure Group	Common Stock	46113M108	$4.00 	224	SH	SOLE	None	224	16.35	16.35	3662.4
Intuit	Common Stock	461202103	"$49,542.00 "	"932,824"	SH	SOLE	None	932824	53.11	53.11	49542282.64
IOI Corporation Bhd	Common Stock	SB1Y3WG1L	$228.00 	"120,000"	SH	SOLE	None	120000	1.900332	1.900332	228039.84
Iron Mountain	Common Stock	462846106	$14.00 	442	SH	SOLE	None	442	31.23	31.23	13803.66
ishares Russell 2000	Common Stock	464287655	$20.00 	238	SH	SOLE	None	238	84.17	84.17	20032.46
JAKKS Pacific	Common Stock	47012E 106	"$3,870.00 "	"200,000"	SH	SOLE	None	200000	19.35	19.35	3870000
JM Smucker	Common Stock	832696405	"$17,848.00 "	"250,010"	SH	SOLE	None	250010	71.39	71.39	17848213.9
John Wiley & Sons	Common Stock	968223206	"$5,491.00 "	"108,000"	SH	SOLE	None	108000	50.84	50.84	5490720
Johnson & Johnson	Common Stock	478160104	"$47,077.00 "	"794,553"	SH	SOLE	None	794553	59.25	59.25	47077265.25
Johnson Controls	Common Stock	478366107	"$24,942.00 "	"600,000"	SH	SOLE	None	600000	41.57	41.57	24942000
JP Morgan Chase & Co	Common Stock	46625H100	$196.00 	"4,257"	SH	SOLE	None	4257	46.1	46.1	196247.7
Kalbe Farma Tbk PT	Common Stock	S6728102L	$117.00 	"300,000"	SH	SOLE	None	300000	0.390026	0.390026	117007.8
KB Home	Common Stock	48666K109	$196.00 	"15,775"	SH	SOLE	None	15775	12.44	12.44	196241
Kellogg	Common Stock	487836108	"$21,894.00 "	"405,600"	SH	SOLE	None	405600	53.98	53.98	21894288
KeyCorp	Common Stock	493267108	$11.00 	"1,272"	SH	SOLE	None	1272	8.88	8.88	11295.36
Kimberly-Clark	Common Stock	494368103	"$19,711.00 "	"301,995"	SH	SOLE	None	301995	65.27	65.27	19711213.65
Kinder Morgan Energy Partners	Common Stock	494550106	$230.00 	"3,100"	SH	SOLE	None	3100	74.09	74.09	229679
Knight Transportation	Common Stock	499064103	$24.00 	"1,237"	SH	SOLE	None	1237	19.25	19.25	23812.25
Kohl's	Common Stock	500255104	$27.00 	500	SH	SOLE	None	500	53.04	53.04	26520
Korea Electric Power ADS	ADR	500631106	$245.00 	"20,000"	SH	SOLE	None	20000	12.24	12.24	244800
KPJ Healthcare Bhd	Common Stock	S64935850	$224.00 	"170,000"	SH	SOLE	None	170000	1.32003	1.32003	224405.1
LaCrosse Footwear	Common Stock	505688101	$137.00 	"7,500"	SH	SOLE	None	7500	18.33	18.33	137475
LAN Airlines SA ADS	ADR	501723100	"$19,927.00 "	"778,717"	SH	SOLE	None	778717	25.59	25.59	19927368.03
Life Technologies	Common Stock	53217V109	$19.00 	363	SH	SOLE	None	363	52.42	52.42	19028.46
Lifepoint Hospitals	Common Stock	53219L109	$23.00 	581	SH	SOLE	None	581	40.19798623	40.198	23355.03
Lincoln Electric Holdings	Common Stock	533900106	"$19,481.00 "	"256,600"	SH	SOLE	None	256600	75.92	75.92	19481072
Lincoln National	Common Stock	534187109	$5.00 	177	SH	SOLE	None	177	30.04	30.04	5317.08
Lockheed Martin	Common Stock	539830109	$32.00 	400	SH	SOLE	None	400	80.4	80.4	32160
LoopNet	Common Stock	543524300	$283.00 	"20,000"	SH	SOLE	None	20000	14.15	14.15	283000
