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
ABB LTD SPONSORED ADR 000375204 1,876 72,732 SH   SOLE 0 72,732 0 0
AIXTRON AKTIENGESELLSCHAFT SPONSORED ADR 009606104 908 55,676 SH   SOLE 0 55,676 0 0
AMBEV SA SPONSORED ADR 02319V103 3,125 421,778 SH   SOLE 0 421,778 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 2,386 120,014 SH   SOLE 0 120,014 0 0
ARM HLDGS PLC SPONSORED ADR 042068106 1,211 23,753 SH   SOLE 0 23,753 0 0
ASML HOLDING N V N Y REGISTRY SHS N07059210 62,782 672,476 SH   SOLE 0 607,786 0 64,690
BANCO BRADESCO S A SP ADR PFD NEW 059460303 3,276 239,623 SH   SOLE 0 239,623 0 0
BANCO DE CHILE SPONSORED ADR 059520106 957 12,718 SH   SOLE 0 12,718 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 2,028 35,907 SH   SOLE 0 35,907 0 0
BANK OF NOVA SCOTIA HALIFAX COM 064149107 24,083 415,077 SH   SOLE 0 331,443 0 83,634
BHP BILLITON LTD SPONSORED ADR 088606108 2,535 37,409 SH   SOLE 0 37,409 0 0
CAMECO CORP COM 13321L108 39,498 1,724,784 SH   SOLE 0 1,492,633 0 232,151
CARNIVAL PLC ADR 14365C103 981 25,562 SH   SOLE 0 25,562 0 0
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 2,016 46,069 SH   SOLE 0 46,069 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 4,037 319,671 SH   SOLE 0 319,671 0 0
CHINA UNICOM (HONG KONG) LTD SPONSORED ADR 16945R104 2,520 191,504 SH   SOLE 0 191,504 0 0
COMPANIA CERVECERIAS UNIDAS SPONSORED ADR 204429104 2,956 132,082 SH   SOLE 0 132,082 0 0
COPA HOLDINGS SA CL A P31076105 1,133 7,801 SH   SOLE 0 7,801 0 0
CREDICORP LTD COM G2519Y108 3,860 27,989 SH   SOLE 0 27,989 0 0
CREDIT SUISSE GROUP SPONSORED ADR 225401108 2,450 75,666 SH   SOLE 0 75,666 0 0
DIAGEO P L C SPON ADR NEW 25243Q205 1,500 12,043 SH   SOLE 0 12,043 0 0
DR REDDYS LABS LTD ADR 256135203 1,359 30,952 SH   SOLE 0 30,952 0 0
EMPRESA NACIONAL DE ELCTRCID SPONSORED ADR 29244T101 1,495 34,612 SH   SOLE 0 34,612 0 0
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 3,227 96,947 SH   SOLE 0 96,947 0 0
GRIFOLS S A SPONSORED ADR 398438408 1,051 25,445 SH   SOLE 0 25,445 0 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 52,826 1,287,494 SH   SOLE 0 1,132,202 0 155,292
HSBC HLDGS PLC SPON ADR NEW 404280406 53,253 1,047,659 SH   SOLE 0 943,534 0 104,125
ISHARES TR MSCI EAFE IDX 464287465 1,469 21,855 SH   SOLE 0 21,855 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 440 10,746 SH   SOLE 0 10,746 0 0
ITAU UNIBANCO BANCO MULTIPL SA SPONS ADR 465562106 29,225 1,966,678 SH   SOLE 0 1,644,912 0 321,766
MANULIFE FINL CORP COM 56501R106 43,223 2,238,354 SH   SOLE 0 1,904,439 0 333,915
NICE SYS LTD SPONSORED ADR 653656108 45,353 1,015,510 SH   SOLE 0 918,716 0 96,794
NOMURA HLDGS INC SPONSORED ADR 65535H208 1,168 181,575 SH   SOLE 0 181,575 0 0
NOVO-NORDISK A S ADR 670100205 1,312 28,750 SH   SOLE 0 28,750 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 2,789 212,108 SH   SOLE 0 212,108 0 0
PETROLEO BRASILEIRO SA PETROBR SP ADR NON VTG 71654V101 1,762 127,063 SH   SOLE 0 127,063 0 0
PRUDENTIAL PLC ADR 74435K204 1,831 43,038 SH   SOLE 0 43,038 0 0
SESA STERLITE LTD SPONSORED ADR 78413F103 1,375 110,702 SH   SOLE 0 110,702 0 0
TELEFONICA BRASIL SA SPONSORED ADR 87936R106 2,101 98,931 SH   SOLE 0 98,931 0 0
TOYOTA MOTOR CORP SP ADR REP2COM 892331307 2,545 22,544 SH   SOLE 0 22,544 0 0
VALE S A ADR 91912E105 960 69,408 SH   SOLE 0 69,408 0 0
VALE S A ADR REPSTG PFD 91912E204 2,887 231,901 SH   SOLE 0 231,901 0 0