Lowe's	Common Stock	548661107	"$24,319.00 "	"920,146"	SH	SOLE	None	920146	26.43	26.43	24319458.78
Materials Select Sector SPDR	Common Stock	81369Y100	$69.00 	"1,730"	SH	SOLE	None	1730	40.02	40.02	69234.6
McCormick & Co	Common Stock	579780206	"$9,566.00 "	"200,000"	SH	SOLE	None	200000	47.83	47.83	9566000
McGraw-Hill	Common Stock	580645109	"$28,532.00 "	"724,156"	SH	SOLE	None	724156	39.4	39.4	28531746.4
Mead Johnson Nutrition	Common Stock	582839106	$515.00 	"8,892"	SH	SOLE	None	8892	57.93	57.93	515113.56
Medco Health Solutions	Common Stock	58405U102	$69.00 	"1,236"	SH	SOLE	None	1236	56.16	56.16	69413.76
MercadoLibre	Common Stock	58733R102	$180.00 	"2,200"	SH	SOLE	None	2200	81.63	81.63	179586
Merck & Co	Common Stock	589331107	$147.00 	"4,445"	SH	SOLE	None	4445	33.01	33.01	146729.45
Methanex	Common Stock	59151K108	"$9,369.00 "	"300,000"	SH	SOLE	None	300000	31.23	31.23	9369000
Metso Oyj ADS	ADR	592671101	$923.00 	"17,100"	SH	SOLE	None	17100	54	54	923400
Microchip Technology	Common Stock	595017104	"$15,483.00 "	"407,350"	SH	SOLE	None	407350	38.01	38.01	15483373.5
Microsoft	Common Stock	594918104	"$21,776.00 "	"857,679"	SH	SOLE	None	857679	25.39	25.39	21776469.81
Millicom Intl Cellular SA	Common Stock	L6388F110	"$1,212.00 "	"12,603"	SH	SOLE	None	12603	96.17	96.17	1212030.51
Mindray Medical International  ADR	ADR	602675100	$38.00 	"1,500"	SH	SOLE	None	1500	25.2	25.2	37800
Mitsubishi UFJ Financial ADR	ADR	606822104	$920.00 	"200,000"	SH	SOLE	None	200000	4.6	4.6	920000
Moody's	Common Stock	615369105	$260.00 	"7,655"	SH	SOLE	None	7655	33.91	33.91	259581.05
Morningstar	Common Stock	617700109	$58.00 	"1,000"	SH	SOLE	None	1000	58.38	58.38	58380
Motorola Mobility Holdings	Common Stock	620097105	$7.00 	280	SH	SOLE	None	280	24.4	24.4	6832
Motorola Solutions	Common Stock	620076307	$14.00 	322	SH	SOLE	None	322	44.69	44.69	14390.18
MRV Engenharia e Participacoes	Common Stock	SB235JN10	$120.00 	"15,000"	SH	SOLE	None	15000	7.999265333	7.999265	119988.98
MS Structured Asset	Preferred Stock	86360Y207	$177.00 	"7,000"	SH	SOLE	None	7000	25.3	25.3	177100
MTN Group LTD	Common Stock	S6563206L	$202.00 	"10,000"	SH	SOLE	None	10000	20.18622	20.18622	201862.2
National Fuel Gas	Common Stock	636180101	"$9,620.00 "	"130,000"	SH	SOLE	None	130000	74	74	9620000
National Grid PLC  ADS	ADR	636274102	$346.00 	"7,200"	SH	SOLE	None	7200	48.04	48.04	345888
Nestle's S.A.	Common Stock	641069406	$49.00 	852	SH	SOLE	None	852	57.55	57.55	49032.6
Newcrest Mining Ltd  ADS	ADR	651191108	"$2,786.00 "	"67,301"	SH	SOLE	None	67301	41.4	41.4	2786261.4
Newmont Mining	Common Stock	651639106	$18.00 	325	SH	SOLE	None	325	54.58	54.58	17738.5
News Corporation	Common Stock	65248E 104	$6.00 	330	SH	SOLE	None	330	17.58	17.58	5801.4
NextEra Energy	Common Stock	65339F101	"$10,158.00 "	"184,286"	SH	SOLE	None	184286	55.12	55.12	10157844.32
Nextera Energy Cap Hldgs Inc.	Preferred Stock	302570601	$57.00 	"2,000"	SH	SOLE	None	2000	28.63	28.63	57260
Nice Systems  ADS	ADR	653656108	"$1,108.00 "	"30,000"	SH	SOLE	None	30000	36.94	36.94	1108200
Nidec ADR	ADR	654090109	$433.00 	"20,000"	SH	SOLE	None	20000	21.63	21.63	432600
Nike	Common Stock	654106103	"$23,543.00 "	"311,000"	SH	SOLE	None	311000	75.7	75.7	23542700
Nintendo	ADR	654445303	$576.00 	"17,086"	SH	SOLE	None	17086	33.74	33.74	576481.64
NiSource	Common Stock	65473P105	$7.00 	387	SH	SOLE	None	387	19.18	19.18	7422.66
Nissan Motor ADS	ADR	654744408	"$2,144.00 "	"121,500"	SH	SOLE	None	121500	17.65	17.65	2144475
Noble	Common Stock	H5833N103	"$35,671.00 "	"781,912"	SH	SOLE	None	781912	45.62	45.62	35670825.44
Noble Energy	Common Stock	655044105	$21.00 	218	SH	SOLE	None	218	96.65	96.65	21069.7
Nokia Corp  ADS	ADR	654902204	$1.00 	100	SH	SOLE	None	100	8.51	8.51	851
Nomura Holdings ADR	ADR	65535h208	$156.00 	"30,000"	SH	SOLE	None	30000	5.2	5.2	156000
Nordstrom	Common Stock	655664100	$233.00 	"5,200"	SH	SOLE	None	5200	44.88	44.88	233376
Norfolk Southern	Common Stock	655844108	"$25,112.00 "	"362,525"	SH	SOLE	None	362525	69.27	69.27	25112106.75
Northern Trust	Common Stock	665859104	$51.00 	"1,000"	SH	SOLE	None	1000	50.75	50.75	50750
Novartis AG ADR	ADR	66987V109	"$63,916.00 "	"1,176,003"	SH	SOLE	None	1176003	54.35	54.35	63915763.05
Novo Nordisk A/S ADS	ADR	670100205	"$28,282.00 "	"225,839"	SH	SOLE	None	225839	125.23	125.23	28281817.97
NRG Energy	Common Stock	629377508	$241.00 	"11,200"	SH	SOLE	None	11200	21.54	21.54	241248
Nucor	Common Stock	670346105	"$9,455.00 "	"205,450"	SH	SOLE	None	205450	46.02	46.02	9454809
Old Dominion Freight Line	Common Stock	679580100	$11.00 	300	SH	SOLE	None	300	35.09	35.09	10527
Oracle	Common Stock	68389X105	"$41,596.00 "	"1,244,188"	SH	SOLE	None	1244188	33.43250001	33.4325	41596315.32
Orient-Express Hotels	Common Stock	G67743107	"$2,115.00 "	"171,000"	SH	SOLE	None	171000	12.37	12.37	2115270
Oshkosh Truck	Common Stock	688239201	$21.00 	600	SH	SOLE	None	600	35.38	35.38	21228
Pacific Financial	Common Stock	694275108	$14.00 	"3,504"	SH	SOLE	None	3504	4	4	14016
PAREXEL International	Common Stock	699462107	$100.00 	"4,000"	SH	SOLE	None	4000	24.9	24.9	99600
Parker Hannifin	Common Stock	701094104	"$26,099.00 "	"275,650"	SH	SOLE	None	275650	94.68	94.68	26098542
Patterson - UTI Energy	Common Stock	703481101	$212.00 	"7,200"	SH	SOLE	None	7200	29.39	29.39	211608
Patterson Companies	Common Stock	703395103	$11.00 	350	SH	SOLE	None	350	32.19	32.19	11266.5
Peabody Energy	Common Stock	704549104	$4.00 	57	SH	SOLE	None	57	71.96	71.96	4101.72
Pearson PLC ADS	ADR	705015105	"$7,022.00 "	"394,490"	SH	SOLE	None	394490	17.8	17.8	7021922
Pennsylvania REIT	Common Stock	709102107	$5.00 	350	SH	SOLE	None	350	14.27	14.27	4994.5
PepsiCo	Common Stock	713448108	"$65,653.00 "	"1,019,294"	SH	SOLE	None	1019294	64.41	64.41	65652726.54
Petroleo Brasileiro  ADR	ADR	71654V408	"$3,077.00 "	"76,100"	SH	SOLE	None	76100	40.43	40.43	3076723
PetSmart	Common Stock	716768106	"$25,088.00 "	"612,660"	SH	SOLE	None	612660	40.95	40.95	25088427
Pfizer	Common Stock	717081103	"$25,190.00 "	"1,240,283"	SH	SOLE	None	1240283	20.31000001	20.31	25190147.74
Pharmaceutical Product Development	Common Stock	717124101	$586.00 	"21,150"	SH	SOLE	None	21150	27.7	27.7	585855
Piedmont Natural Gas	Common Stock	720186105	$243.00 	"8,000"	SH	SOLE	None	8000	30.35	30.35	242800
PIMCO Commercial Mortgage Secs	Common Stock	693388100	$11.00 	"1,000"	SH	SOLE	None	1000	10.97	10.97	10970
Pitney Bowes	Common Stock	724479100	$9.00 	350	SH	SOLE	None	350	25.69	25.69	8991.5
Plum Creek Timber	Common Stock	729251108	$524.00 	"12,007"	SH	SOLE	None	12007	43.61	43.61	523625.27
PNC Bank	Common Stock	693475105	$44.00 	705	SH	SOLE	None	705	62.99	62.99	44407.95
Polycom	Common Stock	73172K104	$85.00 	"1,630"	SH	SOLE	None	1630	51.85	51.85	84515.5
Potash Corp of Saskatchewan	Common Stock	73755L107	"$52,423.00 "	"889,575"	SH	SOLE	None	889575	58.93	58.93	52422654.75
PPG Industries	Common Stock	693506107	"$16,662.00 "	"175,000"	SH	SOLE	None	175000	95.21	95.21	16661750
Praxair	Common Stock	74005P104	"$22,476.00 "	"221,225"	SH	SOLE	None	221225	101.6	101.6	22476460
Precision Drilling	Common Stock	74022D308	$40.00 	"2,970"	SH	SOLE	None	2970	13.54	13.54	40213.8
Procter & Gamble	Common Stock	742718109	"$25,159.00 "	"408,432"	SH	SOLE	None	408432	61.6	61.6	25159411.2
PT Indosat Tbk ADR	ADR	744383100	$605.00 	"20,000"	SH	SOLE	None	20000	30.26	30.26	605200
PT Semen Gresik Tbk	Common Stock	S67952360	$209.00 	"200,000"	SH	SOLE	None	200000	1.044309	1.044309	208861.8
Public Storage International	Common Stock	74460D109	$124.00 	"1,119"	SH	SOLE	None	1119	110.91	110.91	124108.29
Qualcomm	Common Stock	747525103	"$42,130.00 "	"768,368"	SH	SOLE	None	768368	54.83	54.83	42129617.44
Quest Diagnostics	Common Stock	74834L100	$3.00 	49	SH	SOLE	None	49	57.72	57.72	2828.28
Quimica y Minera Chile S.A.  ADS	ADR	833635105	$50.00 	900	SH	SOLE	None	900	55.26	55.26	49734
Raymond James Financial	Common Stock	754730109	$273.00 	"7,138"	SH	SOLE	None	7138	38.24	38.24	272957.12
Raytheon	Common Stock	755111507	$353.00 	"6,944"	SH	SOLE	None	6944	50.87	50.87	353241.28
RealNetworks	Common Stock	75605L104	$3.00 	800	SH	SOLE	None	800	3.72	3.72	2976
Red Lion Hotels	Common Stock	756764106	$410.00 	"50,000"	SH	SOLE	None	50000	8.2	8.2	410000
Regal-Beloit	Common Stock	758750103	"$18,494.00 "	"250,500"	SH	SOLE	None	250500	73.83	73.83	18494415
Regions Financial	Common Stock	7591EP100	$10.00 	"1,329"	SH	SOLE	None	1329	7.26	7.26	9648.54
Repsol YPF SA ADS	ADR	76026T205	"$3,157.00 "	"91,638"	SH	SOLE	None	91638	34.45	34.45	3156929.1
Richter Gedeon Nyrt.	Common Stock	S4042387L	$208.00 	"1,000"	SH	SOLE	None	1000	208.37446	208.374457	208374.46
Rio Tinto PLC ADS	ADR	767204100	"$26,507.00 "	"372,703"	SH	SOLE	None	372703	71.12	71.12	26506637.36
Ritchie Bros Auctioneers	Common Stock	767744105	"$3,524.00 "	"125,200"	SH	SOLE	None	125200	28.15	28.15	3524380
Rockwell Automation	Common Stock	773903109	"$30,761.00 "	"325,000"	SH	SOLE	None	325000	94.65	94.65	30761250
Rogers Communications	Common Stock	775109200	"$7,289.00 "	"200,249"	SH	SOLE	None	200249	36.4	36.4	7289063.6
Royal Dutch Shell PLC	ADR	780259206	$73.00 	"1,000"	SH	SOLE	None	1000	72.86	72.86	72860
RPM International	Common Stock	749685103	"$4,295.00 "	"181,000"	SH	SOLE	None	181000	23.73	23.73	4295130
Ryanair Holdings plc  ADS	ADR	783513104	$556.00 	"20,000"	SH	SOLE	None	20000	27.8	27.8	556000
SanDisk	Common Stock	80004C101	"$17,053.00 "	"370,000"	SH	SOLE	None	370000	46.09	46.09	17053300
Sanmina	Common Stock	800907107	$5.00 	405	SH	SOLE	None	405	11.21	11.21	4540.05
Sanofi-Aventis  ADR	ADR	80105N105	$45.00 	"1,268"	SH	SOLE	None	1268	35.22	35.22	44658.96
SAP AG  ADS	ADR	803054204	"$11,045.00 "	"180,000"	SH	SOLE	None	180000	61.36	61.36	11044800
Sara Lee	Common Stock	803111103	$8.00 	444	SH	SOLE	None	444	17.67	17.67	7845.48
Sasol Ltd  ADS	ADR	803866300	$58.00 	"1,000"	SH	SOLE	None	1000	57.95	57.95	57950
"Saturn Goodrich, Series 2002 pfd"	Preferred Stock	80410V206	$28.00 	"1,100"	SH	SOLE	None	1100	25.8	25.8	28380
Schlumberger Ltd	Common Stock	806857108	$284.00 	"3,045"	SH	SOLE	None	3045	93.26	93.26	283976.7
Seagate Technology	Common Stock	G7945M107	"$3,648.00 "	"253,250"	SH	SOLE	None	253250	14.405	14.405	3648066.25
Sempra Energy	Common Stock	816851109	"$2,522.00 "	"47,140"	SH	SOLE	None	47140	53.5	53.5	2521990
Semtech	Common Stock	816850101	$33.00 	"1,330"	SH	SOLE	None	1330	25.02	25.02	33276.6
Shire PLC ADR	ADR	82481r106	"$2,785.00 "	"32,000"	SH	SOLE	None	32000	87.03	87.03	2784960
Simon Property Group	Common Stock	828806109	$123.00 	"1,147"	SH	SOLE	None	1147	107.16	107.16	122912.52
Singapore Telecom ADR	ADR	82929R304	$95.00 	"3,955"	SH	SOLE	None	3955	23.95900126	23.959	94757.85
SK Telecom ADR	ADR	78440P108	"$4,326.00 "	"230,000"	SH	SOLE	None	230000	18.81	18.81	4326300
Source Capital $2.40 pfd	Preferred Stock	836144204	$9.00 	260	SH	SOLE	None	260	34.55	34.55	8983
Southern Copper	Common Stock	84265V105	$326.00 	"8,100"	SH	SOLE	None	8100	40.27	40.27	326187
Southwest Airlines	Common Stock	844741108	$13.00 	"1,000"	SH	SOLE	None	1000	12.63	12.63	12630
SPDR Gold Trust GS	Common Stock	863307104	$47.00 	337	SH	SOLE	None	337	139.86	139.86	47132.82
SPDR S&P Midcap 400 ETF	Common Stock	78467Y107	$18.00 	99	SH	SOLE	None	99	179.55	179.55	17775.45
Spectra Energy	Common Stock	847560109	$523.00 	"19,258"	SH	SOLE	None	19258	27.18	27.18	523432.44
St. Jude Medical	Common Stock	790849103	$91.00 	"1,775"	SH	SOLE	None	1775	51.26	51.26	90986.5
Stage Stores	Common Stock	85254C305	$67.00 	"3,487"	SH	SOLE	None	3487	19.22	19.22	67020.14
Stanley Black & Decker	Common Stock	854502101	"$7,924.00 "	"103,446"	SH	SOLE	None	103446	76.6	76.6	7923963.6
Staples	Common Stock	855030102	"$8,132.00 "	"418,766"	SH	SOLE	None	418766	19.42	19.42	8132435.72
State Street Corp	Common Stock	857477103	$17.00 	377	SH	SOLE	None	377	44.94	44.94	16942.38
StatoilHydro ASA ADS	ADR	85771P102	$889.00 	"32,176"	SH	SOLE	None	32176	27.64	27.64	889344.64
Stericycle	Common Stock	858912108	$23.00 	260	SH	SOLE	None	260	88.67	88.67	23054.2
Sterlite Industries (India)  ADR	ADR	859737207	$31.00 	"2,000"	SH	SOLE	None	2000	15.44	15.44	30880
Stryker	Common Stock	863667101	"$12,160.00 "	"200,000"	SH	SOLE	None	200000	60.8	60.8	12160000
Suburban Propane Partners LP	Common Stock	864482104	$282.00 	"5,000"	SH	SOLE	None	5000	56.43	56.43	282150
Suncor Energy	Common Stock	867224107	"$31,388.00 "	"700,000"	SH	SOLE	None	700000	44.84	44.84	31388000
Swire Pac LTD	ADR	870794302	$2.00 	169	SH	SOLE	None	169	14.65597633	14.656	2476.86
Synchronoss Technologies	Common Stock	87157B103	$521.00 	"15,000"	SH	SOLE	None	15000	34.75	34.75	521250
T. Rowe Price Group Inc.	Common Stock	74144T108	$70.00 	"1,050"	SH	SOLE	None	1050	66.42	66.42	69741
Taiwan Semiconductor ADS	ADR	874039100	"$31,479.00 "	"2,584,458"	SH	SOLE	None	2584458	12.18	12.18	31478698.44
Target	Common Stock	87612E 106	$15.00 	300	SH	SOLE	None	300	50.01	50.01	15003
Tata Motors Limited  ADS	ADR	876568502	$154.00 	"5,542"	SH	SOLE	None	5542	27.79	27.79	154012.18
TCW Convertible Securities Fund	Common Stock	872340104	$10.00 	"1,875"	SH	SOLE	None	1875	5.47	5.47	10256.25
Teck Resources LTD	Common Stock	878742204	"$26,934.00 "	"508,000"	SH	SOLE	None	508000	53.02	53.02	26934160
Teekay LNG Partners LP	Common Stock	Y8564M105	$293.00 	"7,150"	SH	SOLE	None	7150	41	41	293150
Telecom New Zealand ADS	ADR	879278208	$187.00 	"24,266"	SH	SOLE	None	24266	7.71	7.71	187090.86
Telecommunicacoes de Sao Paulo  ADR	ADR	87929A102	$30.00 	"1,200"	SH	SOLE	None	1200	24.63	24.63	29556
Telefonica SA ADS	ADR	879382208	"$2,568.00 "	"101,811"	SH	SOLE	None	101811	25.22	25.22	2567673.42
Telefonos de Mexico SAB de CV ADS	ADR	879403780	$701.00 	"38,400"	SH	SOLE	None	38400	18.26	18.26	701184
Telekom Austria AG  ADR	ADR	87943Q109	$4.00 	148	SH	SOLE	None	148	29.29	29.29	4334.92
Telekomunikasi Indonesia  ADS	ADR	715684106	$235.00 	"7,000"	SH	SOLE	None	7000	33.58	33.58	235060
Telenor ASA  ADR	ADR	87944W105	$11.00 	226	SH	SOLE	None	226	49.35199115	49.352	11153.55
Telephone & Data Sys 6.625% Pfd	Preferred Stock	879433852	$52.00 	"2,100"	SH	SOLE	None	2100	24.59	24.59	51639
Telstra ADR	ADR	87969N204	"$1,444.00 "	"100,000"	SH	SOLE	None	100000	14.44	14.44	1444000
Telus	Common Stock	87971M103	$256.00 	"5,000"	SH	SOLE	None	5000	51.1136	51.1136	255568
Telus	Common Stock	87971M202	"$7,225.00 "	"149,000"	SH	SOLE	None	149000	48.49	48.49	7225010
Tenaris SA ADR	ADR	88031M109	"$5,787.00 "	"117,000"	SH	SOLE	None	117000	49.46	49.46	5786820
Teva Pharmaceutical Industries  ADS	ADR	881624209	"$2,649.00 "	"52,793"	SH	SOLE	None	52793	50.17	50.17	2648624.81
TJX Companies	Common Stock	872540109	"$29,838.00 "	"600,000"	SH	SOLE	None	600000	49.73	49.73	29838000
Toronto-Dominion Bank	Common Stock	891160509	"$3,993.00 "	"45,072"	SH	SOLE	None	45072	88.59	88.59	3992928.48
Total SA ADS	ADR	89151E 109	"$25,711.00 "	"421,700"	SH	SOLE	None	421700	60.97	60.97	25711049
Toyota Motor ADS	ADR	892331307	"$1,666.00 "	"20,765"	SH	SOLE	None	20765	80.25	80.25	1666391.25
Transocean	Common Stock	G90073100	$6.00 	78	SH	SOLE	None	78	77.95	77.95	6080.1
Travelcenters of America	Common Stock	894174101	$1.00 	95	SH	SOLE	None	95	7.57	7.57	719.15
Trimble Navigation	Common Stock	896239100	"$41,810.00 "	"827,270"	SH	SOLE	None	827270	50.54	50.54	41810225.8
Turkcell Iletisim Hizmetleri  ADR	ADR	900111204	"$4,103.00 "	"272,994"	SH	SOLE	None	272994	15.03	15.03	4103099.82
Tyco International	Common Stock	902124106	$78.00 	"1,741"	SH	SOLE	None	1741	44.77	44.77	77944.57
Ultralife Batteries	Common Stock	S18978999	$51.00 	"10,000"	SH	SOLE	None	10000	5.07	5.07	50700
Unilever N.V.	Common Stock	904784501	$181.00 	"5,784"	SH	SOLE	None	5784	31.36	31.36	181386.24
Unilever PLC ADS	ADR	904767704	"$8,388.00 "	"273,931"	SH	SOLE	None	273931	30.62	30.62	8387767.22
Union Pacific	Common Stock	907818108	$54.00 	545	SH	SOLE	None	545	98.33	98.33	53589.85
United Parcel Service	Common Stock	911312106	"$53,527.00 "	"720,224"	SH	SOLE	None	720224	74.32	74.32	53527047.68
United States Steel	Common Stock	912909108	"$13,647.00 "	"253,000"	SH	SOLE	None	253000	53.94	53.94	13646820
United Technologies	Common Stock	913017109	"$21,288.00 "	"251,485"	SH	SOLE	None	251485	84.65	84.65	21288205.25
UnitedHealth	Common Stock	91324P102	$302.00 	"6,680"	SH	SOLE	None	6680	45.2	45.2	301936
UPM-Kymmene Oyj ADS	ADR	915436109	$74.00 	"3,500"	SH	SOLE	None	3500	21.24	21.24	74340
Urban Outfitters	Common Stock	917047102	"$10,075.00 "	"337,747"	SH	SOLE	None	337747	29.83	29.83	10074993.01
US Bancorp	Common Stock	902973304	$38.00 	"1,430"	SH	SOLE	None	1430	26.43	26.43	37794.9
USEC	Common Stock	90333E 108	$15.00 	"3,350"	SH	SOLE	None	3350	4.4	4.4	14740
USG	Common Stock	903293405	$1.00 	64	SH	SOLE	None	64	16.66	16.66	1066.24
Vale SA-SP ADR	ADR	91912E 105	"$2,251.00 "	"67,500"	SH	SOLE	None	67500	33.35	33.35	2251125
Valero Energy	Common Stock	91913Y100	$48.00 	"1,610"	SH	SOLE	None	1610	29.82	29.82	48010.2
VCA Antech	Common Stock	918194101	"$14,279.00 "	"567,300"	SH	SOLE	None	567300	25.17	25.17	14278941
Verigy	Common Stock	Y93691106	$15.00 	"1,043"	SH	SOLE	None	1043	14.09	14.09	14695.87
Verizon Communications	Common Stock	92343V104	$11.00 	295	SH	SOLE	None	295	38.54	38.54	11369.3
Vestas Wind Systems ADR	ADR	925458101	$730.00 	"50,000"	SH	SOLE	None	50000	14.6	14.6	730000
Viasystems Group	Common Stock	92553H803	$6.00 	226	SH	SOLE	None	226	27.29	27.29	6167.54
Visa	Common Stock	92826C839	$44.00 	600	SH	SOLE	None	600	73.62	73.62	44172
Vodafone Group PLC ADS	ADR	92857W209	"$8,704.00 "	"302,744"	SH	SOLE	None	302744	28.75	28.75	8703890
Walgreen	Common Stock	931422109	$41.00 	"1,025"	SH	SOLE	None	1025	40.14	40.14	41143.5
Washington Banking	Common Stock	937303105	$395.00 	"28,000"	SH	SOLE	None	28000	14.1	14.1	394800
Washington Federal	Common Stock	938824109	$295.00 	"17,000"	SH	SOLE	None	17000	17.34	17.34	294780
Waste Connections	Common Stock	941053100	$14.00 	496	SH	SOLE	None	496	28.79	28.79	14279.84
Watson Pharmaceuticals	Common Stock	942683103	$7.00 	119	SH	SOLE	None	119	56.01	56.01	6665.19
Weatherford  International	Common Stock	947074100	$58.00 	"2,580"	SH	SOLE	None	2580	22.6	22.6	58308
Wells Fargo & Co	Common Stock	949746101	$73.00 	"2,315"	SH	SOLE	None	2315	31.71	31.71	73408.65
Western Digital	Common Stock	958102105	$112.00 	"3,000"	SH	SOLE	None	3000	37.29	37.29	111870
Weyerhaeuser	Common Stock	962166104	$718.00 	"29,176"	SH	SOLE	None	29176	24.6	24.6	717729.6
Whirlpool	Common Stock	963320106	$6.00 	72	SH	SOLE	None	72	85.36	85.36	6145.92
Williams Companies	Common Stock	969457100	$94.00 	"3,000"	SH	SOLE	None	3000	31.18	31.18	93540
Williams Partners LP	Common Stock	96950F104	$104.00 	"2,000"	SH	SOLE	None	2000	51.8	51.8	103600
Wilmington Trust Corporation	Common Stock	971807102	$6.00 	"1,334"	SH	SOLE	None	1334	4.52	4.52	6029.68
Wolverine World Wide	Common Stock	978097103	$19.00 	517	SH	SOLE	None	517	37.28	37.28	19273.76
WOR APR 2011 20.00 Call	"Option, equity"	1366369V1	($3.00)	25	CALL	SOLE	None	25	-115	1.15	-2875
Worthington Industries	Common Stock	981811102	$73.00 	"3,500"	SH	SOLE	None	3500	20.92	20.92	73220
Wright Express Corp	Common Stock	98233Q105	$17.00 	322	SH	SOLE	None	322	51.84	51.84	16692.48
Xcel Energy	Common Stock	98389B100	$4.00 	172	SH	SOLE	None	172	23.89	23.89	4109.08
Xilinx	Common Stock	983919101	"$19,680.00 "	"600,000"	SH	SOLE	None	600000	32.8	32.8	19680000
"Zebra Technologies, Cl A"	Common Stock	989207105	$32.00 	817	SH	SOLE	None	817	39.24	39.24	32059.08
Zimmer	Common Stock	98956P102	"$13,711.00 "	"226,520"	SH	SOLE	None	226520	60.53	60.53	13711255.6
ZON Multimedia Spon	ADR	69366K207	$0.00 	42	SH	SOLE	None	42	5.250952381	5.251	220.54

		TOTAL	"$3,348,503.00 "